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 October 2, 2011.
Third quarter net sales were $16.9 million, down from $19.0 million in the preceding quarter and compared to $19.0 million for the same quarter a year ago. Net loss for the third quarter of 2011, including the restructuring charge of $352,000 or $0.04 per diluted share, was $2.0 million, or a loss of $0.21 per diluted share, compared to basically breakeven in the preceding quarter, and compared to breakeven in the third quarter of 2010.
Net sales for the first nine months of 2011 were $61.3 million compared to $54.2 million for the first nine months of 2010. Net loss for the nine months ended October 2, 2011, including the restructuring charge of $352,000 or $0.04 per diluted share, was $0.2 million, or $0.02 cents per diluted share, compared to a net loss of $0.1 million, or a loss of $0.01 per diluted share, for the first nine months of 2010.
Commenting on the company’s performance, Paul J. van der Wansem, BTU chairman and CEO, said, “Our quarter was clearly affected by the slowdown in the solar industry that has impacted all equipment suppliers. As a result, we took the difficult step of reducing our permanent and contract staff, primarily in the United States, from June 2011 levels. Sales reflected solid contributions from our electronics business which delivered the majority of our major systems revenue for the third quarter.”
“The worldwide slowdown in the solar marketplace has impacted our outlook for the year with our near-term revenue now expected to be weighted toward our electronics products. Our fourth quarter revenue guidance is in the $15 million to $16 million range with somewhat lower gross margins than the previous quarter due to under absorption of overhead. We foresee that the pause in capacity expansion in the solar industry is likely to continue into the first half of 2012.