), a leading semiconductor manufacturer, reported a net loss of
$47.7 million or 11 cents per share in first quarter 2013
compared to a net income of $20.4 million or 5 cents per share in
the year-earlier quarter. The year-over-year decrease in earnings
was primarily due to charges incurred primarily for restructuring
activities and other legal-related settlement charges.
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Excluding one-time items, non-GAAP net income for the first
quarter of 2013 was $13.6 million or 3 cents per share compared
with non-GAAP net income of $35.3 million or 8 cents per share in
the year-ago quarter. The adjusted earnings for the reported
quarter outpaced the Zacks Consensus Estimate of a loss of 1
The company reported net sales of $329.1 million, down 8% year
over year. Net sales in the reported quarter, however, beat the
Zacks Consensus Estimate of $322 million.
GAAP gross margin was 39.9% in the reported quarter, compared to
42.6% in the prior-year period. Non-GAAP gross margin was 40.5%
in the first quarter of 2013 versus 43.2% in the first quarter of
During the reported quarter, Atmel's low-power sensor hub
solution was selected by Samsung for the Galaxy S4 smartphone.
The company also expanded its smart energy portfolio with the
acquisition of smart metering product lines and technology of
Integrated Device Technology, Inc
Additionally, the company introduced other new products and
launched some new hardware and software tools to further simplify
microcontroller design process.
As part of its share repurchase program, Atmel bought back 2.4
million shares at an average price of $6.52 each during the
Balance Sheet and Cash Flows
The company ended the quarter with cash and cash equivalents of
$242.7 million, down from $293.4 million as of Dec 31, 2012. Cash
utilized in operations totaled $12.0 million for the reported
quarter versus $60.6 million provided by operations in first
quarter 2012. The decrease in cash balance was driven by payments
for two acquisitions, a prepayment made to Conductive Inject
Technologies to support XSense production, timing of vendor
payables, customer receivables and common stock repurchases.
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,
a healthier backlog, and strong product portfolio to drive its
earnings. The company continues with its cost-reduction efforts
to manage its operating expenses and to improve its
Atmel currently has a Zacks Rank #2 (Buy). Other stocks that look
promising and are worth considering in the industry are
Semiconductor Manufacturing International
) , each carrying a Zacks Rank #2 (Buy).