BTU International Reports Fourth Quarter and Fiscal Year 2003 Results; Fourth Quarter Sales up 16 Percent Sequentially and up 38 Percent Over Fourth Quarter 2003.Business Editors/High-Tech Writers NORTH BILLERICA, Mass.--(BUSINESS WIRE)--Feb. 26, 2004 BTU Btu: see British thermal unit. International, Inc. (Nasdaq NM: BTUI), the leading supplier of advanced thermal processing equipment for semiconductor packaging, surface mount, and advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, processing, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2003. Fourth quarter net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 38 percent to $7.8 million, compared to $5.7 million for the same quarter a year ago. The net loss for the fourth quarter of 2003 decreased to $1.6 million, or a loss of $0.22 per basic share, versus a net loss of $2.6 million, or $0.38 per basic share, for the same period in 2002. Net sales for the year 2003 decreased by 7 percent to $28.5 million, compared to $30.6 million for the year 2002. The net loss for 2003 decreased to $6.8 million, or a loss of $0.97 per basic share, versus a net loss of $7.1 million, or $1.03 per basic share, for the year 2002. Commenting on the company's fourth quarter performance, Mark R. Rosenzweig, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BTU International, said, "Fourth quarter results were much as we expected. Sales increased sequentially and year over year, and our operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. continued to decline. We completed the re-mortgaging of our building at very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. rates and renewed our $14 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. so we are well positioned to fund our expected growth. "Our primary markets are quickly recovering from their extended downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. , especially the SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management and Semiconductor Packaging markets, and demand for our systems is increasing. While we continue to face pricing pressures in the SMT sector and one-time costs related to the start up of our new factory in China, we are making the adjustments necessary to deal with a significantly more robust business environment. With our new manufacturing facility coming on line over the next few months, our focus is on integrating our new supply lines and ramping our factories as quickly as possible to meet the increasing demand," said Rosenzweig. Teleconference and Simultaneous Webcast BTU will be discussing its financial results, along with its outlook for the first quarter of 2004, in a conference call to be held tomorrow, Friday, February 27, 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 March 12, 2004, and can be accessed at these websites or by phone at (888) 566-0152. About BTU International BTU International, with world headquarters in North Billerica, Mass., is a market-leading supplier of advanced thermal processing equipment to the semiconductor, electronics, and materials sectors. BTU manufactures a wide range of equipment for semiconductor packaging applications, including state-of-the-art systems for wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. bumping Bumping can refer to:
Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This news release, other than historical financial information, includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve known and unknown risks and uncertainties, including quarterly fluctuations in results. 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 timely availability and acceptance of new products, general market conditions governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. 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. Unless otherwise required by law, the company disclaims any obligation to revise or update such forward-looking statements in order to reflect future events or developments.
BTU INTERNATIONAL, INC.
Consolidated Statements of Operations
(In thousands, except per share and share amounts)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
Net Sales $7,792 $5,663 $28,490 $30,631
Cost of Goods Sold 6,166 4,250 22,098 21,030
Gross Margin 1,626 1,413 6,392 9,601
Selling, General and
Administrative Expenses 1,951 2,585 9,419 13,413
Research, Development and
Engineering 989 826 3,382 3,587
Loss from Operations
Before Restructuring (1,314) (1,998) (6,409) (7,399)
Restructuring & Executive
Retirement 0 990 190 1,350
Loss from Operations
After Restructuring (1,314) (2,988) (6,599) (8,749)
Interest (Expense) Income, net (107) (35) (304) (150)
Other (Expense) Income, net (155) (1) (148) 12
Loss Before Income Taxes (1,576) (3,024) (7,051) (8,887)
Income Tax Benefit 0 (379) (222) (1,815)
Net Loss ($1,576) ($2,645) ($6,829) ($7,072)
Loss Per Share:
Basic ($0.22) ($0.38) ($0.97) ($1.03)
Weighted Average Number
of Shares Outstanding:
Basic 7,128,307 6,922,501 7,041,784 6,886,240
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2003 2002
Assets
Cash and Investments $6,659 $13,847
Accounts Receivable 6,073 4,532
Inventories 7,795 6,668
Other Current Assets 469 2,117
Property, Plant and
Equipment, net 3,290 4,037
Other Assets 1,368 313
$25,654 $31,514
Liabilities and Stockholders' Investment
Short-Term Debt $360 $329
Other Current Liabilities 4,576 5,424
Long-Term Debt 5,440 4,010
Long-Term Deferred Comp. 458 650
Stockholders' Investment 14,820 21,101
$25,654 $31,514
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