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Atmel Reports Fourth Quarter and Full Year 2010 Financial Results

SAN JOSE, Calif. Feb. 8, 2011 December 31, 2010

$457.8 million $444.3 million $343.6 million $1.64 billion $1.22 billion

$223.1 million $0.47 $133.1 million $118.1 million $0.25 $219.8 million $0.47 $150.4 million $0.32 $83.3 million $0.18 $423.1 million $0.90 $109.5 million $0.24

$119.5 million $0.25 $88.6 million $0.18 $11.3 million $0.02 $118.1 million $284.3 million $0.59 $26.8 million $0.06

Gross margin improved to 49.5% in the fourth quarter of 2010, the highest level achieved since the third quarter of 1996.  This compares to gross margin of 46.8% in the third quarter of 2010 and 37.0% in the fourth quarter of 2009. The sequential gross profit improvement was the result of increased volumes and improved mix of higher margin products, as well as the third quarter divestiture of the Smart Card business.  For the full year 2010, gross margin increased to 44.3% compared to 33.9% for 2009.

Steve Laub $140 million

$93.8 million $77.7 million $71.8 million $5.7 million $79.8 million $107.5 million $124.6 million

$133.1 million $136.6 million $10.5 million $306.7 million $26.5 million $247.9 million

$84.6 million $95.3 million $55.2 million $521.0 million $76.4 million $80 million $48 million $517.0 million December 31, 2010

Fourth Quarter Operational and Company Highlights

  • $288 million
  • $140 million
  • Gross margin of 49.5%, highest since the third quarter of 1996
  • $80 million
  • $517 million

Recent Product Highlights

    • Devices offer enhanced analog sensing with up to 768 nodes
    • Industry’s first 32-bit single-chip touchscreen controller for smartphones, eReaders, and tablets up to 12-inches
  • Atmel maXTouch™ mXT1386 and mXT616 ramping for touch devices including tablets, mobile Internet devices (MIDs), netbooks, PC notebooks and a range of industrial applications up to 15 inches
  • maXTouch shipping in Nokia’s C7, Motorola’s DROID PRO and Defy, HTC’s Desire Z and Trophy 7, Sharp’s SH8128U, and Toshiba’s Regza T-01C
  • Atmel AT32UC3L 32-bit AVR® microcontroller wins two product awards from top Asian trade publications EDN and AET Magazine
  • Launched new SAM3N series of flash microcontrollers based on 32-bit ARM Cortex-M3 RISC processor
  • Atmel ATmega128RFA1 microcontroller achieved ZigBee© certified status for key remote controller

Stock Repurchase

$10.31

Non-GAAP Metrics

Non-GAAP net income excludes charges related to restructuring activities, acquisitions, grant repayments, pension charge related to fab sale, distributor bad debt recovery, unsolicited M&A expense, loss (gain) on sale of assets, asset impairment charges and stock-based compensation, as well as the income tax effect of these excluded items and other unusual and non-recurring income tax items. A reconciliation of GAAP results to non-GAAP results is included following the financial statements below.

Conference Call

2:00 p.m. PT 2 p.m. PT http://www.atmel.com/ir/

February 8, 2011 5:00 p.m. PT

About Atmel

Atmel is a worldwide leader in the design and manufacture of microcontrollers, capacitive touch solutions, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry’s broadest intellectual property (IP) technology portfolios, Atmel is able to provide the electronics industry with complete system solutions focused on industrial, consumer, communications, computing and automotive markets.

© 2011 Atmel Corporation. Atmel®, Atmel logo and combinations thereof, and others are registered trademarks or trademarks of Atmel Corporation or its subsidiaries. Other terms and product names may be trademarks of others.

Safe Harbor for Forward-Looking Statements

December 31, 2009 March 1, 2010

Investor Contact:

Peter Schuman

Director, Investor Relations

(408) 518-8426

Atmel Corporation

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

December 31,

December 31,

2010

2010

2009

2010

2009

Net revenues

$457,806

$444,344

$343,580

$1,644,060

$1,217,345

Operating expenses

Cost of revenues

231,161

236,225

216,541

915,876

804,338

Research and development

60,148

56,277

55,842

236,812

212,045

Selling, general and administrative

69,688

65,940

58,560

264,296

221,334

Acquisition-related charges

1,167

1,167

3,604

1,600

16,349

Charges for grant repayments

253

236

276

1,000

1,554

Restructuring charges

1,590

1,080

679

5,253

6,681

Asset impairment charges

79,841

11,922

79,841

Loss (gain) on sale of assets

5,715

99,767

(164)

Total operating expenses

364,007

366,640

415,343

1,536,526

1,341,978

Income (loss) from operations

93,799

77,704

(71,763)

107,534

(124,633)

Interest and other (expense) income, net

(3,838)

5,530

(1,010)

8,818

(11,406)

Income (loss) before income taxes

89,961

83,234

(72,773)

116,352

(136,039)

Benefit from (provision for) income taxes

133,130

136,578

(10,494)

306,723

26,541

Net income (loss)

$           223,091

$           219,812

$           (83,267)

$           423,075

$           (109,498)

Basic net income (loss) per share:

Net income (loss)

$                 0.49

$                 0.48

$               (0.18)

$                 0.92

$                 (0.24)

Weighted-average shares used in basic income (loss) per share calculations

457,311

459,588

454,040

458,482

451,755

Diluted net income (loss) per share:

Net income (loss)

$      0.47

$      0.47

$     (0.18)

$         0.90

$        (0.24)

Weighted-average shares used in diluted net income (loss) per share calculations

471,369

468,173

454,040

469,580

451,755

Atmel Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

December 31,

December 31,

2010

2009

Current assets

Cash and cash equivalents

$                  501,455

$               437,509

Short-term investments

19,574

38,631

Accounts receivable, net

231,876

194,099

Inventories

276,650

226,296

Current assets held for sale

16,139

Prepaids and other current assets

123,620

83,434

Total current assets

1,153,175

996,108

Fixed assets, net

260,124

203,219

Goodwill

54,676

56,408

Intangible assets, net

17,603

29,841

Non-current assets held for sale

83,260

Other assets

164,464

24,006

Total assets

$               1,650,042

$            1,392,842

Current liabilities

Current portion of long-term debt

$                           81

$                 85,462

Trade accounts payable

160,011

105,692

Accrued and other liabilities

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