Atmel Reports Fourth Quarter and Full Year 2015 Financial Results

(PRNewswire) —  Atmel® Corporation (Nasdaq: ATML), a leader in microcontroller and touch solutions, today announced financial results for its fourth quarter ended December 31, 2015. 


GAAP



Non-GAAP



Q4 2015

Q3 2015

Q4 2014


Q4 2015

Q3 2015

Q4 2014

Net revenue

$          261.3

$  286.5

$  346.0


$  261.3

$        286.5

$  346.0

Gross margin

46.3%

46.5%

40.6%


47.5%

48.0%

49.0%

Operating margin

1.9%

3.7%

(1.6)%


9.4%

12.6%

14.1%

Net income (loss)

$              4.7

$    (0.6)

$    (6.5)


$    24.9

$          34.7

$    49.2

Diluted EPS

$            0.01

$          -

$  (0.02)


$    0.06

$          0.08

$    0.12

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

Revenue for the fourth quarter of 2015 was $261.3 million, a 9% decrease compared to $286.5 million for the third quarter of 2015, and 24% lower compared to $346.0 million for the fourth quarter of 2014.  The lower sequential revenue was the result of weaker than expected billings, primarily in Asia, as distributors reduced inventory levels due to uncertainties associated with the company's ongoing acquisition process.  Revenue for the fourth quarter of 2015 would have been approximately $268 million had revenue from the Asian distribution channel been recognized on a resale basis. For the full year 2015, revenue of $1.17 billion decreased 17% compared to $1.41 billion for 2014.

GAAP gross margin was 46.3% in the fourth quarter of 2015 compared with 46.5% in the third quarter of 2015, and 40.6% in the fourth quarter of 2014.  For the full year 2015, GAAP gross margin was 46.3% compared to 43.8% for 2014.

Non-GAAP gross margin was 47.5% in the fourth quarter of 2015 compared to 48.0% in the immediately preceding quarter and 49.0% in the fourth quarter of 2014.  For the full year 2015, non-GAAP gross margin was 47.5% compared to 46.3% for 2014.  Refer to the non-GAAP reconciliation table included in this release for more details.

GAAP net income totaled $4.7 million or $0.01 per diluted share for the fourth quarter of 2015, which included $3.8 million merger related expenses, compared to a net loss totaled $(0.6) million or $(0.00) per diluted share for the third quarter of 2015, which included an $11.1 million tax provision related to a higher GAAP tax rate and $7.8 million of merger related expenses.  This compares to a net loss of $6.5 million or ($0.02) per diluted share for the fourth quarter of 2014. For the full year 2015, GAAP net income attributable to Atmel Corporation was $26.9 million or $0.06 per diluted share compared to $32.2 million or $0.08 per diluted share for 2014.  

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