Aetrium, Inc. : Aetrium reports Fourth Quarter 2011 and Year End Results
02/09/2012| 05:46pm US/Eastern
Recommend:
The net loss for the fourth quarter was $602,000, or $0.06
per share, as compared with net loss of
$2,223,000, or $0.21 per share, in the fourth quarter of
2010. The net loss for the fourth quarter of
2011 included a severance charge of $205,000 and a Minnesota
refundable research tax credit of
$70,000. The net impact of these two items was to increase
the fourth quarter 2011 loss by $0.02 per share. The net loss
for the fourth quarter of 2010 included charges for inventory
obsolescence of $423,000 and charges for deferred
compensation of $588,000. The impact of these two items was
to increase the fourth quarter 2010 net loss by $0.10 per
share.
The net loss for fiscal year 2011 was $4,748,000, or $0.44
per share as compared to a net loss of
$1,902,000, or $0.18 per share in fiscal year 2010. The net
loss for 2011 included severance charges of $473,000, charges
for inventory obsolescence of $1,131,000 and the Minnesota
refundable research tax credit described above. The net
impact of these items was to increase the
2011 net loss by $0.14 per share. The net loss for 2010
included the charges for inventory obsolescence and deferred
compensation described above as well as a credit of $190,000
related to a settlement of the dispute with a former
subtenant. The net impact of these three items was to
increase the 2010 net loss by $0.08 per share.
"2011 was a challenging year for us, as semiconductor
companies generally had adequate available capacity with
their existing production equipment throughout the year,"
said Joseph C. Levesque, president and CEO of Aetrium
Incorporated. "Semiconductor production was just beginning to
regain its high point of 2010 when production leveled off in
the third quarter of 2011 and then fell off sharply in the
fourth quarter. These lower semiconductor production levels
minimized capacity driven demand for our test handler
products, and our revenues in 2011 relied substantially on
our expanding reliability test product sales, which are
driven instead by industry technology advances. Responding to
these revenue challenges, in 2011 we continued to broaden our
market position through evaluation programs for both our test
handler and our reliability test products at new customers
and existing customers for new applications. We are excited
about the revenue opportunities these programs provide,
particularly as industry conditions improve.
"While some semiconductor companies and industry analysts are
calling a bottom to the current semiconductor industry
downturn, others are predicting further revenue declines in
the first quarter of 2012," Mr. Levesque continued. "Given
the lack of consensus, we are planning that it may require
the first half of 2012 for the semiconductor industry to
recover to more normalized capacity demands. Accordingly, we
have recently taken additional cost containment measures,
including a further reduction in and reorganization of our
workforce. We believe these actions better size us for the
current industry conditions while maintaining our core
capabilities to take full advantage of improved product
demand as it develops."
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, 2010.
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 Operations
(Unaudited)
(in thousands, except per share data)
Three Months ended
December 31,
Year ended
December 31,
2011 2010 2011 2010
Net sales
$ 2,371 $
1,667
$ 9,009 $
16,258
Cost of goods sold (1) 1,149 1,491 6,203 9,413
Gross profit 1,222 176 2,806 6,845
Gross profit percent 51.5% 10.6% 31.1% 42.1%
Operating expenses:
Selling, general and administrative (2) 1,484 1,743 5,101
5,853
Research and development (3) 345 672 2,487 3,022
Total operating expenses 1,829 2,415 7,588 8,875
Loss from operations (607) (2,239) (4,782) (2,030) Interest
income 5 16 34 71
Loss before income taxes (602) (2,223) (4,748) (1,959) Income
tax benefit - - - 57
Net loss
$ (602) $ (2,223)
$ (4,748) $
(1,902)
Loss per share (basic and diluted)
$ (0.06) $
(0.21)
$ (0.44) $
(0.18)
Weighted average common shares outstanding
(basic and diluted)
10,781 10,781 10,781 10,713
Three Months ended
December 31,
Year ended
December 31,
(1) Cost of goods sold includes the following:
2011 2010 2011 2010
Excess and obsolete inventory charges 15 423 1,131 423
Severance charge - - 57 -
(2) Selling, general and administrative expenses includes the
following:
Severance charges 205 - 275 - Deferred compensation charge -
588 - 588
Credit related to settlement of legal dispute with a
subtenant of a former leased facility - - - (190)
(3) Research and development expenses includes the following:
|
Credit related to state refundable research credit
|
(70)
|
- (70)
|
-
|
|
Severance charge
|
-
|
- 141
|
-
|
Aetrium Incorporated Consolidated Balance Sheets (Unaudited)
(In Thousands)
Assets:
Current assets:
December 31, December 31,
2011 2010
|
Cash and cash equivalents
|
$ 5,008
|
|
$ 10,033
|
|
Accounts receivable, net
|
1,324
|
|
862
|
|
Inventories
|
7,731
|
|
7,382
|
|
Other current assets
|
53
|
|
67
|
|
Total current assets
|
14,116
|
|
18,344
|
|
Property and equipment, net
|
109
|
|
98
|
|
Other asset
|
30
|
|
41
|
|
Total assets
|
$ 14,2 55
|
|
$ 18,483
|
Liabilities and shareholders' equity: Current
liabilities:
|
Trade accounts payable
|
$ 506
|
|
$ 502
|
|
Other current liabilities
|
1,051
|
|
714
|
|
Total current liabilities
|
1,557
|
|
1,216
|
|
Noncurrent accrued liabilities
|
256
|
|
377
|
Shareholders' equity 12,442 16,890
Total liabilities and shareholders' equity
$ 14,255
$ 18,483
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