Atmel Reports First Quarter 2014 Financial Results

SAN JOSE, Calif., April 30, 2014 — (PRNewswire) —  Atmel® Corporation (Nasdaq: ATML), a leader in microcontroller and touch solutions, today announced financial results for its first quarter ended March 31, 2014. 



GAAP




Non-GAAP


Q1 2014

Q4 2013

Q1 2013


Q1 2014

Q4 2013

Q1 2013

Net revenue

$     337.4

$    353.2

$    329.1


$        337.4

$    353.2

$    329.1

Gross margin

41.5%

42.7%

39.9%


44.0%

43.7%

40.5%

Operating margin

1.4%

8.3%

(19.0)%


8.9%

12.4%

4.3%

Net income (loss)

$          2.2

$         7.2

$    (47.7)


$          29.1

$       43.6

$       13.6

Diluted EPS

$        0.01

$       0.02

$    (0.11)


$          0.07

$       0.10

$       0.03


(In millions, except earnings per share data and percentages)

Revenue for the first quarter of 2014 was $337.4 million, a 4% decrease compared to $353.2 million for the fourth quarter of 2013, and 2% higher compared to $329.1 million for the first quarter of 2013.

GAAP net income totaled $2.2 million or $0.01 per diluted share for the first quarter of 2014. This compares to $7.2 million or $0.02 per diluted share for the fourth quarter of 2013, and a loss of $(47.7) million or $(0.11) per diluted share for the first quarter of 2013.

GAAP gross margin was 41.5% in the first quarter of 2014, which included a $7.1 million loss related to the manufacturing facility damage and unplanned shutdown at our Colorado Springs plant that occurred in December 2013.  This compares to 42.7% in the fourth quarter of 2013 and 39.9% in the first quarter of 2013.

Non-GAAP net income for the first quarter of 2014 totaled $29.1 million or $0.07 per diluted share, compared to non-GAAP net income of $43.6 million or $0.10 per diluted share in the fourth quarter of 2013, and $13.6 million or $0.03 per diluted share for the year-ago quarter. Refer to the non-GAAP reconciliation table included in this release for more details.

Non-GAAP gross margin was 44.0% in the first quarter of 2014 compared to 43.7% in the immediately preceding quarter and 40.5% in the first quarter of 2013.  Refer to the non-GAAP reconciliation table included in this release for more details.

"Our microcontroller business performed better than seasonal and continues to benefit from the investments in new product introductions including devices related to the Internet of Things which are driving increasing revenue as the number of microcontrollers connected to the Internet grows extensively," said Steve Laub, Atmel's President and Chief Executive Officer.  "We are confident that our ongoing operational initiatives will significantly enhance our profitability throughout the remainder of the year."

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