BTU INTERNATIONAL INC

CIK:0000840883|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2014	Sep. 29, 2013	Sep. 28, 2014	Sep. 29, 2013
Income Statement [Abstract]
Net sales	$ 15,917	$ 12,014	$ 44,037	$ 36,761
Costs of goods sold	9,840	8,480	26,925	25,103
Gross profit	6,077	3,534	17,112	11,658
Operating expenses:
Selling, general and administrative	4,921	6,228	14,622	15,237
Research, development and engineering	939	1,276	3,179	3,427
Operating income (loss)	217	(3,970)	(689)	(7,006)
Interest income	8	13	26	36
Interest expense	(84)	(103)	(253)	(323)
Foreign exchange income (loss)	(34)	(33)	22	(147)
Other income	3	17	10	63
Income (loss) before provision for income taxes	110	(4,076)	(884)	(7,377)
Provision for income taxes	110	998	308	1,083
Net loss	$ 0	$ (5,074)	$ (1,192)	$ (8,460)
Loss per share:
Basic	$ 0.00	$ (0.53)	$ (0.12)	$ (0.89)
Diluted	$ 0.00	$ (0.53)	$ (0.12)	$ (0.89)
Weighted average number of shares outstanding:
Basic shares	9,574,343	9,544,864	9,563,934	9,536,010
Effect of dilutive options	0	0	0	0
Diluted shares	9,574,343	9,544,864	9,563,934	9,536,010

Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 28, 2014	Sep. 29, 2013
Cash flows from operating activities:
Net loss	$ (1,192)	$ (8,460)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	889	1,307
Provision (recovery) for bad debts	115	(181)
Provision for inventory obsolescence	321	1,706
Gain on sale of property, plant and equipment	0	(51)
Stock-based compensation	453	477
Deferred taxes	0	825
Net change in operating assets and liabilities:
Accounts receivable	(1,375)	692
Inventories	(1,288)	(2,327)
Other current assets	358	1,409
Deferred revenue	(1,371)	(629)
Other assets	(1,551)	(154)
Other long-term liabilities	(14)	620
Accounts payable	2,042	1,142
Accrued expenses	(614)	486
Net cash used in operating activities	(3,227)	(3,138)
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	0	57
Purchases of property, plant and equipment	(57)	(208)
Net cash used in investing activities	(57)	(151)
Cash flows from financing activities:
Principal payments under loan and capital lease agreements	(271)	(294)
Issuance of common stock	8	17
Proceeds from the exercise of stock options	1	0
Net cash used in financing activities	(262)	(277)
Effects of exchange rates on cash	(17)	20
Net decrease in cash and cash equivalents	(3,563)	(3,546)
Cash and cash equivalents, beginning of period	13,991	20,218
Cash and cash equivalents, end of period	10,428	16,672
Cash paid during the periods for:
Interest	228	293
Income taxes	$ 332	$ 484

Condensed Consolidated Balance Sheets (unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 28, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 10,428	$ 13,991
Accounts receivable, less allowance of $1,245 and $1,280 at September 28, 2014 and December 31, 2013	12,578	11,370
Inventories	10,696	9,831
Other current assets	764	1,126
Total current assets	34,466	36,318
Property, plant and equipment, net	2,624	3,386
Other assets, net	2,165	626
Total assets	39,255	40,330
Current liabilities
Current portion of long-term debt	380	367
Accounts payable	7,418	5,408
Deferred revenue	680	2,052
Accrued expenses	5,710	6,361
Total current liabilities	14,188	14,188
Long-term debt, less current portion	6,935	7,219
Other long-term liabilities	0	14
Total liabilities	21,123	21,421
Commitments and contingencies
Stockholders' equity
Preferred stock, $1.00 par value - 5,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value - 25,000,000 shares authorized; 10,942,310 shares issued and 9,574,343 shares outstanding at September 28, 2014 and 10,924,856 shares issued and 9,556,889 shares outstanding at December 31, 2013	109	109
Additional paid in capital	52,666	52,204
Accumulated deficit	(32,045)	(30,853)
Treasury stock, at cost, 1,367,967 shares at September 28, 2014 and December 31, 2013	(4,990)	(4,990)
Accumulated other comprehensive income	2,392	2,439
Total stockholders' equity	18,132	18,909
Total liabilities and stockholders' equity	$ 39,255	$ 40,330