BTU International reports first quarter profits.BILLERICA, Mass.--(BUSINESS WIRE)--April 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 that its 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 first quarter ending March 31, 1996, were $11.7 million compared to $13.0 million for the same period in 1995. Net income was $0.4 million, or $0.05 per share, compared to net income of $1.2 million, or $0.15 per share, for the same quarter in 1995. "We saw business activities at lower than anticipated levels during the latter part of the quarter, especially among certain major customers in the electronics industry. Although long-term prospects are encouraging, the company has adjusted its short-term plans and reduced its operating costs operating costs npl → gastos mpl operacionales in line with current market conditions," said Paul J. 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. . 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. 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 amounts)
(Unaudited)
Three Months Ended
March 31, April 2,
1996 1995
Net Sales $11,748 $12,973
Cost of Goods Sold 6,500 6,772
Gross Margins 5,248 6,201
Selling, General and
Administrative Expenses 3,704 3,697
Research, Development and
Engineering 1,037 959
Income from Operations 507 1,545
Interest Expense, net (84) (54)
Other Income, net 29 15
Income Before Taxes 452 1,506
Income Tax Provision 95 350
Net Income 357 1,156
Dividends Accrued on
Preferred Stock 0 44
Net Income Applicable
to Common Stockholders $357 $1,112
Net Income Per Share $0.05 $0.15
Average Common Shares
and Equivalents 7,356,898 7,314,146
-0-
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
March 31, December 31,
1996 1995
(Unaudited)
Assets
Cash and Investments $5,317 $6,145
Accounts Receivable 10,789 11,508
Inventories 11,206 9,899
Other Current Assets 273 429
Property, Plant and
Equipment, net 4,175 4,139
Investment in Joint Venture 3,476 3,476
Other Assets 236 238
$35,472 $35,834
Liabilities and Stockholders' Investment
Short-Term Debt $341 $336
Other Current Liabilities 8,965 9,640
Long-Term Debt 5,627 5,715
Deferred Taxes 1,447 1,447
Preferred Stock 0 0
Stockholders' Investment 19,092 18,696
$35,472 $35,834
-0- CONTACT: Tom Kealy BTU International 508-667-4111 Ext. 106 |
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