Aetrium Reports Profitable Fourth Quarter on 34% Sequential Increase in Revenue.Business Editors 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.--(BUSINESS WIRE)--Feb. 5, 2004 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, 2003. Revenue for the fourth quarter was $4,451,000, up from revenue of $3,325,000 for the prior quarter, and up from revenue of $3,175,000 for the fourth quarter of 2002. Net income for the fourth quarter was $98,000, or $.01 per share, compared to a net loss in the fourth quarter of 2002 of $1,347,000, or $.14 per share. The fourth quarter of 2002 included a goodwill impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $706,000. Revenue for 2003 was $14,089,000, up from revenue of $12,688,000 for 2002. Net loss for 2003 was $1,559,000 or $.16 per share. Net loss for 2002 was $9,292,000, or $.98 per share. The net loss for 2003 included restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $149,000. The net loss for 2002 included goodwill impairment charges of $7,192,000 and an income tax benefit of $440,000 resulting from a tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. . "We finished 2003 with a strong fourth quarter, indicating to us that the recovery of the semiconductor equipment industry has at last begun, fueled by high production rates and high equipment utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be rates in the semiconductor 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. "Analysts in the semiconductor and semiconductor equipment industries seem uniform in their assessments that growth in demand for semiconductors will continue to be robust at least into 2005, and that growth in demand for semiconductor equipment will follow accordingly." "We are very pleased with the way we are participating in this recovery," Mr. Levesque said. "Our revenue for the fourth quarter grew 34% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen and was the highest it has been since the first quarter of 2001. Our bookings to shipments ratio for the fourth quarter was 1.79, against a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. back-end (programming) back-end - Any software performing either the final stage in a process, or a task not apparent to the user. A common usage is in a compiler. A compiler's back-end generates machine language and performs optimisations specific to the machine's architecture. semiconductor equipment industry average ratio of 1.15 for the quarter. Both our bookings and quotations during the quarter were at their highest since the fourth quarter of 2000. And we exited the year with a 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. of about $6.4 million. These results indicate to us that we have correctly focused our product development efforts on the most compelling needs of the fastest growing and largest segments of the semiconductor industry, and that our new product offerings are being well received." "We expect to show continued revenue growth in the first quarter of 2004, and we currently expect revenue for the quarter to be in the range of $5.5 million," Mr. Levesque continued. "We also continue to see strong bookings potential as we enter the first quarter of 2004, although perhaps at more modest levels than we experienced in the fourth quarter. However, our customer base continues to be cautious in forecasting beyond the near term, and we must wait to see how the recovery proceeds to gain insight into the second half of the 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, 2002. 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,
------------------ ----------------
2003 2002 2003 2002
------------------ ----------------
Net sales $4,451 $3,175 $14,089 $12,688
Cost of goods sold 1,984 1,584 6,649 5,920
------------------ ----------------
Gross profit 2,467 1,591 7,440 6,768
------------------ ----------------
Gross profit percent 55.4% 50.1% 52.8% 53.3%
Operating expenses:
Selling, general and
administrative 1,665 1,635 6,250 7,099
Research and development 712 612 2,641 2,299
Unusual charges 0 706 149 706
------------------ ----------------
Total operating expenses 2,377 2,953 9,040 10,104
------------------ ----------------
Income (loss) from operations 90 (1,362) (1,600) (3,336)
Other income, net 8 15 41 90
------------------ ----------------
Income (loss) before income taxes
and cumulative effect of a change
in accounting principle 98 (1,347) (1,559) (3,246)
Income taxes 0 0 0 440
------------------ ----------------
Income (loss) before cumulative
effect of a change in accounting
principle 98 (1,347) (1,559) (2,806)
Cumulative effect of a change in
accounting principle 0 0 0 (6,486)
------------------ ----------------
Net income (loss) $98 $(1,347) $(1,559)$(9,292)
================== ================
Income (loss) per common share
(basic and diluted):
Income (loss) before cumulative
effect of a change in
accounting principle $0.01 $(0.14) $(0.16) $(0.30)
Cumulative effect of a change in
accounting principle 0.00 0.00 0.00 (0.68)
------------------ ----------------
Net income (loss) $0.01 $(0.14) $(0.16) $(0.98)
================== ================
Weighted average common shares
outstanding:
Basic 9,478 9,477 9,477 9,476
Diluted 9,720 9,477 9,477 9,476
Aetrium Incorporated
Pro Forma Consolidated Statements of Operations (1)
(in thousands, except per share data)
Three Months ended Year ended
December 31, December 31,
------------------ ----------------
2003 2002 2003 2002
------------------ ----------------
Net sales $4,451 $3,175 $14,089 $12,688
Cost of goods sold 1,984 1,584 6,649 5,920
------------------ ----------------
Gross profit 2,467 1,591 7,440 6,768
------------------ ----------------
Gross profit percent 55.4% 50.1% 52.8% 53.3%
Operating expenses:
Selling, general and
administrative 1,665 1,635 6,250 7,099
Research and development 712 612 2,641 2,299
------------------ ----------------
Total operating expenses 2,377 2,247 8,891 9,398
------------------ ----------------
Income (loss) from operations 90 (656) (1,451) (2,630)
Other income, net 8 15 41 90
------------------ ----------------
Income (loss) before income taxes 98 (641) (1,410) (2,540)
Income taxes 0 0 0 0
------------------ ----------------
Net income (loss) $98 $(641) $(1,410)$(2,540)
================== ================
Net income (loss) per share (basic
and diluted) $0.01 $(0.07) $(0.15) $(0.27)
================== ================
Weighted average common shares
outstanding:
Basic 9,478 9,477 9,477 9,476
Diluted 9,720 9,477 9,477 9,476
(1) Management believes that supplementary pro forma information is
useful to investors in performing financial analysis and making
additional relevant period-to-period comparisons. Management uses
these measures internally to establish operational goals, to evaluate
the company's operating performance, and in planning and forecasting
the company's future periods. Pro forma results are calculated by
beginning with results determined in accordance with Generally
Accepted Accounting Principles (GAAP), and then excluding items which
we believe are unusual or non-recurring items. Following is a
reconciliation of GAAP net income (loss) to pro forma net income
(loss):
Three Months ended Year ended
December 31, December 31,
------------------ ----------------
2003 2002 2003 2002
------------------ ----------------
Net income (loss) - GAAP $98 $(1,347) $(1,559)$(9,292)
Operating expenses - restructuring
charge 0 0 149 0
Pro forma adjustments related to
SFAS No. 142, "Goodwill and Other
Intangible Assets":
- Goodwill impairment charge,
recorded as a change in
accounting principle - 1st
Quarter 2002 0 0 0 6,486
- Goodwill impairment charge -
4th Quarter 2002 0 706 0 706
Income tax benefit 0 0 0 (440)
------------------ ----------------
Net income (loss) - pro forma $98 $(641) $(1,410)$(2,540)
================== ================
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
December 31, December 31,
2003 2002
------------ ------------
Assets:
Cash and cash equivalents $4,087 $5,796
Accounts receivable, net 3,320 1,628
Inventories - operations 6,365 6,815
Inventories - shipped equipment subject
to revenue deferral 324 544
Other current assets 209 152
------------ ------------
Total current assets 14,305 14,935
------------ ------------
Property and equipment, net 386 472
Identifiable intangible assets, net 1,750 2,634
Other assets 28 40
------------ ------------
Total assets $16,469 $18,081
============ ============
Liabilities and shareholders' equity:
Trade accounts payable $1,540 $597
Accrued liabilities 1,258 2,256
------------ ------------
Total liabilities 2,798 2,853
------------ ------------
Shareholders' equity 13,671 15,228
------------ ------------
Total liabilities and shareholders'
equity $16,469 $18,081
============ ============
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