Atmel Files First Quarter 2007 Financial Statements
(Interviews, 28 Jun 2007 )
Atmel Corp. has announced its full results for the quarter ended March 31, 2007 and has filed with the Securities and Exchange Commission (SEC) its quarterly report on Form 10-Q for the same period. With this filing and those previously filed on June 8, 2007, the company is now current with its SEC filings and expects to regain compliance with NASDAQ's continued listing requirements. As previously announced, the company's filings were delayed as a result of the independent investigation relating to its past granting of stock options.
Revenues for the first quarter ended March 31, 2007 were $391.3 million, a 2 percent decrease compared to the $400.8 million (as restated) for the first quarter of 2006 and a decrease of 4 percent from the fourth quarter ended December 31, 2006, as previously reported. During the first quarter of 2007, a tax benefit of $20 million was recognized from the receipt of French research and development tax credits related to prior tax years which resulted in a net tax benefit of $15 million for the quarter. As a result, net income for the first quarter of 2007 totaled $28.9 million or $0.06 per diluted share. This compares to net income of $4.7 million or $0.01 per diluted share for the first quarter of 2006 (as restated) and a net loss of $122.6 million or $0.25 per share for the fourth quarter of 2006 including asset impairment, restructuring and other charges of $121.2 million.
"We are pleased to have completed the remaining filings required to become current with the SEC and anticipate regaining NASDAQ compliance shortly," stated Steven Laub, Atmel's President and CEO. "We are also encouraged that the restructuring initiatives announced in December 2006 are beginning to have a meaningful impact on our financial performance, as indicated by our first quarter results."
