Feb. 25, 2014 - BTU International today announced its financial results for the fourth quarter and fiscal year ended on December 31, 2013.
Fourth quarter net sales were $11.0 million, down 8.5 percent compared to $12.0 million in the preceding quarter, and down 16.0 percent compared to $13.1 million for the same quarter a year ago. Net loss for the fourth quarter of 2013 was $3.0 million, or ($0.32) per diluted share, compared to a net loss of $5.1 million, or ($0.53) per diluted share, in the preceding quarter, and compared to a net loss of $4.4 million, or ($0.47) per diluted share, in the fourth quarter of 2012.
Net sales for the year, were $47.8 million compared to $58.1 million for the year 2012. Net loss for 2013, was $11.5 million, or ($1.20) per diluted share, compared to a net loss of $11.0 million, or ($1.16) per diluted share, for the year 2012.
Commenting on the company's performance, Paul J. van der Wansem, BTU chairman and CEO, 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 $14.0 million in cash and this past year refinanced our $7.7 million mortgage with a new ten year term and lower interest rate."
"First quarter 2014 revenues are expected to be in the $10 to $11 million range. Gross margins will continue to be affected by under absorption in our factories, due to low solar revenues. 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," concluded van der Wansem.