Aetrium Reports Second Quarter Results.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)--July 21, 2003 Aetrium Incorporated (Nasdaq:ATRM ATRM Aluminum Technology Roadmap ATRM ATO Transmit and Receive Module ) today announced results for the second quarter ended June June: see month. 30, 2003. Revenue for the second quarter was $3,243,000, up from revenue of $3,070,000 for the prior quarter and revenue of $3,177,000 for the second quarter of 2002. Net loss for the second quarter was $511,000, or $.05 per share, as compared to a net loss for the second quarter of 2002 of $583,000, or $.06 per share. "We saw a continuation continuation - continuation passing style of unsteady conditions in our industry in the second quarter, as recovery in the semiconductor industry proceeded but at a very slow pace," 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. "Bookings improved during the quarter, and exceeded revenue for the second quarter in a row. However, our customers continue to have limited long term visibility, and equipment purchases continue to be based on short term and immediate production needs. Accordingly, we are planning for revenues near current levels at least through the third quarter." "On the other hand, signs of the semiconductor industry recovery are becoming more and more evident," Mr. Levesque continued. "Semiconductor unit volumes continue to be on the rise and are now predicted to top the record volumes of 2000 by the end of this year. Semiconductor inventories continue at healthy levels and 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. is generally tightening. Accordingly, we expect to see improvement in capacity requirements in the semiconductor industry by year's end." 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 December December: see month. 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. and discrete A component or device that is separate and distinct and treated as a singular unit. 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 Six Months ended
June 30, June 30,
------------------ -----------------
2003 2002 2003 2002
------------------ -----------------
Net sales $3,243 $3,177 $ 6,313 $ 6,294
Cost of goods sold 1,578 1,433 3,077 2,844
------------------ -----------------
Gross profit 1,665 1,744 3,236 3,450
------------------ -----------------
Gross profit percent 51.3% 54.9% 51.3% 54.8%
Operating expenses:
Selling, general and
administrative 1,520 1,768 3,036 3,620
Research and development 662 583 1,215 1,130
Unusual charges 0 0 149 0
------------------ -----------------
Total operating expenses 2,182 2,351 4,400 4,750
------------------ -----------------
Loss from operations (517) (607) (1,164) (1,300)
Other income, net 6 24 23 56
------------------ -----------------
Loss before income taxes and
cumulative effect of a change in
accounting principle (511) (583) (1,141) (1,244)
Income taxes 0 0 0 0
------------------ -----------------
Loss before cumulative effect of
a change in accounting principle (511) (583) (1,141) (1,244)
Cumulative effect of a change
in accounting principle 0 0 0 (6,486)
------------------ -----------------
Net loss $ (511) $ (583) $(1,141) $(7,730)
================== =================
Loss per common share (basic and
diluted):
Loss before cumulative effect
of a change in accounting
principle $(0.05) $(0.06) $ (0.12) $ (0.13)
Cumulative effect of a change
in accounting principle 0.00 0.00 0.00 (0.69)
------------------ -----------------
Net loss $(0.05) $(0.06) $ (0.12) $ (0.82)
================== =================
Weighted average common shares
outstanding (basic and diluted) 9,477 9,477 9,477 9,476
================== =================
Aetrium Incorporated
Pro Forma Consolidated Statements of Operations (1)
(in thousands, except per share data)
Three Months ended Six Months ended
June 30, June 30,
------------------ -----------------
2003 2002 2003 2002
------------------ -----------------
Net sales $3,243 $3,177 $ 6,313 $ 6,294
Cost of goods sold 1,578 1,433 3,077 2,844
------------------ -----------------
Gross profit 1,665 1,744 3,236 3,450
------------------ -----------------
Gross profit percent 51.3% 54.9% 51.3% 54.8%
Operating expenses:
Selling, general and
administrative 1,520 1,768 3,036 3,620
Research and development 662 583 1,215 1,130
------------------ -----------------
Total operating expenses 2,182 2,351 4,251 4,750
------------------ -----------------
Loss from operations (517) (607) (1,015) (1,300)
Other income, net 6 24 23 56
------------------ -----------------
Loss before income taxes (511) (583) (992) (1,244)
Income taxes 0 0 0 0
------------------ -----------------
Net loss $ (511) $ (583) $ (992) $(1,244)
================== =================
Net loss per share (basic and
diluted) $(0.05) $(0.06) $ (0.10) $ (0.13)
================== =================
Weighted average common shares
outstanding (basic and diluted) 9,477 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 loss to pro forma net loss:
Three Months ended Six Months ended
June 30, June 30,
------------------- -----------------
2003 2002 2003 2002
------------------ -----------------
Net loss - GAAP $ (511) $ (583) $(1,141) $(7,730)
Operating expenses -
restructuring charge 0 0 149 0
Cumulative effect of a change in
accounting principle - goodwill
impairment charge recorded upon
the adoption of SFAS No. 142,
"Goodwill and Other Intangible
Assets" 0 0 0 6,486
------------------ -----------------
Net loss - pro forma $ (511) $ (583) $ (992) $(1,244)
================== =================
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
June 30, December 31,
2003 2002
---------- ------------
Assets:
Cash and cash equivalents $ 4,549 $ 5,796
Accounts receivable, net 2,117 1,628
Inventories - operations 6,719 6,815
Inventories - shipped equipment subject to
revenue deferral 301 544
Other current assets 333 152
---------- ------------
Total current assets 14,019 14,935
---------- ------------
Property and equipment, net 352 472
Identifiable intangible assets, net 2,192 2,634
Other assets 41 40
---------- ------------
Total assets $ 16,604 $ 18,081
========== ============
Liabilities and shareholders' equity:
Trade accounts payable $ 654 $ 597
Accrued liabilities 1,863 2,256
---------- ------------
Total liabilities 2,517 2,853
---------- ------------
Shareholders' equity 14,087 15,228
---------- ------------
Total liabilities and shareholders' equity $ 16,604 $ 18,081
========== ============
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