ST. PAUL, Minn., April 26, 2012 (GLOBE NEWSWIRE) -- Aetrium Incorporated (Nasdaq:ATRM) today announced results for its first quarter ended March 31, 2012. Revenue for the first quarter of 2012 was $1,890,000 as compared to revenue of $1,860,000 in the first quarter of 2011. The net loss for the first quarter of 2012 was $623,000, or $0.06 per share, which included $159,000 of restructuring charges resulting from a workforce reduction implemented in January. This compares to a net loss for the first quarter of 2011 of $730,000, or $0.07 per share.
"It appears that integrated circuits (ICs) resumed their unit growth mode in February after four months of decreases," said Joseph C. Levesque, president and CEO of Aetrium Incorporated. "Industry analysts are now forecasting continued growth throughout the remainder of 2012, although there currently continues to be excess production capacity in the IC industry. The existing excess capacity has dampened the demand for our test handlers, which is more dependent on increasing production capacity requirements than on changes in IC technology. Accordingly, we expect to see improving conditions for our test handlers as the year continues and existing capacity is absorbed.
"Demand for our reliability testers, on the other hand, is more dependent on IC technology advances," continued Mr. Levesque, "and our reliability test product sales held up pretty well notwithstanding the declining IC production we witnessed in fourth quarter of 2011 and into 2012. Our most advanced tester modules, aimed at the emerging requirements of the IC industry, continue to be well received by our customers, and we expect solid performance from this product group throughout 2012."
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, 2011.
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 March 31, |
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| 2012 | 2011 | |
| Net sales | $ 1,890 | $ 1,860 |
| Cost of goods sold (1) | 969 | 821 |
| Gross profit | 921 | 1,039 |
| Gross profit percent | 48.7% | 55.9% |
| Operating expenses: | ||
| Selling, general and administrative (1) | 1,117 | 1,179 |
| Research and development (1) | 429 | 603 |
| Total operating expenses | 1,546 | 1,782 |
| Loss from operations | (625) | (743) |
| Interest income, net | 2 | 13 |
| Loss before income taxes | (623) | (730) |
| Income taxes | -- | -- |
| Net loss | $ (623) | $ (730) |
| Loss per share - basic and diluted | $ (0.06) | $ (0.07) |
| Weighted average common shares outstanding - basic and diluted | 10,781 | 10,781 |
| (1) Operating results for the three months ended March 31, 2012 include severance charges related to a workforce reduction implemented in January 2012 as follows: | ||
| Cost of goods sold | $ 48 | |
| Selling, general and administrative expenses | 39 | |
| Research and development expenses | 72 | |
| Total severance charges | $ 159 | |
| Aetrium Incorporated | ||
| Consolidated Balance Sheets | ||
| (Unaudited) | ||
| (In Thousands) | ||
|
March 31, 2012 |
December 31, 2011 |
|
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $ 4,630 | $ 5,008 |
| Accounts receivable, net | 847 | 1,324 |
| Inventories | 7,505 | 7,731 |
| Other current assets | 115 | 53 |
| Total current assets | 13,097 | 14,116 |
| Property and equipment, net | 192 | 109 |
| Other asset | 27 | 30 |
| Total assets | $ 13,316 | $ 14,255 |
| Liabilities and shareholders' equity: | ||
| Current liabilities: | ||
| Trade accounts payable | $ 419 | $ 506 |
| Other current liabilities | 714 | 1,051 |
| Total current liabilities | 1,133 | 1,557 |
| Noncurrent liabilities | 313 | 256 |
| Shareholders' equity | 11,870 | 12,442 |
| Total liabilities and shareholders' equity | $ 13,316 | $ 14,255 |