Aetrium Inc : Aetrium Reports Profitable First Quarter
04/18/2007| 04:04pm US/Eastern
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Aetrium Incorporated (Nasdaq:ATRM) today announced results for its first
quarter ended March 31, 2007. Income from continuing operations for the
quarter was $544,000, or $0.05 per diluted share, on revenue of
$5,105,000. This compares to income from continuing operations of
$955,000, or $0.09 per diluted share, on revenue of $6,899,000 in the
first quarter of 2006, and income from continuing operations of
$751,000, or $0.07 per diluted share, on revenue of $5,073,000 in the
fourth quarter of last year.
?Quote and order activity increased over last
quarter particularly toward the end of the quarter, and this allowed us
to maintain revenue at last quarter's level
and also build backlog,? Joseph C. Levesque,
president and chief executive officer, commented. ?Our
continuing operations were profitable for the sixth consecutive quarter,
our gross profit margin of 52.7% exceeded our targeted range, and we
improved our cash position by about $250,000. We successfully qualified
our 55V16 gravity feed handler for additional applications at one of our
largest customers, and we continue to attract interest in our 55V Series
handlers from a growing potential customer list.?
?Looking forward, however, our visibility
remains clouded,? Mr. Levesque added. ?For
the first two months of 2007, semiconductor revenues trended
significantly downward, and it was recently reported that inventory
levels improved only marginally during the quarter. These conditions
lead us to expect that equipment requirements in the second quarter will
continue to be moderate and targeted primarily at new package types. The
current unsettled industry conditions are not impacting our customer
base uniformly, with new capacity requirements varying considerably
among our customers, and we expect these conditions to continue in the
second quarter. As a result, our insight into our second quarter is
limited, and revenue is difficult to predict at this time, but we
believe it is likely to be similar to our first quarter.?
Certain matters in this news release are forward-looking statements
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 industry, changes in the rates of capital expenditures
by semiconductor manufacturers, progress of product development
programs, unanticipated costs associated with the integration or
restructuring of operations, and other risk factors set forth in the
company's SEC filings, including its Form
10-K for the year ended December 31, 2006.
Aetrium, based in North St. Paul, Minnesota, is a leading supplier of
proprietary technologies and equipment that are used by the worldwide
semiconductor industry to test integrated circuits. The company's
products are used by customers to advance reliability, improve quality,
increase product yield or improve manufacturing processes. 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 Income (Unaudited) (in
thousands, except per share data)
Three Months ended March 31,
2007
2006
Net sales
$ 5,105
$ 6,899
Cost of goods sold
2,415
3,493
Gross profit
2,690
3,406
Gross profit percent
52.7%
49.4%
Operating expenses:
Selling, general and administrative
1,266
1,627
Research and development
976
856
Total operating expenses
2,242
2,483
Income from operations
448
923
Interest income (expense), net
101
39
Income before income taxes
549
962
Income tax expense
(5)
(7)
Income from continuing operations
544
955
Loss from discontinued operations
0
(479)
Net income
$ 544
$ 476
Basic income (loss) per share:
Continuing operations
$ 0.05
$ 0.10
Discontinued operations
-
(0.05)
Net income
$ 0.05
$ 0.05
Diluted income (loss) per share:
Continuing operations
$ 0.05
$ 0.09
Discontinued operations
-
$ (0.05)
Net income (1)
$ 0.05
$ 0.05
Weighted average common shares outstanding:
Basic
10,278
9,818
Diluted
10,581
10,560
(1) For the three months ended March 31, 2006, the sum of continuing
operations and discontinued operations does not equal the total due
to rounding.
Aetrium Incorporated Consolidated Balance Sheets (Unaudited) (In
Thousands)
March 31,
December 31,
2007
2006
Assets:
Current assets:
Cash and cash equivalents
$ 8,654
$ 8,394
Accounts receivable, net
2,943
2,165
Inventories - operations
7,770
7,263
Inventories - shipped equipment, subject to revenue deferral
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