BTU Intl posts USD-2.1m loss in Q2 2012

Aug 1, 2012 - US thermal processing equipment supplier BTU International (NASDAQ:BTUI) on Tuesday posted a net loss of USD 2.1 million (EUR 1.7m) for the second quarter of 2012, compared with breakeven a year ago.

Loss per diluted share was USD 0.23.

The company's equipment is used in the making of solar cells, nuclear fuel, printed circuit board assemblies and semiconductor packaging. During 2011 and the first half of 2012, BTU suffered from overcapacity in the solar power sector. Yet it said it was looking to demonstrate how its technologies can further cut solar manufacturing costs. It is also working to boost its penetration in electronics.

Revenues for the quarter dropped by 23.3% on the year to USD 14.6 million. BTU expects third-quarter revenues of USD 14 million-15 million and flat operating results. "In spite of the current condition of the solar cell manufacturers, we expect that in the longer term, capital investment in solar equipment will return to a growth path, as an increase in demand starts to consume the present over-capacity," said chairman and chief executive Paul J van der Wansem.

In the first half of 2012 BTU turned to a net loss of USD 4.2 million from a USD-1.8-million net profit. Revenues fell to USD 30.9 million from USD 44.4 million.

(USD 1 = EUR 0.813)

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