News
Indianapolis, IN, Nov.19, 2004 -- Specialty Coating Systems (SCS), a business unit of Cookson Electronics, recently opened SCS Shanghai, a full-service Parylene conformal coating facility in China.
The expansion into China comes as SCS has purchased the assets of their former service partner Cycad Specialty Coatings Technology Co. Ltd. The Shanghai staff includes 20 experienced employees led by China Business Manager, Lu Bo.
China Assembly, part of the Cycad group, will continue in their partnership with SCS as the distributor of SCS Parylene deposition systems in China.
Parylene is applied via a vapor deposition polymerization process, for ultra-thin, pinhole-free conformal coating. Applications include circuit boards, ferrite cores, electronic components, medical devices, medical device components and rubber parts in the electronics, automotive, military and medical device industries.
The DIN EN ISO 9001:2000-certified Shanghai facility joins SCS Singapore, Parylene Japan K.K. and Parylene Korea in providing Parylene coating services to Asia.
Clinton, NY -- GPS has become the newest distributor for Indium Corp. of America in the European market, covering Germany, Croatia and Slovenia.
GPS has many years of experience in the electronic assembly industry and will be responsible for selling Indium's line of solder pastes and wave solder fluxes.
According to Indium's European Sales Manager, Tony Howard, "GPS is a good match to our company and we are very pleased to be working with such a strong team. We look forward to growing our business together."
The operating loss rose 45.2% to $2.2 million. The company took a $1.65 million restructuring charge in the quarter due to asset writeoffs and severance costs primarily related to the departure of the previous CEO.
For the quarter SG&A expenses increased 49.1% to $3.2 million year-on-year.
Year-to-date net sales are up 98.2% to $41 million. Gross profit is up 98.2% to $9.4 million. Operating losses are 25.1% lower, at $4 million.
The company attributed the rise to higher demand for SMT and semiconductor packaging products.
For the quarter, as a percent of total revenues, sales in the U.S. rose 8.9%, Europe was up 0.2% and Asia Pacific was down 9.6%. For the year, the percentage of net sales from the U.S. is down 6.1%, but up 1.5% in Europe and 5% in Asia Pacific.
As of Oct. 3, BTU had $800,000 in cash and cash equivalents. As a result of the firm's decrease in tangible net worth following the $1.6 million restructuring charge writeoff and higher borrowings during the third quarter, the company was out of compliance with its total liabilities to tangible net worth covenant. Terms of a waiver are under discussion.
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