Atmel Reports First Quarter 2013 Financial Results

Safe Harbor for Forward-Looking Statements
Information in this release regarding Atmel's forecasts, business outlook, expectations, new product launches, and beliefs are forward-looking statements that involve risks and uncertainties. These statements may include comments about our future operating and financial performance, including our outlook for 2013 and beyond, our expectations regarding market share and product revenue growth, and Atmel's strategies. All forward-looking statements included in this release are based upon information available to Atmel as of the date of this release, which may change. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, without limitation, general global macroeconomic conditions (especially in Europe and Asia); the cyclical nature of the semiconductor industry; the inability to realize the anticipated benefits of transactions related to acquisitions, restructuring activities or other initiatives in a timely manner or at all; the impact of competitive products and pricing; disruption to our business caused by our increased dependence on outside foundries; and the financial instability of those foundries in some cases; industry and/or company overcapacity or undercapacity, including capacity constraints of our independent assembly contractors; the success of our customers' end products and timely design acceptance by our customers; timely introduction of new products and technologies (including, for example, our  XSense and new maXTouch products) and implementation of new manufacturing technologies; our ability to ramp new products into volume production; our reliance on non-binding customer forecasts and the absence of long-term supply contracts with most of our customers; financial stability in foreign markets and the impact or volatility of foreign exchange rates; unanticipated changes in environmental, health and safety regulations; our dependence on selling through independent distributors; the complexity of our revenue recognition policies; information technology system failures; business interruptions, natural disasters and terrorist acts; unanticipated costs and expenses or the inability to identify expenses which can be eliminated; the market price or volatility of our common stock; disruptions in the availability of raw materials; compliance with U.S. and international laws and regulations by us and our distributors; our dependence on key personnel; our ability to protect our intellectual property rights; litigation (including intellectual property litigation in which we may be involved or in which our customers may be involved, especially in the mobile device sector), and the possible unfavorable results of legal proceedings; and other risks detailed from time to time in Atmel's SEC reports and filings, including our Form 10-K for the year ended December 31, 2012, filed on February 26, 2013. Atmel assumes no obligation and does not intend to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:   
Peter Schuman
Senior Director, Investor Relations
(408) 437-2026                                                           

 

ATMEL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share data)

(Unaudited)








Three Months Ended


March 31,

2013


December 31,

2012


March 31,

2012







Net revenue

$

329,143



$

345,083



$

357,837








Operating expenses






Cost of revenue

197,838



213,544



205,470


Research and development

68,308



58,872



66,289


Selling, general and administrative

63,577



66,376



69,855


Acquisition-related charges

2,255



1,946



1,956


Restructuring charges

42,814



11,036




(Recovery) impairment of receivables from foundry supplier

(439)



6,495




Credit from reserved grant income





(10,689)


Gain on sale of assets

(4,430)






Settlement charges

21,600






Total operating expenses

391,523



358,269



332,881


(Loss) income from operations

(62,380)



(13,186)



24,956








Interest and other income (expense), net

352



(1,338)



(224)


(Loss) income before income taxes

(62,028)



(14,524)



24,732


Benefit from (provision for) income taxes

14,361



2,192



(4,345)


Net (loss) income

$

(47,667)



$

(12,332)



$

20,387








Basic net (loss) income per share:






Net (loss) income per share

$

(0.11)



$

(0.03)



$

0.05


Weighted-average shares used in basic net (loss) income per share calculations

428,999



429,312



440,265


Diluted net (loss) income per share:






Net (loss) income per share

$

(0.11)



$

(0.03)



$

0.05


Weighted-average shares used in diluted net (loss) income per share calculations

428,999



429,312



444,927



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