BTU International, Inc. today announced its financial results for the third quarter ended on September 28, 2014.
Third quarter net sales were $15.9 million, down 3.2 percent compared to $16.4 million in the preceding quarter, and up 32.5 percent compared to$12.0 million for the same quarter a year ago. Third quarter net income was breakeven, or $0.00 per diluted share, compared to a net income of $0.6 million, or $0.06 per diluted share, in the preceding quarter, and compared to a net loss of $5.1 million, or ($0.53) per diluted share, in the third quarter of 2013.
Net sales for the nine months ended September 28, 2014, were $44.0 million, up 19.6% compared to $36.8 million for the first nine months of 2013. Net loss for the first nine months of 2014, was $1.2 million, or ($0.12) per diluted share, compared to a net loss of $8.5 million, or ($0.89) per diluted share, for the first nine months of 2013.
Commenting on the company's performance, Paul J. van der Wansem, BTU chairman and CEO, said, "Our electronics equipment business continued strong during the quarter. Margins were lower than in the preceding quarter, mainly due to lower factory absorption as well as a less favorable product mix. Expenses came in as expected. As we announced on October 22, 2014, we entered into a definitive agreement to merge BTU into Amtech Systems as described in our press release and SEC filings."
"Fourth quarter 2014 revenues are expected to be slightly lower, due to seasonal variation in our electronics assembly business, and to be in the $13.5to $14.5 million range. Solar orders are expected to be still at a low level during the quarter. Our gross margins will be affected by factory under absorption in the U.S. and China," concluded van der Wansem.