Exhibit 99.1
BTU International Reports First Quarter 2004 Results;
Sales up 65 percent year-over-year
NORTH BILLERICA, Mass.--(BUSINESS WIRE)--April 20, 2004--BTU
International, Inc. (Nasdaq NM: BTUI), the leading supplier of
advanced thermal processing equipment for semiconductor packaging,
surface mount, and advanced materials processing, today announced its
financial results for the first quarter ended April 4, 2004.
Net sales for the quarter were $11.3 million, up 45 percent
compared to $7.8 million in the preceding quarter, and up 65 percent
compared to $6.8 million recorded in the first quarter of 2003.
Net loss for the 2004 first quarter narrowed by 38 percent to
$980,000, or $0.14 per basic share, compared to a net loss of $1.6
million, or $0.22 per basic share, in the preceding quarter, and
decreased by 45 percent compared to the net loss of $1.8 million, or
$0.25 per share, reported in the first quarter of 2003.
Commenting on the company's first quarter performance, Mark R.
Rosenzweig, president and CEO of BTU International, said, "The first
quarter was a pivotal one for BTU. We significantly raised shipment
levels to meet the rapidly increasing demand that started late in
2003. The Semiconductor Packaging and Surface Mount Assembly markets
are now very strong and we are seeing increased activity in the
Advanced Materials market."
"Late in the first quarter, we completed our new Shanghai, China
manufacturing plant, recording our first sales from that factory in
March. We continue to rapidly ramp this new facility, as well as our
U.S.-based production, and drive our global supply partners to meet
the continuing growth in demand."
"On the new product front, BTU launched the latest addition to the
Pyramax family of SMT furnaces early in the first quarter. The Pyramax
150 X5 is BTU's fifth generation SMT system. It is ideally suited for
high volume, lead-free manufacturing, providing unparalleled
performance with significantly lower cost of operation. With the
largest microprocessor manufacturers recently announcing plans to
drastically reduce the lead content of their products, the
introduction of the Pyramax 150 X5 appears well timed", said
Rosenzweig.
Regarding the company's outlook, Rosenzweig said, "With
anticipated continued sales growth in the next several quarters, and
as we realize the cost savings derived from our China operations and
global sourcing, we expect to see a return to profitability during the
second half of the year."
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its
outlook for the second quarter of 2004, in a conference call to be
held tomorrow, Wednesday, April 21, at 11:00 a.m. Eastern Time. A live
webcast of the conference call will be available on BTU's website at
www.btu.com or at www.streetevents.com. Replays of the call will be
available through May 7, 2004, and can be accessed at these websites
or by phone at (888) 566-0822.
About BTU International
BTU International, with world headquarters in North Billerica,
Mass., is a market-leading supplier of advanced thermal processing
equipment to the semiconductor, electronics, and materials sectors.
BTU manufactures a wide range of equipment for semiconductor packaging
applications, including state-of-the-art systems for wafer bumping and
wafer-level packaging. The company also manufactures solder reflow
furnaces for printed circuit board assembly, and advanced systems for
materials processing applications requiring high temperatures and
precise atmosphere control. BTU operates worldwide with manufacturing
facilities in North Billerica, Mass. and Shanghai, China. The company
has direct sales and service offices in the USA, Asia and Europe.
Additional information about BTU International is available on BTU's
website at www.btu.com.
Safe Harbor Statement
This news release, other than historical financial information,
includes forward-looking statements that involve known and unknown
risks and uncertainties, including quarterly fluctuations in results.
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 timely availability and acceptance of
new products, 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.
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.
-- Financial Tables Follow --
BTU INTERNATIONAL, INC.
Consolidated Statements of Operations
(In thousands, except per share and share amounts)
(Unaudited)
Three Months Ended
April 4, March 30,
2004 2003
Net Sales $11,293 $6,836
Cost of Goods Sold 8,643 4,983
Gross Margins 2,650 1,853
Selling, General and Administrative
Expenses 2,640 2,750
Research, Development and Engineering 917 822
(Loss) Income from Operations (907) (1,719)
Interest Income (Expense), net (72) (55)
Other Income (Expense), net (1) 1
(Loss) Income Before Taxes (980) (1,773)
Income Tax (Benefit) Provision 0 0
Net (Loss) Income ($980) ($1,773)
Loss Per Share:
Basic ($0.14) ($0.25)
Diluted ($0.14) ($0.25)
Weighted Average Number of Shares
Outstanding:
Basic 7,162,126 7,002,578
Diluted 7,162,126 7,002,578
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
April 4, December 31,
2004 2003
(Unaudited)
Assets
Cash and Investments $3,538 $6,659
Accounts Receivable 8,776 6,073
Inventories 9,591 7,795
Other Current Assets 1,003 469
Property, Plant and
Equipment, net 3,170 3,290
Other Assets 1,364 1,368
$27,442 $25,654
Liabilities and Stockholders' Investment
Short-Term Debt $364 $360
Other Current Liabilities 7,351 4,576
Long-Term Debt 5,402 5,440
Long-Term Deferred Comp. 433 458
Stockholders' Investment 13,892 14,820
$27,442 $25,654
CONTACT: Company Contact:
BTU International, Inc.
Tom Kealy, 978-667-4111 Ext. 106
or
Agency Contact:
IR Counsel For BTU International
Bill Monigle, 603-424-1184