ST. PAUL, Minn., July 21, 2010 (GLOBE NEWSWIRE) -- Aetrium Incorporated (Nasdaq:ATRM) today announced results for its second quarter ended June 30, 2010. Revenue for the quarter was $5,016,000, an increase of 323% over revenue of $1,185,000 in the second quarter of 2009 and an increase of 9% over revenue of $4,618,000 in the first quarter of 2010. Net income for the quarter was $94,000, or $0.01 per share, as compared to a net loss of $832,000, or $0.08 per share, in the second quarter of 2009, and net income of $202,000, or $0.02 per share, in the first quarter of 2010.
"The semiconductor industry recovery continues to build, as the tremendous growth in our revenues from one year ago indicates," John J. Pollock, president of the company, commented. "We were also very pleased to post additional improvement in our gross margins, strong positive cash flow, and a positive book to bill ratio. Other highlights of the quarter were solid progress on an evaluation of our next generation eight site 55V16 MAX test handler at one of our largest long term customers, and the capture of another new customer for our test handler product line. Since the end of the quarter we have also received a new customer order for our 1164 reliability test systems from a top ten integrated circuit (IC) manufacturer. All indications point toward continued growth conditions in our industry, and we expect to continue to have positive results in the second half of 2010."
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, 2009.
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 ICs. 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 http://www.aetrium.com/">www.Aetrium.com.
The Aetrium Incorporated logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6943
| Aetrium Incorporated | ||||
| Consolidated Statements of Operations | ||||
| (Unaudited) | ||||
| (in thousands, except per share data) | ||||
| Three Months ended | Six Months ended | |||
| June 30, | June 30, | |||
| 2010 | 2009 | 2010 | 2009 | |
| Net sales | $ 5,016 | $ 1,185 | $ 9,634 | $ 2,936 |
| Cost of goods sold | 2,621 | 848 | 5,243 | 2,099 |
| Gross profit | 2,395 | 337 | 4,391 | 837 |
| Gross profit percent | 47.7% | 28.4% | 45.6% | 28.5% |
| Operating expenses: | ||||
| Selling, general and administrative (1) | 1,563 | 1,130 | 2,677 | 2,330 |
| Research and development | 813 | 529 | 1,509 | 1,004 |
| Total operating expenses | 2,376 | 1,659 | 4,186 | 3,334 |
| Income (loss) from operations | 19 | (1,322) | 205 | (2,497) |
| Interest income, net | 18 | 46 | 34 | 84 |
| Income (loss) before income taxes | 37 | (1,276) | 239 | (2,413) |
| Income tax benefit (2) | 57 | 444 | 57 | 841 |
| Net income (loss) (3) | $ 94 | $ (832) | $ 296 | $ (1,572) |
| Income (loss) per share (3): | ||||
| Basic | $ 0.01 | $ (0.08) | $ 0.03 | $ (0.15) |
| Diluted | $ 0.01 | $ (0.08) | $ 0.03 | $ (0.15) |
| Weighted average common shares outstanding: | ||||
| Basic | 10,689 | 10,598 | 10,652 | 10,598 |
| Diluted | 10,970 | 10,598 | 10,851 | 10,598 |
| 1. Selling, general and administrative expenses for the six months ended June 30, 2010 includes a credit of $190 related to the settlement of a legal dispute with a subtenant of the company's former leased facility in Poway, California. | ||||
| 2. Income tax benefit for the three and six months ended June 30, 2010 includes $57 related to a federal carryback claim filed in 2010 for a refund of Alternative Minimum Taxes paid in prior years. | ||||
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3. The impact of the $57 income tax benefit described above was to increase net income from $37 ($0.00 per basic and diluted share) to $94 ($0.01 per basic and diluted share) for the three months ended June 30, 2010. The impact of the $190 credit and $57 income tax benefit described above was to increase net income from $49 ($0.00 per basic and diluted share) to $296 ($0.03 per basic and diluted share) for the six months ended June 30, 2010. |
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| Aetrium Incorporated | ||
| Consolidated Balance Sheets | ||
| (Unaudited) | ||
| (In Thousands) | ||
| June 30, | December 31, | |
| 2010 | 2009 | |
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $ 10,020 | $ 9,476 |
| Accounts receivable, net | 3,248 | 2,114 |
| Inventories - operations | 7,505 | 7,472 |
| Inventories -- shipped equipment, subject to revenue deferral | 49 | -- |
| Other current assets | 219 | 234 |
| Total current assets | 21,041 | 19,296 |
| Property and equipment, net | 87 | 98 |
| Total assets | $ 21,128 | $ 19,394 |
| Liabilities and shareholders' equity: | ||
| Current liabilities: | ||
| Trade accounts payable | $ 1,579 | $ 707 |
| Other current liabilities | 715 | 669 |
| Total current liabilities | 2,294 | 1,376 |
| Shareholders' equity | 18,834 | 18,018 |
| Total liabilities and shareholders' equity | $ 21,128 | $ 19,394 |