This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BTU International Reports Solid First Quarter 2011 Results

Stocks in this article: BTUI

“Our outlook for the second quarter of 2011 is being strongly influenced by the timing of shipments to one of our major solar customers. This customer has advised its suppliers that equipment deliveries have been put on hold. We expect that the terms of the order will be met in the very near future with shipments starting in the third or fourth quarter of this year. The delay in the execution of this order relates to a major part of the in-line diffusion equipment orders we announced this past January.

“Excluding the potential impact of this delay, we are on plan for a revenue level similar to our first quarter. However, a delay in planned shipments to this major customer could reduce second quarter revenues to a level of $17 to $18 million. The timing of shipments of this order might affect our overall rate of growth for this year.

“We have strong confidence in the high potential for the in-line diffusion business. Our systems are successfully running in volume production,” concluded van der Wansem.

Teleconference and Simultaneous Webcast

BTU will be discussing its financial results, along with its outlook for the second quarter of 2011, in a conference call to be held today, May 3, 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 May 20, 2011, and can be accessed at this website or by phone at (800) 642-1687, pass code 51049797.

About BTU International

BTU International is a market-leading, global supplier 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 company's expected growth and financial performance for the second quarter and fiscal year 2011. 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, including but not limited to the company’s Annual Report on Form 10-K for the year ended December 31, 2010. 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 May 3, 2011, 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.

BTU INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
   
Three Months Ended
April 3, 2011 April 4, 2010
 
Net sales $ 25,350 $ 17,192
Costs of goods sold   14,624     10,096  
 
Gross profit 10,726 7,096
 
Operating expenses:
Selling, general and administrative 5,924 5,539

Research, development and engineering

  1,867     1,638  
Operating income (loss) 2,935 (81 )
 
Interest income 15 2
Interest expense (135 ) (159 )
Foreign exchange gain/(loss) (76 ) 65
Other income   215     17  
 

Income (Loss) before provision for income taxes

2,954 (156 )
 
Provision for income taxes   1,125     137  
 
Net Income (Loss) $ 1,829   $ (293 )
 
Income (Loss) per share:
Basic $ 0.20 $ (0.03 )
Diluted $ 0.19 $ (0.03 )
 

Weighted average number of shares outstanding:

Basic shares 9,369,773 9,253,081
Effect of dilutive options   388,363     -  
 
Diluted shares   9,758,136     9,253,081  

BTU INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
         
April, 3, December 31,
Assets 2011 2010
 
Current assets
Cash and cash equivalents $ 23,006 $ 22,753
Accounts receivable 21,579 17,895
Inventories 20,566 19,274
Other current assets   1,354   1,091
 
Total current assets   66,505   61,013
 
Property, plant and equipment, net 6,054 6,148
 
Other assets, net   214   484
 
Total assets $ 72,773 $ 67,645
 
Liabilities and stockholders' equity
 
Current liabilities
Current portion of long-term debt $ 364 $ 359
Trade accounts payable 9,581 10,116
Other current liabilities   12,177   9,001
 
Total current liabilities 22,122 19,476
 
Long-term debt, less current portion   8,238   8,329
 
 
Total liabilities   30,360   27,805
 
Total stockholders' equity   42,413   39,840
 
Total liabilities and stockholders' equity $ 72,773 $ 67,645

BTU E

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs