Atmel Reports Second Quarter 2001 Financial Results; Company to Implement Aggressive Cost Reduction Program.Business Editors SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--July 19, 2001 Atmel Corporation (Nasdaq:ATML ATML Automatic Test Markup Language ATML Automated Test Markup Language ) today announced financial results for the second quarter ended June 30, 2001. Revenues for the second quarter of 2001 totaled $366,996,000, down 23% from a year ago, and down 30% sequentially. Net income for the second quarter of 2001 was approximately breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations , totaling a net loss of $31,000, or $0.00 per share. In the previous quarter, the Company reported net income of $56,014,000 or $0.12 per share. In last year's second quarter, the Company's net income was $61,325,000 or $0.13 per share. George Perlegos, Atmel's President and Chief Executive Officer, stated, "Business conditions at the end of the past quarter were very difficult. As we indicated in our previous guidance, sales were impacted by continued weakness in the Flash market, the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Smart Card business, and our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. distribution business. During the quarter we implemented several cost reduction measures, and intend to continue our strong focus on maintaining tight expense control. Atmel is fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully to remaining profitable. We will not hesitate to take the necessary cost reduction actions to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. our costs with the market environment." Perlegos concluded, "As we look ahead, we are accelerating our strategy of investing in new technologies and products. We believe this will be the key to success in the next cycle. Based on information available to us today, we believe that our business should bottom out in the third quarter, with a return to growth thereafter." Teleconference Atmel will hold a teleconference for the financial community at 3:00 PM Pacific Daylight Time today to discuss first quarter financial results. Atmel will provide a real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. audio broadcast of the teleconference in the Investor Relations Investor relations The process by which the corporation communicates with its investors. page of its website at http://www.atmel.com. Atmel will also provide real-time access to the teleconference by dialing 212-699-6810, passcode 356070. The webcast replay will be available for two weeks after the teleconference at http://www.atmel.com. Atmel will also provide a telephone recording of the teleconference, which will be available at approximately 5:00 PM PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT today. Interested parties may listen to the playback Playback could mean:
About Atmel Founded in 1984, Atmel Corporation is headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. with principal manufacturing facilities in Colorado Springs, Colorado The City of Colorado Springs is the second most populous city (after Denver) in the state of Colorado and the 48th most populous city in the United States.[4] The city is the county seat of El Paso County. , Grenoble, Nantes and Rousset, France and Heilbronn, Germany, Irving, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to , and North Tyneside North Tyneside is a metropolitan borough of Tyne and Wear in the North East of England. Its seat is at the Town Hall, Wallsend. Created in 1974, the borough lies within the historic county boundaries of Northumberland. , England. Atmel designs, manufactures and markets on a worldwide basis advanced logic, mixed-signal, nonvolatile memory See non-volatile memory. , and RF semiconductors. Atmel is also a leading provider of system-level integration semiconductor solutions using advanced CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. , BiCMOS, BiPolar (1) See bipolar transmission. (2) One of two major categories of transistor; the other is "field effect transistor" (FET). Although the first transistors and first silicon chips were bipolar, most chips today are field effect transistors wired as CMOS logic, which and SiGe process technologies. Atmel product and financial information can be retrieved from its Fax-on Demand service. In North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. call 1(800) 292-8635. Internationally from a fax phone, dial 1(408) 441-0732. Requests may be sent via e-mail to literature@atmel.com or by visiting Atmel's website at http://www.atmel.com. Except for historical information contained herein, the matters set forth in this press release are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially, including the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new technologies, ability to ramp new products into volume, industry wide shifts in supply and demand for semiconductor products, industry overcapacity o·ver·ca·pac·i·ty n. Too great a capacity for production of commodities or delivery of services in relation to actual need: the problem of overcapacity in many large industries. , effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets, ability to integrate and manage acquisitions, and other risks detailed from time to time in the Atmel's SEC reports and filings.
Atmel Corporation
Condensed Consolidated Balance Sheets
(In thousands)
June 30, December 31,
2001 2001
------------ ------------
(Unaudited)
Current assets:
Cash and cash equivalents $538,598 $448,281
Short-term investments 164,921 514,263
Accounts receivable, net 275,663 392,384
Inventories 327,999 289,054
Other current assets 144,620 148,212
----------- -----------
Total current assets 1,451,801 1,792,194
Fixed assets, net 2,136,456 1,927,817
Other assets 66,093 53,876
Cash-restricted 51,000 51,000
----------- -----------
Total assets $3,705,350 $3,824,887
=========== ===========
Current liabilities:
Current portion of long-term debt $157,806 $173,866
Trade accounts payable 234,280 655,450
Accrued liabilities and other 442,144 326,352
Deferred income on
shipments to distributors 31,941 33,703
----------- -----------
Total current liabilities 866,171 1,189,371
Convertible notes 337,393 132,792
Long-term debt less current portion 512,054 535,711
Other long-term liabilities 70,846 72,156
----------- -----------
Total liabilities 1,786,464 1,930,030
Stockholders' equity:
Common stock 1,141,455 1,173,409
Retained earnings 777,431 721,448
----------- -----------
Total stockholders' equity 1,918,886 1,894,857
Total liabilities
and stockholders' equity $3,705,350 $3,824,887
=========== ===========
Atmel Corporation
Condensed Consolidated Income Statements
(In thousands, except per-share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
2001 2000 2001 2000
------- ------- ------- -------
Net revenues: $366,996 $478,758 $892,940 $907,944
Expenses:
Cost of sales 249,942 270,707 564,692 523,429
Research and development 69,274 62,616 138,469 124,529
Selling, general
and administrative 45,293 52,433 100,442 97,543
------- ------- ------- -------
Total expenses 364,509 385,756 803,603 745,501
------- ------- ------- -------
Operating income 2,487 93,002 89,337 162,443
Other income (expense), net (2,536) 2,818 (1,864) (1,230)
------- ------- ------- -------
Income before taxes (49) 95,820 87,473 161,213
Income tax (18) (34,495) 31,490 (58,036)
------- ------- ------- -------
Net income ($31) $61,325 $55,983 103,177
======= ======= ======= =======
Basic net income per share $0.00 $0.14 $0.12 $0.24
Diluted net income per share $0.00 $0.13 $0.12 $0.23
Shares used in
basic net income
(loss) per-share 464,121 449,166 463,761 439,584
calculation
Shares used in diluted
net income (loss) loss
per-share calculation 474,767 482,890 474,875 473,902
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