Aetrium Reports Net Income of $.19 Per Share on 48% Sequential Revenue Growth for Second Quarter.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 second quarter ending June June: see month. 30, 2004. Revenue for the second quarter was $9,107,000, up from revenue of $6,141,000 for the prior quarter, and up from revenue of $3,243,000 for the second quarter of 2003. Net income for the second quarter was $2,003,000, or $.19 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, compared to net income for the first quarter of 2004 of $713,000, or $.07 per diluted share, and a net loss in the second quarter of 2003 of $511,000, or ($.05) per diluted share. "We continue to be very pleased with the way we are participating in this growth cycle 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. "Our revenue for the second quarter increased 48% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , after sequential One after the other in some consecutive order such as by name or number. increases of 38% and 34% in the two previous quarters, a record of growth we believe substantially exceeded the industry growth rate for those quarters. In addition, we generated $1.3 million in cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , our net income was 22% of our revenue, and our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. increased. Our strong performance in this ongoing recovery cycle reflects market acceptance of our more recent product introductions, and validates our product development strategy of focusing on the most compelling requirements of the largest and fastest growing integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for (IC) packaging and wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. processing technology segments of the semiconductor industry." Mr. Levesque continued, "The current quarter can be relatively weak in the semiconductor industry due to seasonality. We anticipate that our customer base may react conservatively to this seasonality, resulting in a potential push out of equipment orders and revenue into the fourth quarter. Accordingly, we are planning toward a relatively flat revenue quarter sequentially, with revenues varying as much as ten percent either way depending upon the effect of the seasonality factor." 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, 2003. 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 ICs 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, Minn. 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 Six Months ended
June 30, June 30,
------------------ ----------------
2004 2003 2004 2003
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Net sales $9,107 $3,243 $15,248 $ 6,313
Cost of goods sold 3,940 1,578 6,644 3,077
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Gross profit 5,167 1,665 8,604 3,236
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Gross profit percent 56.7% 51.3% 56.4% 51.3%
Operating expenses:
Selling, general and
administrative 2,385 1,520 4,263 3,185
Research and development 889 662 1,735 1,215
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Total operating expenses 3,274 2,182 5,998 4,400
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Income (loss) from operations 1,893 (517) 2,606 (1,164)
Interest and other income, net 141 6 151 23
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Income (loss) before income taxes 2,034 (511) 2,757 (1,141)
Income tax expense (31) - (41) -
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Net income (loss) $2,003 $ (511) $ 2,716 $(1,141)
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Income (loss) per common share:
Basic $ 0.21 $(0.05) $ 0.28 $ (0.12)
Diluted $ 0.19 $(0.05) $ 0.27 $ (0.12)
Weighted average common shares
outstanding:
Basic 9,596 9,477 9,552 9,477
Diluted 10,311 9,477 10,137 9,477
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
June 30, December 31,
2004 2003
----------- ------------
Assets:
Cash and cash equivalents $ 6,567 $ 4,087
Accounts receivable, net 5,502 3,320
Inventories - operations 7,038 6,365
Inventories - shipped equipment subject to
revenue deferral 852 324
Other current assets 563 209
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Total current assets 20,522 14,305
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Property and equipment, net 421 386
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Identifiable intangible assets, net 1,308 1,750
Other assets 94 28
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Total assets $22,345 $16,469
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Liabilities and shareholders' equity:
Current liabilities:
Current portion of long-term debt $ 34 $ -
Trade accounts payable 2,219 1,540
Accrued liabilities 3,244 1,258
----------- ------------
Total current liabilities 5,497 2,798
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Long-term debt, less current portion 147 -
----------- ------------
Shareholders' equity 16,701 13,671
----------- ------------
Total liabilities and shareholders' equity $22,345 $16,469
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