Atmel Reports Third Quarter 2001 Financial Results; Company Takes $481 Million Pre-tax Restructuring Charge.Business Editors/High Tech Writers 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)--Oct. 18, 2001 Atmel | foundation = 1984 | location = San Jose, California, USA | industry = Semiconductors | products = Microcontrollers Flash memory | num_employees = 7800 | homepage = www.atmel.com }} Atmel Corporation (NASDAQ: ATML) is a manufacturer of semiconductors, founded in 1984. Corporation (Nasdaq:ATML ATML Automatic Test Markup Language ATML Automated Test Markup Language ) today announced financial results for the third quarter ended September September: see month. 30, 2001. Revenues for the third quarter of 2001 totaled $294,752,000, and down 44% compared to the third quarter of last year. As previously announced in September, the Company will take restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. associated with workforce reduction and asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. . These pre-tax charges totaled $481,296,000. Including these charges, the Company recorded a net loss of $442,763,000 or $0.95 per share for the third quarter for 2001. In the second quarter of 2001, the Company reported a net loss of $31,000 or 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 per share. In the third quarter of 2000, the Company's net income totaled $76,519,000 or $0.16 per share. George Perlegos, Atmel's President and Chief Executive Officer, stated, "During the quarter, we continued to experience weakness in our Flash products, due primarily to pricing pressure. We are pleased, however, with the results of our ASICs, microcontroller A single chip that contains the processor (the CPU), non-volatile memory for the program (ROM or flash), volatile memory for input and output (RAM), a clock and an I/O control unit. and RF businesses and believe that our high proprietary content contributed to the relative strength in these areas. In the Flash market, we are focusing our efforts on 64 Mb and higher density Flash products, which we believe will help the Company regain market share and competitive cost structure." Perlegos concluded, "We have made good progress in reducing our costs and are reorganizing the Company into four business groups: Memories, RF, Microcontrollers, and Application Specific ICs (ASICs), which will enable us to better focus our engineering and marketing resources on revenue enhancing opportunities. As we move forward, we believe our unique technologies and products will enable each business group to take advantage of large market opportunities by increasing market share, and to accelerate Atmel's return to profitability." 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 394377. 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 and/or company 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)
September 30, December 31,
2001 2000
---------- ----------
(Unaudited)
Current assets:
Cash and cash equivalents $ 332,078 $ 448,281
Short-term investments 309,350 514,263
Accounts receivable, net 218,025 392,384
Inventories 321,690 289,054
Other current assets 139,927 148,212
---------- ----------
Total current assets 1,321,070 1,792,194
Fixed assets, net 1,698,140 1,927,817
Other assets 176,347 53,876
Cash-restricted 0 51,000
---------- ----------
Total assets $3,195,557 $3,824,887
========== ==========
Current liabilities:
Current portion of long-term debt $ 205,185 $ 173,866
Trade accounts payable 169,777 655,450
Accrued liabilities and other 433,099 326,352
Deferred income on shipments
to distributors 27,911 33,703
---------- ----------
Total current liabilities 835,972 1,189,371
Convertible notes 341,629 132,792
Long-term debt less current portion 444,632 535,711
Other long-term liabilities 42,273 72,156
---------- ----------
Total liabilities 1,664,506 1,930,030
Stockholders' equity:
Common stock 1,196,388 1,173,409
Retained earnings 334,663 721,448
Total stockholders' equity 1,531,051 1,894,857
Total liabilities and
stockholders' equity $3,195,557 $3,824,887
========== ==========
Atmel Corporation
Condensed Consolidated Income Statements
(In thousands, except per-share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
2001 2000 2001 2000
----------- ----------- ----------- -----------
Net revenues: $ 294,752 $ 530,393 $ 1,187,692 $ 1,438,337
Expenses:
Cost of sales 261,944 294,899 826,636 818,328
Research and
development 65,340 57,929 203,809 182,458
Selling,
general and
administrative 47,404 57,044 147,846 154,587
Restructuring
Charges 481,296 0 481,296 0
----------- ----------- ----------- -----------
Total expenses 855,984 409,872 1,659,587 1,155,373
----------- ----------- ----------- -----------
Operating
income (loss) (561,232) 120,521 (471,895) 282,964
Other income
(expense), net (9,717) (960) (11,580) (2,190)
----------- ----------- ----------- -----------
Income (loss)
before taxes (570,949) 119,561 (483,475) 280,774
Income tax (128,186) (43,042) (96,695) (101,078)
----------- ----------- ----------- -----------
Net income (loss) ($ 442,763) $ 76,519 ($ 386,780) 179,696
=========== =========== =========== ===========
Basic net
income (loss)
per share ($ 0.95) $ 0.17 ($ 0.83) $ 0.40
Diluted net
income (loss)
per share ($ 0.95) $ 0.16 ($ 0.83) $ 0.38
Shares used in
basic net
income (loss)
per-share 465,032 461,678 464,184 447,033
calculation
Shares used in
diluted net
income (loss)
per-share
calculation 465,032 494,034 464,184 490,127
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