Exhibit 99.1
BTU International Reports Fourth Quarter and Fiscal Year 2004 Results
NORTH BILLERICA, Mass.--(BUSINESS WIRE)--Feb. 17, 2005--BTU
International, Inc. (Nasdaq NM: BTUI), leading supplier of advanced
thermal processing equipment used for printed circuit board assembly,
semiconductor packaging and advanced materials processing, today
announced its financial results for the fourth quarter and fiscal year
ended December 31, 2004.
Fourth quarter net sales were $13.6 million, compared to $15.4
million in the preceding quarter, and compared to $7.8 million for the
same quarter a year ago. Net income for the fourth quarter of 2004 was
$70,000, or $0.01 per share. This compares to a net loss of $2.4
million, or $0.33 per share, in the preceding quarter, which included
a one-time restructuring charge of $1.6 million, or $0.23 per share.
Net loss for the fourth quarter of 2003 was $1.6 million, or $0.22 per
share.
Net sales for the year 2004 nearly doubled to $54.6 million,
compared to $28.5 million for the year 2003. Before a one-time
restructuring charge of $1.6 million, or $0.23 per share, the net loss
for 2004 was $2.5 million, or $0.35 per share. Including the
restructuring charge, the net loss for the year 2004 was $4.2 million,
or $0.58 per share, which compares to a loss of $6.8 million, or $0.97
per share for the year 2003.
Commenting on the company's fourth quarter performance, Paul J.
van der Wansem, chairman and CEO, said: "We are pleased with the
initial results of our cost reduction programs and the return to
profitability during the quarter. In addition, the management team has
been successful in reducing working capital, which resulted in an
improved cash flow during the fourth quarter."
Outlook
"The general trend in capital spending levels in many of the
markets we serve has been cautious, with an indication of growth in
Asia and Europe. The operations in China are proceeding according to
plan, and our global organization will continue on the path to
increase productivity and lower costs," said Van der Wansem.
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its
outlook for the first quarter of 2005, in a conference call to be held
tomorrow, Friday, February 18, at 11:00 a.m. Eastern Time. A webcast
of the conference call will be available on BTU's Web site at
www.btu.com or at www.streetevents.com. Replays of the call will be
available through March 4, 2005, and can be accessed at these Web
sites or by phone at (800) 938-1584.
About BTU International
BTU International 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 is also a major
manufacturer of solder reflow furnaces for printed circuit board
assembly, and advanced systems for materials processing applications
requiring high temperatures and precise atmosphere control. BTU, with
world headquarters in North Billerica, Mass., operates worldwide with
direct sales and service offices in the USA, Asia and Europe.
Information about BTU International is available on BTU's Web site at
www.btu.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995
This news release contains forward-looking statements, including
under the caption "Outlook," that involve known and unknown risks and
uncertainties. 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)
Three Months Ended Twelve Months Ended
--------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2004 2003 2004 2003
- ----------------------------------------------------------------------
Net Sales $ 13,624 $ 7,792 $ 54,639 $ 28,490
Cost of Goods Sold 9,932 6,166 41,503 22,098
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Gross Margin 3,692 1,626 13,136 6,392
Selling, General and
Administrative Expenses 2,562 1,951 11,528 9,419
Research, Development and
Engineering 903 989 3,691 3,382
- ----------------------------------------------------------------------
Income (Loss) from Operations
Before Restructuring 227 (1,314) (2,083) (6,409)
Restructuring 0 0 1,648 190
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Income (Loss) from Operations
After Restructuring 227 (1,314) (3,731) (6,599)
Interest (Expense) Income,
net (155) (107) (452) (304)
Other (Expense) Income,
net (2) (155) 2 (148)
- ----------------------------------------------------------------------
Income (Loss) Before
Income Taxes 70 (1,576) (4,181) (7,051)
Income Tax Benefit 0 0 0 (222)
- ----------------------------------------------------------------------
Net Income (Loss) $ 70 ($1,576) ($4,181) ($6,829)
======================================================================
Earnings (Loss) Per Share:
Basic $ 0.01 ($0.22) ($0.58) ($0.97)
Diluted $ 0.01 ($0.22) ($0.58) ($0.97)
- ----------------------------------------------------------------------
Weighted Average Number of
Shares Outstanding:
Basic 7,196,612 7,128,307 7,185,091 7,041,784
Diluted 7,265,861 7,128,307 7,185,091 7,041,784
Net Loss Reconciliations:
- ----------------------------------------------------------------------
Net Loss ($4,181)
Addback: Restructuring Charges 1,648
----------
Net Loss Before Restructuring Charges ($2,533)
==========
Loss Per Share ($0.58)
Addback: Restructuring Charges per share (0.23)
----------
Net Loss Before Restructuring
Charges per share ($0.35)
==========
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2004 2003
- ----------------------------------------------------------------------
Assets
Cash and Investments $ 372 $ 6,659
Accounts Receivable 9,170 6,073
Inventories 13,354 7,795
Other Current Assets 646 469
Property, Plant and
Equipment, net 2,689 3,290
Other Assets 827 1,368
- ----------------------------------------------------------------------
$ 27,058 $ 25,654
======================================================================
Liabilities and Stockholders' Investment
Short-Term Debt $ 2,358 $ 360
Other Current Liabilities 8,248 4,576
Long-Term Debt 5,289 5,440
Long-Term Deferred Comp. 512 458
Stockholders' Investment 10,651 14,820
- ----------------------------------------------------------------------
$ 27,058 $ 25,654
======================================================================
CONTACT: Company Contact:
BTU International, Inc.
Tom Kealy, 978-667-4111 Ext. 106
Vice President, CAO
or
Agency Contact:
For BTU International
Bill Monigle, 603-424-1184
IR Counsel