BTU International has announced its financial results for the third quarter, ending September 27, 2009. Similarly to other companies’ results for this quarter, figures were up from second quarter, yet down fairly significantly from the same quarter last year.
Net sales were US$12.4 million, up 15% compared to US$10.8 million in the preceding quarter, and down 40% compared to US$20.6 million for the same quarter in 2008. Net loss for the quarter amounted to US$2.6 million, (US$0.29 per basic share) compared to a net loss of US$3.5 million (US$0.38 per basic share) in the preceding quarter, and compared to net income of US$0.7 million, or US$0.07 per diluted share, in the third quarter a year ago.
Net sales were US$33.0 million compared to US$57.6 million for the first nine months of 2008. Net was recorded at US$10.7 million, or a loss of US$1.16 per basic share, compared to a net income of US$1.1 million, or US$0.11 per diluted share, for the first nine months of 2008.
Paul J. van der Wansem, BTU chairman and CEO, said, “We are pleased to report continuing improvement in our performance. Both revenues and bottom line results improved for the second quarter in a row.
“Most of the increase in our third quarter revenues can be attributed to growth in our electronics business, which demonstrated strength in capital expenditures for both printed circuit board assembly and semiconductor packaging applications. This was especially true in China. In the energy sector we have seen continuing interest and bookings for our nuclear fuel processing equipment. The solar industry remains in a slowdown due to overcapacity and limited project financing.
“It appears that the global electronics business has turned a corner, and we anticipate a further strengthening in these markets,” said van der Wansem. “Continuing to invest in solar, we have introduced a number of new products and are positioned to capitalize on what we expect to be a growth market for solar in 2010.”