BILLERICA, MA, Nov. 18 -- SMT and seminconductor equipment maker BTU International said third-quarter net sales rose 128.8% to $15.4 million and gross profit rose 157.8% to $3.5 million.

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.