Aetrium Reports Third 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 third quarter ending September September: see month. 30, 2005. Revenue for the third quarter was $3,701,000, a 19% increase from revenue of $3,108,000 for the prior quarter and down from revenue of $7,073,000 for the third quarter of 2004. Net loss for the third quarter was $983,000, or ($.10) per share, compared to net loss for the prior quarter of $682,000, or ($.07) per share, and net income in the third quarter of 2004 of $821,000, or $.08 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. "Industry reports indicate a continuing increase in semiconductor unit volumes, and increasing utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be rates at semiconductor manufacturers, particularly in the test, assembly and packaging (TAP) segment of the industry, which is our focus," 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. "Accordingly, we continue to believe that recovery for the TAP segment of the semiconductor equipment industry has begun and will continue into 2006. We saw improvement in revenue in the third quarter, although our bookings to revenue ratio was slightly below parity parity or space parity, in physics, quantity that refers to the relationship between an object or process and the image that it can produce in a mirror. , and we expect further improvement in the fourth quarter." Mr. Levesque added, "We were particularly pleased with the progress we made with our 55V8 quad site 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. during the third quarter. Our revenue for the quarter included several units of this new product sold to 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. ). The result of these sales is that we have been approved at a corporate level as an accepted vendor to this company for the 55V8 to their other facilities throughout the world and we are currently in the process of introducing this product to other IDMs and test contractors." Mr. Levesque continued, "We had a significant decrease in gross margins for the third quarter, which was due to a combination of factors. First, our material costs for our 55V8 handler have been higher than we project over time due to low volume initial production runs. Second, we had an unfavorable product mix, weighted toward our lower margin products. Third, we had a relatively high level of discounted sales to our distributors for resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. to end customers as opposed op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. to commissionable sales made directly to end customers. We expect to continue to see relatively high material and distribution costs distribution costs distribute npl → Vertriebskosten pl for the 55V8 handler in the fourth quarter as initial production runs complete their cycle through revenue." 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 Nine Months
ended ended
September 30, September 30,
---------------- ----------------
2005 2004 2005 2004
---------------- ----------------
Net sales $3,701 $7,073 $10,811 $22,321
Cost of goods sold 2,148 2,843 5,417 9,487
---------------- ----------------
Gross profit 1,553 4,230 5,394 12,834
---------------- ----------------
Gross profit percent 42.0% 59.8% 49.9% 57.5%
Operating expenses:
Selling, general and administrative 1,758 2,485 5,192 6,748
Research and development 819 927 2,236 2,662
---------------- ----------------
Total operating expenses 2,577 3,412 7,428 9,410
---------------- ----------------
Income (loss) from operations (1,024) 818 (2,034) 3,424
Interest income (expense), net 41 16 101 40
Other income - - - 127
---------------- ----------------
Income (loss) before income taxes (983) 834 (1,933) 3,591
Income tax expense - (13) - (54)
---------------- ----------------
Net income (loss) $(983) $821 $(1,933) $3,537
================ ================
Income (loss) per common share:
Basic $(0.10) $0.09 $(0.20) $0.37
Diluted $(0.10) $0.08 $(0.20) $0.35
Weighted average common shares
outstanding:
Basic 9,636 9,625 9,631 9,576
Diluted 9,636 10,159 9,631 10,145
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
September 30, December 31,
2005 2004
------------- ------------
Assets:
Cash and cash equivalents $5,388 $7,268
Accounts receivable, net 1,964 3,538
Inventories - operations 8,729 8,201
Inventories - shipped equipment subject
to revenue deferral 191 293
Other current assets 268 175
------------- ------------
Total current assets 16,540 19,475
------------- ------------
Property and equipment, net 275 403
------------- ------------
Identifiable intangible assets, net 455 879
Other assets 78 78
------------- ------------
Total assets $17,348 $20,835
============= ============
Liabilities and shareholders' equity:
Current liabilities:
Current portion of long-term debt $34 $33
Trade accounts payable 568 1,571
Accrued liabilities 1,104 1,658
------------- ------------
Total current liabilities 1,706 3,262
------------- ------------
Long-term debt, less current portion 107 133
------------- ------------
Shareholders' equity 15,535 17,440
------------- ------------
Total liabilities and shareholders'
equity $17,348 $20,835
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