Atmel Corp., a leader in microcontroller and touch solutions, today announced financial results for its third quarter ended September 30, 2013.
Revenue for the third quarter of 2013 was $356.3 million, a 2% increase compared to $347.8 million for the second quarter of 2013, and 1% lower compared to $361.0 million for the third quarter of 2012. Excluding the Serial Flash divestiture that occurred in September 2012, third quarter 2013 revenue increased 2% from the third quarter of the prior year.
GAAP net income totaled $5.4 million or $0.01 per diluted share for the third quarter of 2013. This compares to $13.0 million or $0.03 per diluted share for the second quarter of 2013, and $21.6 million or $0.05 per diluted share for the third quarter of 2012.
GAAP gross margin was 40.3% in the third quarter of 2013 and included an $8.9 million loss related to a foundry arrangement. This compares to 42.5% for the second quarter of 2013 and 43.1% for the third quarter of 2012.
Non-GAAP net income for the third quarter of 2013 totaled $37.7 million or $0.09 per diluted share, compared to $25.3 million or $0.06 per diluted share in the second quarter of 2013, and $43.0 million or $0.10 per diluted share for the year-ago quarter. Refer to the non-GAAP reconciliation table included in this release for more details.
Non-GAAP gross margin was 43.1% in the third quarter of 2013 as compared to 42.6% in the preceding quarter and 43.7% in the third quarter of 2012. Refer to the non-GAAP reconciliation table included in this release for more details.
"We delivered solid third quarter results highlighted by increased revenue from the industrial, consumer, and automotive end markets," said Steve Laub, Atmel's President and Chief Executive Officer. "We are well positioned in attractive markets with leadership products and despite a challenging industry environment we expect further margin expansion in the fourth quarter."
Cash provided by operations totaled approximately $82.1 million for the third quarter of 2013, compared to $8.6 million for the second quarter of 2013 and $53.6 million for the third quarter of 2012. Combined cash balances (cash and cash equivalents plus short-term investments) totaled $270.9 million at the end of the third quarter of 2013, an increase of $44.3 million from the immediately preceding quarter. This increase resulted principally from improved operating performance, a substantial reduction in inventory and lower receivables. The increase in cash balances is after repurchasing $34.4 million of common stock.
- Introduced new ultra low-power ARM® Cortex®-M0+ based solution for sensor hub management
- First-to-market with flexible smart energy platform, built around a dual-core ARM® Cortex-M4 architecture, for smart grid communications, electricity, gas and water metering systems and energy measurement applications
- Launched new RF receiver family featuring the industry's lowest power consumption for the automotive and smart RF markets
- Sony selects Atmel's ultra-low power Wi-Fi solution for the BRAVIA Smart Stick next generation Google TV remote control
- Atmel's ultra-low-power AVR- and ARM-based microcontrollers powering TomTom's runner and multi-sport watches
- Expanded maXTouch T Series with next-generation touch controllers offering the most advanced touch features for smartphones, phablets and tablets
- New Android product introductions featuring maXTouch include Xiaomi's Mi3 and Pantech's VEGA LTE smartphones, Samsung's Galaxy Note 10.1" 2014 Edition and LG Electronics G Pad 8.3 tablets
- Windows 8.1 designs featuring maXTouch include Microsoft's Surface Pro 2 and RT, ASUS' T100, UX300, X450, X550, and VivoTab TF810, Dell's XPS12 Convertible and Latitude 7240, Lenovo's Miix2, Samsung's ATIV Tab 3
- Sony commenced shipments of new PlayStation Vita featuring maXTouch
- Commenced XSense shipments for revenue from Colorado manufacturing facility