Exhibit 99.1
BTU International Reports Second Quarter 2005 Results;
Net Income up 360 Percent over Previous Quarter
NORTH BILLERICA, Mass.--(BUSINESS WIRE)--July 21, 2005--BTU
International, Inc. (Nasdaq NM: BTUI), a leading supplier of advanced
thermal processing equipment for printed circuit board assembly,
semiconductor packaging and energy generation, today announced its
financial results for the second quarter ended July 3, 2005.
Net sales for the quarter were $15.8 million, up 24 percent
compared to $12.8 million in the preceding quarter, and up 11 percent
compared to $14.3 million recorded in the second quarter of 2004.
Net income for the 2005 second quarter was $770,000, or $0.11 per
share, compared to a net loss of $892,000, or $0.12 per share,
reported in the second quarter of 2004, and up 361 percent compared to
net income of $167,000, or $0.02 per share, in the preceding quarter.
Net sales for the first six months of 2005 were $28.6 million, an
increase of 12 percent compared to the same period last year. Net
income for the six months ended July 3, 2005 was $937,000, or $0.13
per share, compared to a loss of $1.9 million, or a loss of $0.26 per
share, for the first six months of 2004.
"We are pleased with the progress we are making in bringing cost
under control, improving our results and globalizing our business,"
said Paul J. van der Wansem, chairman and chief executive officer of
BTU International.
Outlook
"Our visibility into the future remains limited, but we continue
to see strength in most of our markets," said van der Wansem. "Based
on our current knowledge, we expect third quarter sales to be equal or
better than the second quarter, with profits improving in line with
revenue growth."
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its
outlook for the third quarter of 2005, in a conference call to be held
tomorrow, July 22, 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
August 5, 2005, and can be accessed at these websites or by phone at
(800) 934-8340.
About BTU International
BTU International is a leading supplier of advanced thermal
processing equipment to the semiconductor, printed circuit board
assembly, and energy generation markets. BTU is a major manufacturer
of solder reflow systems for printed circuit board assembly, and of a
wide range of equipment for semiconductor packaging applications,
including state-of-the-art systems for wafer bumping and die-level
packaging. The company also manufactures equipment for the energy
generation markets, including solar, fuel cells and nuclear fuel
applications. 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 website at www.btu.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995
This news release contains express or implied forward-looking
statements regarding, among other things, (i) the company's
expectation of increasing sales and continuing profitability in the
third quarter, (ii) the company's expectation for increasing business
in the wafer level packaging market, (iii) the company's expectation
for increasing demand for lead-free compatible systems, and (iv) that
the company's products will be well accepted for lead-free solder
reflow processing. 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 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, including but not limited to the
company's Annual Report on Form 10-K for the year ended December 31,
2004. 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 July 21, 2005
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.
Consolidated Statements of Operations
(In thousands, except per share and share amounts)
(Unaudited)
Three Months Ended Six Months Ended
--------------------- ---------------------
July 3, July 4, July 3, July 4,
2005 2004 2005 2004
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Net Sales $15,806 $14,303 $28,598 $25,595
Cost of Goods Sold 10,218 11,035 18,495 19,678
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Gross Margin 5,588 3,268 10,103 5,917
Selling, General and
Administrative Expenses 3,813 3,098 7,257 5,738
Research, Development and
Engineering 867 981 1,639 1,898
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Income(Loss) from
Operations 908 (811) 1,207 (1,719)
Interest (Expense) Income,
net (139) (84) (271) (161)
Other (Expense) Income,
net 1 3 1 8
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Income(Loss) Before Income
Taxes 770 (892) 937 (1,872)
Income Tax (Benefit)
Provision 0 0 0 0
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Net Income(Loss) $770 ($892) $937 ($1,872)
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Income(Loss) Per Share:
Basic $0.11 ($0.12) $0.13 ($0.26)
Diluted $0.11 ($0.12) $0.13 ($0.26)
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Weighted Average Number of Shares
Outstanding:
Basic 7,246,924 7,186,849 7,232,620 7,174,229
Diluted 7,366,729 7,186,849 7,333,165 7,174,229
- ----------------------------------------------------------------------
BTU INTERNATIONAL, INC.
Consolidated Balance Sheets
(In thousands)
July 3, Dec. 31,
2005 2004
(Unaudited)
- ----------------------------------------------------------------------
Assets
Cash and Investments $468 $372
Accounts Receivable 13,022 9,170
Inventories 12,295 13,354
Other Current Assets 903 646
Property, Plant and Equipment, net 2,284 2,689
Other Assets 130 827
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$29,102 $27,058
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Liabilities and Stockholders' Investment
Short-Term Debt $2,990 $2,358
Other Current Liabilities 8,808 8,248
Long-Term Debt 5,199 5,289
Long-Term Deferred Comp. 283 512
Stockholders' Investment 11,822 10,651
- ----------------------------------------------------------------------
$29,102 $27,058
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CONTACT: BTU International, Inc.
Tom Kealy, 978-667-4111 Ext. 106
Vice President, CAO
or
Bill Monigle Associates
Bill Monigle, 603-424-1184
President