) reported a net loss of $12.3 million or 3 cents per share in
fourth quarter 2012 compared to a net income of $32.9 million or
7 cents per share in the year-earlier quarter. The year-over-year
decrease in earnings was primarily due to losses incurred on
purchase commitments, restructuring activities, and write-off of
receivables. Excluding one-time items, non-GAAP net income for
the reported quarter was $29.4 million or 7 cents per share
against $67.5 million or 14 cents per share in the year-ago
quarter. The adjusted earnings for the reported quarter excelled
the Zacks Consensus Estimate by 4 cents.
For full year 2012, the company reported a net income of $30.4
million or 7 cents per share compared to $315.0 million or 68
cents per share in the previous year. Excluding one-time items,
non-GAAP net income for 2012 was $145.1 million or 32 cents per
share versus $438.0 million or 92 cents per share in the prior
year. The adjusted earnings for 2012 outpaced the Zacks Consensus
Estimate of 18 cents.
The company reported net sales of $345.1 million in the fourth
quarter of 2012, down 11.2% year over year. Net sales in the
reported quarter, however, beat the Zacks Consensus Estimate of
$341 million. For full year 2012, revenues of $1.4 billion
declined 25.9% from $1.8 billion in 2011.
Balance Sheet and Cash Flows
The company ended the year with cash and cash equivalents of
$293.4 million, down from $329.4 million at year-end 2011. Cash
provided from operations totaled $78.7 million for the reported
quarter versus $43.4 million in fourth quarter 2011. For full
year 2012, operating cash flow exceeded $200 million.
The company bought back a total of 3.3 million shares at an
average price of $4.87 each during the fourth quarter of 2012.
The company expects to reap synergistic benefits from the
acquisition of Ozmo, Inc., a leader in ultra-low power Wi-Fi
solutions, in the upcoming quarters. Atmel is continuously
upgrading its product portfolio to fuel growth and thwart intense
competition and price wars from rivals such as
Advanced Semiconductor Engineering Inc.
), each carrying a Zacks Rank #1 (Strong Buy). Atmel presently,
however, carries a Zacks Rank #2 (Buy).
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