Atmel Reports First Quarter 2008 Financial Results

     Investor Contact:                  Media Contact:

     Robert Pursel                      Barrett Golden / 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,
                                                    2008              2007
    Current assets
    Cash and cash equivalents                     $308,365          $374,130
    Short-term investments                          28,455            55,817
    Accounts receivable, net                       223,615           209,189
    Inventories                                    348,603           357,301
    Current assets held for sale                    47,414                 -
    Prepaids and other current assets               99,665            88,781
    Total current assets                         1,056,117         1,085,218
    Fixed assets, net                              499,717           579,566
    Goodwill and intangible assets                  93,969                 -
    Other assets                                    63,804            37,969
    Total assets                                $1,713,607        $1,702,753

    Current liabilities
    Current portion of long-term debt             $135,558          $142,471
    Trade accounts payable                         113,335           191,856
    Accrued and other liabilities                  291,885           266,987
    Deferred income on shipments to
     distributors                                   21,334            19,708
    Total current liabilities                      562,112           621,022
    Long-term debt less current portion             20,251            20,408
    Other long-term liabilities                    253,809           237,844
    Total liabilities                              836,172           879,274

    Stockholders' equity                           877,435           823,479
    Total liabilities and stockholders'
     equity                                     $1,713,607        $1,702,753



                              Atmel Corporation
               Condensed Consolidated Statements of Operations
                    (In thousands, except per share data)
                                 (Unaudited)

                                                 Three Months Ended
                                            March 31,  December 31, March 31,
                                                                   2008                2007                2007


        Net  revenues                                                        $411,237        $425,580        $391,313

        Operating  expenses
        Cost  of  revenues                                                  265,183          275,962          251,376
        Research  and  development                                    66,377            71,867            67,299
        Selling,  general  and  administrative              63,562            58,353            58,059
        Acquisition-related  charges                                3,711                      -                      -
        Charges  for  (credit  from)  grant
          repayments                                                                  (119)                275                      -
        Restructuring  charges                                          27,908            12,711              1,782
        Gain  on  sale  of  assets                                      (30,758)                    -                      -
        Total  operating  expenses                                  395,864          419,168          378,516
        Income  from  operations                                        15,373              6,412            12,797

        Interest  and  other  income  (expense),
          net                                                                            (5,387)            1,088                  979
        Income  from  continuing  operations
          before  income  taxes                                              9,986              7,500            13,776
        Provision  for  income  taxes                                (3,198)          (5,786)          15,164
        Net  income                                                                $6,788            $1,714          $28,940

        Basic  net  income  per  share:
        Net  income                                                                  $0.02              $0.00              $0.06
        Weighted-average  shares  used  in  basic
          net  income  per  share  calculations              444,670          446,003          488,842
        Diluted  net  income  per  share:
        Net  income                                                                  $0.02              $0.00              $0.06
        Weighted-average  shares  used  in
          diluted  net  income  per  share
          calculations                                                        447,643          449,136          494,198



                                                            Atmel  Corporation
                                Reconciliation  of  GAAP  to  Non-GAAP  Net  Income
                                        (In  thousands,  except  per  share  data)
                                                                  (Unaudited)

                                                                                                  Three  Months  Ended
                                                                                        March  31,    December  31,  March  31,
                                                                                              2008                2007                2007


        GAAP  net  income                                                      $6,788            $1,714          $28,940

        Special  items:
        Stock-based  compensation                                      6,307              5,146              3,310
        Acquisition-related  charges                                3,711                      -                      -
        Charges  for  (credit  from)  grant
          repayments                                                                  (119)                275                      -
        Restructuring  charges                                          27,908            12,711              1,782
        Gain  on  sale  of  assets                                      (30,758)                    -                      -
        Income  tax  effect  of  non-GAAP  items                  (500)                    -                (300)
        Total  special  items                                                6,549            18,132              4,792
        Non-GAAP  net  income                                            $13,337          $19,846          $33,732

        Diluted  non-GAAP  net  income  per  share:
        Net  income                                                                  $0.03              $0.04              $0.07
        Weighted-average  shares  used  in
          diluted  non-GAAP  net  income  per
          share  calculations                                            447,643          449,136          494,198


 





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