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BTU International Reports Second Quarter 2010 Results

^{Published on 2010-08-04 04:31:13 - Market Wire}
 

NORTH BILLERICA, Mass.--([ BUSINESS WIRE ])--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 4, 2010.

Second quarter net sales were $18.0 million, up 4.9 percent compared to $17.2 million in the preceding quarter, and up 66.8 percent compared to $10.8 million for the same quarter a year ago. Net income for the second quarter of 2010 was $0.3 million, or a net income of $0.03 per diluted share, compared to a net loss of $0.3 million, or a net loss of $0.03 per diluted share, in the preceding quarter, and compared to a net loss of $3.5 million, or a net loss of $0.38 per diluted share, in the second quarter of 2009.

Net sales for the first six months of 2010 were $35.2 million compared to $20.6 million for the first six months of 2009. Net result for the six months ended July 4, 2010, was basically at breakeven with a net loss of $0.04 million, or zero cents per diluted share, compared to a net loss of $8.0 million, or a net loss of $0.87 per diluted share, for the first six months of 2009.

Comments

Commenting on the companya™s performance, Paul J. van der Wansem, BTU chairman and CEO, said, aNet sales growth of $0.8 million in the second quarter reflected the on-going strength of our electronics business. Our operating profit of $0.9 million in the second quarter was driven by quarter to quarter improvements in our product mix, strong factory utilization and cost performance in China and greater than anticipated reductions of non-strategic operating expenses.

aOn June 30^th, we were pleased to announce the receipt of a breakthrough $16 million dollar order for next generation in-line diffusion equipment. Our silicon solar products for metallization and in-line diffusion are clearly being validated by industry leaders. In addition, we continue to have in-depth discussions with several thin film customers who are considering follow-on orders based on our established technology.

Outlook

aWe expect our third quarter revenues to be essentially flat compared to the second quarter with continued strength in our electronics business. We expect that our recently announced in-line diffusion equipment order will add approximately $4-6 million of revenue to our current run-rate in the fourth quarter. Based on additional expenditures required to increase production in our two manufacturing facilities, we expect that our operating results will show a modest loss in the third quarter with solid operating profitability in the fourth quarter," concluded van der Wansem.

Teleconference and Simultaneous Webcast

BTU will be discussing its financial results, along with its outlook for the third quarter of 2010, in a conference call to be held today, August 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 BTUa™s website at [ www.btu.com ]. Replays of the call will be available through August 20, 2010, and can be accessed at this website or by phone at (800) 642-1687, pass code 77115590.

About BTU International

BTU International is a market-leading, global supplier of advanced thermal processing equipment to the alternative energy and electronics assembly markets. BTUa™s equipment and expertise are used in the manufacturing of solar cells and nuclear fuel as well as the production of printed circuit board assemblies and semiconductor packaging. BTU has design and manufacturing operations in North Billerica, Massachusetts and Shanghai, China with direct sales and service worldwide. Information about BTU International is available at [ www.btu.com ].

aSafe Harbora 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 future revenue and results in the third and fourth quarters. 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 asafe harbora provisions established by the federal securities laws, and are based on the assumptions and expectations of the companya™s management at the time such statements are made. Important factors that could cause actual results to differ include the acceptance of new products, 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 companya™s filings with the Securities and Exchange Commission, including but not limited to the companya™s Quarter Report on Form 10-Q for the quarter ended April 4, 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 August3, 2010, 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.