BTU Reports Fourth Quarter and Total Year 2001 Results.Business Editors BILLERICA, Mass.--(BUSINESS WIRE)--Feb. 7, 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 results for the year ended December 31, 2001. Sales for the year 2001 decreased by 53% to $47.1 million compared to $99.5 million for the year 2000. The net loss for 2001 was $3.7 million or a loss of $0.54 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 $5.4 million or $0.74 per diluted share for the year 2000. The net loss for the year, excluding an inventory write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. in the second quarter of $2.0 million pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern or $0.19 per diluted share, is $2.5 million or a loss of $0.35 per diluted share. For the fourth quarter ended December 31, 2001, sales decreased by 73% to $7.3 million compared to $26.8 million for the same quarter a year ago. The net loss for Q4 2001 was $1.4 million or a loss of $0.20 per diluted share versus a net income of $1.3 million or $0.17 per diluted share for the same period in 2000. These quarterly results are in line with guidance given during our third quarter conference call. "During the year 2001, we had to adjust to a complete reversal in the market demands for our products. The economic 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 excess capacity saw sales to some of our largest customers in printed circuit board assembly virtually dry up. This required BTU to change strategy. First, we shifted our resources to different segments of our business, which allowed us to counteract, to some extent, the steep decline in 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. in the electronics industry. We maintained support for our global customer base and focused our spending on key R&D programs for new products. Secondly, we lowered our operating costs operating costs npl → gastos mpl operacionales and concentrated on managing our Balance Sheet. We reduced working capital and managed for cash flow, so that despite the substantial losses in 2001, our cash position nearly doubled from $8.9 million to $15.7 million. These combined actions strengthen BTU's position for an upturn in business," 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 first quarter of 2002, in a conference call tomorrow at 11:00AM EST EST electroshock therapy. EST abbr. electroshock therapy . A webcast of the conference call will be available on BTU's website www.btu.com. 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)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2001 2000 2001 2000
Net Sales $7,340 $26,777 $47,057 $99,494
Cost of Goods Sold 4,885 16,306 29,626 59,112
Inventory write-down 0 0 2,000 0
Gross Margin 2,455 10,471 15,431 40,382
Selling, General and
Administrative Expenses 3,653 6,103 16,327 25,310
Research, Development
and Engineering 1,001 1,913 5,001 6,231
(Loss) Income from
Operations (2,199) 2,455 (5,897) 8,841
Interest (Expense)
Income, net (9) (38) (53) (54)
Other (Expense)
Income, net 8 (455) 2 (440)
(Loss) Income Before
Income Taxes (2,200) 1,962 (5,948) 8,347
Income Tax (Benefit)
Provision (813) 698 (2,201) 2,925
Net (Loss) Income ($1,387) $1,264 ($3,747) $5,422
Earnings Per Share:
Basic ($0.20) $0.18 ($0.54) $0.79
Diluted ($0.20) $0.17 ($0.54) $0.74
Weighted Average Number
of Shares Outstanding:
Basic 6,841,856 6,918,397 6,928,054 6,875,793
Diluted 6,841,856 7,318,563 6,928,054 7,277,900
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2001 2000
Assets
Cash and Investments $15,716 $ 8,886
Accounts Receivable 5,626 21,716
Inventories 9,051 13,619
Other Current Assets 2,016 512
Property, Plant and Equipment, net 5,118 6,128
Other Assets 309 299
$37,836 $51,160
Liabilities and Stockholders' Investment
Short-Term Debt $ 297 $ 286
Other Current Liabilities 5,541 13,738
Long-Term Debt 4,347 4,668
Deferred Taxes 0 671
Stockholders' Investment 27,651 31,797
$37,836 $51,160
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