BTU International announces second quarter results.BILLERICA, Mass.--(BUSINESS WIRE)--July 23, 1996--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 second quarter ending June 30,1996, net income of $3.1 million, or $0.42 per share versus $0.18 per share for the same quarter last year. Revenues for the quarter were $11.7 million compared to revenues of $15.0 million for the same quarter last year. Included in the second quarter net income is a $2.8 million, or $0.38 per share, after tax gain resulting from the sale of the company's minority stake in Bruce Technologies International Inc. (BTI BTI Beverage Testing Institute BTI Boyce Thompson Institute BTI British American Tobacco (stock symbol) BTI Boston Theological Institute Bti Bacillus Thuringiensis Israelensis BTI BioTechnology Institute BTI Binding Tariff Information ) for $7.0 million in cash. Year to date the net income was $3.5 million, or $0.47 per share, including the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. capital gain, on sales of $23.5 million compared to a net income of $2.5 million, or $0.33 per share, on sales of $27.9 million for the first six months of 1995. The impact of the sale of the company's remaining 19.4% equity stake in BTI to Kokusai Electric Company Ltd. was the improvement of the company's Balance Sheet with an increase in cash by $7.0 million to $12.3 million. BTU Btu: see British thermal unit. 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 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. , 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. 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 amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, July 2, June 30, July 2,
1996 1995 1996 1995
Net Sales $11,746 $14,951 $23,494 $27,924 Cost of Goods Sold 6,985 8,204 13,485 14,976 Gross Margins 4,761 6,747 10,009 12,948 Selling, General and Administrative Expenses 3,453 3,933 7,157 7,630 Research, Development and Engineering 904 1,101 1,941 2,060 Income from Operations 404 1,713 911 3,258 Interest Expense, net (92) (68) (176) (122) Income on Investment 3,400 - 3,400 - Other Income, net 20 25 49 40 Income Before Taxes 3,732 1,670 4,184 3,176 Income Tax Provision 639 311 734 661 Net Income 3,093 1,359 3,450 2,515 Dividends Accrued on Preferred Stock - 44 - 88 Net Income Applicable to Common Stockholders $3,093 $1,315 $3,450 $2,427 Net Income Per Share $0.42 $0.18 $0.47 $0.33 Average Common Shares and Equivalents 7,338,702 7,238,120 7,336,686 7,294,924 -0-
BTU INTERNATIONAL INC.
Consolidated Balance Sheets
(In thousands)
June 30, December 31,
1996 1995
(Unaudited)
Assets
Cash and Investments $12,340 $6,145
Accounts Receivable 9,593 11,508
Inventories 10,252 9,899
Other Current Assets 491 429
Property, Plant and
Equipment, net 4,216 4,139
Investment in Joint Venture - 3,476
Other Assets 236 238
$37,128 $35,834
Liabilities and Stockholders' Investment
Short-Term Debt $5,854 $336
Other Current Liabilities 7,630 9,640
Long-Term Debt 32 5,715
Deferred Taxes 1,447 1,447
Stockholders' Investment 22,165 18,696
$37,128 $35,834
CONTACT: Tom Kealy BTU International 508/667-4111 x106 |
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