Attached files
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| 8-K - BTU INTERNATIONAL, INC. 8-K - BTU INTERNATIONAL INC | a50260869.htm |
Exhibit 99.1
BTU International Reports First Quarter 2012 Results
NORTH BILLERICA, Mass.--(BUSINESS WIRE)--May 1, 2012--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 first quarter ended on April 1, 2012.
First quarter net sales were $16.3 million, up 9.4 percent compared to $14.9 million in the preceding quarter, and down 35.8 percent compared to $25.4 million for the same quarter a year ago. Net loss for the first quarter of 2012 was $2 million, or ($0.21) per diluted share, compared to a net loss of $2.3 million, or ($0.25) per diluted share, in the preceding quarter, and compared to a net income of $1.8 million, or $0.19 per diluted share, in the first quarter of 2011.
Comments
Commenting on the company’s performance, Paul J. van der Wansem, BTU chairman and CEO, said, “Our electronics business contributed strongly to our revenue improvement from the fourth quarter 2011. On the other hand the worldwide solar industry continues to be in overcapacity with capital investments at a very low level. As during past downturns, the company is taking additional steps to manage the decline in the solar business through further expense reductions which will yield benefits in the third quarter. We are maintaining our focus on selected development projects for both solar and electronics and are working with key solar manufacturers to demonstrate ways in which our technologies can further reduce their manufacturing cost per watt.”
Outlook
“We expect further weakness for solar equipment orders, in part offset by strong sales to our electronics customers, resulting in second quarter revenues in the $14 to $15 million range. Gross margins and operating expenses are expected to be essentially flat compared with the first quarter of 2012. In spite of the current condition of the solar industry, we expect that capital investment in solar equipment will return to a growth path as costs per watt continue to decline, grid parity comes closer and more countries expand or initiate the use of solar as a renewable energy source,” concluded van der Wansem.
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its outlook for the second quarter of 2012, in a conference call to be held today, May 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 May 18, 2012, and can be accessed at this the BTU website or by phone at (855) 859-2056, pass code 59565376.
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 timing and expected benefits of expense reductions, our expectations about capital spending in the solar industry and the sale of our electronics products, the return of growth in the solar industry and the company's expected revenues, gross margins, and operating expenses and financial performance for the second quarter of fiscal year 2012. 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. 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 1, 2012, 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 | |||||||||||
| April 1, 2012 | April 3, 2011 | ||||||||||
| Net sales | $ | 16,272 | $ | 25,350 | |||||||
| Costs of goods sold | 11,049 | 14,624 | |||||||||
| Gross profit | 5,223 | 10,726 | |||||||||
| Operating expenses: | |||||||||||
| Selling, general and administrative | 5,413 | 5,924 | |||||||||
| Research, development | |||||||||||
| and engineering | 1,482 | 1,867 | |||||||||
| Operating income (loss) | (1,672 | ) | 2,935 | ||||||||
| Interest income | 20 | 15 | |||||||||
| Interest expense | (118 | ) | (135 | ) | |||||||
| Foreign exchange loss | (62 | ) | (76 | ) | |||||||
| Other income | - | 215 | |||||||||
| Income (loss) before provision | |||||||||||
| for income taxes | (1,832 | ) | 2,954 | ||||||||
| Provision for income taxes | 175 | 1,125 | |||||||||
| Net income (loss) | $ | (2,007 | ) | $ | 1,829 | ||||||
| Income (loss) per share: | |||||||||||
| Basic | $ | (0.21 | ) | $ | 0.20 | ||||||
| Diluted | $ | (0.21 | ) | $ | 0.19 | ||||||
| Weighted average number of | |||||||||||
| shares outstanding: | |||||||||||
| Basic shares | 9,501,667 | 9,369,773 | |||||||||
| Effect of dilutive options | - | 388,363 | |||||||||
| Diluted shares | 9,501,667 | 9,758,136 | |||||||||
| BTU INTERNATIONAL, INC. | |||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||
| (in thousands) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Assets |
April 1, |
December 31, |
|||||||||||||
| Current assets | |||||||||||||||
| Cash and cash equivalents | $ | 20,116 | $ | 18,948 | |||||||||||
| Accounts receivable, net | 12,874 | 12,422 | |||||||||||||
| Inventories | 16,266 | 17,510 | |||||||||||||
| Other current assets | 2,626 | 2,064 | |||||||||||||
| Total current assets | 51,882 | 50,944 | |||||||||||||
| Property, plant and equipment, net | 5,286 | 5,650 | |||||||||||||
| Other assets, net | 109 | 124 | |||||||||||||
| Total assets | $ | 57,277 | $ | 56,718 | |||||||||||
| Liabilities and stockholders' equity | |||||||||||||||
| Current liabilities | |||||||||||||||
| Current portion of long-term debt | $ | 384 | $ | 379 | |||||||||||
| Trade accounts payable | 5,994 | 3,527 | |||||||||||||
| Other current liabilities | 5,200 | 5,404 | |||||||||||||
| Total current liabilities | 11,578 | 9,310 | |||||||||||||
| Long-term debt, less current portion | 7,861 | 7,956 | |||||||||||||
| Total liabilities | 19,439 | 17,266 | |||||||||||||
| Total stockholders' equity | 37,838 | 39,452 | |||||||||||||
| Total liabilities and stockholders' equity | $ | 57,277 | $ | 56,718 | |||||||||||
Source: BTU International E
CONTACT:
Company Contact:
BTU International, Inc.
Peter
Tallian, 978-667-4111
Chief Financial Officer
or
Agency
Contact:
For BTU International, Inc.
Bill Monigle, 941-497-1622
IR
Counsel