) reported third-quarter 2013 non-GAAP net income (excluding
one-time items) of $37.7 million or 9 cents per share compared
with $43 million or 10 cents per share in the year-ago quarter.
The adjusted earnings for the reported quarter beat the Zacks
Consensus Estimate of 6 cents.
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GAAP net income in the quarter was $5.4 million or a penny per
share compared with $21.6 million or 5 cents per share in the
The company reported net sales of $356.3 million, down 1% year
over year and it marginally missed the Zacks Consensus Estimate
of $357 million.
GAAP gross margin was 40.3% in the reported quarter, compared
with 43.1% in the prior-year period. Non-GAAP gross margin was
43.1% in the third quarter of 2013 versus 43.7% in the third
quarter of 2012.
Operating margin was 3.1% versus 7.6% in the year-ago quarter.
Non-GAAP operating margin was 10.6 % in the third quarter of 2013
versus 12.7% in the third quarter of 2012.
During the reported quarter, Atmel was the first to market
flexible smart energy platform that is built around dual-core ARM
Cortex-M4 architecture for smart grid communications,
electricity, gas and water metering systems and energy
measurement applications. The company launched new products with
maXTouch inside including smartphones, Android and tablets.
Additionally, the company launched new RF receiver family
featuring the industry's lowest power consumption for the
automotive and smart RF markets.
Additionally, the company introduced other products and launched
low-power ARM Cortex-M0+ product family to further aid growth in
the microcontroller business.
As part of its share repurchase program, Atmel repurchased 4.6
million shares during the reported quarter at an average price of
Balance Sheet and Cash Flows
The company ended the quarter with cash and cash equivalents of
$268.8 million, down from $293.4 million as of Dec 31, 2012. Cash
provided by operations totaled $82.1 million for the reported
quarter versus $53.6 million provided by operations in the
Atmel is continuously upgrading its product portfolio to fuel
growth and thwart intense competition and price wars from rivals.
Moving ahead, the company expects improving business conditions
and product portfolio to drive its earnings and margin expansion.
Atmel currently has a Zacks Rank #2 (Buy). Other stocks that look
promising and are worth considering in the industry include
Cirrus Logic Inc.
), carrying a Zacks Rank #1 (Strong Buy), and
Alpha & Omega Semiconductor, Ltd
Amkor Technology, Inc
), both carrying a Zacks Rank #2 (Buy).