Aetrium Reports Third 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)--Oct. 23, 2002 Aetrium Incorporated (Nasdaq:ATRM ATRM Aluminum Technology Roadmap ATRM ATO Transmit and Receive Module ) today reported revenue of $3,219,000 for the third quarter ended September September: see month. 30, 2002, a slight increase over second quarter revenue of $3,177,000. The company reported a net loss for the third quarter of $655,000, or $.07 per share. The third quarter results compare with a net loss for the third quarter of 2001 of $1,061,000, or $.11 per share, on revenue of $3,876,000. "Recovery in our industry continues to move at a very hesitant hes·i·tant adj. Inclined or tending to hesitate. hes  i·tant·ly adv. 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). , Aetrium's president and chief executive officer. "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 has increased after the typical seasonal mid-quarter slow down, but persistent Permanent. See persistent data, persistent name and persistent object. persistent - persistence lack of visibility at our customer base continues to drive very conservative 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. . In addition, the increases in semiconductor unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. volumes we have seen during the year have slowed over the last few months, and there is still a great deal of available capacity in the more mature segments of the semiconductor industry. Thus, our orders continue to be heavily weighted toward our new product introductions aimed at emerging package and process requirements where there is no over-capacity. While we believe these areas will continue to lead the recovery in the semiconductor equipment industry, it appears that recovery will be slow and cautious into 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)
3 Months ended 9 Months ended
September 30, September 30,
---------------- -----------------
2002 2001 2002 2001
---------------- -----------------
Net sales $3,219 $3,876 $9,513 $16,250
Cost of goods sold 1,492 2,106 4,336 8,299
---------------- -----------------
Gross profit 1,727 1,770 5,177 7,951
---------------- -----------------
Gross profit percent 53.7% 45.7% 54.4% 48.9%
Operating expenses:
Selling, general and
administrative 1,844 2,332 5,464 9,108
Research and development 557 774 1,687 4,066
Unusual charges 0 0 0 1,525
---------------- -----------------
Total operating expenses 2,401 3,106 7,151 14,699
---------------- -----------------
Loss from operations (674) (1,336) (1,974) (6,748)
Other income, net 19 49 75 211
---------------- -----------------
Loss before income taxes and
cumulative effect of a change in
accounting principle (655) (1,287) (1,899) (6,537)
Income tax benefit (provision) 0 226 0 226
---------------- -----------------
Loss before cumulative effect of a
change in accounting principle (655) (1,061) (1,899) (6,311)
Cumulative effect of a change in
accounting principle 0 0 (6,486) 0
---------------- -----------------
Net loss $(655) $(1,061) $(8,385) $(6,311)
================ =================
Loss per common share (basic and
diluted):
Loss before cumulative effect
of a change in accounting
principle $(0.07) $(0.11) $(0.20) $(0.67)
Cumulative effect of a change
in accounting principle 0.00 0.00 (0.68) 0.00
---------------- ----------------
Net loss $(0.07) $(0.11) $(0.88) $(0.67)
================ ================
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)
3 Months ended 9 Months ended
September 30, September 30,
----------------------------------
2002 2001 2002 2001
---------------- -----------------
Net sales $3,219 $3,876 $9,513 $16,250
Cost of goods sold 1,492 2,106 4,336 8,299
---------------- -----------------
Gross profit 1,727 1,770 5,177 7,951
---------------- -----------------
Gross profit percent 53.7% 45.7% 54.4% 48.9%
Operating expenses:
Selling, general and
administrative 1,844 2,126 5,464 8,491
Research and development 557 774 1,687 4,066
---------------- -----------------
Total operating expenses 2,401 2,900 7,151 12,557
---------------- -----------------
Loss from operations (674) (1,130) (1,974) (4,606)
Other income, net 19 49 75 211
---------------- -----------------
Loss before income taxes (655) (1,081) (1,899) (4,395)
Income tax benefit (provision) 0 0 0 0
---------------- -----------------
Net loss $(655) $(1,081) $(1,899) $(4,395)
================ =================
Net loss per share (basic and
diluted) $(0.07) $(0.11) $(0.20) $(0.46)
================ =================
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, income tax benefit (provision), and a charge
related to a change in accounting principle. Following is a
reconciliation of actual results to pro forma results:
3 Months ended 9 Months ended
September 30, September 30,
----------------------------------
2002 2001 2002 2001
---------------- -----------------
Net loss - actual $(655) $(1,061) $(8,385) $(6,311)
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 0 617
Restructuring charges 0 0 0 1,525
Income tax benefit 0 (226) 0 (226)
---------------- -----------------
Net loss - pro forma $(655) $(1,081) $(1,899) $(4,395)
================ =================
Aetrium Incorporated
Consolidated Balance Sheets
(In Thousands)
September 30, December 31,
2002 2001
(Unaudited) (Audited)
------------- ------------
Assets
Cash and cash equivalents $4,725 $7,181
Accounts receivable, net 2,574 1,505
Inventories - operations 6,680 8,030
Inventories - shipped equipment subject to
revenue deferral 961 926
Other current assets 218 131
------------- ------------
Total current assets 15,158 17,773
------------- ------------
Property and equipment, net 574 846
Goodwill, net 1,393 7,140
Other intangible assets, net 2,250 3,570
Other assets 41 57
------------- ------------
Total assets $19,416 $29,386
============= ============
Liabilities and shareholders' equity
Trade accounts payable $898 $676
Accrued liabilities 2,383 4,194
------------- ------------
Total liabilities 3,281 4,870
------------- ------------
Shareholders' equity 16,135 24,516
------------- ------------
Total liabilities and shareholders'
equity $19,416 $29,386
============= ============
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