BTU International, Inc., a leading supplier of advanced thermal processing equipment and processes to the alternative energy and electronics manufacturing markets, today announced its financial results for the second quarter, which ended on June 28, 2009, boasting improved performance in comparison to first quarter results.
Second quarter net sales were $10.8 million, up 10% compared to $9.8 million in the preceding quarter, and down 47% compared to $20.4 million for the same quarter a year ago.
Net loss for the second quarter of 2009 was $3.5 million, or a loss of $0.38 per basic share, compared to a net loss of $4.6 million, or a loss of $0.49 per basic share, in the preceding quarter, and compared to net income of $0.3 million, or $0.03 per basic share, in the second quarter of 2008.
Net sales for the first six months of 2009 were $20.6 million compared to $37.0 million for the first six months of 2008. Net loss for the six months ended June 28, 2009 was $8.0 million, or a loss of $0.87 per basic share, compared to a net income of $0.4 million, or $0.04 per basic share, for the first six months of 2008.
Commenting on the company’s performance, Paul J. van der Wansem, BTU chairman and CEO, said, “We are pleased to report somewhat improved performance, both in top line and bottom line results, as compared to the first quarter of 2009. Although revenues in our solar business were down for the quarter, we did ship several of the first new products to key customers for both Silicon and Thin-film applications.”
BTU Int., anticipate seeing the solar market continue a somewhat “bumpy ride” over the next several quarters on the way to becoming a growth market in 2010. Yet the company remains confident that its business strategy is sound.