NORTH BILLERICA, Mass., Feb. 26, 2013 (GLOBE NEWSWIRE) -- BTU International, Inc. (Nasdaq:BTUI), a leading supplier of advanced thermal processing equipment to the electronics manufacturing and alternative energy markets, today announced its financial results for the fourth quarter and fiscal year ended on December 31, 2012.
Fourth quarter net sales were $13.1 million, down 7.5 percent compared to $14.1 million in the preceding quarter, and down 12.1 percent compared to $14.9 million for the same quarter a year ago. Net loss for the fourth quarter of 2012 was $4.4 million, or ($0.47) per diluted share, compared to a net loss of $2.4 million, or ($0.25) per diluted share, in the preceding quarter and compared to a net loss of $2.3 million, or ($0.25) per diluted share, in the fourth quarter of 2011.
Net sales for the year were $58.1 million, down 23.7 percent compared to $76.1 million for the year 2011. Net loss for 2012 was $11.0 million, or ($1.16) per diluted share, compared to a net loss of $2.7 million, or ($0.29) per diluted share, for the year 2011.Comments Commenting on the company's performance, Paul J. van der Wansem, BTU chairman and CEO, said, "Our electronics and nuclear business were key contributors and provided the bulk of the revenues in 2012. We continued to invest in our electronics business and at the end of 2012, we launched our innovative Dynamo™ product platform which is specifically designed for high-volume consumer electronics applications. In the alternative energy sector, we are still in the solar winter, which started in the early part of 2011. This has not only impacted our revenues and related expenses, but also contributed negatively in recording significant inventory write-downs as well as extra provisions for accounts receivable from some of our solar customers. We continued to take steps to reduce expenses and manage the downturn in solar without affecting our ability to compete when this market recovers. We ended the year with over $20 million of cash and a solid balance sheet."
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