BTU International announces third quarter results.BILLERICA, Mass.--(BUSINESS WIRE)--Oct. 28, 1996-- 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 that for the third quarter ending September 29, 1996, net income was $74 thousand, or $0.01 per share versus $0.20 per share for the same quarter last year. Revenues for the quarter were $10.4 million compared to revenues of $16.1 million for the same quarter last year. Year to date net income was $3.5 million, or $0.48 per share, on sales of $33.9 million compared to a net income of $4.0 million on sales of $44.0 million for the first nine months of 1995. The 1996 year to date net income includes an after tax gain of $2.8 million, or $0.38 per share 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. "Our results were largely impacted by the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. and related decline in equipment orders from customers in the electronics industry," stated Mr. 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. . "All orders for this industry, especially from our major customers for high end equipment used in the 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. process for printed circuit boards, were well below the record 1995 sales level, although we continued to win new customers for our VIP mid-range of Solder Reflow Systems. On the other hand, equipment orders for non-electronic markets such as automotive and nuclear fuels, showed continuing strength during the third quarter. These orders typically have a long lead time and therefore had little effect on our third quarter revenues," 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 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.
BTU INTERNATIONAL, INC.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 29, Oct. 1, Sept. 29, Oct. 1,
1996 1995 1996 1995
Net Sales $10,373 $16,100 $33,867 $44,024
Cost of Goods Sold 6,093 8,969 19,578 23,945
Gross Margins 4,280 7,131 14,289 20,079
Selling, General and
Administrative Expenses 3,284 4,169 10,441 11,799
Research, Development and
Engineering 879 1,119 2,820 3,179
Income from Operations 117 1,843 1,028 5,101
Interest Expense, net (57) (80) (233) (202)
Income on Investment - - 3,400 -
Other Income, net 17 9 66 49
Income Before Taxes 77 1,772 4,261 4,948
Income Tax Provision 3 290 737 951
Net Income 74 1,482 3,524 3,997
Dividends Accrued on
Preferred Stock - 5 - 93
Net Income Applicable
to Common Stockholders $74 $1,477 $3,524 $3,904
Net Income Per Share $0.01 $0.20 $0.48 $0.53
Average Common Shares
and Equivalents 7,361,268 7,382,335 7,337,700 7,314,140
-0-
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
September 29, December 31,
1996 1995
(Unaudited)
Assets
Cash and Investments $10,686 $6,145
Accounts Receivable 10,620 11,508
Inventories 9,912 9,899
Other Current Assets 435 429
Property, Plant and
Equipment, net 4,239 4,139
Investment in Joint Venture - 3,476
Other Assets 232 238
$36,124 $35,834
Liabilities and Stockholders' Investment
Short-Term Debt $5,780 $336
Other Current Liabilities 6,618 9,640
Long-Term Debt 22 5,715
Deferred Taxes 1,447 1,447
Stockholders' Investment 22,257 18,696
$36,124 $35,834
CONTACT: Tom Kealy BTU International 508-667-4111 Ext. 106 |
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