Aetrium Reports Second Quarter Growth in Revenue And Profits.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 ended June June: see month. 30, 2006. Revenue for the second quarter of 2006 was $8,704,000, up 180% from revenue of $3,108,000 for the second quarter of 2005 and up 16% sequentially from revenue of $7,487,000 for the first quarter of 2006. Net income for the second quarter of 2006 was $1,276,000, or $.12 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, up 168% sequentially from net income of $476,000, or $.05 per diluted share, for the first quarter of 2006. Net loss for the second quarter of 2005 was $682,000, or $.07 per share. "We again enjoyed strong sequential One after the other in some consecutive order such as by name or number. growth in revenue and profits in our second quarter and our bookings again exceeded our revenue, fueled by growing demand for our newer products and continued favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. conditions for 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. "We continued to generate positive cash flow and were successful in improving our gross margins back into our targeted 50% range. We also continued to build for the future. We recently delivered our first eight test site model of our 55V series gravity feed test handlers handlers persons involved in the handling of, for example, circus animals. Includes grooms, milkers, herdsmen, strappers. Used mostly in referring to persons handling animals for show or auction. , developed specifically for the newest 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) package types, for evaluation at an existing customer with potentially significant requirements for the 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. . This U.S. headquartered major integrated device manufacturer See IDM. will conduct an extensive production evaluation of the handler at one of its Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. facilities. We believe our product development focus on the most compelling requirements of the largest and fastest growing segments of the semiconductor industry will continue to position us to perform favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. relative to our peers." "Looking forward," continued Mr. Levesque, "the consensus of industry analysts forecasts a strong semiconductor market into 2007. Our customer base also seems to have growing confidence in continuing healthy industry conditions, although they remain cautious in their capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. commitments, limiting the visibility we have for our business. Nevertheless, we anticipate that we will again achieve significant growth in revenue and profits in the third quarter of 2006." 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 handle 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, 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
(Unaudited)
(in thousands, except per share data)
Three Months ended Six Months ended
June 30, June 30,
-----------------------------------
2006 2005 2006 2005
------------------ ----------------
Net sales $8,704 $3,108 $16,191 $7,110
Cost of goods sold 4,314 1,438 8,149 3,269
------------------ ----------------
Gross profit 4,390 1,670 8,042 3,841
------------------ ----------------
Gross profit percent 50.4% 53.7% 49.7% 54.0%
Operating expenses:
Selling, general and
administrative 2,065 1,667 4,200 3,434
Research and development 1,074 720 2,147 1,417
------------------ ----------------
Total operating expenses 3,139 2,387 6,347 4,851
------------------ ----------------
Income (loss) from operations 1,251 (717) 1,695 (1,010)
Interest income, net 44 35 83 60
------------------ ----------------
Income (loss) before income taxes 1,295 (682) 1,778 (950)
Income tax expense 19 - 26 -
------------------ ----------------
Net income (loss) $1,276 $(682) $1,752 $(950)
================== ================
Income (loss) per common share:
Basic $0.13 $(0.07) $0.18 $(0.10)
Diluted $0.12 $(0.07) $0.17 $(0.10)
Weighted average common shares
outstanding:
Basic 9,980 9,630 9,899 9,629
Diluted 10,607 9,630 10,584 9,629
Aetrium Incorporated
Consolidated Balance Sheets
(Unaudited)
(In Thousands)
June 30, December 31,
2006 2005
------------ ------------
Assets:
Cash and cash equivalents $6,034 $4,134
Accounts receivable, net 4,087 4,742
Inventories - operations 10,551 8,357
Inventories - shipped equipment subject
to revenue deferral 1,580 435
Other current assets 179 80
------------ ------------
Total current assets 22,431 17,748
------------ ------------
Property and equipment, net 268 276
------------ ------------
Identifiable intangible assets, net 201 343
Other assets 78 78
------------ ------------
Total assets $22,978 $18,445
============ ============
Liabilities and shareholders' equity:
Current liabilities:
Current portion of long-term debt $36 $35
Trade accounts payable 2,519 1,651
Accrued liabilities 2,245 1,088
------------ ------------
Total current liabilities 4,800 2,774
------------ ------------
Long-term debt, less current portion 80 98
------------ ------------
Shareholders' equity 18,098 15,573
------------ ------------
Total liabilities and shareholders'
equity $22,978 $18,445
============ ============
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