Atmel Reports Second Quarter 2013 Financial Results

(PRNewswire) —  Atmel® Corporation (Nasdaq: ATML), a leader in microcontroller and touch solutions, today announced financial results for its second quarter ended June 30, 2013. 


GAAP


Non-GAAP


Q2 2013

Q1 2013

Q2 2012


Q2 2013

Q1 2013

Q2 2012

Net revenue

$  347.8

$  329.1

$  368.2


$  347.8

$  329.1

$  368.2

Gross margin

42.5%

39.9%

44.0%


42.6%

40.5%

44.6%

Operating margin

5.6%

(19.0)%

2.2%


7.9%

4.3%

11.7%

Net income (loss)

$    13.0

$  (47.7)

$      0.8


$    25.3

$    13.6

$    37.4

Diluted EPS

$    0.03

$  (0.11)

$    0.00


$    0.06

$    0.03

$    0.08

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

Revenue for the second quarter of 2013 was $347.8 million, a 6% increase compared to $329.1 million for the first quarter of 2013, and 6% lower compared to $368.2 million for the second quarter of 2012. Adjusting for the Serial Flash divestiture that occurred in September 2012, second quarter 2013 revenue declined 2% from the second quarter of the prior year.

GAAP net income totaled $13.0 million or $0.03 per diluted share for the second quarter of 2013. This compares to a GAAP net loss of $(47.7) million or $(0.11) per diluted share for the first quarter of 2013, and GAAP net income of $0.8 million or $0.00 per diluted share for the second quarter of 2012.

Non-GAAP net income for the second quarter of 2013 totaled $25.3 million or $0.06 per diluted share, compared to non-GAAP net income of $13.6 million or $0.03 per diluted share in the first quarter of 2013, and non-GAAP net income of $37.4 million or $0.08 per diluted share for the year-ago quarter. Refer to the non-GAAP reconciliation table included in this release for more details.

GAAP gross margin was 42.5% in the second quarter of 2013, compared to 39.9% in the first quarter of 2013 and 44.0% in the second quarter of 2012. Non-GAAP gross margin was 42.6% in the second quarter of 2013 as compared to 40.5% in the preceding quarter and 44.6% in the second quarter of 2012.

"Our core microcontroller business generated strong growth in the second quarter and we further improved our competitive position with the launch of our new low-power ARM Cortex-M0+ product family.  Additionally, our XSense™ product has achieved production qualification in our Colorado facility and we are now positioned to ramp volume production for this revolutionary new technology," said Steve Laub, Atmel's President and Chief Executive Officer. "We are pleased with the progress we made on improving our gross margin and remain focused on achieving our long-term operating model goals."

Second quarter 2013 income from operations on a GAAP basis was $19.4 million or 5.6% of revenue, compared to loss from operations of $(62.4) million or (19.0)% of revenue for the first quarter of 2013 and income from operations of $8.2 million or 2.2% of revenue for the second quarter of 2012. Second quarter 2013 income from operations included a $1.5 million gain related to foundry arrangements and $1.8 million in acquisition-related charges. In comparison, first quarter 2013 loss from operations was adversely affected by restructuring activities of $42.8 million , legal-related settlement charges of $21.6 million and acquisition-related charges of $2.3 million , and were partially offset by a gain on the sale of our Serial Flash product line of $4.4 million .  Second quarter 2012 income from operations included $14.4 million of restructuring charges and $2.0 million in acquisition-related charges.

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