EXHIBIT 99.1
BTU International Reports Fourth Quarter and Fiscal Year 2012 Results
NORTH BILLERICA, Mass., Feb. 26, 2013 (GLOBE NEWSWIRE) -- BTU International, Inc. (Nasdaq:BTUI), a leading supplier of advanced thermal processing equipment to the electronics manufacturing and alternative energy markets, today announced its financial results for the fourth quarter and fiscal year ended on December 31, 2012.
Fourth quarter net sales were $13.1 million, down 7.5 percent compared to $14.1 million in the preceding quarter, and down 12.1 percent compared to $14.9 million for the same quarter a year ago. Net loss for the fourth quarter of 2012 was $4.4 million, or ($0.47) per diluted share, compared to a net loss of $2.4 million, or ($0.25) per diluted share, in the preceding quarter and compared to a net loss of $2.3 million, or ($0.25) per diluted share, in the fourth quarter of 2011.
Net sales for the year were $58.1 million, down 23.7 percent compared to $76.1 million for the year 2011. Net loss for 2012 was $11.0 million, or ($1.16) per diluted share, compared to a net loss of $2.7 million, or ($0.29) per diluted share, for the year 2011.
Comments
Commenting on the company's performance, Paul J. van der Wansem, BTU chairman and CEO, said, "Our electronics and nuclear business were key contributors and provided the bulk of the revenues in 2012. We continued to invest in our electronics business and at the end of 2012, we launched our innovative Dynamo™ product platform which is specifically designed for high-volume consumer electronics applications. In the alternative energy sector, we are still in the solar winter, which started in the early part of 2011. This has not only impacted our revenues and related expenses, but also contributed negatively in recording significant inventory write-downs as well as extra provisions for accounts receivable from some of our solar customers. We continued to take steps to reduce expenses and manage the downturn in solar without affecting our ability to compete when this market recovers. We ended the year with over $20 million of cash and a solid balance sheet."
Outlook
"We expect first quarter revenues to be in the $11 million to $12 million range primarily driven by our electronics, parts and service business. Gross margins are expected to continue to be affected by under-absorption in our factories. Operating expenses for the first quarter of 2013 are expected to be essentially flat as a percentage of sales compared with the fourth quarter of 2012," concluded van der Wansem.
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its outlook for the first quarter of 2013, in a conference call to be held today, February 26, at 5:00 p.m. Eastern Time. The dial-in number to participate in the conference call is 877-303-9139. A live and archived webcast of the conference call will be available on BTU's website at www.btu.com.
About BTU International
BTU International is a global supplier and technology leader of advanced thermal processing equipment and processes to the electronics manufacturing and alternative energy markets. BTU equipment is used in the production of printed circuit board assemblies and semiconductor packaging as well as in the manufacturing of solar cells and nuclear fuel. BTU has operations in North Billerica, Massachusetts and Shanghai, China with direct sales and service in the U.S.A., Asia and Europe. Information about BTU International is available at www.btu.com.
The BTU International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=15718
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This news release contains expressed or implied forward-looking statements regarding, among other things, the company's expected revenues, gross margins and operating expenses and financial performance for the first quarter of fiscal year 2013. Such statements are neither promises nor guarantees but rather are subject to risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Such statements are made pursuant to the "safe harbor" provisions established by the federal securities laws, 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 acceptance of new products, particularly in the alternative energy market, general market conditions governing 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. All information set forth in this press release is as of February 26, 2013, and, unless otherwise required by law, the company disclaims any obligation to revise or update this information in order to reflect future events or developments.
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| BTU INTERNATIONAL, INC. |
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (in thousands, except share and per share data) |
| | | | | |
| | Three Months Ended | Twelve Months Ended |
| | December 31, 2012 | December 31, 2011 | December 31, 2012 | December 31, 2011 |
| | | | | |
| Net sales | $ 13,082 | $ 14,878 | $ 58,089 | $ 76,128 |
| Costs of goods sold | 10,714 | 11,033 | 41,617 | 47,542 |
| | | | | |
| Gross profit | 2,368 | 3,845 | 16,472 | 28,586 |
| | | | | |
| Operating expenses: | | | | |
| | | | | |
| Selling, general and administrative | 5,387 | 4,800 | 20,965 | 22,721 |
| Research, development and engineering | 1,329 | 1,511 | 5,450 | 7,056 |
| Restructuring | 248 | 49 | 424 | 401 |
| | | | | |
| Operating loss | (4,596) | (2,515) | (10,367) | (1,592) |
| | | | | |
| Interest income | 17 | 23 | 63 | 77 |
| Interest expense | (116) | (109) | (462) | (481) |
| Foreign exchange gain (loss) | (169) | 33 | (224) | (139) |
| Other income | 56 | 134 | 58 | 365 |
| | | | | |
| Loss before provision for income taxes | (4,808) | (2,434) | (10,932) | (1,770) |
| | | | | |
| Provision (benefit) for income taxes | (365) | (111) | 65 | 952 |
| | | | | |
| Net loss | $ (4,443) | $ (2,323) | $ (10,997) | $ (2,722) |
| | | | | |
| Loss per share: | | | | |
| Basic | $ (0.47) | $ (0.25) | $ (1.16) | $ (0.29) |
| Diluted | $ (0.47) | $ (0.25) | $ (1.16) | $ (0.29) |
| | | | | |
| Weighted average number of shares outstanding: | | | | |
| Basic shares | 9,516,130 | 9,481,014 | 9,509,240 | 9,433,736 |
| Effect of dilutive options | -- | -- | -- | -- |
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| Diluted shares | 9,516,130 | 9,481,014 | 9,509,240 | 9,433,736 |
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| BTU INTERNATIONAL, INC. |
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
| (in thousands, except share data) |
| | | |
| | | |
| | December 31, | December 31, |
| Assets | 2012 | 2011 |
| | | |
| Current assets | | |
| Cash and cash equivalents | $ 20,218 | $ 18,948 |
| Accounts receivable, net | 9,623 | 12,422 |
| Inventories | 9,547 | 17,510 |
| Other current assets | 4,131 | 2,064 |
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| Total current assets | 43,519 | 50,944 |
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| Property, plant and equipment, net | 4,669 | 5,650 |
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| Other assets, net | 481 | 124 |
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| Total assets | $ 48,669 | $ 56,718 |
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| Liabilities and stockholders' equity | | |
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| Current liabilities | | |
| Current portion of long-term debt | $ 400 | $ 379 |
| Trade accounts payable | 5,185 | 3,527 |
| Other current liabilities | 6,040 | 5,404 |
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| Total current liabilities | 11,625 | 9,310 |
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| Long-term debt, less current portion | 7,564 | 7,956 |
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| Total liabilities | 19,189 | 17,266 |
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| Total stockholders' equity | 29,480 | 39,452 |
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| Total liabilities and stockholders' equity | $ 48,669 | $ 56,718 |
CONTACT: Company Contact:
Peter Tallian
Chief Operating Officer
BTU International, Inc.
Phone: (978) 667-4111