Aetrium Reports Second Quarter Results.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 ending June June: see month. 30, 2005. Revenue for the second quarter was $3,108,000, down from revenue of $4,002,000 for the prior quarter and revenue of $9,107,000 for the second quarter of 2004. Net loss for the second quarter was $682,000, or ($.07) per share, compared to net loss for the prior quarter of $268,000, or ($.03) per share, and net income in the second quarter of 2004 of $2,003,000, or $.19 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. "At the onset on·set n. A beginning; a start, as of a cold. of the second quarter we were concerned that the market for semiconductor equipment, particularly for the test, assembly and packaging (TAP) segment, might remain unsettled and slow throughout the second quarter," 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. "Our concerns proved to be correct as the market for TAP equipment remained contracted during the quarter and users continued to be very conservative in the timing and quantities of their equipment purchases. Equipment users also proved to be very creative in extending the life of some of their existing production equipment and have grown more efficient as they meet the increased customer demands for their semiconductor products. Nevertheless, our bookings to revenue ratio for the second quarter was positive. As we expected, the majority of our new orders during the quarter were for equipment designed 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. technologies where there is little or no excess inventory or production capacity." Mr. Levesque added, "We also continued to be aggressive with our new product development efforts and are pleased with the success we are experiencing in the introduction of our quad site 55V8 gravity feed test 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. . As we reported earlier, during the first quarter we successfully completed a lengthy on site evaluation of our 55V8 test handler in a high volume southeast Asian production facility of a major U.S. integrated device manufacturer See IDM. (IDM (1) See identity management. (2) (Integrated Device Manufacturer) A company that performs every step of the chip-making process, including design, manufacture, test and packaging. Examples of IDMs are Intel, AMD, Motorola, IBM, TI and Lucent. ). This resulted in our receipt of multiple unit 55V8 test handler orders from that IDM in the second quarter. During the quarter we also received a follow-on fol·low-on adj. Following as a related or consequent aspect or development: "Such contracts involve follow-on sales of maintenance services" Christian Science Monitor. 55V8 test handler order from a second major U.S. based IDM with production facilities in 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. . We believe the throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. and technical advantages of our 55V8 test handler will enable us to gain market share from existing and well entrenched en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. competitors as overall business conditions improve at both existing and potentially new customers." "Forecasts by industry analysts for both the semiconductor and semiconductor equipment industries continue to indicate that market conditions will improve in the second half of this year, particularly for the TAP segment of the equipment industry, and we continue to believe their analysis is reasonable," Mr. Levesque continued. "However we do not believe we have adequate visibility at the current time to predict the timing or extent of the recovery or the impact on our second half revenues." 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, 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. 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 Six Months ended
June 30, June 30,
-----------------------------------
2005 2004 2005 2004
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Net sales $3,108 $9,107 $7,110 $15,248
Cost of goods sold 1,438 3,940 3,269 6,644
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Gross profit 1,670 5,167 3,841 8,604
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Gross profit percent 53.7% 56.7% 54.0% 56.4%
Operating expenses:
Selling, general and
administrative 1,667 2,385 3,434 4,263
Research and development 720 889 1,417 1,735
------------------ ----------------
Total operating expenses 2,387 3,274 4,851 5,998
------------------ ----------------
Income (loss) from operations (717) 1,893 (1,010) 2,606
Interest income (expense), net 35 14 60 24
Other income - 127 - 127
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Income (loss) before income taxes (682) 2,034 (950) 2,757
Income tax expense - (31) - (41)
------------------ ----------------
Net income (loss) $(682) $2,003 $(950) $2,716
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Income (loss) per common share:
Basic $(0.07) $0.21 $(0.10) $0.28
Diluted $(0.07) $0.19 $(0.10) $0.27
Weighted average common shares
outstanding:
Basic 9,630 9,596 9,629 9,552
Diluted 9,630 10,311 9,629 10,137
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
June 30, December 31,
2005 2004
--------- ------------
Assets:
Cash and cash equivalents $5,140 $7,268
Accounts receivable, net 3,280 3,538
Inventories - operations 9,244 8,201
Inventories - shipped equipment subject to
revenue deferral 375 293
Other current assets 189 175
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Total current assets 18,228 19,475
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Property and equipment, net 317 403
--------- ------------
Identifiable intangible assets, net 567 879
Other assets 78 78
--------- ------------
Total assets $19,190 $20,835
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Liabilities and shareholders' equity:
Current liabilities:
Current portion of long-term debt $33 $33
Trade accounts payable 1,345 1,571
Accrued liabilities 1,194 1,658
--------- ------------
Total current liabilities 2,572 3,262
--------- ------------
Long-term debt, less current portion 116 133
--------- ------------
Shareholders' equity 16,502 17,440
--------- ------------
Total liabilities and shareholders' equity $19,190 $20,835
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