BTU International reports Q2 results
Jul 30, 2004
Sales up 101% over prior year; China manufacturing capacity expanded
BTU International, Inc. (Nasdaq NM: BTUI) announced its financial results for the second quarter ended July 4, 2004.
Net sales for the quarter were $14.3 million, up 27 percent compared to $11.3 million in the preceding quarter, and up 101 percent compared to $7.1 million recorded in the second quarter of 2003.
Net loss for the 2004 second quarter narrowed by 9 percent to $892,000, or $0.12 per basic share, compared to a net loss of $980,000, or $0.14 per basic share, in the preceding quarter, and decreased by 52 percent compared to the net loss of $1.9 million, or $0.27 per share, reported in the second quarter of 2003.
Net sales for the first six months of 2004 were $25.6 million, an increase of 83 percent compared to the same period last year. Net loss for the six months ended July 4, 2004 decreased 49 percent to $1.9 million, or $ 0.26 per basic share, compared to a loss of $3.6 million, or $0.52 per basic share, for the first six months of 2003.
"Orders for our systems continued to increase as we saw strength in all of our markets, and quarterly results were as we had anticipated," said Mark R. Rosenzweig, president and chief executive officer of BTU International. "During the quarter we benefited from significant orders from several of the phone and PC-ODMs and Contract manufacturers, as well as from major customers we had not seen in the market for some time.
"Semiconductor Final Manufacturing remained strong, and our high temperature Advanced Materials segment strengthened with some substantial orders late in the quarter. In addition, we progressed on track in ramping up our production in the U.S. and in Shanghai, China where we continued to exceed our targets in terms of doubling production each quarter. Based on this success, we have established a second facility in China that is now providing subassemblies to both our China and U.S. factories.
"We anticipate continuing our growth in the markets we serve and we continue on the path to profitability in the second half of the year," said Rosenzweig.
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its outlook for the third quarter of 2004, in a conference call to be held, July 30, at 11:00 a.m. Eastern Time. A live 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 August 13, 2004, and can be accessed at these websites or by phone at (888) 566-0824.