BTU International reports first quarter 2006 results
Apr 21, 2006
BTU International, Inc. announced its financial results for the first quarter ended April 2, 2006. Net sales for the quarter were $20.9 million, up 64 percent compared to $12.8 million for the first quarter of 2005, and up 8 percent compared to sales of $19.3 million in the preceding quarter. Net income for the 2006 first quarter was up substantially at $2.6 million, or $0.28 per diluted share, compared to a net income of $167,000, or $0.02 per diluted share, reported in the first quarter of 2005, and up 25 percent compared to a net income of $2.1 million, or $0.25 per diluted share in the preceding quarter. Commenting on the company's performance, Paul J. van der Wansem, chairman and CEO, said, "Our organization has continued to make good progress, especially in terms of cost reductions throughout our global operations and the further expansion of our China operations." Late in the quarter, BTU expanded its product offering with infrared technology through the acquisition of the products, trademarks and other related assets of Radiant Technology Corporation (RTC). "We expect to see increased bookings and shipments for the RTC product lines as time progresses," said van der Wansem. Outlook "Overall for the year, we expect to see continued sales growth: based upon the current outlook for the electronics industry, as well as a healthy growth rate in the energy generation markets. We believe that the second quarter will be similar or up in sales with results ahead of the first quarter," concluded van der Wansem. Teleconference and Simultaneous Webcast BTU will be discussing its financial results, along with its outlook for the second quarter of 2006, in a conference call to be held tomorrow, Friday, April 21, at 11:00 a.m. Eastern Time. A webcast of the conference call will be available on BTU's website at www.btu.com or at www.streetevents.com. Replays of the call will be available through May 5, 2006, and can be accessed at these websites or by phone at (888) 203-1112 (pass code 9812124).
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