Second quarter net sales were $10.8 million, up 10 percent compared to $9.8 million in the preceding quarter, and down 47 percent compared to $20.4 million for the same quarter a year ago. Net loss for the second quarter of 2009 was $3.5 million, or a loss of $0.38 per basic share, compared to a net loss of $4.6 million, or a loss of $0.49 per basic share, in the preceding quarter, and compared to net income of $0.3 million, or $0.03 per basic share, in the second quarter of 2008.
Net sales for the first six months of 2009 were $20.6 million compared to $37.0 million for the first six months of 2008. Net loss for the six months ended June 28, 2009 was $8.0 million, or a loss of $0.87 per basic share, compared to a net income of $0.4 million, or $0.04 per basic share, for the first six months of 2008.
Commenting on the company's performance, Paul J. van der Wansem, BTU chairman and CEO, said, "We are pleased to report somewhat improved performance, both in top line and bottom line results, as compared to the first quarter of 2009. During the quarter, we saw strengthening in the electronics business, especially in the printed circuit board assembly market. Although revenues in our solar business were down for the quarter, we did ship several of the first new products to key customers for both Silicon and Thin-film applications.
"For the past several quarters, market indicators have continued to set a cautious tone with varying expectations regarding the impact of economic stimulus plans around the world. The impact and timing of these actions makes predicting the future difficult. We are certainly pleased to see some recovery in electronics, and we anticipate seeing the solar market continue a somewhat bumpy ride over the next several quarters on the way to becoming a growth market in 2010. Overall, we remain confident that our business strategy is sound with next generation products in process qualification at several top customers who are part of the foundation for our future growth," said van der Wansem.
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its outlook for the third quarter of 2009, in a conference call to be held today, July 28, at 5:00 p.m. Eastern Time. The dial-in number to participate in the conference call is 877-545-1414. A webcast of the conference call will be available on BTU's website at http://www.btu.com. Replays of the call will be available through August 11, 2009, and can be accessed at this website or by phone at (888) 203-1112, passcode: 2645355.
About BTU International
BTU International is a market-leading, global supplier of advanced thermal processing equipment and processes to the alternative energy and electronics manufacturing markets. BTU equipment is used in solar cell, nuclear fuel and fuel cell manufacturing as well as in the production of printed circuit board assemblies and semiconductor packaging. BTU has operations in North Billerica, Massachusetts and Shanghai, China with direct sales and service in the U.S.A., Asia and Europe. Information about BTU International is available at http://www.btu.com.