Solar Clouds BTU's Q4 PDF Print E-mail
Written by Mike Buetow   
Wednesday, 26 February 2014 09:40

NORTH BILLERICA, MA — BTU reported fourth-quarter net sales were $11 million, down 8.5% sequentially and down 16% from a year ago. The maker of soldering equipment narrowed its net loss to $3 million, versus a net loss of $4.4 million in 2012.

Net sales for the year ended Dec. 31 were $47.8 million, down 17.7% from 2012. The net loss widened to $11.5 million from $11 million a year ago.

In a press release, chairman and CEO Paul J. van der Wansem said, “In the absence of solar revenues, our electronics business continued to be the key contributor in revenues during both the past quarter and the full-year period.

"During the last quarter, our nuclear business experienced a delay in a major rebuild order, which impacted our revenues. We ended the year with $14 million in cash and this past year refinanced our $7.7 million mortgage with a new 10-year term and lower interest rate.”

The company guided for first-quarter revenues of $10 million to $11 million. "Looking out into 2014, we expect to see nuclear business recovering from the low level of last year and a strengthening of the electronics business starting in the second quarter. We stay cautious on potential solar orders in the short term,” van der Wansem said.

 

 

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