Atmel Corp. (ATML, Financial) filed Quarterly Report for the period ended 2010-06-30.
Atmel Corp. has a market cap of $2.8 billion; its shares were traded at around $6.08 with a P/E ratio of 86.86 and P/S ratio of 2.3. ATML is in the portfolios of RS Investment Management, Columbia Wanger of Columbia Wanger Asset Management, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Pioneer Investments, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors.
Cash provided by operating activities totaled $120 million and $7 million in the six months ended June 30, 2010 and 2009, respectively. At June 30, 2010, our cash, cash equivalents and short-term investments totaled $552 million, compared to $476 million at December 31, 2009. Payments for capital expenditures totaled $28 million in the six months ended June 30, 2010, compared to $7 million in the six months ended June 30, 2009. On August 4, 2010 we announced that our Board of Directors authorized the repurchase of up to $200 million of our common stock in direct open market purchases.
Net revenues increased to $393 million in the three months ended June 30, 2010 from $285 million in the three months ended June 30, 2009, an increase of $108 million or 38%. Net revenues increased to $742 million in the six months ended June 30, 2010 from $556 million in the six months ended June 30, 2009, an increase of $186 million or 33%. Demand in the second quarter exceeded our forecast primarily due to stronger than expected orders for Microcontroller products. Our Microcontroller segment revenues increased 94% over revenues in the second quarter of 2009. We began ramping shipments of maXTouch microcontroller products to mobile phone customers and experienced broad strength across both our 8-bit and 32-bit Microcontroller end-markets during the second quarter of 2010.
ASIC segment net revenues decreased 2% to $77 million in the three months ended June 30, 2010 from $78 million in the three months ended June 30, 2009. ASIC segment net revenues decreased 4% to $151 million in the six months ended June 30, 2010 from $156 million in the six months ended June 30, 2009. ASIC segment net revenues decreased primarily due to reduced SmartCard shipments of $1 million and $6 million related to lower shipments to telecom markets, where we are refocusing our efforts on higher margin secure-banking identification and system solution end-markets. Net revenues for our CASP business also declined $3 million and $11 million in the three and six months ended June 30, 2010, compared to the three and six months ended June 30, 2009 due to weakness in European consumer markets. These decreases were offset in part by increases in our Embedded Crypto products of $3 million and $7 million in the three and six months ended June 30, 2010, compared to the three and six months ended June 30, 2009 as a result of strength in PC peripheral end markets. The Aerospace business remained flat compared to prior periods. Orders remain strong, though we remain supply-chain constrained due to very specialized requirements.
In the three months ended June 30, 2010, changes in foreign exchange rates had minimal impact to our operating results. Our net revenues for the three months ended June 30, 2010 would have been approximately $2 million higher had the average exchange rate in the current quarter remained the same as the rate in effect in the three months ended June 30, 2009. In addition, in the three months ended June 30, 2010 our operating expenses would have been approximately $1 million higher (relating to an increase in cost of revenues of $1 million; an increase in research and development expenses of $0.2 million; and an increase in sales, general and administrative expenses of $0.1 million). Therefore, our loss from operations in the three months ended June 30, 2010 would have been approximately $0.2 million higher had exchange rates in the three months ended June 30, 2010 remained unchanged from the three months ended June 30, 2009. There can be no assurance that we will not experience an unfavorable impact to revenues, gross margins, or operating results due to changes in foreign exchanges rates in future periods.
In the six months ended June 30, 2010, changes in foreign exchange rates had a favorable impact to our operating results. Our net revenues for the six months ended June 30, 2010 would have been approximately $3 million lower had the average exchange rate in the current six-month period remained the same as the rate in effect in the six months ended June 30, 2009. However, in the six months ended June 30, 2010 our operating expenses would have been approximately $8 million lower (relating to a decrease in cost of revenues of $4 million; a decrease in research and development expenses of $3 million; and a decrease in sales, general and administrative expenses of $1 million). Therefore, our loss from operations in the six months ended June 30, 2010 would have been approximately $5 million higher had exchange rates in the six months ended June 30, 2010 remained unchanged from the six months ended June 30, 2009. We may take actions in the future to reduce our exposure to exchange rate fluctuations. However, there can be no assurance that we will be able to reduce the exposure to additional unfavorable changes to exchanges rates and the results on gross margin.
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Atmel Corp. has a market cap of $2.8 billion; its shares were traded at around $6.08 with a P/E ratio of 86.86 and P/S ratio of 2.3. ATML is in the portfolios of RS Investment Management, Columbia Wanger of Columbia Wanger Asset Management, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Pioneer Investments, Bruce Kovner of Caxton Associates, George Soros of Soros Fund Management LLC, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Net revenues increased to $393 million in the three months ended June 30, 2010 from $285 million in the three months ended June 30, 2009, an increase of $108 million or 38%. Net revenues increased to $742 million in the six months ended June 30, 2010 from $556 million in the six months ended June 30, 2009, an increase of $186 million or 33%. Demand in the second quarter exceeded our forecast primarily due to stronger than expected orders for Microcontroller products. During the quarter, orders exceeded our shipments, and demand increased faster than we could supply customer orders at standard lead times. Our Microcontroller segment revenues increased 94% over revenues in the second quarter of 2009. We began ramping shipments of maXTouch microcontroller products to mobile phone customers and experienced broad strength across both our 8-bit and 32-bit Microcontroller end-markets during the second quarter of 2010.Cash provided by operating activities totaled $120 million and $7 million in the six months ended June 30, 2010 and 2009, respectively. At June 30, 2010, our cash, cash equivalents and short-term investments totaled $552 million, compared to $476 million at December 31, 2009. Payments for capital expenditures totaled $28 million in the six months ended June 30, 2010, compared to $7 million in the six months ended June 30, 2009. On August 4, 2010 we announced that our Board of Directors authorized the repurchase of up to $200 million of our common stock in direct open market purchases.
Net revenues increased to $393 million in the three months ended June 30, 2010 from $285 million in the three months ended June 30, 2009, an increase of $108 million or 38%. Net revenues increased to $742 million in the six months ended June 30, 2010 from $556 million in the six months ended June 30, 2009, an increase of $186 million or 33%. Demand in the second quarter exceeded our forecast primarily due to stronger than expected orders for Microcontroller products. Our Microcontroller segment revenues increased 94% over revenues in the second quarter of 2009. We began ramping shipments of maXTouch microcontroller products to mobile phone customers and experienced broad strength across both our 8-bit and 32-bit Microcontroller end-markets during the second quarter of 2010.
ASIC segment net revenues decreased 2% to $77 million in the three months ended June 30, 2010 from $78 million in the three months ended June 30, 2009. ASIC segment net revenues decreased 4% to $151 million in the six months ended June 30, 2010 from $156 million in the six months ended June 30, 2009. ASIC segment net revenues decreased primarily due to reduced SmartCard shipments of $1 million and $6 million related to lower shipments to telecom markets, where we are refocusing our efforts on higher margin secure-banking identification and system solution end-markets. Net revenues for our CASP business also declined $3 million and $11 million in the three and six months ended June 30, 2010, compared to the three and six months ended June 30, 2009 due to weakness in European consumer markets. These decreases were offset in part by increases in our Embedded Crypto products of $3 million and $7 million in the three and six months ended June 30, 2010, compared to the three and six months ended June 30, 2009 as a result of strength in PC peripheral end markets. The Aerospace business remained flat compared to prior periods. Orders remain strong, though we remain supply-chain constrained due to very specialized requirements.
In the three months ended June 30, 2010, changes in foreign exchange rates had minimal impact to our operating results. Our net revenues for the three months ended June 30, 2010 would have been approximately $2 million higher had the average exchange rate in the current quarter remained the same as the rate in effect in the three months ended June 30, 2009. In addition, in the three months ended June 30, 2010 our operating expenses would have been approximately $1 million higher (relating to an increase in cost of revenues of $1 million; an increase in research and development expenses of $0.2 million; and an increase in sales, general and administrative expenses of $0.1 million). Therefore, our loss from operations in the three months ended June 30, 2010 would have been approximately $0.2 million higher had exchange rates in the three months ended June 30, 2010 remained unchanged from the three months ended June 30, 2009. There can be no assurance that we will not experience an unfavorable impact to revenues, gross margins, or operating results due to changes in foreign exchanges rates in future periods.
In the six months ended June 30, 2010, changes in foreign exchange rates had a favorable impact to our operating results. Our net revenues for the six months ended June 30, 2010 would have been approximately $3 million lower had the average exchange rate in the current six-month period remained the same as the rate in effect in the six months ended June 30, 2009. However, in the six months ended June 30, 2010 our operating expenses would have been approximately $8 million lower (relating to a decrease in cost of revenues of $4 million; a decrease in research and development expenses of $3 million; and a decrease in sales, general and administrative expenses of $1 million). Therefore, our loss from operations in the six months ended June 30, 2010 would have been approximately $5 million higher had exchange rates in the six months ended June 30, 2010 remained unchanged from the six months ended June 30, 2009. We may take actions in the future to reduce our exposure to exchange rate fluctuations. However, there can be no assurance that we will be able to reduce the exposure to additional unfavorable changes to exchanges rates and the results on gross margin.
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