Atmel Reports Fourth Quarter and Year-End Financial Results; Fourth Quarter
Improves Sequentially and Year Over
Year
Business Editors
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 23, 2003--Atmel
Corporation (Nasdaq:ATML) today announced financial results for the
fourth quarter and the year ended December 31, 2002.
Revenues for the fourth quarter of 2002 totaled $304,631,000,
versus $298,657,000 in the third quarter of 2002 and $284,576,000 in
the fourth quarter of 2001. Net loss for the fourth quarter of 2002
totaled $16,207,000 or $0.03 per share. Included in this quarter's net
loss is approximately $2.8 million in restructuring charges and a gain
on early retirement of debt of $14,700,000. In the third quarter of
2002, the Company reported a net loss of $102,325,000 or $0.22 per
share, reflecting $39.6 million in restructuring charges associated
with asset impairment. In the fourth quarter of 2001, the Company's
net loss was $31,568,000 or $0.07 per share on a fully diluted basis.
Revenues for the full year 2002 totaled $1,193,814,000, versus
$1,472,268,000 in 2001. Net loss for the full year 2002 totaled
$641,796,000 or $1.37 per share, versus net loss of $418,348,000 or
$0.90 per share on a fully diluted basis in 2001. Included in the 2002
net loss is $383.8 million in restructuring charges.
"While 2002 was a challenging year in the semiconductor industry,
we are pleased to have made substantial progress in our restructuring
program, and are positioning the Company to succeed when market
conditions improve," stated George Perlegos, Atmel's President and
Chief Executive Officer. "Our ASIC business has performed well,
particularly our wireless LAN, USB, digital camera and cellular ICs.
In addition, our proprietary AVR microcontroller set a record in
bookings during the year, and we achieved key design wins in our smart
card and security IC businesses."
"During the fourth quarter, sales from the ASIC unit grew 5%
sequentially and accounted for approximately 34% of our business. This
represents the fourth consecutive quarter in which this segment has
grown.
"We also experienced strong sequential growth of 13% in our
microcontroller sales, which now represents 20% of overall business.
This unit continues to be driven by the strength of our proprietary
AVR product.
"Although sales in our RF business unit were relatively flat from
the fourth quarter, representing 18% of total revenues, we anticipate
that this segment will begin to grow based on the strength of our SiGe
technology for both GSM and CDMA platforms.
"During the fourth quarter, sales of memory products continued to
be impacted by pricing pressure, leading to a 5% sequential decline.
However, we are ramping production of high-density flash, which should
lead this unit to a return to growth mid-way through 2003," concluded
Mr. Perlegos.
Outlook
Looking ahead to the first quarter of 2003, revenues and
operating earnings should be essentially flat with a positive EBITDA.
Revenues for fiscal 2003 are anticipated to be between $1.3 billion
and $1.4 billion with EBITDA remaining positive throughout the year.
Teleconference
Atmel will hold a teleconference for the financial community at
3:00 PM Pacific Standard Time today to discuss fourth quarter and
year-end financial results. Atmel will provide a real-time audio
broadcast of the teleconference from the Investor Relations page of
its website at
http://www.atmel.com. Investors may access the live
teleconference by dialing 212/699-6810, passcode 517584.
A webcast replay will be available for two weeks after the
teleconference at
http://www.atmel.com. Atmel will also provide a
telephone recording of the teleconference, which will be available at
approximately 5:00 PM PST today. Interested parties may listen to the
playback of the teleconference by calling the following number:
303/590-3000 and entering the passcode 517584.
About Atmel
Founded in 1984, Atmel Corp. is headquartered in San Jose, Calif.,
with manufacturing facilities in North America and Europe. Atmel
designs, manufactures and markets worldwide, advanced logic, mixed
signal, nonvolatile memory and RF semiconductors. Atmel is also a
leading provider of system-level integration semiconductor solutions
using CMOS, BiCMOS, SiGe, and high-voltage BCDMOS process
technologies.
Note to Editors: Atmel, the Atmel logo and combinations thereof
are registered trademarks, and others contained herein are trademarks,
of Atmel Corp. Other terms and product names in this document may be
the trademarks of others.
Except for historical information contained herein, the matters
set forth in this press release are forward looking statements that
are subject to risks and uncertainties that could cause actual results
to differ materially, including 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, ability to integrate and manage acquisitions, and
other risks detailed from time to time in the Atmel's SEC reports and
filings.
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Atmel Corporation
Condensed Consolidated Income Statements
(In thousands, except per-share data)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31 December 31
2002 2001 2002 2001
----------------------------------------
Net revenues: $304,631 $284,576 $1,193,814 $1,472,268
Expenses:
Cost of sales 236,842 230,987 962,869 1,057,623
Research and development 61,651 64,247 253,163 268,056
Selling, general and
administrative 29,850 34,337 126,682 182,183
Restructuring and asset
impairment 2,788 -- 383,801 481,296
----------------------------------------
Total expenses 331,131 329,571 1,726,515 1,989,158
----------------------------------------
Operating loss (26,500) (44,995) (532,701) (516,890)
Interest and other income
(expense), net 6,665 (2,923) (18,866) (14,503)
----------------------------------------
Loss before taxes (19,835) (47,918) (551,567) (531,393)
Income tax benefit
(provision) 3,628 16,350 (90,229) 113,045
----------------------------------------
Net loss ($16,207)($31,568) ($641,796) $(418,348)
========================================
Basic net loss per share ($0.03) ($0.07) ($1.37) ($0.90)
Diluted net loss per share ($0.03) ($0.07) ($1.37) ($0.90)
Shares used in basic net loss
per-share calculation 465,623 465,746 466,949 464,575
Shares used in diluted net
loss per-share calculation 465,623 465,746 466,949 464,575
Atmel Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31, December 31,
2002 2001
------------ ------------
Current assets:
Cash and cash equivalents $346,371 $333,131
Short-term investments 99,431 259,877
Accounts receivable, net 195,182 186,558
Inventories 276,069 301,591
Other current assets 107,672 107,966
------------- ------------
Total current assets 1,024,725 1,189,123
Fixed assets, net 1,049,031 1,651,475
Fixed assets held for sale 174,651 --
Other assets 32,025 183,599
Restricted cash 22,127 --
------------- ------------
Total assets $2,302,559 $3,024,197
============= ============
Current liabilities:
Current portion of long-term debt $161,022 $255,742
Convertible notes 132,485 --
Trade accounts payable 95,002 147,315
Accrued liabilities and other 295,725 307,400
Deferred income on shipments to
distributors 20,791 24,296
------------- ------------
Total current liabilities 705,025 734,753
Convertible notes 194,248 345,918
Long-term debt less current portion 261,683 347,294
Other long-term liabilities 172,460 109,705
------------- ------------
Total liabilities 1,333,416 1,537,670
Stockholders' equity:
Common stock 1,307,839 1,183,427
Accumulated Deficit/Retained earnings (338,696) 303,100
------------- ------------
Total stockholders' equity 969,143 1,486,527
Total liabilities and stockholders'
equity $2,302,559 $3,024,197
============= ============
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--30--am/sf*
CONTACT: Atmel
Robert Avery, 408/451-4841 (Acting CFO)
Steven Horwitz, 408/487-2677 (Investor Relations)
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS HARDWARE MANUFACTURING
CONFERENCE CALLS EARNINGS
SOURCE: Atmel
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Jan-23-2003 21:07 GMT
Symbols:
US;ATML
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