Atmel Reports Third Quarter 2014 Financial Results

(PRNewswire) —  Atmel® Corporation (Nasdaq: ATML), a leader in microcontroller and touch solutions, today announced financial results for its third quarter ended September 30, 2014. 


GAAP


Non-GAAP


Q3 2014

Q2 2014

Q3 2013


Q3 2014

Q2 2014

Q3 2013

Net revenue

$  374.5

$  355.5

$  356.3


$  374.5

$  355.5

$  356.3

Gross margin

47.2%

45.4%

40.3%


47.0%

45.3%

43.1%

Operating margin

9.0%

7.4%

3.1%


14.7%

11.5%

10.6%

Net income

$    17.3

$    19.2

$      5.4


$    49.8

$    38.3

$    37.7

Diluted EPS

$    0.04

$    0.05

$    0.01


$    0.12

$    0.09

$    0.09


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

Revenue for the third quarter of 2014 was $374.5 million, a 5% increase compared to $355.5 million for the second quarter of 2014, and 5% higher compared to $356.3 million for the third quarter of 2013.

GAAP net income totaled $17.3 million or $0.04 per diluted share for the third quarter of 2014. This compares to $19.2 million or $0.05 per diluted share for the second quarter of 2014, and $5.4 million or $0.01 per diluted share for the third quarter of 2013.

GAAP gross margin was 47.2% in the third quarter of 2014, including a gain of $3.6 million from recovery of an insurance claim related to manufacturing facility damage at our Colorado Springs plant that occurred in December 2013.  This compares to 45.4% in the second quarter of 2014, which included a $2.1 million gain related to foundry arrangements, and 40.3% in the third quarter of 2013.

Non-GAAP net income for the third quarter of 2014 totaled $49.8 million or $0.12 per diluted share, compared to non-GAAP net income of $38.3 million or $0.09 per diluted share in the second quarter of 2014, and $37.7 million or $0.09 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 47.0% in the third quarter of 2014 compared to 45.3% in the immediately preceding quarter and 43.1% in the third quarter of 2013.  Refer to the non-GAAP reconciliation table included in this release for more details.

"We delivered another solid quarter of financial performance driven by revenue growth and increased gross and operating margins," said Steve Laub , Atmel's President and Chief Executive Officer. "Our broad microcontroller portfolio combined with our recently expanded wireless products and technologies have established Atmel as a leader in the Internet of Things marketplace."

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