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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 1, 2012.
Second quarter net sales were $14.6 million, down 10.3 percent compared to $16.3 million in the preceding quarter, and down 23.3 percent compared to $19.0 million for the same quarter a year ago. Net loss for the second quarter of 2012 was $2.1 million, or ($0.23) per diluted share, compared to a net loss of $2.0 million, or ($0.21) per diluted share, in the preceding quarter, and compared to basically breakeven, in the second quarter of 2011.
Net sales for the six months ended July 1, 2012, were $30.9 million compared to $44.4 million for the first six months of 2011. Net loss for the first six months of 2012, was $4.2 million, or ($0.44) per diluted share, compared to a net income of $1.8 million, or $0.19 per diluted share, for the first six months of 2011.
Commenting on the company’s performance, Paul J. van der Wansem, BTU chairman and CEO, said, “Our electronics business contributed strongly to our second quarter revenue. On the other hand, the worldwide solar cell industry continues to be in overcapacity with capital investments at a very low level. As during past downturns, the company is taking steps to carefully manage its cash and expense levels. We are maintaining our focus on selected development projects for both electronics and solar and are working to increase our penetration in electronics and demonstrate ways in which our technologies can further reduce the solar manufacturing cost per watt.”
“We expect third quarter revenues to be in the $14 to $15 million range and operating results essentially flat compared with the second quarter of 2012. In spite of the current condition of the solar cell manufacturers, we expect that in the longer term, capital investment in solar equipment will return to a growth path, as an increase in demand starts to consume the present over-capacity. As cost per watt continues to decline and grid parity becomes a reality in more parts of the world, more countries are expected to expand or initiate the use of solar as a renewable energy source,” concluded van der Wansem.