Automotive Electronics

Atmel announced financial results for its third quarter ended September 30, 2012

Revenue for the third quarter of 2012 was $361.0 million, a 2% decrease compared to $368.2 million for the second quarter of 2012, and 25% lower compared to $479.4 million for the third quarter of 2011. GAAP net income totaled $21.6 million or $0.05 per diluted share for the third quarter of 2012. This compares to GAAP net income of $0.8 million or $0.00 per diluted share for the second quarter of 2012, which included $14.4 million of pre-tax charges primarily related to restructuring activities in Europe, and $116.7 million or $0.25 per diluted share for the third quarter of 2011.

Non-GAAP net income for the third quarter of 2012 totaled $43.0 million or $0.10 per diluted share, compared to non-GAAP net income of $37.4 million or $0.08 per diluted share in the second quarter of 2012, and non-GAAP net income of $124.0 million or $0.26 per diluted share for the year-ago quarter. Refer to the non-GAAP reconciliation table included in this release for more details.

GAAP gross margin was 43.1% in the third quarter of 2012, as compared to 44.0% in the second quarter of 2012 and 50.1% in the third quarter of 2011. Non-GAAP gross margin was 43.7% in the third quarter of 2012 compared to 44.6% in the immediately preceding quarter and 50.4% in the third quarter of 2011.

“Our microcontroller business grew for the second consecutive quarter despite weaker global economic conditions,” said Steve Laub, Atmel’s President and Chief Executive Officer. “We expect continued growth in our 32-bit microcontroller business and the launch of Windows 8, where we have a substantial number of design wins, will help drive our business for the remainder of the year and into 2013.”

Third quarter 2012 income from operations on a GAAP basis was $27.4 million or 7.6% of revenue, compared to $8.2 million or 2.2% of revenue for the second quarter of 2012 and $140.2 million or 29.2% of revenue for the third quarter of 2011. Third quarter 2012 income from operations included a $1.4 million credit to restructuring charges and $1.5 million in acquisition related charges, while second quarter 2012 income from operations included $14.4 million of restructuring charges and $2.0 million in acquisition related charges, and third quarter 2011 income from operations included a $33.4 million gain from the sale of our former corporate headquarters and $1.0 million in acquisition related charges.

Non-GAAP income from operations in the third quarter of 2012 was $45.8 million or 12.7% of revenue, compared to second quarter non-GAAP income from operations of $43.0 million or 11.7% of revenue, and third quarter 2011 non-GAAP income from operations of $124.2 million or 25.9% of revenue.

Provision for income taxes, on a GAAP basis, totaled $5.9 million for the third quarter of 2012. This compares to a provision for income taxes of $3.7 million for the second quarter of 2012 and a provision for income taxes of $23.2 million for the third quarter of 2011. Non-GAAP provision for income taxes for the third quarter of 2012 was $2.9 million compared to $1.8 million for the second quarter of 2012 and a non-GAAP provision for income taxes of $0.0 million for the third quarter of 2011.

Cash provided from operations totaled approximately $53.6 million for the third quarter of 2012, compared to $7.9 million for the second quarter of 2012 and $61.1 million for the third quarter of 2011. Combined cash balances (cash and cash equivalents plus short-term investments) totaled $289.1 million at the end of the third quarter of 2012, an increase of $43.5 million from the immediately preceding quarter including the proceeds from the sale of the serial flash business and after spending $22.8 million during the quarter on stock repurchases.

Atmel Corporation
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