Atmel Corporation (ATML) Rallying after Q3 Results

Atmel Corporation (NASDAQ: ATML) shares are rallying today, following the announcement of third-quarter financial results by the company. Shares were up 13.33% to $10.12, at last check, on above average volume of 10.56 million. The stock touched a 52-week high of $10.20 today. It has a 52-week range of $3.73-$10.20. Yesterday, the company announced its third quarter financial results 2010, with net revenues at $444.3 million, up 13% from $393.4 million in the previous quarter and up 40% from $317.7 million in the previous year. The net income reported was $219.8 million or $0.47 per diluted share, including a significant tax benefit from the settlement of an IRS tax audit of $150.4 million. This compares with net loss of $36.4 million or a loss of $(0.08) per diluted share in the previous quarter and a net loss of $17.5 million or a loss of $(0.04) per diluted share in the previous year. The company's third-quarter financial results reflected outstanding product portfolio, streamlined manufacturing operations and focus on growing higher margin businesses. The microcontroller business achieved record revenues again in the third quarter and gained substantial market share. The company's touchscreen shipments experienced a particularly strong ramp as customers continued to demand the superior performance offered by its maXTouch products. Atmel Corporation designs, develops, manufacture and sells a range of semiconductor integrated circuit products and touch solutions. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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