BTU International Reports Third Quarter 2003 Results.Business Editors 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.--(BUSINESS WIRE)--Oct. 16, 2003 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 third quarter ended September September: see month. 28, 2003. 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 $6.7 million, compared to $7.1 in the third quarter of 2002. Net loss for the 2003 third quarter was $1.6 million, or $0.23 per share, compared to a net loss of $1.7 million, or $0.24 per share in the third quarter of 2002. Net sales for the nine months ending September 28, 2003 were $20.7 million, compared to $25.0 million in the same period of last year. The net loss for the first nine months was $5.3 million, or $0.75 per share, compared to a loss of $4.4 million, or $0.64 per share, for the first nine months of last year. "Net sales in the third quarter were, as expected, down slightly compared to the second quarter, primarily due to weak sales early in the summer," said Mark R. Rosenzweig Rosenzweig, or Rosensweig (meaning "rose twig") can refer to: People
(2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management ) area of our business continued its recovery, but orders from the advanced materials markets have not yet rebounded, and the resulting product mix continues to put downward pressure on gross margins." "Early recognition of the sales weakness in quarter three enabled us to reduce operating costs operating costs npl → gastos mpl operacionales significantly, primarily through a temporary shortening of our workweek," said Rosenzweig. "Even with lower sales, the company ended the quarter essentially cash neutral and with an improved bottom line." Commenting on the fact that the company's SMT and semiconductor oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. businesses continue to be increasingly focused in Asia, Rosenzweig said, "We are well positioned to take advantage of that market strength, especially as our new manufacturing facility nears completion in China. We expect to begin production in Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. in early 2004 and plan to ramp output quickly with a corresponding increase in quarter-on-quarter gross margins next year." "Based on the improved activity in the later part of the third quarter, we are back to full operations and expect improving sales in the quarter ahead," added Rosenzweig. BTU will be discussing its financial results, along with its outlook for the fourth quarter of 2003, 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 , October October: see month. 17, 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 October 31, 2003, and can be accessed at these websites or by phone at (800) 938-0996. About BTU International BTU International, with world headquarters in North Billerica, MA, 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)
(Unaudited)
Three Months Ended Nine Months Ended
--------------------- ---------------------
September September September September
28, 29, 28, 29,
2003 2002 2003 2002
---------------------------------------------------------------------
Net Sales $6,738 $7,100 $20,698 $24,968
Cost of Goods Sold 5,370 4,601 15,932 16,780
---------------------------------------------------------------------
Gross Margin 1,368 2,499 4,766 8,188
Selling, General and
Administrative
Expenses 2,165 3,409 7,468 10,828
Research, Development and
Engineering 745 903 2,393 2,761
---------------------------------------------------------------------
Loss from Ops Before
Restructuring (1,542) (1,813) (5,095) (5,401)
Restructuring Charges - 360 190 360
---------------------------------------------------------------------
Loss from Operations
After Restructuring (1,542) (2,173) (5,285) (5,761)
Interest (Expense) Income,
net (77) (38) (197) (115)
Other (Expense) Income,
net 2 11 7 13
---------------------------------------------------------------------
Loss Before Income Taxes (1,617) (2,200) (5,475) (5,863)
Income Tax Benefit - (539) (222) (1,436)
---------------------------------------------------------------------
Net Loss ($1,617) ($1,661) ($5,253) ($4,427)
=====================================================================
Loss Per Share:
Basic ($0.23) ($0.24) ($0.75) ($0.64)
Diluted ($0.23) ($0.24) ($0.75) ($0.64)
---------------------------------------------------------------------
Weighted Average Number of Shares
Outstanding:
Basic 7,030,140 6,910,226 7,011,834 6,873,843
Diluted 7,030,140 6,910,226 7,011,834 6,873,843
---------------------------------------------------------------------
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
September December
28, 31,
2003 2002
(Unaudited)
----------------------------------------------------------------------
Assets
Cash and Investments $7,660 $13,847
Accounts Receivable 5,873 4,532
Inventories 7,320 6,668
Other Current Assets 687 2,117
Property, Plant and
Equipment, net 3,475 4,037
Other Assets 793 313
----------------------------------------------------------------------
$25,808 $31,514
======================================================================
Liabilities and Stockholders' Investment
Short-Term Debt $4,085 $329
Other Current Liabilities 5,018 5,424
Long-Term Debt - 4,010
Long-Term Deferred Comp. 501 650
Stockholders' Investment 16,204 21,101
----------------------------------------------------------------------
$25,808 $31,514
======================================================================
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion