BTU Extends Q4 Losses
NORTH BILLERICA, MA -- Reflow soldering equipment OEM BTU International reported fourth-quarter net sales fell 17.7% from a year ago to $12.1 million.
For the period ended Dec. 31, the company's net sales were off 2.4% sequentially.
The net loss worsened by 77% from a year ago to $3.9 million. The company took $1.2 million in reserves and writeoffs for slow moving inventory during the quarter.
For the year, net sales were $45.1 million, down 37.6%, and the net loss was $14.6 million, versus to a net loss of $1.1 million in 2008. During 2009, the company's electronics business declined by over 50% compared to 2008 and its solar business was flat. At year end, the cash balance was $25.4 million.
In a press release, BTU chairman and CEO Paul J. van der Wansem said, “In the latter part of the year, we began to see a recovery in consumer spending, especially in China, which prompted a growth in our electronics assembly business. Similarly some selected investments started to take place in the solar industry, which resulted in an increase in our solar bookings in the fourth quarter.
"Our alternative energy business during the fourth quarter was mixed with an increase in solar bookings, but a small decline in solar revenues. Our nuclear business was up for the quarter.
“Although our forward looking visibility remains limited, near term, we expect strengthening in both our electronics and alternative energy businesses." The company guided for first-quarter net sales of $15.5 million to $16.5 million.
