BTU International Inc. (BTUI, Financial) filed Quarterly Report for the period ended 2012-09-30.
Btu International, Inc. has a market cap of $18.6 million; its shares were traded at around $2.09 with and P/S ratio of 0.2.
Gross Profit. The third quarter of 2012 gross profit of $4.1 million decreased by $2.2 million compared to the third quarter of 2011 due primarily to the 16.2% decrease in net sales. In the third quarter of 2012, gross profit as a percentage of sales decreased to 29.1% as compared to 37.7% in the same period in 2011, due primarily to lower volume, product mix and overhead under absorption at our factories combined with higher inventory reserves. Our results of operations in future quarters could also be affected by further inventory write-downs. The Company assesses inventory at each period end and records inventory write-downs as appropriate based on market conditions.
Net Sales. Net sales decreased $16.2 million, or 26.5%, in the first nine months as compared to the same period in the prior year. Net sales for the Companys electronics systems increased $5.1 million, or 18.4% as compared to the same period in the prior year. The Companys alternative energy market systems net sales decreased $18.9 million, or 75.6% as compared to the same period in the prior year. Net sales for the Companys other market systems, parts and service sales decreased by $2.4 million, or 28.1%. The electronic market systems increase represents an increase in demand for Surface Mount Technology and semiconductor packaging systems in addition to recognizing $0.9 million revenue under the percentage of completion method. The Companys alternative energy systems third quarter 2012 sales decrease as compared to the same period in the prior year is due to the continued weakness of the worldwide solar industry which started in the second quarter of 2011. The decrease in sales in the other market systems and parts and service was the result of two large systems orders in the nine months ended October 2, 2011 and no similar market system orders in the comparable 2012 period. We expect the solar market slowdown to continue into 2013.
Gross Profit . The gross profit of $14.1 million for the first nine months of 2012 decreased $10.6 million, or 43.0%, as compared to the same period in the prior year. The gross profit as a percentage of sales for the first nine months of 2012 decreased to 31.3% from 40.4% for the first nine months of 2011. The gross margin percentage in the first nine months of 2012 was negatively impacted by lower volume, product mix and overhead under absorption at our factories combined with higher inventory reserves.
During the nine months ended September 30, 2012, the Company generated net cash of approximately $2.4 million from operating activities. This generation of cash was the result of an increase in accounts payable of $3.2 million, a decrease in net accounts receivable of $2.0 million, a decrease in net inventory of $3.4 million, an increase in deferred revenue of $0.7 million, non-cash expenses for depreciation and amortization of $1.3 million, stock-based compensation of $0.7 million, offset by a net loss of $6.6 million, an increase in other current assets of $1.6 million and a decrease in accrued expenses of $0.6 million.
Read the The complete Report
Btu International, Inc. has a market cap of $18.6 million; its shares were traded at around $2.09 with and P/S ratio of 0.2.
Highlight of Business Operations:
Net Sales. Net sales for the third quarter of 2012 were $14.1 million representing a decrease of $2.7 million, or 16.2%, as compared to the same period in the prior year. Net sales for the Companys electronic market systems increased by $0.7 million, or 7.0%, as compared to the same period in the prior year. Net sales for the Companys alternative energy systems decreased by $2.5 million, or 52.5%, as compared to the same period in the prior year. Net sales for the Companys other market systems, parts and service sales decreased by $0.9 million, or 34.0%. The electronic market systems increase represents an increase in demand for Surface Mount Technology systems and the recognition of $0.8 million under the percentage of completion method. The Companys alternative energy systems third quarter 2012 sales decrease as compared to the same period in the prior year is due to the continued weakness of the worldwide solar industry which started in the second quarter of 2011. The decrease in sales in the other market systems and parts and service is due to the cyclical nature of the parts and service business.Gross Profit. The third quarter of 2012 gross profit of $4.1 million decreased by $2.2 million compared to the third quarter of 2011 due primarily to the 16.2% decrease in net sales. In the third quarter of 2012, gross profit as a percentage of sales decreased to 29.1% as compared to 37.7% in the same period in 2011, due primarily to lower volume, product mix and overhead under absorption at our factories combined with higher inventory reserves. Our results of operations in future quarters could also be affected by further inventory write-downs. The Company assesses inventory at each period end and records inventory write-downs as appropriate based on market conditions.
Net Sales. Net sales decreased $16.2 million, or 26.5%, in the first nine months as compared to the same period in the prior year. Net sales for the Companys electronics systems increased $5.1 million, or 18.4% as compared to the same period in the prior year. The Companys alternative energy market systems net sales decreased $18.9 million, or 75.6% as compared to the same period in the prior year. Net sales for the Companys other market systems, parts and service sales decreased by $2.4 million, or 28.1%. The electronic market systems increase represents an increase in demand for Surface Mount Technology and semiconductor packaging systems in addition to recognizing $0.9 million revenue under the percentage of completion method. The Companys alternative energy systems third quarter 2012 sales decrease as compared to the same period in the prior year is due to the continued weakness of the worldwide solar industry which started in the second quarter of 2011. The decrease in sales in the other market systems and parts and service was the result of two large systems orders in the nine months ended October 2, 2011 and no similar market system orders in the comparable 2012 period. We expect the solar market slowdown to continue into 2013.
Gross Profit . The gross profit of $14.1 million for the first nine months of 2012 decreased $10.6 million, or 43.0%, as compared to the same period in the prior year. The gross profit as a percentage of sales for the first nine months of 2012 decreased to 31.3% from 40.4% for the first nine months of 2011. The gross margin percentage in the first nine months of 2012 was negatively impacted by lower volume, product mix and overhead under absorption at our factories combined with higher inventory reserves.
During the nine months ended September 30, 2012, the Company generated net cash of approximately $2.4 million from operating activities. This generation of cash was the result of an increase in accounts payable of $3.2 million, a decrease in net accounts receivable of $2.0 million, a decrease in net inventory of $3.4 million, an increase in deferred revenue of $0.7 million, non-cash expenses for depreciation and amortization of $1.3 million, stock-based compensation of $0.7 million, offset by a net loss of $6.6 million, an increase in other current assets of $1.6 million and a decrease in accrued expenses of $0.6 million.
Read the The complete Report
