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Aetrium Reports First Quarter 2013 Results



Aetrium Reports First Quarter 2013 Results

ST. PAUL, Minn., May 10, 2013 (GLOBE NEWSWIRE) -- Aetrium Incorporated
(Nasdaq:ATRM) today announced results for its first quarter ended March 31,
2013.

Revenue for the first quarter of 2013 was $1,287,000 as compared to revenue of
$1,890,000 in the first quarter of 2012. Net loss for the first quarter of
2013 was $792,000, or $0.07 per share, as compared with a net loss of
$623,000, or $0.06 per share, in the first quarter of 2012.

"As anticipated, relatively weak business conditions in the semiconductor
industry persisted in early 2013," said Joseph C. Levesque, president and CEO
of Aetrium Incorporated. "IC production levels have been virtually flat for
the past two years which has suppressed the demand for production-based
equipment like our test handler products. When first quarter 2013 industry
statistics are released, we believe they will show that IC production levels
continued to be below previous peak levels. As a result, most of our customers
continued to experience excess capacity on their production floors. We expect
our customers will continue to closely scrutinize their capital spending until
IC demand improves and production levels increase, which is generally
forecasted to occur in the second half of this year. During this downturn, we
have aggressively reduced our cost structure while still maintaining our core
competencies so that we can respond effectively to an industry upturn when it
occurs and we continue to pursue sales opportunities in niche applications and
unique situations where little or no excess capacity exists."

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, 2012.

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 www.Aetrium.com.

 
 
Aetrium Incorporated
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
                                                             
                                         Three Months ended March 31,
                                         2013               2012
                                                             
                                                             
Net sales                                 $ 1,287            $ 1,890
Cost of goods sold (1)                   561                969
Gross profit                             726                921
Gross profit percent                     56.4%              48.7%
                                                             
Operating expenses:                                          
Selling, general and administrative (1)  1,217              1,117
Research and development (1)             300                429
Total operating expenses                 1,517              1,546
                                                             
Loss from operations                     (791)              (625)
Interest income                           1                 3
Interest expense                          (2)                (1)
Loss before income taxes                 (792)              (623)
Income taxes                              --                 -- 
                                                             
Net loss                                  $ (792)            $ (623)
                                                             
                                                             
Net loss per share (basic and diluted)    $ (0.07)           $ (0.06)
                                                             
Weighted average common shares            10,781             10,781
outstanding (basic and diluted)
                                                             
                                                             
(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                         39
expenses
Research and development expenses                           72
Total severance charges                                      $ 159

 
 
 
Aetrium Incorporated
Consolidated Balance Sheets 
(Unaudited)
(In Thousands)
                                                      
                                           March 31, December 31,
                                           2013      2012
Assets:                                               
Current assets:                                       
Cash and cash equivalents                   $ 1,732   $ 3,013
Accounts receivable, net                    1,033     466
Inventories, current                        2,518     2,347
Other current assets                        169       143
Total current assets                        5,452     5,969
                                                      
Property and equipment, net                 149       162
                                                      
Inventories, noncurrent                     1,810     1,810
Other asset                                 55        58
                                                      
Total assets                                $ 7,466   $ 7,999
                                                      
                                                      
Liabilities and shareholders' equity:                 
Current liabilities:                                  
Trade accounts payable                      $ 790     $ 597
Other current liabilities                   649       691
Total current liabilities                   1,439     1,288
                                                      
Noncurrent liabilities                      97        131
                                                      
Shareholders' equity                        5,930     6,580
                                                      
Total liabilities and shareholders' equity  $ 7,466   $ 7,999

CONTACT: Paul Askegaard
         Aetrium Incorporated
         (651) 704-1812

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