"Atmel Reports Improved Financial Results for the Fourth Quarter
"Revenues for the fourth quarter of 2003 totaled $380,498,000, versus $335,187,000 in the third quarter of 2003 and $304,631,000 in the fourth quarter of 2002. Net income for the fourth quarter of 2003 totaled $10,996,000 or $0.02 per share. Included in this quarter's results is $37,850,000 of other income received as a result of a legal award, partially offset by $27,632,000 in asset impairment charges. These results compare to a net loss of $31,791,000 or $0.07 per share for the third quarter of 2003, as well as a net loss of $16,207,000 or $0.03 per share for the fourth quarter of 2002. The net loss for the fourth quarter of 2002 included $2,788,000 of impairment charges.
"Outlook
"The Company anticipates that in the first quarter of 2004, revenues should be sequentially up 1-5%. Additionally, R&D should be approximately $59-63 million, while SG&A should be between $38-42 million. Finally, gross margins should be down slightly during the first quarter, primarily due to the weakening dollar. Net interest expense for the quarter should be approximately $5.5 million for the first quarter. We anticipate that depreciation and amortization will be approximately $72-73 million.
"For the full year of 2004, the Company anticipates being profitable on revenue growth of 23-30%. R&D spending should grow a couple of million dollars per quarter, ranging from $248-264 million for the total year. SG&A spending should trend upward by approximately one million dollars per quarter, ranging from $154-172 million for the total year. Gross margins should improve during the year as revenue increases, beginning in the second quarter. Interest expense should decrease by approximately one half million dollars per quarter, while taxes should be about $16 million for the year."
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