Aetrium Reports Profitable First Quarter on 34% Sequential 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 its first quarter ended March 31, 2006. Revenue for the first quarter of 2006 was $7,487,000, up 34% sequentially from revenue of $5,596,000 for the fourth quarter of 2005, and up 87% from revenue of $4,002,000 for the first quarter of 2005. Net income for the first quarter of 2006 was $476,000, or $.05 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. Net loss for the first quarter of 2005 was $268,000, or $.03 per share. "Favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. conditions continued for the semiconductor equipment industry through the first quarter of 2006, as semiconductor sales remained near record levels, semiconductor inventories remained in check, and semiconductor production capacity utilization rates Capacity utilization rate The percentage of the economy's total plant and equipment that is currently in production. Usually, a decrease in this percentage signals an economic slowdown, while an increase signals economic expansion. remained very high, particularly in the test and assembly segment of the semiconductor industry," said Joseph C. Levesque, president and chief executive officer. "We were able to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. these conditions with the result being our second consecutive quarter of strong revenue growth and stronger order activity as 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. position grew over the quarter. Our newest products configured con·fig·ure tr.v. con·fig·ured, con·fig·ur·ing, con·fig·ures To design, arrange, set up, or shape with a view to specific applications or uses: for newer generation 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) packages 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. processes continued to lead the way. These are the areas that we believe have the fastest growth and highest capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. , and they continue to be the focus of our marketing and product development strategies." "We also generated a $1.8 million increase to our cash position in the first quarter, including $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 ," Mr. Levesque added. "We are also pleased to report our $.05 per share profit for this quarter, and we expect continued improvement to our gross margins and profitability over the next few quarters as our cost reduction initiatives for materials and international distribution costs distribution costs distribute npl → Vertriebskosten pl are fully implemented." "Industry forecasters project that the current favorable conditions will continue throughout 2006," Mr. Levesque continued, "and we expect materially higher revenue and profitability in the second quarter of 2006. We continue to believe that our strategy of developing products for the most compelling requirements of the largest and fastest growing IC segments have positioned us to out pace our peers in these industry recovery conditions." 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, 2005. 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 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, 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,
------------------
2006 2005
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Net sales $7,487 $4,002
Cost of goods sold 3,835 1,831
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Gross profit 3,652 2,171
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Gross profit percent 48.8% 54.2%
Operating expenses:
Selling, general and administrative 2,135 1,767
Research and development 1,073 697
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Total operating expenses 3,208 2,464
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Income (loss) from operations 444 (293)
Interest income, net 39 25
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Income (loss) before income taxes 483 (268)
Income tax expense 7 -
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Net income (loss) $476 $(268)
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Income (loss) per common share:
Basic $0.05 $(0.03)
Diluted $0.05 $(0.03)
Weighted average common shares outstanding:
Basic 9,818 9,628
Diluted 10,560 9,628
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
March 31, December 31,
2006 2005
------------ ------------
Assets:
Cash and cash equivalents $5,914 $4,134
Accounts receivable, net 4,475 4,742
Inventories - operations 8,714 8,357
Inventories - shipped equipment subject
to revenue deferral 1,756 435
Other current assets 132 80
------------ ------------
Total current assets 20,991 17,748
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Property and equipment, net 287 276
------------ ------------
Identifiable intangible assets, net 231 343
Other assets 78 78
------------ ------------
Total assets $21,587 $18,445
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Liabilities and shareholders' equity:
Current liabilities:
Current portion of long-term debt $35 $35
Trade accounts payable 2,410 1,651
Accrued liabilities 2,481 1,088
------------ ------------
Total current liabilities 4,926 2,774
------------ ------------
Long-term debt, less current portion 89 98
------------ ------------
Shareholders' equity 16,572 15,573
------------ ------------
Total liabilities and shareholders'
equity $21,587 $18,445
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