Atmel Reports Preliminary 2011 Fourth Quarter Revenues
Atmel Corporation (NASDAQ: ATML) announced that it expects 2011 fourth quarter revenues to be approximately $384 million, down 20% sequentially from the third quarter of 2011. The company's previous guidance indicated that revenue would decline sequentially in the range of 12% to 16% (or $403 million to $422 million). Q4 revenue was negatively affected by approximately $11 million as a result of rescheduling payments on a receivable related to an Asian distributor.
"As we progressed through our year end closing process, we expected fourth quarter revenues of about $395 million, slightly below the previously announced range," said Stephen Cumming, Atmel's Chief Financial Officer. "At the lower revenue number of $384 million, which reflects the rescheduled payments, gross margin is expected to remain within previously announced guidance (48% +/- 0.5%)."
As previously scheduled, the company will announce its fourth quarter and 2011 full year financial results on February 8, 2012, at which time the company will also provide updated guidance for the first quarter of 2012.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.