SAN JOSE, Calif., June 27 /PRNewswire-FirstCall/ -- Atmel(R) Corporation today announced its full results for the quarter ended March 31, 2007 and has filed with the Securities and Exchange Commission (SEC) its quarterly report on Form 10-Q for the same period. With this filing and those previously filed on June 8, 2007, the Company is now current with its SEC filings and expects to regain compliance with NASDAQ's continued listing requirements. As previously announced, the Company's filings were delayed as a result of the independent investigation relating to its past granting of stock options.
Revenues for the first quarter ended March 31, 2007 were $391.3 million, a 2% decrease compared to the $400.8 million (as restated) for the first quarter of 2006 and a decrease of 4% from the fourth quarter ended December 31, 2006, as previously reported. During the first quarter of 2007, a tax benefit of $20 million was recognized from the receipt of French research and development tax credits related to prior tax years which resulted in a net tax benefit of $15 million for the quarter. As a result, net income for the first quarter of 2007 totaled $28.9 million or $0.06 per diluted share. This compares to net income of $4.7 million or $0.01 per diluted share for the first quarter of 2006 (as restated) and a net loss of $122.6 million or $0.25 per share for the fourth quarter of 2006 including asset impairment, restructuring and other charges of $121.2 million.
"We are pleased to have completed the remaining filings required to become current with the SEC and anticipate regaining NASDAQ compliance shortly," stated Steven Laub, Atmel's President and Chief Executive Officer. "We are also encouraged that the restructuring initiatives announced in December 2006 are beginning to have a meaningful impact on our financial performance, as indicated by our first quarter results."
Conference Call
Atmel will hold a teleconference at 2:00 p.m. PT today to discuss the first quarter selected financial results. The conference call will be webcast live and can also be monitored by dialing 1-800-374-0405 or 1-706-634-5185. The conference ID number is 4934645 and participants are encouraged to initiate their calls at least 10 minutes in advance of the 2:00 p.m. PT start time to ensure a timely connection. The webcast can be accessed at http://www.atmel.com/ir/ and will be archived for 12 months.
A replay of the June 27, 2007 conference call will be available today at approximately 5:00 p.m. PT and will run for 48 hours. The replay access numbers are 1-800-642-1687 within the U.S. and 1-706-645-9291 for all other locations. The access code is 4934645.
About Atmel
Atmel is a worldwide leader in the design and manufacture of microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel provides the electronics industry with complete system solutions focused on consumer, industrial, security, communications, computing and automotive markets.
Safe Harbor for Forward-Looking Statements
Information in this release regarding Atmel's forecasts, outlook, expectations and beliefs are forward-looking statements that involve risks and uncertainties. These statements include statements about Atmel's regaining compliance with NASDAQ's continued listing requirements and about Atmel's restructuring plans and other initiatives. 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, and we assume no obligation to update any such forward-looking statement. 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 an inability to meet the requirements of the NASDAQ Global Select Market for continued listing of the Company's shares, 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, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets, the inability to realize the anticipated benefits of our restructuring plans and other initiatives in a timely manner or at all, unanticipated costs and expenses or the inability to identify expenses which can be eliminated 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, 2006, filed on June 8, 2007, as amended on June 27, 2007 and our Form 10-Q for the quarter ended March 31, 2007, filed on June 27, 2007.
Investor Contact Media Contact
Robert Pursel Jennifer Schaefer / Mike Cuneo
Director of Investor Relations Joele Frank, Wilkinson Brimmer Katcher
408-487-2677 212-355-4449
Atmel Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 31, December 31, March 31,
2007 2006 2006
As restated
Current assets (1)
Cash and cash equivalents $419,982 $410,480 $343,400
Short-term investments 58,713 56,264 54,774
Accounts receivable, net 215,926 227,031 253,013
Inventories 363,538 339,799 293,554
Current assets of discontinued
operations -- -- 32,142
Other current assets 103,689 118,965 87,598
Total current assets 1,161,848 1,152,539 1,064,481
Fixed assets, net 505,759 514,349 846,641
Non-current assets held for sale 125,706 123,797 15,786
Intangible and other assets 26,362 27,854 41,296
Total assets $1,819,675 $1,818,539 $1,968,204
Current liabilities
Current portion of long-term debt $36,357 $38,311 $104,783
Convertible notes -- -- 144,085
Trade accounts payable 130,036 145,079 132,762
Accrued and other liabilities 236,110 231,237 194,247
Current liabilities related to assets
held for sale 119,830 133,893 45,183
Deferred income on shipments to
distributors 16,864 18,856 19,643
Total current liabilities 539,197 567,376 640,703
Long-term debt less current portion 51,830 60,020 116,873
Convertible notes less current portion -- -- 299
Non-current liabilities related to
assets held for sale 191 313 4,634
Other long-term liabilities 236,685 236,936 232,904
Total liabilities 827,903 864,645 995,413
Stockholders' equity 991,772 953,894 972,791
Total liabilities and stockholders'
equity $1,819,675 $1,818,539 $1,968,204
(1) See Atmel Form 10-K for the fiscal year ended December 31, 2006, Note
2 to Consolidated Financial Statements
Atmel Corporation
Condensed Consolidated Statements of
Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31, December 31, March 31,
2007 2006 2006
As restated
(1)
Net revenues $391,313 $408,881 $400,784
Operating Expenses
Cost of revenues 251,376 263,730 274,402
Research and development 67,299 71,216 68,151
Selling, general and administrative 58,059 63,761 45,411
Asset Impairment charges -- 82,582 --
Restructuring and other charges 1,782 38,612 151
Total operating expenses 378,516 519,901 388,115
Income (loss) from operations 12,797 (111,020) 12,669
Interest and other (expenses), net 979 (6,155) (6,619)
Income (loss) before income taxes 13,776 (117,175) 6,050
Income tax benefit (provision) 15,164 (5,433) (7,204)
Income (loss) from continuing
operations 28,940 (122,608) (1,154)
Income from discontinued operations,
net of taxes -- -- 5,862
Net income (loss) $28,940 $(122,608) $4,708
Basic net income (loss) per share
Income (loss) from continuing
operations $0.06 $(0.25) $(0.00)
Income from discontinued operations,
net of income taxes -- -- 0.01
Net income $0.06 $(0.25) $0.01
Weighted-average shares used in basic
income (loss) per share calculations 488,842 488,844 485,576
Diluted net income (loss) per share
Income (loss) from continuing
operations $0.06 $(0.25) $(0.00)
Income from discontinued operations,
net of income taxes -- -- 0.01
Net income $0.06 $(0.25) $0.01
Weighted-average shares used in
diluted income (loss) per share
calculations 494,198 488,844 485,576
(1) See Atmel Form 10-Q for the quarter ended March 31, 2007, Note 2 to
Condensed Consolidated Financial Statements
