BTU International, Inc. (Nasdaq: BTUI), a leading supplier of advanced thermal processing equipment and processes to the alternative energy and electronics manufacturing markets, today announced its financial results for the fourth quarter and fiscal year ended on December 31, 2010.
Fourth quarter net sales were a record breaking $27.4 million, up 44 percent compared to $19.0 million in the preceding quarter, and up 127 percent compared to $12.1 million for the same quarter a year ago. Net income for the fourth quarter of 2010 was $2.2 million, or a net income of $0.24 per diluted share, compared to a break-even in the preceding quarter, and compared to a net loss of $3.9 million, or a net loss of $0.42 per diluted share, in the fourth quarter of 2009.
Net sales for the year were $81.6 million, up 81 percent compared to $45.1 million for the year 2009. Net income for 2010 was $2.2 million, or a net income of $0.23 per diluted share, compared to a net loss of $14.6 million, or a net loss of $1.58 per diluted share, for the year 2009.
Commenting on the company’s performance, Paul J. van der Wansem, BTU chairman and CEO, said, “I am pleased to announce two major accomplishments. First, we achieved record net sales in the fourth quarter. Second, our alternative energy business contributed sixty percent of our system sales in the fourth quarter. This marks the first time that our alternative energy—solar and nuclear—business exceeded our electronics assembly business to become the primary contributor of net sales. The growth of our solar business was driven by both our in-line diffusion and metallization products. In addition, we delivered solidly profitable bottom line results in the fourth quarter, demonstrating the operating leverage of our world-wide business model.
“We expect first quarter revenues to be in the $24 million to $26 million range due to a softer electronics business. Gross margins and operating expenses for the first quarter of 2011 are expected to be essentially flat compared with the fourth quarter. Margins are expected to improve once efficiencies related to new products are fully implemented. We anticipate a growth rate for the year to be in excess of thirty percent with a less than robust electronics business more than offset by a strong alternative energy outlook.”