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Aetrium Reports Fourth Quarter And Year-End 2010 Results

ST. PAUL, Minn., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Aetrium Incorporated (Nasdaq:ATRM) today announced results for its fourth quarter and fiscal year ended December 31, 2010. Revenue for the fourth quarter of 2010 was $1,667,000 compared to revenue of $2,685,000 in the fourth quarter of 2009. Revenue for the 2010 fiscal year was $16,258,000 as compared to revenue of $8,649,000 for fiscal year 2009.

The net loss for the fourth quarter was $2,223,000, or $0.21 per share, as compared with net loss of $4,818,000, or $0.45 per share, in the fourth quarter of 2009. 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 from $1,212,000, or $0.11 per share, to $2,223,000, or $0.21 per share. The net loss for the fourth quarter of 2009 included a charge of $155,000 for inventory obsolescence, a charge of $372,000 for estimated loss on amounts due from a subtenant of the Company's former leased facility in Poway, California, and an increase of $4,064,000 in the Company's valuation allowance for its deferred tax assets. The impact of these three items was to increase the fourth quarter 2009 net loss from $411,000, or $0.04 per share, to $4,818,000, or $0.45 per share.

The net loss for fiscal year 2010 was $1,902,000, or $0.18 per share as compared to a net loss of $6,728,000, or $0.63 per share in fiscal year 2009. 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 the former subtenant referred to above. The impact of these three items was to increase the 2010 net loss from $1,081,000, or $0.10 per share, to $1,902,000, or $0.18 per share. The net loss for 2009 included the charges for inventory obsolescence, subtenant loss reserve and increase in the deferred tax asset valuation allowance described above. The impact of these three items was to increase the 2009 net loss from $2,321,000, or $0.22 per share, to $6,728,000, or $0.63 per share.

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