Aetrium Reports Profitable Fourth Quarter on 51% 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 the fourth quarter and fiscal year ended December December: see month. 31, 2005. Revenue for the fourth quarter of 2005 was $5,596,000, up 51% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen from revenue of $3,701,000 for the third quarter of 2005, and up 2% from revenue of $5,468,000 for the fourth quarter of 2004. Net income for the fourth quarter of 2005 was $12,000, or $.00 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 fourth quarter of 2004 was $134,000, or $.01 per share. Revenue for 2005 was $16,407,000, down 41% from revenue of $27,789,000 for 2004. Net loss for 2005 was $1,921,000 or $.20 per share, compared to net income for 2004 of $3,403,000 or $.34 per diluted share. "The semiconductor equipment industry continued to move forward in the fourth quarter of 2005, as the semiconductor industry set a new unit volume high and available capacity, particularly in the test and assembly end of the semiconductor industry, remained very tight," 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, order rates accelerated during the quarter, leading to bookings substantially above revenue and 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. at the end of the year of about $8.1 million. New equipment orders were strongest for 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 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, areas in which there continues to be little or no excess production capacity and where we believe that end user demand is growing at the fastest rate. Industry analysts are forecasting that the current favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. conditions will continue through 2006, and we believe we are positioned to take full advantage of these growth opportunities." 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. (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,
------------------ ----------------
2005 2004 2005 2004
------------------ ----------------
Net sales $5,596 $5,468 $16,407 $27,789
Cost of goods sold 2,899 2,513 8,316 12,000
------------------ ----------------
Gross profit 2,697 2,955 8,091 15,789
------------------ ----------------
Gross profit percent 48.2% 54.0% 49.3% 56.8%
Operating expenses:
Selling, general and
administrative 1,865 1,980 7,058 8,728
Research and development 890 931 3,125 3,593
------------------ ----------------
Total operating expenses 2,755 2,911 10,183 12,321
------------------ ----------------
Income (loss) from operations (58) 44 (2,092) 3,468
Interest income (expense), net 40 22 141 62
Other income (expense), net - (202) - (75)
------------------ ----------------
Income (loss) before income taxes (18) (136) (1,951) 3,455
Income tax benefit (expense) 30 2 30 (52)
------------------ ----------------
Net income (loss) $12 $(134) $(1,921) $3,403
================== ================
Income (loss) per common share:
Basic $0.00 $(0.01) $(0.20) $0.35
Diluted $0.00 $(0.01) $(0.20) $0.34
Weighted average common shares
outstanding:
Basic 9,642 9,627 9,634 9,589
Diluted 9,977 9,627 9,634 10,113
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
December 31, December 31,
2005 2004
------------ ------------
Assets:
Cash and cash equivalents $4,134 $7,268
Accounts receivable, net 4,742 3,538
Inventories - operations 8,357 8,201
Inventories - shipped equipment subject
to revenue deferral 435 293
Other current assets 80 175
------------ ------------
Total current assets 17,748 19,475
------------ ------------
Property and equipment, net 276 403
------------ ------------
Identifiable intangible assets, net 343 879
Other assets 78 78
------------ ------------
Total assets $18,445 $20,835
============ ============
Liabilities and shareholders' equity:
Current liabilities:
Current portion of long-term debt $35 $33
Trade accounts payable 1,651 1,571
Accrued liabilities 1,088 1,658
------------ ------------
Total current liabilities 2,774 3,262
------------ ------------
Long-term debt, less current portion 98 133
------------ ------------
Shareholders' equity 15,573 17,440
------------ ------------
Total liabilities and shareholders'
equity $18,445 $20,835
============ ============
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion