UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2002
Commission File No. 000-22166
AETRIUM INCORPORATED
(Exact name of registrant as specified in its charter)
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Minnesota |
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41-1439182 |
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2350 Helen Street, No. St. Paul, Minnesota |
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55109 |
(651) 704-1800
(Registrant’s telephone number including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Exchange Act during the past 12 months ( or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No ¨
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Number of shares of Common Stock, $.001 par value, outstanding as of July 22, 2002 |
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9,477,044 |
AETRIUM INCORPORATED
INDEX
2
AETRIUM INCORPORATED
(in thousands, except share data)
ASSETS
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June 30, |
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December 31, |
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2002 |
|
2001 |
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||
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|
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(Unaudited) |
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Current Assets: |
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Cash and cash equivalents |
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$ |
5,498 |
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$ |
7,181 |
|
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Accounts receivable, net |
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1,584 |
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1,505 |
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||
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Inventories |
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7,846 |
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8,956 |
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Other current assets |
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279 |
|
131 |
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||
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Total current assets |
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15,207 |
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17,773 |
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|
|
|
|
|
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Property and equipment: |
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|
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Furniture and fixtures |
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598 |
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597 |
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Equipment |
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3,127 |
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3,091 |
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||
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|
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3,725 |
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3,688 |
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Less accumulated depreciation and amortization |
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(3,049 |
) |
(2,842 |
) |
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Property and equipment, net |
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676 |
|
846 |
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|
|
|
|
|
|
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Goodwill, net |
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1,393 |
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7,140 |
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Other intangible assets, net |
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2,443 |
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3,570 |
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Other assets |
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57 |
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57 |
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Total assets |
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$ |
19,776 |
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$ |
29,386 |
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See accompanying notes to the consolidated financial statements.
3
AETRIUM INCORPORATED
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
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June 30, |
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December 31, |
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||
|
|
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2002 |
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2001 |
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||
|
|
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(Unaudited) |
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|
|
||
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Current liabilities: |
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|
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|
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Trade accounts payable |
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$ |
535 |
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$ |
676 |
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Accrued compensation |
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457 |
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493 |
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Other accrued liabilities |
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1,994 |
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3,701 |
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Total current liabilities |
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2,986 |
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4,870 |
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Shareholders’ equity: |
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Common stock, $.001 par value; 30,000,000 shares authorized; 9,477,044 and 9,474,566 shares issued and outstanding, respectively |
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10 |
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10 |
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Additional paid-in capital |
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60,250 |
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60,246 |
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Accumulated deficit |
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(43,470 |
) |
(35,740 |
) |
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Total shareholders’ equity |
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16,790 |
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24,516 |
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|
|
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|
|
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Total liabilities and shareholders’ equity |
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$ |
19,776 |
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$ |
29,386 |
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See accompanying notes to the consolidated financial statements.
4
AETRIUM INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
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|
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Three months ended June 30, |
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Six months ended June 30, |
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|
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2002 |
|
2001 |
|
2002 |
|
2001 |
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Net sales |
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$ |
3,177 |
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$ |
4,344 |
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$ |
6,294 |
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$ |
12,374 |
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Cost of goods sold |
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1,433 |
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2,358 |
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2,844 |
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6,193 |
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Gross profit |
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1,744 |
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1,986 |
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3,450 |
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6,181 |
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Operating expenses: |
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Selling, general, and administrative |
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1,768 |
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2,767 |
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3,620 |
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6,776 |
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Research and development |
|
583 |
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1,286 |
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1,130 |
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3,292 |
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Unusual charges |
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0 |
|
976 |
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