BTU International Reports Increased Sales and Income.BILLERICA, Mass.--(BUSINESS WIRE)--July 20, 1999-- BTU Btu: see British thermal unit. 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 a 90% increase in net income for the six months ended June 27, 1999. Net income was $1,152 thousand, or $0.17 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 versus a net income of $606 thousand or $0.08 per diluted share for the same period last year. Sales for the six months increased by 21% to $32.1 million compared to $26.4 million for the same period last year. For the three months ended June 27, 1999 net income increased by 27% to $608 thousand or $0.09 per diluted share versus net income of $480 thousand or $0.07 per share for the first three months of 1998. Sales for the three-month period increased by 13% to $16.2 million compared to $14.3 million a year ago. "The Company improved its gross margin rate over the rate in the first quarter despite competitive price pressure. The improvements are the result of the various cost reduction activities, which were initiated in the first quarter of 1999," 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. . "During the second quarter, we saw a strengthening in business in the electronics industry and expect this to continue in the near future," concluded Mr. van der Wansem. BTU International is a major supplier of thermal processing systems. The Company is the market leader for 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. furnaces used in surface mount applications for printed circuit boards. BTU manufactures furnaces used to package and seal integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. and to process multi-chip modules A Multi-Chip Module or MCM is a specialized electronic package where multiple integrated circuits (ICs), semiconductor dies or other modules are packaged in such a way as to facilitate their use as a single IC. . Its products are also used in other specialty applications, 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. and the 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, nuclear fuels and powdered metals, 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, 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 risks and uncertainties, including quarterly fluctuations in results, the timely availability and acceptance of new products, general market conditions governing supply and demand, the impact of competitive products and pricing and other risks detailed in the company's SEC reports. Actual results may vary materially. Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of operations and balance sheets for the Company are attached. -0-
BTU INTERNATIONAL, INC.
Consolidated Statements of Operations
(In thousands, except per share and share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 27, June 28, June 27, June 28,
1999 1998 1999 1998
Net Sales $16,199 $14,314 $32,075 $26,415
Cost of Goods Sold 9,683 8,533 19,456 15,695
Gross Margins 6,516 5,781 12,619 10,720
Selling, General and
Administrative
Expenses 4,371 3,974 8,701 7,647
Research, Development
and Engineering 1,247 1,235 2,300 2,407
Restructuring Charge -- -- -- --
Income from Operations 898 572 1,618 666
Interest Income
(Expense), net (39) (22) (17) (16)
Other Income, net 6 40 45 44
Income Before Income Taxes 865 590 1,646 694
Income Tax Provision 257 110 494 88
Net Income $608 $480 $1,152 $606
Earnings Per Share:
Basic $0.09 $0.07 $0.17 $0.08
Diluted $0.09 $0.07 $0.17 $0.08
Weighted Average Number
of Shares Outstanding:
Basic 6,795,272 7,153,569 6,799,744 7,214,396
Diluted 6,924,784 7,211,514 6,911,512 7,286,040
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
June 27, December 31,
1999 1998
(Unaudited)
Assets
Cash and Investments 11,335 10,594
Accounts Receivable 13,520 12,427
Inventories 9,269 10,084
Other Current Assets 430 411
Property, Plant and
Equipment, Net 4,547 4,740
Other Assets 335 359
Total Assets 39,436 38,615
Liabilities and Stockholders' Investment
Short-Term Debt 227 226
Other Current Liabilities 8,140 8,329
Long-Term Debt 5,047 5,167
Deferred Taxes 1,756 1,756
Stockholders' Investment 24,266 23,137
Total Liabilities and
Stockholders' Investment 39,436 38,615
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion