BTU Reports First Quarter Results.Business/Technology Editors BILLERICA, Mass.--(BUSINESS WIRE)--April 22, 2002 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 March 31, 2002, 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 $8.5 million compared to $16.6 million in the first quarter of 2001, a decrease of 49%. The net loss was $1.3 million or $0.19 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 a net income of $77 thousand or $0.01 per diluted share for the first quarter last year. "On a sequential basis, sales increased by 16% from the previous quarter. Although this marks an improvement in business, we remain cautious about the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. outlook as the electronics assembly market is still burdened by over-capacity. Industry data suggest that end-user markets for electronics products are projected to recover during the latter part of the year. Capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. increases will largely be dependent upon this market recovery," 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. . BTU will be discussing its financial results, along with its outlook for the second quarter of 2002, in a conference call tomorrow, Tuesday, April 23, at 11:00AM 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 4, 2002, and can be accessed at www.btu.com or by phone at 888-566-0150. 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 advanced 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 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, N Billerica, MA 01862, USA 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
March 31, April 1,
2002 2001
Net Sales $ 8,507 $ 16,581
Cost of Goods Sold 5,940 9,869
Gross Margins 2,567 6,712
Selling, General and
Administrative Expenses 3,583 5,091
Research, Development and
Engineering 946 1,501
Income from Operations (1,962) 120
Interest Income (Expense), net (38) (2)
Other Income (Expense), net 0 5
Income Before Taxes (2,000) 123
Income Tax Provision (700) 46
Net Income ($ 1,300) $ 77
Earnings Per Share:
Basic ($ 0.19) $ 0.01
Diluted ($ 0.19) $ 0.01
Weighted Average Number of
Shares Outstanding:
Basic 6,840,693 6,938,860
Diluted 6,840,693 7,250,873
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
March 31, Dec. 31,
2002 2001
(Unaudited)
Assets
Cash and Investments $13,417 $15,716
Accounts Receivable 6,544 5,626
Inventories 7,942 9,051
Other Current Assets 2,516 2,016
Property, Plant and
Equipment, net 4,818 5,118
Other Assets 284 309
$35,521 $37,836
Liabilities and Stockholders' Investment
Short-Term Debt $ 324 $ 297
Other Current Liabilities 4,503 5,541
Long-Term Debt 4,271 4,347
Deferred Taxes 0 0
Stockholders' Investment 26,423 27,651
$35,521 $37,836
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