BTU International sales increase 81% in 2010: PV equipment 60% of sales

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Equipment supplier, BTU International posted record revenue in the fourth quarter and overall sales for the full year were up 81% in 2010, compared to the previous year. Equipment sales to the PV manufacturing sector reach 60% of overall sales, the first time this figure surpassed other key markets such as semiconductors.

“I am pleased to announce two major accomplishments. First, we achieved record net sales in the fourth quarter,” commented Paul J. van der Wansem, BTU chairman and CEO. “Second, our alternative energy business contributed sixty percent of our system sales in the fourth quarter. This marks the first time that our alternative energy—solar and nuclear—business exceeded our electronics assembly business to become the primary contributor of net sales. The growth of our solar business was driven by both our in-line diffusion and metallization products. In addition, we delivered solidly profitable bottom line results in the fourth quarter, demonstrating the operating leverage of our world-wide business model.

Fourth quarter net sales were a record breaking US$27.4 million, up 44% compared to US$19.0 million in the preceding quarter, and up 127% compared to US$12.1 million for the same quarter a year ago.

Sales for the full year reached US$81.6 million, up 81% compared to $45.1 million for the year 2009.

Net income for the fourth quarter of 2010 was $2.2 million, while net income in 2010 was US$2.2 million, compared to a net loss of US$14.6 million for the year 2009.

“We expect first quarter revenues to be in the $24 million to $26 million range due to a softer electronics business. Gross margins and operating expenses for the first quarter of 2011 are expected to be essentially flat compared with the fourth quarter. Margins are expected to improve once efficiencies related to new products are fully implemented. We anticipate a growth rate for the year to be in excess of thirty percent with a less than robust electronics business more than offset by a strong alternative energy outlook,” added van der Wansem.
 

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