BTU International Reports Record Second Quarter 2006 Results.NORTH BILLERICA Billerica (bĭlrĭ`kə), town (1990 pop. 37,609), Middlesex co., NE Mass., on the Concord River; settled 1637, inc. 1655. An important high-tech center, its manufactures include computer hardware and software, precision instruments, and , Mass. -- Quarterly net income increased to $3.2 million on sales of $22.5 million BTU Btu: see British thermal unit. International, Inc. (Nasdaq NM: BTUI), a leading supplier of advanced thermal processing equipment for the electronics manufacturing This article presents a typical manufacturing process of an electronic assembly. Component manufacturing Components such as resistors, capacitors and integrated circuits are generally made by specialized contractors. and energy generation markets, today announced its financial results for the second quarter ended July July: see month. 2, 2006. 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 quarter were $22.5 million, up 43 percent compared to $15.8 million for the second quarter of 2005, and up 8 percent compared to sales of $20.9 million in the preceding quarter. Net income for the 2006 second quarter was up 320 percent at $3.2 million, or $0.34 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, compared to a net income of $770,000, or $0.11 per diluted share, reported in the second quarter of 2005, and up 23 percent compared to a net income of $2.6 million, or $0.28 per diluted share, in the preceding quarter. Net sales for the first six months of 2006 were $43.5 million, an increase of 52 percent compared to the same period last year. Net income for the six months ended July 2, 2006, was up 525 percent at $5.9 million, or $0.62 per diluted share, compared to a net income of $937,000, or $0.13 per diluted share, for the first six months of 2005. Commenting on the company's performance, Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. J. van der Wansem, chairman 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. , said, "We are pleased with our progress as we continue to execute our plan and achieve the goals we established over a year ago." On June June: see month. 1st, BTU announced the acquisition of the AtmoPlas(TM) technology and research team from Dana Dāna almsgiving to poor, giftgiving to priests. [Hindu Rel.: Parrinder, 72] See : Generosity Corporation. Financial terms of the acquisition were not disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). . "We believe that after further development, this technology has a strong potential to have applications in several markets," said van der Wansem. Outlook "Our outlook for the third quarter is somewhat tempered by limited visibility into the electronics segments of our business, said van der Wansem. "We see some softness in the electronics sector in Asia as some of our customers pause momentarily mo·men·tar·i·ly adv. 1. For a moment or an instant. 2. Usage Problem In a moment; very soon. 3. Moment by moment; progressively. to digest their recent strong purchases of new equipment. On the positive side, as a result of our emphasis on alternative energy, we see continued expansion in our solar energy solar energy, any form of energy radiated by the sun, including light, radio waves, and X rays, although the term usually refers to the visible light of the sun. business. Overall, we believe that third quarter sales and net income may be slightly below our very strong second quarter results." Teleconference and Simultaneous Webcast BTU will be discussing its financial results, along with its outlook for the third quarter of 2006, in a conference call to be held tomorrow, Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , July 21, 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 August 4, 2006, and can be accessed at these websites or by phone at (888) 203-1112, pass code 9512204. About BTU International BTU International is a market-leading supplier of advanced thermal processing equipment to the electronics manufacturing and energy generation markets. BTU manufactures 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 for printed circuit board assembly as well as for wafer-level packaging and die-level packaging. BTU also provides thermal process equipment for the solar cell solar cell, semiconductor devised to convert light to electric current. It is a specially constructed diode, usually made of silicon crystal. When light strikes the exposed active surface, it knocks electrons loose from their sites in the crystal. , fuel cell and nuclear fuel industries. BTU, with headquarters in North Billerica, MA, operates worldwide with direct sales and service offices in the USA, Asia and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . Information about BTU International
is available on BTU's website at www.btu.com."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 under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 This news release contains express or implied 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. regarding, among other things, (i) the company's expectation of results in the third quarter being slightly below of those of the second quarter 2006, (ii) the company's expectation that the AtmoPlas technology will have applications in several markets, (iii) the company's expectation for continuing profitability, and (iv) the company's expectation for business in the Electronics Manufacturing and Energy Generation markets. Such statements are neither promises nor guarantees but rather are subject to risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. 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, including but not limited to the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2005. Actual results may vary materially. Accordingly, you should not place undue reliance on any forward-looking statements. All information set forth in this press release is as of July 20, 2006, and, unless otherwise required by law, the company disclaims any obligation to revise or update this information in order to reflect future events or developments.
BTU INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except share and per share data)
Three Months Ended Six Months Ended
-------------------- --------------------
July 2, July 3, July 2, July 3,
2006 2005 2006 2005
-------------------- --------------------
Net sales $22,538 $15,806 $43,473 $28,598
Costs of goods sold 13,518 10,218 26,420 18,495
-------------------- --------------------
Gross profit 9,020 5,588 17,053 10,103
Operating expenses:
Selling, general and
administrative 4,457 3,813 8,861 7,257
Research, development
and engineering 1,254 867 2,183 1,639
-------------------- --------------------
Operating income 3,309 908 6,009 1,207
Interest income 138 1 230 2
Interest expense (162) (139) (232) (272)
Other income (loss) , net 16 - (32) -
-------------------- --------------------
Income before provision
for income taxes 3,301 770 5,975 937
Provision for income taxes (66) - (120) -
-------------------- --------------------
Net income $3,235 $770 $5,855 $937
==================== ====================
Income per share:
Basic $0.35 $0.11 $0.65 $0.13
Diluted $0.34 $0.11 $0.62 $0.13
Weighted average number of
shares outstanding:
Basic shares 9,133,371 7,246,924 9,070,845 7,232,620
Effect of dilutive
options 373,551 119,805 375,215 100,545
-------------------- --------------------
Diluted shares 9,506,922 7,366,729 9,446,060 7,333,165
==================== ====================
BTU INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited) (Audited)
July December
2, 31,
Assets 2006 2005
--------------------
Current assets
Cash and cash equivalents $17,206 $15,460
Accounts receivable 22,414 16,519
Inventories 16,600 13,933
Other current assets 763 489
--------------------
Total current assets 56,983 46,401
--------------------
Property, plant and equipment, net 3,486 2,343
Other assets, net 2,369 161
--------------------
Total assets $62,838 $48,905
====================
Liabilities and stockholders' equity
Current liabilities
Current portion of long-term debt $267 $183
Trade accounts payable 5,675 6,069
Other current liabilities 5,428 4,781
--------------------
Total current liabilities 11,370 11,033
Long-term debt, less current portion 9,695 5,106
Long-term deferred compensation 283 283
Long-term liabilities 600 -
--------------------
Total liabilities 21,948 16,422
--------------------
Total stockholders' equity 40,890 32,483
--------------------
Total liabilities and stockholders' equity $62,838 $48,905
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