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 24, 2002 Aetrium Incorporated (Nasdaq:ATRM ATRM Aluminum Technology Roadmap ATRM ATO Transmit and Receive Module ) today reported a net loss for the second quarter ended June June: see month. 30, 2002, of $583,000, or $.06 per share, on revenue of $3,177,000. That compares with a net loss for the second quarter last year, exclusive of unusual items, of $1,790,000, or $.19 per share, on revenue of $4,344,000. On a sequential One after the other in some consecutive order such as by name or number. basis, this year's second quarter compares with a net loss for the first quarter of 2002, exclusive of unusual items, of $661,000, or $.07 per share, on similar revenue of $3,117,000. "Recovery in the semiconductor industry continues to progress at a slower pace than had been previously forecast by industry analysts," 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). , Aetrium's president and chief executive officer. "There is growing evidence that the industry downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. has bottomed out but that the rate of recovery varies from customer to customer and is not yet broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased . Our new order quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. activity remained high during the quarter but actual order rates have improved only modestly. Our customers have been slow in placing new orders as they continue to react with caution to the persistent Permanent. See persistent data, persistent name and persistent object. persistent - persistence lack of visibility as to the timing, breadth Breadth The percentage of assets or stocks advancing relative to those unchanged or declining. Also the number of independent forecasts available per year. A stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is and depth of the recovery. The several new products that we have recently introduced have further improved our solid positioning to take advantage of the eventual recovery in the semiconductor equipment industry. However, it now appears that the industry recovery that we had hoped for in the second half of 2002 will be slower and more muted mut·ed adj. 1. a. Muffled; indistinct: a muted voice. b. Mute or subdued; softened: muted colors. 2. than earlier anticipated, and that a more robust recovery is not likely to occur on a broad basis until 2003." 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 semiconductor 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, 2001. Aetrium, based in North St. Paul, Minn., 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 Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.Aetrium.com.
Aetrium Incorporated
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Six Months
ended June 30, ended June 30,
----------------- ------------------
2002 2001 2002 2001
----------------- ------------------
Net sales $ 3,177 $ 4,344 $ 6,294 $ 12,374
Cost of goods sold 1,433 2,358 2,844 6,193
----------------- ------------------
Gross profit 1,744 1,986 3,450 6,181
----------------- ------------------
Gross profit percent 54.9% 45.7% 54.8% 50.0%
Operating expenses:
Selling, general and
administrative 1,768 2,767 3,620 6,776
Research and development 583 1,286 1,130 3,292
Unusual charges 0 976 0 1,525
----------------- ------------------
Total operating expenses 2,351 5,029 4,750 11,593
----------------- ------------------
Loss from operations (607) (3,043) (1,300) (5,412)
Other income, net 24 71 56 162
----------------- ------------------
Loss before income taxes and
cumulative effect of a change in
accounting principle (583) (2,972) (1,244) (5,250)
Income taxes 0 0 0 0
----------------- ------------------
Loss before cumulative effect of a
change in accounting principle (583) (2,972) (1,244) (5,250)
Cumulative effect of a change in
accounting principle 0 0 (6,486) 0
----------------- ------------------
Net loss $ (583) $(2,972) $(7,730) $ (5,250)
================= ==================
Loss per common share
(basic and diluted):
Loss before cumulative effect of a
change in accounting principle $ (0.06) $ (0.31) $ (0.13) $ (0.55)
Cumulative effect of a change in
accounting principle 0.00 0.00 $ (0.69) 0.00
----------------- ------------------
Net loss $ (0.06) $ (0.31) $ (0.82) $ (0.55)
================= ==================
Weighted average common shares
outstanding (basic and diluted) 9,477 9,475 9,476 9,475
================= ==================
Aetrium Incorporated
Pro Forma Consolidated Statements of Operations (1)
(Unaudited)
(in thousands, except per share data)
Three Months Six Months
ended June 30, ended June 30,
----------------- ------------------
2002 2001 2002 2001
----------------- ------------------
Net sales $ 3,177 $ 4,344 $ 6,294 $ 12,374
Cost of goods sold 1,433 2,358 2,844 6,193
----------------- ------------------
Gross profit 1,744 1,986 3,450 6,181
----------------- ------------------
Gross profit percent 54.9% 45.7% 54.8% 50.0%
Operating expenses:
Selling, general and
administrative 1,768 2,561 3,620 6,365
Research and development 583 1,286 1,130 3,292
----------------- ------------------
Total operating expenses 2,351 3,847 4,750 9,657
----------------- ------------------
Loss from operations (607) (1,861) (1,300) (3,476)
Other income, net 24 71 56 162
----------------- ------------------
Loss before income taxes (583) (1,790) (1,244) (3,314)
Income taxes 0 0 0 0
----------------- ------------------
Net loss $ (583) $(1,790) $(1,244) $ (3,314)
================= ==================
Net loss per share (basic and
diluted) $ (0.06) $ (0.19) $ (0.13) $ (0.35)
================= ==================
Weighted average common shares
outstanding (basic and diluted) 9,477 9,475 9,476 9,475
================= ==================
(1) Pro forma results exclude restructuring charges, goodwill
amortization expense, and a charge related to a change in accounting
principle. Following is a reconciliation of actual results to pro
forma results:
Three Months Six Months
ended June 30, ended June 30,
----------------- ------------------
2002 2001 2002 2001
----------------- ------------------
Net loss - actual $ (583) $(2,972) $(7,730) $ (5,250)
Pro forma adjustments related to
the adoption of SFAS No. 142,
"Goodwill and Other Intangible
Assets":
- Goodwill impairment charge,
recorded as a change in
accounting principle 0 0 6,486 0
- Goodwill amortization
expense, discontinued in
2002 0 206 0 411
Restructuring charges 0 976 0 1,525
----------------- ------------------
Net loss - pro forma $ (583) $(1,790) $(1,244) $ (3,314)
================= ==================
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
June 30, December 31,
2002 2001
(Unaudited) (Audited)
----------- ------------
Assets
Cash and cash equivalents $ 5,498 $ 7,181
Accounts receivable, net 1,584 1,505
Inventories - operations 7,275 8,030
Inventories - shipped equipment subject
to revenue deferral 571 926
Other current assets 279 131
----------- ------------
Total current assets 15,207 17,773
----------- ------------
Property and equipment, net 676 846
Other assets, net 3,893 10,767
----------- ------------
Total assets $ 19,776 $ 29,386
=========== ============
Liabilities and shareholders' equity
Trade accounts payable $ 535 $ 676
Accrued liabilities 2,451 4,194
----------- ------------
Total liabilities 2,986 4,870
----------- ------------
Shareholders' equity 16,790 24,516
----------- ------------
Total liabilities and shareholders' equity $ 19,776 $ 29,386
=========== ============
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