BTU International Reports Record Sales for Third Quarter.BILLERICA, Mass.--(BUSINESS WIRE)--Oct. 14, 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 27% increase in 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 for the third quarter ending September 26,1999. The third quarter sales increased to $17.8 million compared to $14.0 million for the third quarter last year. Net income increased by 75% to $701 thousand, or $0.10 per diluted share versus net income of $401 thousand or $0.06 per diluted share for the same quarter last year. Nine months year to date net sales increased by 23% to $49.9 million compared to $40.5 million a year ago. Year to date net income was $1.9 million or $0.27 per diluted share, an increase of 84% versus $1.0 million or $0.14 per diluted share for the same period last year. "Our increase in bookings and revenue was in part due to a gain in market share for medium and 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, sold to major multinational electronic and PC board contract manufacturing companies. Earnings increased despite margin pressures due to product mix and price competition", 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. . "Market research shows, particularly for the electronic assembly sector, that this market is expected to grow at double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" rates. To this end, we are continuing to invest in R&D and infrastructure in order to meet the changing requirements for this expanding industry", concluded Mr. van der Wansem. 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. BTU International is a major supplier of thermal processing systems. The Company is the market leader for solder reflow 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 of precise thin film coatings. 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 Nine Months Ended
Sept. 26, Sept. 27, Sept. 26, Sept. 27,
1999 1998 1999 1998
Net Sales $17,795 $14,039 $49,870 $40,454
Cost of Goods Sold 10,780 8,472 30,236 24,167
Gross Margins 7,015 5,567 19,634 16,287
Selling, General and
Administrative Expenses 4,845 4,017 13,546 11,664
Research, Development and
Engineering 1,148 964 3,448 3,371
Income from Operations 1,022 586 2,640 1,252
Interest Income
(Expense), net 26 (15) 9 (31)
Other Income, net (44) 11 1 55
Income Before Income Taxes 1,004 582 2,650 1,276
Income Tax Provision 303 181 797 269
Net Income $701 $401 $1,853 $1,007
Earnings Per Share:
Basic $0.10 $0.06 $0.27 $0.14
Diluted $0.10 $0.06 $0.27 $0.14
Weighted Average Number
of Shares Outstanding:
Basic 6,791,389 7,044,647 6,796,913 7,157,186
Diluted 7,010,419 7,060,245 6,950,456 7,200,950
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
September 26, December 31,
1999 1998
(Unaudited)
Assets
Cash and Investments 10,620 10,594
Accounts Receivable 15,291 12,427
Inventories 9,397 10,084
Other Current Assets 392 411
Property, Plant and Equipment, Net 4,774 4,740
Other Assets 315 359
Total Assets 40,789 38,615
Liabilities and Stockholders' Investment
Short-Term Debt 224 226
Other Current Liabilities 8,946 8,329
Long-Term Debt 5,058 5,167
Deferred Taxes 1,756 1,756
Stockholders' Investment 24,805 23,137
Total Liablities and
Stockholders' Investment 40,789 38,615
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