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BTU International Reports Third Quarter 2012 Results



  BTU International Reports Third Quarter 2012 Results

Business Wire

NORTH BILLERICA, Mass. -- October 30, 2012

BTU International, Inc. (Nasdaq: BTUI), a leading supplier of advanced thermal
processing equipment to the alternative energy and electronics manufacturing
markets, today announced its financial results for the third quarter ended on
September 30, 2012.

Third quarter net sales were $14.1 million, down 3.2 percent compared to $14.6
million in the preceding quarter, and down 16.2 percent compared to $16.9
million for the same quarter a year ago. Net loss for the third quarter of
2012 was $2.4 million, or ($0.25) per diluted share, compared to a net loss of
$2.1 million, or ($0.23) per diluted share, in the preceding quarter, and
compared to a net loss of $2.2 million, or ($0.23) per diluted share in the
third quarter of 2011.

Net sales for the nine months ended September 30, 2012, were $45.0 million
compared to $61.3 million for the first nine months of 2011. Net loss for the
first nine months of 2012, was $6.6 million, or ($0.69) per diluted share,
compared to a net loss of $0.4 million, or ($0.04) per diluted share for the
first nine months of 2011.

Comments

Commenting on the company’s performance, Paul J. van der Wansem, BTU chairman
and CEO, said, “Our electronics business continued to be the main contributor,
followed by nuclear, to the third quarter revenue. In our solar business,
activities predominantly focused on working with solar cell producers on
increasing cell efficiencies at a lower cost and new technology applications.
We are on target with our development projects for new products in our
electronics-assembly and solar cell processing businesses. These products are
geared towards reducing processing cost with increased throughput per capital
invested. The company has taken additional expense reduction steps to preserve
its strong cash position.”

Outlook

“We expect fourth quarter revenues to be in the $13 to $14 million range.
Operating results will likely to be affected by factory under-utilization.
During the quarter we will incur restructuring expenses impacting results by 2
to 3 cents per share. We believe that longer term, capital investment in solar
equipment will return and grow as increased demand starts to balance with
capacity. Cost per watt continues to decline and the use of solar as a
renewable energy source is increasing. Our electronics business which was
strong during the first half of the year, is showing a somewhat lower order
intake presently, but is expected to grow over the next year” concluded van
der Wansem.

Teleconference and Simultaneous Webcast

BTU will be discussing its financial results, along with its outlook for the
fourth quarter of 2012, in a conference call to be held today, October 30, at
5:00 p.m. Eastern Daylight Savings Time. The dial-in number to participate in
the conference call is (877) 303-9139. A live and archived webcast of the
conference call will be available on BTU’s website at www.btu.com.

About BTU International

BTU International is a global supplier and technology leader of advanced
thermal processing equipment and processes to the alternative energy and
electronics manufacturing markets. BTU equipment is used in the manufacturing
of solar cells and nuclear fuel as well as in the production of printed
circuit board assemblies and semiconductor packaging. BTU has operations in
North Billerica, Massachusetts and Shanghai, China with direct sales and
service in the U.S.A., Asia and Europe. Information about BTU International is
available at www.btu.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of
1995

This news release contains expressed or implied forward-looking statements
regarding, among other things, the timing and expected benefits of expense
reductions, our expectations about capital spending in the solar industry and
the expected growth in sales of our electronics products, the return of growth
in the solar industry and the company's expected revenues for the fourth
quarter of fiscal year 2012. Such statements are neither promises nor
guarantees but rather are subject to risks and uncertainties, which could
cause actual results to differ materially from those described in the
forward-looking statements. Such statements are made pursuant to the “safe
harbor” provisions established by the federal securities laws, and are based
on the assumptions and expectations of the company’s management at the time
such statements are made. Important factors that could cause actual results to
differ include the timing of any scheduled deliveries under our previously
announced in-line diffusion equipment orders, the demand for thermal
processing equipment, particularly in the alternative energy market, general
market conditions governing supply and demand, the impact of competitive
products and pricing and other risks detailed in the company’s filings with
the Securities and Exchange Commission. Actual results may vary materially.
Accordingly, you should not place undue reliance on any forward-looking
statements. All information set forth in this press release is as of October
30, 2012, and, unless otherwise required by law, the company disclaims any
obligation to revise or update this information in order to reflect future
events or developments.

Source: BTU International E

 
BTU INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
                                                                  
                 Three Months Ended                Nine Months Ended
                 September 30,   October 2,        September 30,   October 2,
                 2012            2011              2012            2011
                                                                    
Net sales        $ 14,137        $ 16,865          $ 45,007        $ 61,250
Costs of goods     10,018          10,506            30,903          36,509     
sold
                                                                    
Gross profit       4,119           6,359             14,104          24,741
                                                                    
Operating
expenses:
Selling,
general and        4,925           6,013             15,578          17,921
administrative
Research,
development        1,333           1,914             4,121           5,545
and
engineering
Restructuring      -               352               176             352        
Operating          (2,139    )     (1,920    )       (5,771    )     923
income (loss)
                                                                    
Interest           10              21                47              54
income
Interest           (114      )     (119      )       (346      )     (372      )
expense
Foreign            (3        )     (23       )       (56       )     (172      )
exchange loss
Other income       1               6                 2               231        
                                                                    
Income (loss)
before             (2,245    )     (2,035    )       (6,124    )     664
provision for
income taxes
                                                                    
Provision for      153             179               430             1,063      
income taxes
                                                                    
Net loss         $ (2,398    )   $ (2,214    )     $ (6,554    )   $ (399      )
                                                                    
Loss per
share:
Basic            $ (0.25     )   $ (0.23     )     $ (0.69     )   $ (0.04     )
Diluted          $ (0.25     )   $ (0.23     )     $ (0.69     )   $ (0.04     )
                                                                    
Weighted
average number
of shares
outstanding:
Basic shares       9,515,967       9,462,281         9,506,926       9,418,708
Effect of
dilutive           -               -                 -               -          
options
                                                                    
Diluted shares     9,515,967       9,462,281         9,506,926       9,418,708  
                                                                                

 
BTU INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
                                                            
                                             September 30,   December 31,
Assets                                            2012           2011
                                                              
Current assets
      Cash and cash equivalents              $    21,029     $   18,948
      Accounts receivable, net                    10,425         12,422
      Inventories                                 13,783         17,510
      Other current assets                        3,771          2,064
                                                              
            Total current assets                  49,008         50,944
                                                              
Property, plant and equipment, net                4,973          5,650
                                                              
Other assets, net                                 81             124
                                                              
Total assets                                 $    54,062     $   56,718
                                                              
Liabilities and stockholders' equity
                                                              
Current liabilities
      Current portion of long-term debt      $    395        $   379
      Trade accounts payable                      6,737          3,527
      Other current liabilities                   5,584          5,404
                                                              
            Total current liabilities             12,716         9,310
                                                              
Long-term debt, less current portion              7,663          7,956
                                                              
                                                              
                     Total liabilities            20,379         17,266
                                                              
            Total stockholders' equity            33,683         39,452
                                                              
Total liabilities and stockholders' equity   $    54,062     $   56,718

Contact:

BTU International, Inc.
Peter Tallian, 978-667-4111
Chief Financial Officer
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