BTU International has released its financial results for the first quarter of 2010, ended April 4. First quarter net sales were US$17.2 million, up 42.5% compared with US$12.1 million in the preceding quarter, and up 75.3% compared to US$9.8 million for the same quarter in 2009.
Net loss for the first quarter of 2010 was US$0.3 million, or a loss of US$0.03 per diluted share, compared to a net loss of US$3.9 million, or a loss of US$0.42 per diluted share, in the preceding quarter, and compared to a net loss of US$4.6 million, or a loss of US$0.49 per diluted share, in the first quarter of 2009.
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Paul van der Wansem, BTU chairman and CEO said, “Net sales of US$17.2 million for the first quarter exceeded our guidance and reflected a strengthening of our electronics business with a solid contribution from our alternative energy business. Although we continue to have active discussions with key solar customers regarding future orders, several of these projects have seen delays. First quarter operating results approached break-even with a small loss on an after tax basis.
“Although our forward looking visibility remains limited, we expect our second quarter revenues to be essentially flat compared to the first quarter with continued strong bookings in our electronics business. We are experiencing increased quoting activity in our alternative energy business, especially solar, and expect additional growth in our solar business later this year. Based on an expected greater mix of electronics business in the second quarter, we expect that our overall margins will be lower as compared to the first quarter,” concluded van der Wansem.