Atmel announced financial results for its first quarter ended March 31, 2011. Revenues for the quarter were $461.4 million, a 1% increase compared to $457.8 million for the fourth quarter of 2010, and a 32% increase compared to $348.5 million for the first quarter of 2010. First quarter 2010 results include revenues and operating results from the former Smart Card business which was divested at the end of the third quarter of 2010. Adjusting for the Smart Card divestiture, first quarter revenues increased 43% from the first quarter of the prior year.

Net income, on a GAAP basis, totaled $74.6 million, for the first quarter of 2011. Included in first quarter 2011 results were restructuring charges of $21.2 million, related to personnel reductions at Rousset, France following the sale of the wafer fabrication and Smart Card businesses.

The first quarter 2011 net income compares to net income of $223.1 million for the fourth quarter of 2010, which included $118.1 million primarily from releasing reserves for certain deferred tax assets. Net income, on a GAAP basis, was $16.6 million in the first quarter of 2010.