October 29, 2013 - BTU International today announced its financial results for the third quarter ended on September 29, 2013.
Third quarter net sales were $12.0 million, down 15.7 percent compared to $14.2 million in the preceding quarter, and down 15.0 percent compared to $14.1 million for the same quarter a year ago. Net loss for the third quarter of 2013 was $5.1 million, or ($0.53) per diluted share, compared to a net loss of $0.3 million, or ($0.03) per diluted share, in the preceding quarter, and compared to a net loss of $2.4 million, or ($0.25) per diluted share, in the third quarter of 2012.
Net sales for the nine months ended September 29, 2013, were $36.8 million compared to $45.0 million for the first nine months of 2012. Net loss for the first nine months of 2013, was $8.5 million, or ($0.89) per diluted share, compared to a net loss of $6.6 million, or ($0.69) per diluted share, for the first nine months of 2012.
Commenting on the company's performance, Paul J. van der Wansem, BTU chairman and CEO, said, "Our electronics business continued to be the key contributor for our revenues during the quarter and nine month period. Growth in the Asia Pacific markets has moderated in the past quarter compared to historical levels. In solar, we are encouraged by early signs of interest by customers about improving factory efficiencies and potentially increasing capacities once we are beyond the current imbalance in supply versus demand."
"On the technology side, we are pleased with the engagement of the Fraunhofer Institute, Europe's largest application-oriented research organization located in Germany, involving process development using our in-line diffusion concepts as part of manufacturing technology for existing and advanced cell structures."
"The results of the past quarter were heavily influenced by two significant onetime expenses, the first being the settlement of a legal dispute regarding equipment deliveries in the 2006 timeframe with a customer and the second being the recording of a full valuation allowance against the deferred tax assets of the company's China subsidiary."
"We ended the quarter with $16.7 million in cash and refinanced our $7.7 million mortgage with a new ten year term and lower interest rate."
"Fourth quarter revenues are expected to be in the $13.5 million to $14.5 million range. Gross margins will continue to be affected by under absorption in our factories, due to the absence of solar customer demand. Operating expenses for the fourth quarter of 2013 are expected to be approximately 15% below the third quarter. Looking out into 2014 we see a strengthening electronics business and additional revenues in nuclear. With the increase in customer interest in production efficiencies, we see a potential for solar orders later in the year," concluded van der Wansem.