Surprise - No Surprise
Atmel 4Q EPS 2c
Thursday January 22, 7:39 pm ET
Dow Jones Business News
SAN JOSE, Calif. (Dow Jones)--Atmel Corp. (NasdaqNM:ATML - News) reported a fourth-quarter profit compared with a year-earlier loss as it benefited from increased revenue and the proceeds from a legal award.
In a press release Thursday, the semiconductor company said fourth-quarter net income was $11 million, or 2 cents a share, compared to a loss of $16.2 million, or 3 cents a share, a year earlier.
The company's fourth quarter results include $27.6 million in asset-impairment charges, while the fourth quarter of 2002 includes $2.8 million in impairment charges.
Atmel's profit surprised analysts, who, on average, expected the company to report a loss of 2 cents a share, according to Thomson First Call (News - Websites) .
Revenue rose nearly 25% to $380.5 million from $304.6 million a year earlier. Wall Street expected December quarter revenue of $365 million.
Atmel expects first-quarter revenue of $384.3 million to $399.5 million, based on a 1% to 5% projected sequential improvement. Wall Street expects revenue of $ 359 million for the first quarter.
The company's first-quarter revenue in 2003 was $296.5 million.
For 2004, the company expects to be profitable with 23% to 30% revenue growth. Therefore, the company expects revenue of $1.64 billion to $1.73 billion.
Wall Street expects the company to earn a penny a share for 2004 on revenue of $1.54 billion.
Atmel Corp. - San Jose, Calif.
4th Quar Dec. 31:
2003 2002
Revenue $380,498,000 $304,631,000
Net income a 10,996,000 b (16,207,000)
Avg shrs (diluted) 482,797,000 465,623,000
Shr earns
Net income a .02 b (.03)
Year:
Revenue 1,330,635,000 1,193,814,000
Net income a (117,996,000) c (641,796,000)
Avg shrs (diluted) 469,869,000 466,949,000
Shr earns
Net income a (.25) c (1.37)
Figures in parentheses are losses.
a. Includes a $37.9 million benefit from a legal award and $27.6 million in asset-impairment charges.
b. Includes $2.8 million in impairment charges.
c. Includes $383.8 million in impairment charges.
-Thomas Derpinghaus; Dow Jones Newswires; 201-938-5400. |
