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Atmel slashes 4Q sales guidance on delayed payment

February 2, 2012
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SAN JOSE, Calif.—Mobile touch-screen microcontroller maker Atmel Corp. on Thursday slashed its outlook for fourth-quarter revenue to $384 million, down from a range of $403 million to $422 million, because of delayed payments from an Asian distributor.

CEO Atmel Stephen Cumming said fourth-quarter revenue was already tracking to come in below the range at $395 million, which was exacerbated by an $11 million negative impact from rescheduling payments from the distributor.

The company is set to announce its fourth-quarter results on Wednesday.

Atmel shares fell 70 cents, or 7 percent, to $9.40 in after-hours trading on the news. Earlier, shares fell 3 cents to close at $10.10.

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