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BTU International Reports Third Quarter 2011 Results

Stocks in this article: BTUI

“We are encouraged by the recent results of our latest generation solar products including our in-line diffusion and next generation metallization technology. BTU shipped the first production sized anneal systems during the third quarter, 2011. These systems address new market opportunities in increasing cell efficiencies. This process step is applicable to both P- and N-type cells. Our solar process laboratories in the USA and China are playing an important role by demonstrating new technologies to our customers. These technologies will drive cost per watt down by means of increased cell efficiencies and improved line throughput,” concluded van der Wansem.

Teleconference and Simultaneous Webcast

BTU will be discussing its financial results, along with its outlook for the fourth quarter of 2011, in a conference call to be held today, November 1, 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 November 15, 2011, and can be accessed at this website or by phone at (855) 859-2056, pass code 91037588.

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 financial performance for the fourth 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, and the company’s Quarterly Report on Form 10-Q for the quarter ended July 3, 2011. 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 November 1, 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

Nine Months Ended

October 2, 2011 October 3, 2010 October 2, 2011 October 3, 2010
 
Net sales $ 16,865 $ 19,011 $ 61,250 $ 54,235
Costs of goods sold   10,506     10,845     36,509     31,281  
 
Gross profit 6,359 8,166 24,741 22,954
 
Operating expenses:
Selling, general and administrative 5,802 5,758 17,710 16,533

Research, development  and engineering

1,914 1,618 5,545 4,813
Restructuring   352     -     352     -  
Operating income (loss) (1,709 ) 790 1,134 1,608
 
Interest income 21 21 54 62
Interest expense (119 ) (155 ) (372 ) (466 )
Foreign exchange loss (23 ) (114 ) (172 ) (9 )
Other income (loss)   6     (5 )   231     5  
 

Income (loss) before provision  for income taxes

(1,824 ) 537 875 1,200
 
Provision for income taxes   179     557     1,063     1,258  
 
Net loss $ (2,003 ) $ (20 ) $ (188 ) $ (58 )
 
Loss per share:
Basic $ (0.21 ) $ (0.00 ) $ (0.02 ) $ (0.01 )
Diluted $ (0.21 ) $ (0.00 ) $ (0.02 ) $ (0.01 )
 

Weighted average number of  shares outstanding:

Basic shares 9,462,281 9,285,002 9,418,708 9,269,047
Effect of dilutive options   -     -     -     -  
 
Diluted shares   9,462,281     9,285,002     9,418,708     9,269,047  
 

BTU INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
         
October 2, December 31,
Assets

2011

2010

 
Current assets
Cash and cash equivalents $ 19,389 $ 22,753
Accounts receivable 14,530 17,895
Inventories, net 22,358 19,274
Other current assets   1,235   1,091
 
Total current assets   57,512   61,013
 
Property, plant and equipment, net 5,995 6,148
 
Other assets, net   126   484
 
Total assets $ 63,633 $ 67,645
 
Liabilities and stockholders' equity
 
Current liabilities
Current portion of long-term debt $ 374 $ 359
Accounts payable 6,346 10,116
Other current liabilities   7,302   9,001
 
Total current liabilities 14,022 19,476
 
Long-term debt, less current portion   8,050   8,329
 
 
Total liabilities   22,072   27,805
 
Total stockholders' equity   41,561   39,840
 
Total liabilities and stockholders' equity $ 63,633 $ 67,645

Source: BTU International E

Copyright Business Wire 2010
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