Aetrium Reports First Quarter Results.ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn. -- Aetrium Incorporated (Nasdaq:ATRM ATRM Aluminum Technology Roadmap ATRM ATO Transmit and Receive Module ) today announced results for its first quarter ending March 31, 2005. Revenue for the first quarter was $4,002,000, down from revenue of $5,468,000 for the prior quarter and revenue of $6,141,000 for the first quarter of 2004. Net loss for the first quarter was $268,000, or ($.03) per share, compared to net loss for the prior quarter of $134,000, or ($.01) per share, and net income in the first quarter of 2004 of $713,000, or $.07 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. "As we anticipated, actions by the semiconductor industry to address excess inventories continued into the first quarter, and resulted in a continuing decline in equipment sales throughout the test, assembly and packaging (TAP) segment of the semiconductor equipment industry," said Joseph C. Levesque Lé·vesque , René 1922-1987. Canadian politician who cofounded (1967) the Parti Québecois to further the cause of French-Canadian separatism. He served as premier of Quebec (1976-1985). , president and chief executive officer. "As a result, our revenues declined quarter over quarter, and our bookings to revenue ratio for the first quarter of this year was below parity parity or space parity, in physics, quantity that refers to the relationship between an object or process and the image that it can produce in a mirror. . We nevertheless made significant progress during the quarter in customer evaluations of our newest products, capping the quarter with completion of a successful evaluation of our quad site 55V8 gravity Gravity The gravitational attraction at the surface of a planet or other celestial body. The quantity g is often referred to simply as “gravity’’ or “the force of gravity’’ of Earth, both of which are incorrect. feed test handler A software routine that performs a particular task. It often refers to a routine that "handles" an exception of some kind, such as an error, but it can refer to mainstream processes as well. The term is typically used in operating systems and other system software. at a large integrated device manufacturer See IDM. . The quarter was also highlighted with a $1.2 million order from a key European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. customer for our reliability test systems designed for advanced copper processes. We believe our new products will continue to help us penetrate new customers and add market share when and as industry conditions improve. Industry analysts report that the inventory correction CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. under way in the semiconductor industry should be completed in the second quarter of this year. We believe this will set the stage for a recovery in our industry that will be led by TAP equipment companies beginning in the second half of this year." Certain matters in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, adverse domestic or global economic conditions, slowing growth in the demand for semiconductor devices, the volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the and cyclicality of the microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. industry, changes in the rates of capital expenditures by semiconductor manufacturers, progress of product development programs, unanticipated costs associated with the integration or restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of operations, and other risk factors set forth in the company's SEC filings, including its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2004. Aetrium, based in North St. Paul, Minnesota North St. Paul is a city in Ramsey County, Minnesota, east of the city of Saint Paul, Minnesota. The population was 11,929 at the 2000 census. In 1870, Henry A. Castle founded Castle Site along the shore of Silver Lake extending to the south and west. , is a leading supplier of proprietary technologies and equipment that are used by the worldwide semiconductor industry to assemble and test integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. and other electronic components. The company's products are used by customers to advance reliability, improve quality, increase product yield or improve manufacturing processes. Aetrium has manufacturing facilities in North St. Paul, Minnesota and Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . Aetrium's common stock is publicly traded on the Nasdaq market under the symbol ATRM. More information about Aetrium is available on the internet at www.Aetrium.com.
Aetrium Incorporated
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months ended
March 31,
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2005 2004
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Net sales $4,002 $6,141
Cost of goods sold 1,831 2,704
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Gross profit 2,171 3,437
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Gross profit percent 54.2% 56.0%
Operating expenses:
Selling, general and administrative 1,767 1,878
Research and development 697 846
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Total operating expenses 2,464 2,724
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Operating income (loss) (293) 713
Interest income (expense), net 25 10
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Income (loss) before income taxes (268) 723
Income tax expense - 10
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Net income (loss) $(268) $713
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Income (loss) per common share:
Basic $(0.03) $0.07
Diluted $(0.03) $0.07
Weighted average common shares outstanding:
Basic 9,628 9,508
Diluted 9,628 9,964
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
March 31, December 31,
2005 2004
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Assets:
Cash and cash equivalents $6,516 $7,268
Accounts receivable, net 3,353 3,538
Inventories - operations 8,524 8,201
Inventories - shipped equipment subject to
revenue deferral 227 293
Other current assets 171 175
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Total current assets 18,791 19,475
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Property and equipment, net 350 403
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Identifiable intangible assets, net 678 879
Other assets 78 78
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Total assets $19,897 $20,835
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Liabilities and shareholders' equity:
Current liabilities:
Current portion of long-term debt $33 $33
Trade accounts payable 1,058 1,571
Accrued liabilities 1,505 1,658
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Total current liabilities 2,596 3,262
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Long-term debt, less current portion 125 133
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Shareholders' equity 17,176 17,440
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Total liabilities and shareholders' equity $19,897 $20,835
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