Atmel Net Income Up 298%; EPS of $0.26 Up 225%
THURSDAY, JULY 20, 2000 5:03:00 PM EST
SAN JOSE, Calif., Jul 20, 2000 (BUSINESS WIRE) -- Atmel Corporation ATML, today announced record results for the second quarter ended June 30, 2000.
Revenues for the second quarter of 2000 totaled $478,758,000, up 54% from a year ago, and up 12% sequentially. Net income for the second quarter of 2000 totaled $61,325,000 or $0.26 per share on a fully diluted basis. Basic EPS for the quarter was $0.27. In the previous quarter (first quarter 2000), the Company reported net income of $41,852,000 or $0.19 per share. In last year's second quarter, the Company's net income was $15,404,000 or $0.08 per share.
George Perlegos, President and Chief Executive Officer, commented, "Revenues for the second quarter of 2000 were the highest in Atmel's history, and we are extremely pleased with our growth and profit performance. Revenues were ahead of our expectations driven by continued product sales strength, a stable to increasing pricing environment, and the continued successful ramp of our manufacturing capacity. Profitability measures improved as our gross margin increased to 43.5 percent from 37.6 percent a year ago, and our operating margin more than doubled from a year ago to 19.4 percent due to our continued focus on expense control, illustrating the leverage of our business model. Fully diluted earnings per share of $0.26 also more than tripled from a year ago, despite the additional shares from the secondary offering completed in February 2000 and the recent conversion of our $150 million convertible bond issue.
In conclusion Perlegos stated, "New orders received in the quarter were strong, giving us confidence in the future. As we look out to the remainder of 2000 we are enthusiastic about the growth opportunities that take advantage of our expertise in a broad range of product areas, including advanced logic, nonvolatile memory, security and radio frequency capabilities."
Founded in 1984, Atmel Corporation is headquartered in San Jose, California with principal manufacturing facilities in Colorado Springs, Colorado, Grenoble, Nantes and Rousset, France and Heilbronn, Germany. Atmel designs, manufactures and markets on a worldwide basis advanced logic, mixed-signal, nonvolatile memory, and RF semiconductors. Atmel is also a leading provider of system-level integration semiconductor solutions using advanced CMOS, BiCMOS, BiPolar and SiGe process technologies.
Atmel product and financial information can be retrieved from its Fax-on Demand service. In North America call 800/292-8635. Internationally from a fax phone, dial 408/441-0732. Requests may be sent via e-mail to literature@atmel.com or by visiting Atmel's website at atmel.com.
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 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. |
