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Industry News
November 2, 2012
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.
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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.
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"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.
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