BTU International has announced its financial results for the second quarter ended July 4, 2010. Net sales for the period were US$18.0 million, up 4.9% compared to US$17.2 million in the preceding quarter, and up 66.8% compared to US$10.8 million for the same quarter in 2009.
Net income was recorded at US$0.3 million compared with the net loss of US$0.3 million in the preceding quarter, and the net loss of US$3.5 million in the second quarter a year ago. Net sales for the first six months of 2010 were US$35.2 million compared with US$20.6 million for the first six months of 2009. Net result for the six months recorded a net loss of US$0.04 million compared to a much larger net loss of US$8.0 million for the first six months of 2009.
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Paul J. van der Wansem, BTU chairman and CEO said, “Net sales growth of US$0.8 million in the second quarter reflected the on-going strength of our electronics business. Our operating profit of US$0.9 million in the second quarter was driven by quarter to quarter improvements in our product mix, strong factory utilization and cost performance in China and greater than anticipated reductions of non-strategic operating expenses.
“On June 30th, we were pleased to announce the receipt of a breakthrough US$16 million dollar order for next generation in-line diffusion equipment. Our silicon solar products for metallization and in-line diffusion are clearly being validated by industry leaders. In addition, we continue to have in-depth discussions with several thin film customers who are considering follow-on orders based on our established technology.
“We expect our third quarter revenues to be essentially flat compared to the second quarter with continued strength in our electronics business. We expect that our recently announced in-line diffusion equipment order will add approximately US$4-6 million of revenue to our current run-rate in the fourth quarter. Based on additional expenditures required to increase production in our two manufacturing facilities, we expect that our operating results will show a modest loss in the third quarter with solid operating profitability in the fourth quarter,” concluded van der Wansem.
