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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 3, 2011.
Second quarter net sales were $19.0 million, down from $25.4 million in the preceding quarter, and up compared to $18.0 million for the same quarter a year ago. Net income for the second quarter of 2011 was basically at breakeven, compared to a net income of $1.8 million, or a net income of $0.19 per diluted share, in the preceding quarter, and compared to a net income of $0.3 million, or a net income of $0.03 per diluted share, in the second quarter of 2010.
Net sales for the first six months of 2011 were $44.4 million compared to $35.2 million for the first six months of 2010. Net income for the six months ended July 3, 2011, was $1.8 million, or $0.19 cents per diluted share, compared to basically breakeven, for the first six months of 2010.
Commenting on the company’s performance, Paul J. van der Wansem, BTU chairman and CEO, said, “Although our quarter was obviously affected by the customer delay in shipments of a large solar order, we are satisfied with our performance in the second quarter of 2011. Net sales of $19.0 million, modestly better than our guidance, led to break-even results. Sales reflected solid contributions from our electronics business, which delivered the majority of our major systems revenue for the second quarter.”
“We believe that the pause in capacity expansion in the solar industry is likely to continue through 2011. We are working with customers on introducing new technologies which will drive cost per watt down, through increased cell efficiencies and improved line throughput. We believe that BTU is well positioned to take advantage of new customer investment focused on in-line diffusion and next generation metallization technology.