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BTU International Reports First Quarter 2013 Results

Stocks in this article: BTUI

NORTH BILLERICA, Mass., April 30, 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 first quarter ended on March 31, 2013.

First quarter net sales were $10.5 million, down 19.7 percent compared to $13.1 million in the preceding quarter, and down 35.5 percent compared to $16.3 million for the same quarter a year ago. Net loss for the first quarter of 2013 was $3.1 million, or ($0.33) per diluted share, compared to a net loss of $4.4 million, or ($0.47) per diluted share, in the preceding quarter, and compared to a net loss of $2.0 million, or ($0.21) per diluted share, in the first quarter of 2012.

Comments

Commenting on the company's performance, Paul J. van der Wansem, BTU chairman and CEO, said, "Our electronics business was the primary driver for our revenues during the quarter. In addition to our well established Pyramax™ product line, we booked and shipped the first units of our new Dynamo™ product platform. This platform was launched to provide reflow equipment to manufacturers with dedicated large-volume consumer electronics applications. In solar, we had little revenues as the industry remains in an overcapacity situation. We continue to be affected by under absorptions as well as inventory write-downs during the quarter and have instituted further steps to reduce expenses and manage the downturn in solar. We ended the quarter with a strong balance sheet with over $18 million of cash ."

Outlook

"We expect second quarter revenues to be up, in the $13 million to $14 million range driven by strength in the electronics, parts and service business. During the second half of the year, we expect to see additional revenues from our nuclear business. Gross margins are expected to continue to be affected by under absorption in our factories, primarily in the U.S. Operating expenses for the second quarter of 2013 are expected to be essentially flat compared to the first quarter of 2013," concluded van der Wansem.

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