ST. PAUL, Minn., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Aetrium Incorporated (Nasdaq:ATRM) today announced results for its fourth quarter and fiscal year ended December 31, 2012.
Revenue for the fourth quarter of 2012 was $1,543,000 as compared to revenue of $2,371,000 in the fourth quarter of 2011. Net loss for the fourth quarter of 2012 was $865,000, or $0.08 per share, as compared with a net loss of $602,000, or $0.06 per share, in the fourth quarter of 2011. Revenue for the 2012 fiscal year was $6,241,000 as compared to revenue of $9,009,000 for fiscal year 2011. The net loss for fiscal year 2012 was $6,111,000, or $0.57 per share, as compared to a net loss of $4,748,000, or $0.44 per share, in fiscal year 2011.
"Our fourth quarter sales increased sequentially from the third quarter of 2012 due primarily to an increase in sales of our reliability test products," said Joseph C. Levesque, president and CEO of Aetrium Incorporated. "We sold reliability test systems to two new customers in the quarter, including a high capacity system sold to a government sponsored location in India involved in the aerospace field. This is our first sale to a customer in India and this will be a high profile installation. Although the reliability test equipment side of our business is doing well, it is still feeling the impact of the extreme caution exhibited by our customers as they scrutinize and limit their capital spending amid uncertain economic and generally weak industry conditions. However, we believe our technically superior products and growing customer base will continue to serve us well in the current business climate as the industry develops even more advanced geometry IC's, and in the next industry up cycle."The continued poor financial results for our test handler product line remain the result of weak business conditions in the Integrated Circuit (IC) industry characterized by weak IC demand and low production equipment utilization rates," added Mr. Levesque. "As we indicated last quarter, we continue to believe that excess production capacity in the industry will not likely be absorbed and capacity-driven equipment purchases will not likely resume until the second half of 2013 at the earliest. Accordingly, we are focusing our efforts on containing costs and pursuing sales opportunities in niche applications and unique situations where little or no excess capacity exists."