BTU International Reports Increased Sales and EPS for 1998.BILLERICA, Mass.--(BUSINESS WIRE)--Feb. 17, 1999--BTU International, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BTUI) today announced results for its year ending December 31, 1998 with sales of $56.5 million, an increase of 8% from $52.1 million in 1997. Net income for the year 1998 increased to $1.5 million or $0.22 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, an increase of 29% over 1997 net income of $1.3 million, or $0.17 per diluted share. Fourth quarter 1998 sales increased to $16.0 million, an increase of 3% versus sales of $15.6 million for the same period in 1997. Net income for the fourth quarter of 1998 was $0.5 million, or $0.08 per diluted share, a decrease of 20% versus net income of $0.7 million, or $0.10 per diluted share for the same period last year. "Our strong sales performance for the fourth quarter was due to record booking levels for the Company's high end solder solder (sŏd`ər), metal alloy used in the molten state as a metallic binder. The type of solder to be used is determined by the metals to be united. Soft solders are commonly composed of lead and tin and have low melting points. Hard solders (i. reflow (1) The process of heating and melting the solder that has been screen printed onto a printed circuit board in order to bond chips and other components to the board. Surface mount chips (SMT) use the reflow method. Contrast with wave soldering. See also reflowable text. systems, which are sold to major multinational electronic and contract manufacturing companies. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. were above expectations and were achieved in spite of gross margin pressure due to product mix and increases in R&D spending in support of our growing customer base," stated Paul van der Wansem, 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. . "For 1999 as in 1998, BTU Btu: see British thermal unit. is well positioned and expects to continue to grow market share particularly in the high end P.C. board assembly and advanced semiconductor packaging markets," concluded Mr. van der Wansem. BTU International provides thermal process solutions for the electronic assembly and semiconductor packaging markets. The equipment consists of: solder reflow and curing furnaces for PC Board Assembly; thermal systems used in semiconductor packaging and sealing, as well as in the processing of multi-chip and ceramic components. BTU also develops custom equipment for specialty applications needing high-temperature and atmosphere-control such as: brazing brazing, method of joining metal parts using nonferrous filler metals with high melting points such as copper, silver, and aluminum alloys. Brazing differs from soldering (see solder) by using a higher temperature; and unlike welding, the parts are not melted. , sintering sintering, process of forming objects from a metal powder by heating the powder at a temperature below its melting point. In the production of small metal objects it is often not practical to cast them. of ceramics ceramics (sərăm`ĭks), materials made of nonmetallic minerals that have been permanently hardened by firing at a high temperature, or objects made of such materials. and aluminum alloys This is a list of alloys for which an article exists in Wikipedia (or is proposed but not yet written). They are grouped by base metal, in order of increasing atomic number. Within these headings they are in no particular order. , nuclear fuels, and the deposition Deposition Christ is taken from the cross and enshrouded. [N.T.: Matthew 27:57–60; Christian Art: Appleton, 55] See : Passion of Christ of precise thin film coatings. This news release, which includes historical financial information, also 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 risks and uncertainties which could result in quarterly fluctuations, due to among other factors: the timely availability and acceptance of new products; general market conditions governing supply and demand; the impact of competitive products and pricing, as well as other risks detailed in the company's SEC reports. Actual results may vary materially. -0-
BTU INTERNATIONAL, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
Net Sales $ 16,014 $ 15,571 $ 56,468 $ 52,118
Cost of
Goods Sold 9,818 9,008 33,985 30,431
Gross Margins 6,196 6,563 22,483 21,687
Selling, General
and Administrative
Expenses 4,357 4,356 16,021 15,349
Research,
Development and
Engineering 1,204 1,028 4,575 3,808
Restructuring
Charge -- -- -- 530
Income from
Operations 635 1,179 1,887 2,000
Interest Income
(Expense), net (15) 18 (46) (10)
Other Income
(Expense), net 18 (105) 73 (341)
Income Before
Taxes 638 1,092 1,914 1,649
Income Tax
Provision 112 354 381 399
Net Income $ 526 $ 738 $ 1,533 $ 1,250
Earnings Per
Share:
Basic $ 0.08 $ 0.10 $ 0.22 $ 0.17
Diluted $ 0.08 $ 0.10 $ 0.22 $ 0.17
Weighted
Average Number
of Shares
Outstanding:
Basic 6,821,131 7,305,549 7,068,432 7,290,548
Diluted 6,856,385 7,432,140 7,117,568 7,335,702
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
December 31, December 31,
1998 1997
Assets
Cash and Investments $10,594 $11,873
Accounts Receivable 12,427 12,334
Inventories 10,084 10,028
Other Current Assets 411 1,124
Property, Plant and
Equipment, net 4,740 4,614
Other Assets 359 406
$38,615 $40,379
Liabilities and Stockholders' Investment
Short-Term Debt $ 226 $ 224
Other Current Liabilities 8,625 9,037
Long-Term Debt 5,167 5,313
Deferred Taxes 1,460 2,247
Stockholders' Investment 23,137 23,558
$38,615 $40,379
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