Aetrium Reports Profitable 2004 on Strong Revenue Growth.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 the fourth quarter and fiscal year ended December December: see month. 31, 2004. Revenue for 2004 was $27,789,000, up 97% from revenue of $14,089,000 for 2003. Net income for 2004 was $3,403,000 or $.34 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 a net loss for 2003 of $1,559,000 or $.16 per share. Revenue for the fourth quarter of 2004 was $5,468,000, up 23% from revenue of $4,451,000 for the fourth quarter of 2003, but down sequentially from revenue of $7,073,000 for the third quarter of 2004. Net loss for the fourth quarter of 2004 was $134,000, or $.01 per share. The net loss included a loss of $202,000 realized on the sale of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . Net income for the fourth quarter of 2003 was $98,000, or $.01 per share. "We are very pleased with the revenue growth we experienced in 2004, which was more than double the growth rate of our industry segment," 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. "Other highlights in 2004 included an increase in gross margins to 56.8% compared to 52.8% in 2003, and positive operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. in all four quarters of 2004. We believe our revenue growth reflects the success of our product development strategy to focus on the most compelling requirements of the largest and fastest growing segments of the semiconductor industry. We have continued this strategy with our newest product releases. Fourth quarter included our first revenue units of our new 55V8 quad site gravity 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. , sold to a large U.S. based integrated device manufacturer See IDM. (IDM (1) See identity management. (2) (Integrated Device Manufacturer) A company that performs every step of the chip-making process, including design, manufacture, test and packaging. Examples of IDMs are Intel, AMD, Motorola, IBM, TI and Lucent. ), and we have successfully advanced to the final stages of evaluation of an additional 55V8 handler at a second large U.S. based IDM. We are also very pleased with the progress we have made in the evaluation of our next generation 4800 burn-in 1. (hardware) burn-in - screen saver. 2. (hardware, testing) burn-in - burn-in period. board loader A program routine that copies a program into memory for execution. at a third large U.S. based IDM. We believe these new products are adding significant breadth and market reach to our product lines, and will help to enable us to continue to out perform our industry segment." "However, after a strong first half of 2004, the semiconductor industry took aggressive actions in the second half of 2004 to address growing inventories," Mr. Levesque continued. "As a result, capital equipment orders dropped across our industry segment in the third quarter of 2004 and continued to drop in the fourth quarter, leaving our year-end 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. at about $2.8 million. While semiconductor revenues continued to grow in the second half of 2004, and while we believe the fundamentals for continued growth in semiconductor demand remain in place, semiconductor companies remain cautious in their outlook and conservative in their capital equipment purchases. Quick delivery continues to be a key requirement in this environment, and we have positioned ourselves to be able to respond to delivery pressures. Looking forward, we assume that further inventory correction measures will continue to drive these conditions and may even further dampen capital equipment demand during the first quarter of 2005." 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 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 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. (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 Year ended
December 31, December 31,
------------------- -------------------
2004 2003 2004 2003
------------------- -------------------
Net sales $5,468 $4,451 $27,789 $14,089
Cost of goods sold 2,513 1,984 12,000 6,649
------------------- -------------------
Gross profit 2,955 2,467 15,789 7,440
Gross profit percent 54.0% 55.4% 56.8% 52.8%
Operating expenses:
Selling, general and
administrative 1,980 1,665 8,728 6,399
Research and development 931 712 3,593 2,641
------------------- -------------------
Total operating expenses 2,911 2,377 12,321 9,040
Operating income (loss) 44 90 3,468 (1,600)
------------------- -------------------
Interest income (expense),
net 22 8 62 41
Loss on sale of marketable
securities (202) - (202) -
Gain on claim settlement - - 127 -
------------------- -------------------
Income (loss) before income
taxes (136) 98 3,455 (1,559)
Income tax benefit (expense) 2 - (52) -
------------------- -------------------
Net income (loss) $(134) $98 $3,403 $(1,559)
=================== ===================
Income (loss) per common
share:
Basic $(0.01) $0.01 $0.35 $(0.16)
Diluted $(0.01) $0.01 $0.34 $(0.16)
Weighted average common shares
outstanding:
Basic 9,627 9,478 9,589 9,477
Diluted 9,627 9,720 10,113 9,477
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
December 31, December 31,
2004 2003
------------ ------------
Assets:
Cash and cash equivalents $7,268 $4,087
Accounts receivable, net 3,538 3,320
Inventories - operations 8,201 6,365
Inventories - shipped equipment subject
to revenue deferral 293 324
Other current assets 175 209
------------ ------------
Total current assets 19,475 14,305
------------ ------------
Property and equipment, net 403 386
------------ ------------
Identifiable intangible assets, net 879 1,750
Other assets 78 28
------------ ------------
Total assets $20,835 $16,469
============ ============
Liabilities and shareholders' equity:
Current liabilities:
Current portion of long-term debt $33 $-
Trade accounts payable 1,571 1,580
Accrued liabilities 1,658 1,218
------------ ------------
Total current liabilities 3,262 2,798
------------ ------------
Long-term debt, less current portion 133 -
------------ ------------
Shareholders' equity 17,440 13,671
------------ ------------
Total liabilities and shareholders'
equity $20,835 $16,469
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