ST. PAUL, Minn.-- Test handler systems supplier Aetrium Inc. here said delays in several orders for products will result in 18% sequential drop in revenues to $3.1 million in the first quarter compared to $3.8 million in the prior quarter.
The company said it expects to report a loss of $0.07-to-$0.09 per share in Q1--excluding a one-time goodwill impairment charge due to a change in accounting. Aetrium said previous analyst expectations had been a loss of $0.12 per share on revenues of $3.8 million in the first quarter.
The St. Paul company had a net loss of $4.4 million in the fourth quarter, including charges. Without special items, Aetrium's loss was $1 million, or $0.11 per share, in the fourth quarter of 2001.
"The difficult industry conditions and the uncharacteristic uncertainty that have affected semiconductor suppliers throughout 2001 continued to negatively impact our revenues in the first quarter of 2002," said Joseph Levesque, chief executive officer of Aetrium.
"Our first quarter revenue plan called for us to book, ship, or recognize revenue on several orders that have been delayed by customers as a result of the continued uncertainty in their own business forecasts," he said. "The timing of these delays is especially unfortunate, as we believe that evidence is growing that the semiconductor industry, our customers, and Aetrium are poised for meaningful recovery in 2002."
Levesque said the orders push-out in Q1 was "due in large part to particular customer situations of a singular nature." Most customers continue to report capacity utilization improvements and inventories sharply down from prior months, he said.
"Accordingly, our short-term outlook remains cautiously optimistic and we are hopeful that business conditions in the second quarter will improve over the first quarter," the CEO said.