July 29, 2014 - BTU International, Inc. today announced its financial results for the second quarter ended on June 29, 2014.
Second quarter net sales were $16.4 million, up 40.7 percent compared to $11.7 million in the preceding quarter, and up 15.4 percent compared to $14.2 million for the same quarter a year ago. Net income for the second quarter of 2014 was $0.6 million, or $0.06 per diluted share, compared to a net loss of $1.8 million, or ($0.19) per diluted share, in the preceding quarter, and compared to a net loss of $0.3 million, or ($0.03) per diluted share, in the second quarter of 2013.
Net sales for the six months ended June 29, 2014, were $28.1 million compared to $24.7 million for the first six months of 2013. Net loss for the first six months of 2014, was $1.2 million, or ($0.12) per diluted share, compared to a net loss of $3.4 million, or ($0.36) per diluted share, for the first six months of 2013.
Commenting on the company's performance, Paul J. van der Wansem, BTU chairman and CEO, said, "We are pleased with the strong showing of our electronics equipment business. This, combined with extra strength in our margins due to a favorable product mix and expense reductions, allowed us to get to the first profitable quarter since the sharp decline of the solar business."
"Third quarter 2014 revenues are expected to be in the $14.5 to $15.5 million range based upon strength in orders from our electronics assembly customers. We booked a few technology solar orders, primarily for pilot line production, in anticipation of an expected return of capital spending for solar cell production in 2015. Our gross margins in the US will still be affected by factory under absorption in contrast to full absorption in our China factory," concluded van der Wansem.