NORTH BILLERICA, Mass., Jan. 13, 2014 (GLOBE NEWSWIRE) -- BTU International, Inc. (Nasdaq:BTUI), a leading supplier of advanced thermal processing equipment to the electronics manufacturing and alternative energy markets, today announced an update to revenue guidance provided in its earnings results press release dated October 28, 2013.
BTU International is currently estimating fourth quarter 2013 revenue to be approximately $11 million versus the prior estimate of $13.5 to $14.5 million. A substantial part of the shortfall was due to management's decision to hold a large shipment of specialty parts pending receipt of the customer's remaining 50 percent contractual payment. In addition, there were some smaller shipment delays from the fourth quarter to the first quarter of 2014. These events have not changed our outlook for 2014.
About BTU International
BTU International is a global supplier and technology leader of advanced thermal processing equipment and processes to the electronics manufacturing and alternative energy markets. BTU equipment is used in the production of printed circuit board assemblies and semiconductor packaging as well as in the manufacturing of solar cells and nuclear fuel. 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 www.btu.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This news release contains expressed or implied forward-looking statements regarding, among other things, the company's expected revenues, gross margins and operating expenses and financial performance for the first quarter of fiscal year 2014. Such statements are neither promises nor guarantees but rather are subject to risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Such statements are made pursuant to the "safe harbor" provisions established by the federal securities laws, and are based on the assumptions and expectations of the company's management at the time such statements are made. Important factors that could cause actual results to differ include the acceptance of new products, particularly in the alternative energy market, general market conditions governing supply and demand, the impact of competitive products and pricing and other risks detailed in the company's filings with the Securities and Exchange Commission. Actual results may vary materially. Accordingly, you should not place undue reliance on any forward-looking statements. All information set forth in this press release is as of January 13, 2014, and, unless otherwise required by law, the company disclaims any obligation to revise or update this information in order to reflect future events or developments.
CONTACT: Company Contact:
Chief Operating Officer
BTU International, Inc.
Phone: (978) 667-4111
Source: BTU International, Inc.