“Our outlook for the second quarter of 2011 is being strongly influenced by the timing of shipments to one of our major solar customers. This customer has advised its suppliers that equipment deliveries have been put on hold. We expect that the terms of the order will be met in the very near future with shipments starting in the third or fourth quarter of this year. The delay in the execution of this order relates to a major part of the in-line diffusion equipment orders we announced this past January.

“Excluding the potential impact of this delay, we are on plan for a revenue level similar to our first quarter. However, a delay in planned shipments to this major customer could reduce second quarter revenues to a level of $17 to $18 million. The timing of shipments of this order might affect our overall rate of growth for this year.

“We have strong confidence in the high potential for the in-line diffusion business. Our systems are successfully running in volume production,” concluded van der Wansem.

Teleconference and Simultaneous Webcast

BTU will be discussing its financial results, along with its outlook for the second quarter of 2011, in a conference call to be held today, May 3, 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 May 20, 2011, and can be accessed at this website or by phone at (800) 642-1687, pass code 51049797.

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 growth and financial performance for the second 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. 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 May 3, 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.
(in thousands, except share and per share data)
Three Months Ended
April 3, 2011 April 4, 2010
Net sales $ 25,350 $ 17,192
Costs of goods sold   14,624     10,096  
Gross profit 10,726 7,096
Operating expenses:
Selling, general and administrative 5,924 5,539

Research, development and engineering
  1,867     1,638  
Operating income (loss) 2,935 (81 )
Interest income 15 2
Interest expense (135 ) (159 )
Foreign exchange gain/(loss) (76 ) 65
Other income   215     17  

Income (Loss) before provision for income taxes
2,954 (156 )
Provision for income taxes   1,125     137  
Net Income (Loss) $ 1,829   $ (293 )
Income (Loss) per share:
Basic $ 0.20 $ (0.03 )
Diluted $ 0.19 $ (0.03 )

Weighted average number of shares outstanding:
Basic shares 9,369,773 9,253,081
Effect of dilutive options   388,363     -  
Diluted shares   9,758,136     9,253,081  

(in thousands, except share data)
April, 3, December 31,
Assets 2011 2010
Current assets
Cash and cash equivalents $ 23,006 $ 22,753
Accounts receivable 21,579 17,895
Inventories 20,566 19,274
Other current assets   1,354   1,091
Total current assets   66,505   61,013
Property, plant and equipment, net 6,054 6,148
Other assets, net   214   484
Total assets $ 72,773 $ 67,645
Liabilities and stockholders' equity
Current liabilities
Current portion of long-term debt $ 364 $ 359
Trade accounts payable 9,581 10,116
Other current liabilities   12,177   9,001
Total current liabilities 22,122 19,476
Long-term debt, less current portion   8,238   8,329
Total liabilities   30,360   27,805
Total stockholders' equity   42,413   39,840
Total liabilities and stockholders' equity $ 72,773 $ 67,645


If you liked this article you might like

3 Stocks Advancing The Electronics Industry

3 Stocks Boosting The Electronics Industry Higher

3 Electronics Stocks Nudging The Industry Higher

3 Stocks Pushing The Electronics Industry Lower

3 Stocks Pushing The Electronics Industry Lower