Atmel's losses widen; shares climb on better sales
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SAN JOSE, Calif. (AP) - Atmel Corp.'s loss widened in the fourth quarter as the chip designer wrote down the value of its business, but its sales rose and investors pushed up its stock price after hours Monday.
The company said after the market closed Monday that it lost $77.0 million, or 17 cents per share, in the last three months of 2009. That compares with a loss of $24.4 million, or 5 cents per share, a year earlier.
Excluding one-time items, the company earned 4 cents per share. Analysts polled by Thomson Reuters had estimated on average that it would break even in the quarter.
Revenue rose 3 percent to $343.6 million, short of the $378.3 million analysts were expecting but more than in the third quarter and more than the company forecast.
CEO Steve Laub said demand strengthened in the quarter and the company's use of its factories improved. Fuller factories are important for chip makers because they offset the high costs of running chip-making plants.
For all of 2009, it lost $103.2 million, or 23 cents per share, on a 22 percent revenue decline to $1.22 billion.
Atmel shares rose 11 cents, or 2.3 percent, to $4.91 after the results were announced. They had ended regular trading Monday down a penny at $4.80.
(This version CORRECTS analysts forecast for earnings per share at breakeven)
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