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 second quarter ended on July 1, 2012.
Second quarter net sales were $14.6 million, down 10.3 percent compared to $16.3 million in the preceding quarter, and down 23.3 percent compared to $19.0 million for the same quarter a year ago. Net loss for the second quarter of 2012 was $2.1 million, or ($0.23) per diluted share, compared to a net loss of $2.0 million, or ($0.21) per diluted share, in the preceding quarter, and compared to basically breakeven, in the second quarter of 2011.
Net sales for the six months ended July 1, 2012, were $30.9 million compared to $44.4 million for the first six months of 2011. Net loss for the first six months of 2012, was $4.2 million, or ($0.44) per diluted share, compared to a net income of $1.8 million, or $0.19 per diluted share, for the first six months of 2011.
Commenting on the company’s performance, Paul J. van der Wansem, BTU chairman and CEO, said, “Our electronics business contributed strongly to our second quarter revenue. On the other hand, the worldwide solar cell industry continues to be in overcapacity with capital investments at a very low level. As during past downturns, the company is taking steps to carefully manage its cash and expense levels. We are maintaining our focus on selected development projects for both electronics and solar and are working to increase our penetration in electronics and demonstrate ways in which our technologies can further reduce the solar manufacturing cost per watt.”
“We expect third quarter revenues to be in the $14 to $15 million range and operating results essentially flat compared with the second quarter of 2012. In spite of the current condition of the solar cell manufacturers, we expect that in the longer term, capital investment in solar equipment will return to a growth path, as an increase in demand starts to consume the present over-capacity. As cost per watt continues to decline and grid parity becomes a reality in more parts of the world, more countries are expected to expand or initiate the use of solar as a renewable energy source,” concluded van der Wansem.
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its outlook for the third quarter of 2012, in a conference call to be held today, July 31, at 5:00 p.m. Eastern Daylight Savings Time. The dial-in number to participate in the conference call is (877) 303-9139. A webcast of the conference call will be available on BTU’s website at www.btu.com. Replays of the call will be available through August 17, 2012, and can be accessed at this the BTU website or by phone at (855) 859-2056, pass code 80886053.
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 solar cell, nuclear fuel and fuel cell manufacturing 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 sale of our electronics products, the return of growth in the solar industry and the company's expected revenues, gross margins, and operating expenses and financial performance for the third 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 July 31, 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)|
|Three Months Ended||Six Months Ended|
|July 1, 2012||July 3, 2011||July 1, 2012||July 3, 2011|
|Costs of goods sold||9,916||11,379||20,965||26,003|
Selling, general and administrative
|Operating income (loss)||(1,960||)||(92||)||(3,632||)||2,843|
|Foreign exchange gain (loss)||10||(73||)||(52||)||(149||)|
Income (loss) before provision
|Provision for income taxes||102||(241||)||277||885|
|Net income (loss)||$||(2,149||)||$||(14||)||$||(4,156||)||$||1,815|
|Income (loss) per share:|
Weighted average number of
|Effect of dilutive options||-||-||-||343,061|
|BTU INTERNATIONAL, INC.|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||$||19,578||$||18,948|
|Accounts receivable, net||13,815||12,422|
|Other current assets||3,516||2,064|
|Total current assets||53,363||50,944|
|Property, plant and equipment, net||5,107||5,650|
|Other assets, net||95||124|
|Liabilities and stockholders' equity|
|Current portion of long-term debt||$||389||$||379|
|Trade accounts payable||7,727||3,527|
|Other current liabilities||6,842||5,404|
|Total current liabilities||14,958||9,310|
|Long-term debt, less current portion||7,761||7,956|
|Total stockholders' equity||35,846||39,452|
|Total liabilities and stockholders' equity||$||58,565||$||56,718|
Peter Tallian, 978-667-4111
Chief Financial Officer
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