BTU Reports $16.6 Million Sales and $0.01 EPS for Q1 2001.Business/Technology Editors 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)--April 23, 2001 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 first quarter ended April 1, 2001, 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 were $16.6 million compared to $21.9 million in the first quarter of 2000. Net income was $77 thousand or $0.01 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, versus net income of $1.2 million or $0.16 per diluted share, for the first quarter last year. "The softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. in demand, now worldwide, from our key electronics board assembly customers, due to the slowing of the economies and inventory adjustments, has continued through the first quarter and into the second quarter of 2001. At this writing, we see no signs of a near term recovery. Given these uncertainties, it is not possible at this time to provide guidance beyond the current quarter," stated Mr. Paul 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. ." "In response to the economic uncertainties, we have taken actions to curtail cur·tail tr.v. cur·tailed, cur·tail·ing, cur·tails To cut short or reduce. See Synonyms at shorten. [Middle English curtailen, to restrict spending in all areas of the Company. In the first quarter we cut expenses and reduced headcount by 15%. However, we have maintained our spending levels in areas representing our strategic focus. This will position the Company to roll out new products and strengthen our competitiveness in preparation for the next upturn in business," concluded Mr. van der Wansem. BTU will be discussing its financial results, along with its outlook for the second quarter of 2001, in a conference call tomorrow, Tuesday, April 24, at 9:00AM EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . A webcast of the conference call will be available on BTU's website www.btu.com. Replays of the call will be available until May 5, 2001, and can be accessed at www.btu.com or by phone at 800-642-1687, passcode 651477. BTU International is a major supplier of thermal processing systems to the electronics industry. BTU designs, manufactures, sells and supports advanced thermal processing systems used primarily in the assembly of printed circuit boards and in advanced semiconductor packaging. BTU is the market leader in 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. systems used by contract electronics manufacturers and electronics original equipment manufacturers. In addition, BTU produces certain custom thermal processing systems that are engineered for specific customer applications, typically requiring high temperatures and precise atmosphere control. 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 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. " provisions established by recent securities legislation, 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 is headquartered at 23 Esquire Road, North Billerica, MA 01862 TEL TEL Telephone TEL Telegram TEL Telugu (langauge) TEL Terrorist Exclusion List TEL Technology-Enhanced Learning TEL Transporter-Erector-Launcher TEL Tetra-Ethyl Lead TEL Team Deutsche Telekom : 978-667-4111, FAX: 978-667-9068, E-MAIL e-mail: see electronic mail. in full electronic mail Messages and other data exchanged between individuals using computers in a network. : sales@btu.com, INTERNET: http://www.btu.com. In addition, BTU has sales and service offices in Europe and Asia.
BTU INTERNATIONAL, INC.
Consolidated Statements of Operations
(In thousands, except per share and share amounts)
(Unaudited)
Three Months Ended
April 1, April 2,
2001 2000
Net Sales $16,581 $21,853
Cost of Goods Sold 9,869 12,676
Gross Margins 6,712 9,177
Selling, General and
Administrative Expenses 5,091 6,070
Research, Development and
Engineering 1,501 1,330
Income from Operations 120 1,777
Interest Income (Expense), net (2) 13
Other Income (Expense), net 5 4
Income Before Taxes 123 1,794
Income Tax Provision 46 638
Net Income $ 77 $ 1,156
Earnings Per Share:
Basic $ 0.01 $ 0.17
Diluted $ 0.01 $ 0.16
Basic 6,938,860 6,829,542
Diluted 7,250,873 7,284,184
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
April 1, December 31,
2001 2000
(Unaudited)
Assets
Cash and Investments $ 8,966 $ 8,886
Accounts Receivable 17,778 21,716
Inventories 14,199 13,619
Other Current Assets 548 512
Property, Plant and
Equipment, net 5,992 6,128
Other Assets 301 299
$47,784 $51,160
Liabilities and Stockholders'
Investment
Short-Term Debt $ 286 $ 286
Other Current Liabilities 10,264 13,738
Long-Term Debt 4,598 4,668
Deferred Taxes 671 671
Stockholders' Investment 31,965 31,797
$47,784 $51,160
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