Electronics Sales Help BTU Heat Up in Q3
For the period ended Sept. 27, sales were down 40% year-over-year. The net loss was $2.6 million, up from a net loss of $3.5 million in the second quarter, and down from net income of $700,000 last year. At quarter's end, the maker of soldering and thermal processing equipment had $24.8 million in cash and equivalents.
In a statement, BTU chairman and CEO Paul J. van der Wansem said, "We are pleased to report continuing improvement in our performance. Both revenues and bottom line results improved for the second quarter in a row.
"Most of the increase in our third quarter revenues can be attributed to growth in our electronics business, which demonstrated strength in capital expenditures for both printed circuit board assembly and semiconductor packaging applications. This was especially true in China. In the energy sector we have seen continuing interest and bookings for our nuclear fuel processing equipment. The solar industry remains in a slowdown due to overcapacity and limited project financing.
van der Wansem said the outlook is improving. "It appears that the global electronics business has turned a corner, and we anticipate a further strengthening in these markets."
