EXHIBIT 99.1
BTU International Reports First Quarter 2013 Results
NORTH BILLERICA, Mass., April 30, 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 first quarter ended on March 31, 2013.
First quarter net sales were $10.5 million, down 19.7 percent compared to $13.1 million in the preceding quarter, and down 35.5 percent compared to $16.3 million for the same quarter a year ago. Net loss for the first quarter of 2013 was $3.1 million, or ($0.33) per diluted share, compared to a net loss of $4.4 million, or ($0.47) per diluted share, in the preceding quarter, and compared to a net loss of $2.0 million, or ($0.21) per diluted share, in the first quarter of 2012.
Comments
Commenting on the company's performance, Paul J. van der Wansem, BTU chairman and CEO, said, "Our electronics business was the primary driver for our revenues during the quarter. In addition to our well established Pyramax™ product line, we booked and shipped the first units of our new Dynamo™ product platform. This platform was launched to provide reflow equipment to manufacturers with dedicated large-volume consumer electronics applications. In solar, we had little revenues as the industry remains in an overcapacity situation. We continue to be affected by under absorptions as well as inventory write-downs during the quarter and have instituted further steps to reduce expenses and manage the downturn in solar. We ended the quarter with a strong balance sheet with over $18 million of cash."
Outlook
"We expect second quarter revenues to be up, in the $13 million to $14 million range driven by strength in the electronics, parts and service business. During the second half of the year, we expect to see additional revenues from our nuclear business. Gross margins are expected to continue to be affected by under absorption in our factories, primarily in the U.S. Operating expenses for the second quarter of 2013 are expected to be essentially flat compared to the first quarter of 2013," concluded van der Wansem.
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its outlook for the second quarter of 2013, in a conference call to be held today, April 30, 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.
"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 second 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 April 30, 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.
| BTU INTERNATIONAL, INC. |
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (in thousands, except share and per share data) |
| | | |
| | | |
| | Three Months Ended |
| | March 31, 2013 | April 1, 2012 |
| | | |
| Net sales | $ 10,503 | $ 16,272 |
| Costs of goods sold | 7,773 | 11,049 |
| | | |
| Gross profit | 2,730 | 5,223 |
| | | |
| Operating expenses: | | |
| | | |
| Selling, general and administrative | 4,653 | 5,413 |
| Research, development and engineering | 1,134 | 1,482 |
| | | |
| Operating loss | (3,057) | (1,672) |
| | | |
| Interest income | 12 | 20 |
| Interest expense | (113) | (118) |
| Foreign exchange loss | (76) | (62) |
| Other income | 41 | -- |
| | | |
| Loss before provision (benefit) for income taxes | (3,193) | (1,832) |
| | | |
| Provision (benefit) for income taxes | (69) | 175 |
| | | |
| Net loss | $ (3,124) | $ (2,007) |
| | | |
| Loss per share: | | |
| Basic | $ (0.33) | $ (0.21) |
| Diluted | $ (0.33) | $ (0.21) |
| | | |
| Weighted average number of shares outstanding: | | |
| Basic shares | 9,530,972 | 9,501,667 |
| Effect of dilutive options | -- | -- |
| | | |
| Diluted shares | 9,530,972 | 9,501,667 |
| |
| BTU INTERNATIONAL, INC. |
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
| (in thousands) |
| | | |
| | | |
| | March 31, | December 31, |
| Assets | 2013 | 2012 |
| | | |
| Current assets | | |
| Cash and cash equivalents | $ 18,384 | $ 20,218 |
| Accounts receivable, net | 7,624 | 9,623 |
| Inventories | 9,589 | 9,547 |
| Other current assets | 5,068 | 4,131 |
| | | |
| Total current assets | 40,665 | 43,519 |
| | | |
| Property, plant and equipment, net | 4,205 | 4,669 |
| | | |
| Other assets, net | 625 | 481 |
| | | |
| Total assets | $ 45,495 | $ 48,669 |
| | | |
| Liabilities and stockholders' equity | | |
| | | |
| Current liabilities | | |
| Current portion of long-term debt | $ 405 | $ 400 |
| Trade accounts payable | 5,838 | 5,185 |
| Other current liabilities | 5,257 | 6,040 |
| | | |
| Total current liabilities | 11,500 | 11,625 |
| | | |
| Long-term debt, less current portion | 7,463 | 7,564 |
| | | |
| | | |
| Total liabilities | 18,963 | 19,189 |
| | | |
| Total stockholders' equity | 26,532 | 29,480 |
| | | |
| Total liabilities and stockholders' equity | $ 45,495 | $ 48,669 |
CONTACT: Peter Tallian
Chief Operating Officer
BTU International, Inc.
Phone: (978) 667-4111