BTU International reports sales up 16% sequentially, but losses continue
The Semiconductor Reporter
February 26, 2004, 6:50 p.m. EST
NORTH BILLERICA, Mass. -- Thermal processing equipment BTU International Inc. today reported that revenues were up 15.7% sequentially and 38% on-year to $7.8 million in its fourth fiscal quarter ended Dec. 31.
The net loss was $1.6 million, or $0.22 per basic share, about the same as the prior quarter but reduced from the $2.6 million loss in 4Q02.
Net sales for the year 2003 decreased by 7% to $28.5 million compared to 2002. The net loss for 2003 decreased to $6.8 million versus a net loss of $7.1 million for the 2002.
"Fourth quarter results were much as we expected," said president and CEO Mark R. Rosenzweig. "Sales increased sequentially and year over year, and our operating loss continued to decline. We completed the re-mortgaging of our building at very favorable rates and renewed our $14 million revolving line of credit so we are well positioned to fund our expected growth.
"Our primary markets are quickly recovering from their extended downturn, especially the SMT and semiconductor packaging markets, and demand for our systems is increasing," he said. "While we continue to face pricing pressures in the SMT sector and one-time costs related to the start up of our new factory in China, we are making the adjustments necessary to deal with a significantly more robust business environment. With our new manufacturing facility coming on line over the next few months, our focus is on integrating our new supply lines and ramping our factories as quickly as possible to meet the increasing demand." |
