BTU International, Inc. (Nasdaq: BTUI), a maker of thermal processing equipment for the alternative energy industry, announced the formation of a new business group whose mission is to double the company’s solar business in the next year.
In addition to the creation of the Alternative Energy Group, the company is building two new solar research and process application laboratories-one in Billerica, Massachusetts and one in Shanghai, China. These laboratories will be used to develop new solar process capabilities and provide an environment where customers can test and process their photovoltaic cells on BTU systems. The Shanghai lab is scheduled to open next month, while the Billerica lab is expected to be completed in the third quarter of this year.
John J. McCaffrey, Jr., who has worked with solar companies DayStar Technologies Inc., Q-Cells and Evergreen Solar, has joined BTU as vice president of Alternative Energy, in charge of engineering and product development.
In a separate release, BTU announced a 40% decline in quarterly net profits, which it said was due to a higher tax rate at one of its overseas subsidiaries.
BTU said Q407 net income was $600,000, or 6 cents per share, compared with $1 million, or 11 cents per share, a year ago. Net sales were $18.3 million, up 10% from 2006.
For Q108, BTU said it expects to be "marginally profitable." It forecast sales of $15.8 million to $16.8 million.
About BTU International
BTU International is a global supplier of advanced thermal processing equipment 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.
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