ST. PAUL, Minn., Oct. 21, 2010 (GLOBE NEWSWIRE) -- Aetrium Incorporated (Nasdaq:ATRM) today announced results for its third quarter ended September 30, 2010. Revenue for the quarter was $4,957,000, an increase of 64% over revenue of $3,028,000 in the third quarter of 2009 and flat to revenue of $5,016,000 in the second quarter of 2010. Net income for the quarter was $25,000, or $0.00 per share, as compared to a net loss of $338,000, or $0.03 per share, in the third quarter of 2009, and net income of $94,000, or $0.01 per share, in the second quarter of 2010.
"We continued to perform at around the break-even level in the third quarter as our customers continue to add equipment conservatively to address only proven needs," John J. Pollock, president and chief operating officer of the company, commented. "We made some important milestones in the quarter, however, one being the successful completion of an evaluation of our next generation eight site VMAX test handler at one of our largest long term customers. That customer has now completed its evaluation of competing handlers, and we expect to hear from the customer shortly on its selection of eight site handling for its leadless packages. Another highlight was shipment of our first revenue unit late in the quarter to a top ten integrated circuit (IC) manufacturer, our newest customer for our 1164 reliability test systems.
"Going forward," Mr. Pollock continued, "our visibility remains limited and our fourth quarter performance will depend upon orders booked and shipped in the 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, 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 September 30, |
Nine Months ended September 30, |
|||
| 2010 | 2009 | 2010 | 2009 | |
| Net sales | $ 4,957 | $ 3,028 | $ 14,591 | $ 5,964 |
| Cost of goods sold | 2,679 | 1,648 | 7,922 | 3,747 |
| Gross profit | 2,278 | 1,380 | 6,669 | 2,217 |
| Gross profit percent | 46.0% | 45.6% | 45.7% | 37.2% |
| Operating expenses: | ||||
| Selling, general and administrative (1) | 1,433 | 1,282 | 4,110 | 3,612 |
| Research and development | 841 | 647 | 2,350 | 1,651 |
| Total operating expenses | 2,274 | 1,929 | 6,460 | 5,263 |
| Income (loss) from operations | 4 | (549) | 209 | (3,046) |
| Interest income, net | 21 | 29 | 55 | 113 |
| Income (loss) before income taxes | 25 | (520) | 264 | (2,933) |
| Income tax benefit (2) | -- | 182 | 57 | 1,023 |
| Net income (loss) (3) | $ 25 | $ (338) | $ 321 | $ (1,910) |
| Income (loss) per share (3): | ||||
| Basic | $ 0.00 | $ (0.03) | $ 0.03 | $ (0.18) |
| Diluted | $ 0.00 | $ (0.03) | $ 0.03 | $ (0.18) |
| Weighted average common shares outstanding: | ||||
| Basic | 10,764 | 10,598 | 10,690 | 10,598 |
| Diluted | 10,844 | 10,598 | 10,849 | 10,598 |
| (1) Selling, general and administrative expenses for the nine months ended September 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 nine months ended September 30, 2010 includes $57 related to a federal carryback claim filed in 2010 for a refund of Alternative Minimum Taxes paid in prior years. | ||||
| (3) The impact of the $190 credit and $57 income tax benefit described above was to increase net income from $74 ($0.01 per basic and diluted share) to $321 ($0.03 per basic and diluted share) for the nine months ended September 30, 2010. | ||||
| Aetrium Incorporated | ||
| Consolidated Balance Sheets | ||
| (Unaudited) | ||
| (In Thousands) | ||
|
September 30, 2010 |
December 31, 2009 |
|
| Assets: | ||
| Current assets: | ||
| Cash and cash equivalents | $ 10,021 | $ 9,476 |
| Accounts receivable, net | 3,403 | 2,114 |
| Inventories - operations | 7,467 | 7,472 |
| Inventories -- shipped equipment, subject to | ||
| revenue deferral | 90 | -- |
| Other current assets | 130 | 234 |
| Total current assets | 21,111 | 19,296 |
| Property and equipment, net | 98 | 98 |
| Other assets | 44 | -- |
| Total assets | $ 21,253 | $ 19,394 |
| Liabilities and shareholders' equity: | ||
| Current liabilities: | ||
| Trade accounts payable | $ 1,583 | $ 707 |
| Other current liabilities | 673 | 669 |
| Total current liabilities | 2,256 | 1,376 |
| Shareholders' equity | 18,997 | 18,018 |
| Total liabilities and shareholders' equity | $ 21,253 | $ 19,394 |