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NORTH BILLERICA, MA – BTU International Inc., supplier of advanced thermal processing equipment, reported second-quarter net sales of $20.4 million, up 23% sequentially, and up 48% year-over-year.
Net income for the quarter was $300,000, up nearly 67% sequentially, and up 33% compared to the second quarter of 2007.
Net sales for the first six months of 2008 were $37 million, up 22% year-over-year. Net income for the period was $400,000, down nearly 56% compared to the same period last year.
Paul J. van der Wansem, BTU chairman and CEO, said, "Revenues were at the high end of our forecasted range, with strength in both electronics and alternative energy. Despite healthy gross margins, our earnings for the quarter were lower than anticipated, in part due to higher than expected SG&A cost and effective tax rates.
"We will continue to invest in our growth markets, strongly supporting our electronics business and building upon the opportunities we have in the rapidly growing thin film and silicon solar markets.
“In electronics we see some softening [for the second half] after a stronger than anticipated first half. Revenues for the third quarter are expected to be flat, as compared to the second quarter … " he said.
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