Atmel Corporation has announced financial results for its first quarter ended March 31, 2015, including: revenue for the first quarter of 2015 was $318.3 million, an 8% decrease compared to $346.0 million for the fourth quarter of 2014, and 6% lower compared to $337.4 million for the first quarter of 2014. Non-GAAP revenue of $316.9 million for the first quarter 2015 excludes the XSense business which has been exited. Quarterly results prior to the first quarter of 2015 have not been recast to reflect the exit from the XSense business.
GAAP gross margin was 46.3% in the first quarter of 2015 compared with 40.6% in the fourth quarter of 2014 which included a $26.6 million charge for the impairment of manufacturing assets related to the XSense business, and 41.5% in the first quarter of 2014 which included a $7.1 million loss from manufacturing facility damage and related shutdown.
GAAP net income totaled $16.5 million or $0.04 per diluted share for the first quarter of 2015. This compares to a net loss of $(6.5) million or $(0.02) per diluted share for the fourth quarter of 2014 and net income of $2.2 million or $0.01 per diluted share for the first quarter of 2014.
"We are well positioned in attractive markets for long-term growth and profitability, with a renewed emphasis on our core businesses, sharper focus on our traditional end markets, and a substantially improved operating model generating consistent positive cash flow," said Steve Laub, Atmel's President and Chief Executive Officer. "Our lower cost structure should allow us to deliver significantly improved profitability throughout the remainder of 2015."
Cash provided by operations totaled $40.1 million for the first quarter of 2015, compared to $37.2 million for the fourth quarter of 2014 and $46.2 million for the first quarter of 2014. Combined cash balances (cash and cash equivalents plus short-term investments) totaled $200.8 million at the end of the first quarter of 2015, a decrease of $6.1 million from the immediately preceding quarter resulting principally from improved operating performance offset by the $16.7 million common stock dividend, repurchase of $9.1 million in common stock during the first quarter and a $10.0 million repayment of debt.
