Atmel Reports Second Quarter 2008 Financial Results

Information in this release regarding Atmel's forecasts, outlook, expectations and beliefs are forward-looking statements that involve risks and uncertainties. These statements include statements about new product introductions, markets for our products, restructuring initiatives, manufacturing disciplines, strategies and third quarter business outlook. All forward-looking statements included in this release are based upon information available to Atmel as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include general economic conditions, the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new products and technologies, ability to ramp new products into volume production, industry wide shifts in supply and demand for semiconductor products, industry and/or Company overcapacity, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets and the impact of foreign exchange rates, the inability to realize the anticipated benefits of our recent strategic transactions, restructuring plans and other initiatives in a timely manner or at all, unanticipated costs and expenses or the inability to identify expenses which can be eliminated, the market price of our common stock and other risks detailed from time to time in Atmel's SEC reports and filings, including our Form 10-K for the year ended December 31, 2007, filed on February 29, 2008, and our subsequent Form 10-Q reports.

     Investor Contact:                  Media Contact:
     Robert Pursel                      Barrett Golden / Sharon Stern
     Director of Investor Relations     Joele Frank, Wilkinson Brimmer Katcher
     408-487-2677                       212-355-4449



                              Atmel Corporation
                    Condensed Consolidated Balance Sheets
                                (In thousands)
                                 (Unaudited)

                                             June 30,   March 31, December 31,
                                               2008        2008        2007
    Current assets
    Cash and cash equivalents                $354,003    $308,365    $374,130
    Short-term investments                     21,786      28,455      55,817
    Accounts receivable, net                  220,956     223,615     209,189
    Inventories                               336,415     348,603     357,301
    Assets held for sale                            -      47,414           -
    Prepaids and other current assets          94,215      99,665      88,781
    Total current assets                    1,027,375   1,056,117   1,085,218
    Fixed assets, net                         471,569     499,717     579,566
    Goodwill and intangible assets, net       109,395     112,623      19,552
    Other assets                               42,118      45,150      18,417
    Total assets                           $1,650,457  $1,713,607  $1,702,753

    Current liabilities
    Current portion of long-term debt        $133,654    $135,558    $142,471
    Trade accounts payable                    127,596     113,335     191,856
    Accrued and other liabilities             227,225     291,885     266,987
    Deferred income on shipments to
     distributors                              19,541      21,334      19,708
    Total current liabilities                 508,016     562,112     621,022
    Long-term debt less current portion        18,641      20,251      20,408
    Other long-term liabilities               245,738     253,809     237,844
    Total liabilities                         772,395     836,172     879,274

    Stockholders' equity                      878,062     877,435     823,479
    Total liabilities and stockholders'
     equity                                $1,650,457  $1,713,607  $1,702,753




                                  Atmel Corporation
                   Condensed Consolidated Statements of Operations
                        (In thousands, except per share data)
                                            (Unaudited)

                                                                  Three  Months  Ended                  Six  Months  Ended
                                                            June  30,    March  31,  June  30,    June  30,  June  30,
                                                                2008            2008            2007            2008            2007


        Net  revenues                          $420,908    $411,237    $404,247    $832,145    $795,560

        Operating  expenses
        Cost  of  revenues                    267,382      265,183      262,605      532,565      513,981
        Research  and  development      68,218        66,377        69,266      134,595      136,565
        Selling,  general  and
          administrative                        68,573        63,562        67,881      132,135      125,940
        Acquisition-related
          charges                                        6,709          3,711                  -        10,420                  -
        Charges  for  (credit
          from)  grant  repayments              292            (119)                -              173                  -
        Restructuring  charges
          (credits)                                    8,676        27,908        (2,640)      36,584            (858)
        Loss  (gain)  on  sale  of
          assets                                              810      (30,758)                -      (29,948)                -
        Total  operating  expenses    420,660      395,864      397,112      816,524      775,628
        Income  from  operations                248        15,373          7,135        15,621        19,932

        Interest  and  other
          (expense)  income,  net              (859)      (5,387)            610        (6,246)        1,589
        (Loss)  income  from
          continuing  operations
          before  income  taxes                  (611)        9,986          7,745          9,375        21,521
        Provision  for  income
          taxes                                          (4,296)      (3,198)      (7,067)      (7,494)        8,097
        Net  (loss)  income                  $(4,907)      $6,788            $678        $1,881      $29,618

        Basic  net  (loss)  income
          per  share:
        Net  (loss)  income                    $(0.01)        $0.02          $0.00          $0.00          $0.06
        Weighted-average  shares
          used  in  basic  net
          (loss)  income  per  share
          calculations                          445,793      444,670      488,916      445,225      488,879
        Diluted  net  (loss)
          income  per  share:
        Net  (loss)  income                    $(0.01)        $0.02          $0.00          $0.00          $0.06
        Weighted-average  shares
          used  in  diluted  net
          (loss)  income  per  share
          calculations                          445,793      447,643      494,244      450,337      494,285




                                                            Atmel  Corporation
              Reconciliation  of  GAAP  Net  (Loss)  Income  to  Non-GAAP  Net  Income
                                        (In  thousands,  except  per  share  data)
                                                                  (Unaudited)

                                                                          Three  Months  Ended          Six  Months  Ended
                                                                June  30,  March  31,  June  30,  June  30,  June  30,
                                                                    2008          2008            2007          2008          2007


        GAAP  net  (loss)  income          $(4,907)      $6,788          $678        $1,881      $29,618

        Special  items:
        Stock-based
          compensation  expense                6,353          6,307        3,310        12,660          6,620
        Acquisition-related  charges    6,709          3,711                -        10,420                  -
        Charges  for  (credit  from)
          grant  repayments                            292            (119)              -              173                  -
        Restructuring  charges
          (credits)                                      8,676        27,908      (2,640)      36,584            (858)
        Loss  (gain)  on  sale
          of  assets                                          810      (30,758)              -      (29,948)                -
        Income  tax  effect  of
          non-GAAP  items                              (658)          (500)              -        (1,158)          (300)
        Total  special  items                  22,182          6,549            670        28,731          5,462
        Non-GAAP  net  income                $17,275      $13,337      $1,348      $30,612      $35,080

        Diluted  non-GAAP  net
          income  per  share:
        Net  income                                      $0.04          $0.03        $0.00          $0.07          $0.07

 





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