Atmel - the trend is about to change Message Board

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Technology Stocks : Atmel - the trend is about to change

ATML 8.140

0.0%

Apr 12 5:00 PM EST

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To: im a survivor who wrote (13375)	4/22/2004 2:59:57 PM
From: tech101	Read Replies (1) of 13565

GLOBAL TECH DAY Mogan Stanley Research Thursday, April 22, 2004 Brian Fitzgerald (212) 761-4276 brian.fitzgerald@morganstanley.com Atmel Corp (ATML-$7-U-V/A) Second Consecutive Quarterly Profits Posted Mark Edelstone • Broad based strength in demand drove positive top-line and EPS surprise — Revenues of $407 million beat our $400 million estimate. Earnings per share of $0.02 exceeded our estimate of a loss of $0.01 per share. Strong demand for all products drove the upside to prior estimates. • Posts positive gross margin surprise — A favorable pricing environment, richer product mix, and higher manufacturing efficiencies drove Atmel’s gross margin sequentially higher by 300 basis points on an apples-to-apples basis. As the transition to 0.18-micron and smaller process technologies unfolds, we believe additional upsides to gross margins and earnings estimates are likely. • Improving industry fundamentals drive upside to prior 2004 revenue guidance — As customers begin placing orders stretching out beyond 90 days, Atmel’s visibility has improved and management raised its 2004 revenue growth rate to 27%-32% from 23%-30% previously. In the context of improving business conditions, additional upsides to these estimates are possible, in our view. • Raising 2004 and 2005 estimates — Our 2004 and 2005 revenue/EPS estimates have been raised to $1.8 billion/$0.15 and $2.1 billion/$0.35 from $1.7 billion/$0.10 and $2.1 billion/$0.30 previously. Better expense controls in improving business conditions led to our upward earnings revision. • Semiconductor Industry view is: Attractive. • View full research report via Client Link at: secure.ms.com

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