Form 10-Q

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-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ij4DNSXfA/mUjtPeMBZiqSOTVIIugHejAvl5sUY5f2nHL+G0TU+qOc4Q05WdjTCb jeY1rndgTQRj/I7Rfx+x/g== 0001193125-10-248165.txt : 20101104 0001193125-10-248165.hdr.sgml : 20101104 20101104163333 ACCESSION NUMBER: 0001193125-10-248165 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20101003 FILED AS OF DATE: 20101104 DATE AS OF CHANGE: 20101104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BTU INTERNATIONAL INC CENTRAL INDEX KEY: 0000840883 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 042781248 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17297 FILM NUMBER: 101165365 BUSINESS ADDRESS: STREET 1: 23 ESQUIRE ROAD CITY: NORTH BILLERICA STATE: MA ZIP: 01862 BUSINESS PHONE: 5086674111 MAIL ADDRESS: STREET 1: 23 ESQUIRE ROAD CITY: NORTH BILLERICA STATE: MA ZIP: 01862 FORMER COMPANY: FORMER CONFORMED NAME: BTU CORP DATE OF NAME CHANGE: 19881109 10-Q 1 d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 3, 2010

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-17297

BTU INTERNATIONAL, INC.

(Exact name of Registrant as specified in its charter)

DELAWARE

04-2781248

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification Number)

23 Esquire Road, North Billerica,

Massachusetts

01862-2596

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (978) 667-4111

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every interactive data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period than the registrant was required to submit and post such files.) Yes ¨ No ¨ (Registrant is not subject to the requirements of Rule 405 of Regulation S-T at this time)

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act).

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of the Registrant’s Common Stock, par value $0.01 per share, as of the latest practicable date: As of November 2, 2010: 9,289,630 shares.

BTU INTERNATIONAL, INC.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION


Item 1. Financial Statements (Unaudited)

Unaudited Condensed Consolidated Balance Sheets			1
Unaudited Condensed Consolidated Statements of Operations			2
Unaudited Condensed Consolidated Statements of Stockholders’ Equity and Comprehensive Income (Loss)			3
Unaudited Condensed Consolidated Statements of Cash Flows			4-5
Notes to Unaudited Condensed Consolidated Financial Statements			6-11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			12-16

Item 3. Quantitative and Qualitative Disclosures About Market Risk			17

Item 4. Controls and Procedures			17

PART II. OTHER INFORMATION

Item 1A. Risk Factors			18

Item 5. Other Information			18

Item 6. Exhibits			18

Signatures			19
EX-10.2 Loan Modification Agreement
EX-31.1 Section 302 Certification of C.E.O.
EX-31.2 Section 302 Certification of C.F.O.
EX-32.1 Section 906 Certification of C.E.O.
EX-32.2 Section 906 Certification of C.F.O.

BTU INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)


	October 3, 2010			December 31, 2009
Assets

Current assets
Cash and cash equivalents	$	21,813		$	25,397
Accounts receivable, net		17,635			10,333
Inventories, net		17,493			14,533
Other current assets		1,058			1,283

Total current assets		57,999			51,546

Property, plant and equipment, net		5,917			6,332

Other assets, net		617			916

Total assets	$	64,533		$	58,794

Liabilities and stockholders’ equity

Current liabilities
Current portion of long-term debt	$	325		$	310
Accounts payable		9,196			5,527
Other current liabilities		9,663			8,577

Total current liabilities		19,184			14,414

Long-term debt, less current portion		8,446			8,687

Total liabilities		27,630			23,101


Commitments and contingencies

Stockholders’ equity
Preferred stock, $1.00 par value - 5,000,000 shares authorized; no shares issued or outstanding		—			—
Common stock, $0.01 par value - 25,000,000 shares authorized; 10,655,967 shares issued and 9,288,000 shares outstanding at October 3, 2010 and 10,619,589 shares issued and 9,251,622 shares outstanding at December 31, 2009		107			106
Additional paid in capital		48,197			47,054
Accumulated deficit		(7,905	)		(7,847	)
Treasury stock, at cost, 1,367,967 shares at October 3, 2010 and December 31, 2009		(4,990	)		(4,990	)
Accumulated other comprehensive income		1,494			1,370

Total stockholders’ equity		36,903			35,693

Total liabilities and stockholders’ equity	$	64,533		$	58,794

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BTU INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended						Nine Months Ended
	October 3, 2010			September 27, 2009			October 3, 2010			September 27, 2009
Net sales	$	19,011		$	12,409		$	54,235		$	33,023
Costs of goods sold		10,845			8,548			31,281			24,093

Gross profit		8,166			3,861			22,954			8,930

Operating expenses:
Selling, general and administrative		5,758			4,697			16,533			13,397
Research, development and engineering		1,618			1,411			4,813			5,286

Operating income (loss)		790			(2,247	)		1,608			(9,753	)

Interest income		21			68			62			214
Interest expense		(155	)		(206	)		(466	)		(504	)
Foreign exchange loss		(114	)		(4	)		(9	)		(239	)
Other income (expense)		(5	)		7			5			41

Income (loss) before provision for income taxes		537			(2,382	)		1,200			(10,241	)

Provision for income taxes		557			238			1,258			419

Net loss	$	(20	)	$	(2,620	)	$	(58	)	$	(10,660	)

Loss per share:
Basic	$	(0.00	)	$	(0.29	)	$	(0.01	)	$	(1.16	)
Diluted	$	(0.00	)	$	(0.29	)	$	(0.01	)	$	(1.16	)

Weighted average number of shares outstanding:
Basic shares		9,285,002			9,194,502			9,269,047			9,222,723
Effect of dilutive options		—			—			—			—

Diluted shares		9,285,002			9,194,502			9,269,047			9,222,723

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BTU INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME (LOSS)

FOR THE NINE MONTHS ENDED OCTOBER 3, 2010

(in thousands)

(unaudited)


	Common Stock				Additional Paid-In Capital		Retained Earnings/ (Accumulated Deficit)			Treasury Stock					Accumulated Other Comprehensive Income		Total
	# of shares		$		Additional Paid-In Capital		Retained Earnings/ (Accumulated Deficit)			# of shares		$			Accumulated Other Comprehensive Income		Total
Balance at December 31, 2009		10,620	$	106	$	47,054	$	(7,847	)		1,368	$	(4,990	)	$	1,370	$	35,693
Net loss		—		—		—		(58	)		—		—			—		(58	)
Exercise of stock options		25		—		76		—			—		—			—		76
Issuance of common stock		11		1		55		—			—		—			—		56
Stock-based compensation		—		—		1,012		—			—		—			—		1,012
Translation adjustment		—		—		—		—			—		—			124		124

Balance at October 3, 2010		10,656	$	107	$	48,197	$	(7,905	)		1,368	$	(4,990	)	$	1,494	$	36,903


	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended
	October 3, 2010						September 27, 2009
Comprehensive income (loss) is calculated as follows:
Net loss	$	(20	)	$	(58	)	$	(2,620	)	$	(10,660	)
Other comprehensive income:
Foreign currency translation adjustment		150			124			1			148

Comprehensive income (loss)	$	130		$	66		$	(2,619	)	$	(10,512	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BTU INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED OCTOBER 3, 2010 AND SEPTEMBER 27, 2009

(in thousands)

(unaudited)


	October 3, 2010			September 27, 2009
Cash flows from operating activities:
Net loss	$	(58	)	$	(10,660	)
Adjustments to reconcile net cash used in operating activities:
Depreciation and amortization		1,683			1,588
Provision (recovery) for bad debts		(40	)		(7	)
Provision for inventory obsolescence		990			1,522
Stock-based compensation		1,012			915
Net change in operating assets and liabilities:
Accounts receivable		(7,115	)		4,076
Inventories		(3,832	)		2,257
Other current assets		134			477
Other assets		23			(9	)
Accounts payable		3,599			(1,109	)
Accrued expenses		1,055			(659	)

Net cash used in operating activities		(2,549	)		(1,609	)

Cash flows used in investing activities:
Purchases of property, plant and equipment		(887	)		(479	)

Net cash used in investing activities		(887	)		(479	)

Cash flows from (used in) financing activities:
Principal payments under loan and capital lease agreements		(226	)		(210	)
Issuance of common stock		56			49
Purchase of treasury stock		—			(599	)
Proceeds from the exercise of stock options		76			17

Net cash used in financing activities		(94	)		(743	)

Effects of exchange rates on cash		(54	)		159

Net decrease in cash and cash equivalents		(3,584	)		(2,672	)
Cash and cash equivalents, beginning of period		25,397			27,464

Cash and cash equivalents, end of period	$	21,813		$	24,792

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BTU INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

FOR THE NINE MONTHS ENDED OCTOBER 3, 2010 AND SEPTEMBER 27, 2009

(in thousands)

(unaudited)


	October 3, 2010		September 27, 2009
Supplemental disclosures of cash flow information:
Cash paid during the periods for:
Interest	$	404	$	322
Income taxes		887		424

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BTU INTERNATIONAL, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(1) Basis of Presentation

The condensed consolidated balance sheet, financial information and related disclosures as of and for the year ended December 31, 2009 have been derived from our consolidated financial statements, which have been audited as of that date. The condensed consolidated balance sheet as of October 3, 2010 and the related condensed statements of operations and comprehensive income (loss) for the three and nine months ended October 3, 2010 are unaudited. The condensed consolidated statements of stockholders’ equity and consolidated statements of cash flows for the nine months ended October 3, 2010 and September 27, 2009 are unaudited. In the opinion of management, all adjustments necessary for the fair presentation of such financial statements have been included. Such adjustments consisted only of normal recurring items. Interim results are not necessarily indicative of results for any other period or for the full year. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with the footnotes contained in the Company’s consolidated financial statements as of and for the year ended December 31, 2009, together with the auditors’ report, included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission.

(2) Summary of Significant Accounting Policies

The accounting policies underlying the accompanying unaudited condensed consolidated financial statements are those set forth in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 as filed with the Securities and Exchange Commission.

Subsequent Events — The Company evaluated subsequent events through the time of filing this Quarterly Report on Form 10-Q. We are not aware of any significant events that occurred subsequent to the balance sheet date, but prior to the filing of this report that would have a material impact on our condensed consolidated financial statements.

(3) Inventories, net


	October 3, 2010		December 31, 2009
	(in thousands)
Raw materials and manufactured components	$	8,057	$	6,051
Work-in-process		7,748		5,970
Finished goods		1,688		2,512

Total Net Inventory	$	17,493	$	14,533

BTU INTERNATIONAL, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(unaudited)

(4) Other Current Liabilities


	October 3, 2010		December 31, 2009
		(in thousands)
Accrued commissions	$	808	$	1,176
Accrued warranty		565		486
Accrued income taxes		647		774
Accrued audit		340		366
Accrued legal		281		265
Accrued bonus		471		305
Accrued Atmoplas acquisition-related royalties		—		600
Payroll and payroll taxes		778		836
Accrued royalties		23		179
Accrued cost of sales		521		157
Customer deposits		5,151		3,310
Other		78		123

Other current liabilities	$	9,663	$	8,577

Warranty

The Company provides standard warranty coverage for labor for 12 months and special extended material-only coverage on certain other products. The Company estimates and records an accrual for anticipated warranty claims based on sales. The accrual for warranty covers the estimated costs of material, labor and travel. Actual warranty claims incurred are charged to the accrual. Factors that affect the Company’s product warranty liability include the number of installed units, the anticipated cost of warranty repairs and historical and anticipated rates of warranty claims.

The following table reflects changes in the Company’s accrued warranty account during the nine months ended October 3, 2010:


	Nine Months Ended October 3, 2010
	(in thousands)
Beginning balance, December 31, 2009	$	486
Plus: accruals related to new sales		707
Less: warranty claims incurred and reserve adjustment		(628	)

Ending balance, October 3, 2010	$	565

BTU INTERNATIONAL, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(unaudited)

(5) Debt

Long-term debt at October 3, 2010 and December 31, 2009 consisted of:


	October 3, 2010		December 31, 2009
	(in thousands)
Mortgage note payable, interest rate of 5.50%	$	8,771	$	8,997
Less: current maturities		325		310

	$	8,446	$	8,687

On March 30, 2006, the Company entered into a mortgage note that is secured by our real property in Billerica, Massachusetts, in the amount of $10 million. This mortgage note payable has a balloon payment of $6.7 million due and payable at maturity on December 23, 2015. On September 9, 2010, the Company signed a Loan Modification Agreement relating to the mortgage note. The modifications resulted in a reduction of the annual interest rate from 6.84% to 5.50% and a reduction in the monthly payment from $76,280 to $69,000.

On August 31, 2009, the Company entered into a pledge and assignment agreement with a bank. The bank agrees, at the Company’s request, to issue letters of credit in the bank’s name and the Company agrees to cash collateralize letters of credit via restricted cash deposits at the bank. As of October 3, 2010, the value of the outstanding letters of credit issued by the bank for the Company and cash collateralized by the Company was $479,648. This restricted cash value is included in the Company’s balance sheet in other current assets.

(6) Net Loss Per Share (EPS)

Basic EPS is computed by dividing net loss available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common and dilutive potential common shares outstanding during the period, using the treasury stock method. Due to their antidilutive effect, approximately 495,162 and 493,414 options to purchase common stock were excluded from the calculation of diluted earnings per share for the three and nine months ended October 3, 2010, respectively, and 338,360 and 681,610 options were excluded for the three and nine months ended September 27, 2009, respectively. However, these options could become dilutive in future periods.

(7) Accounting for Stock-Based Compensation

The Company’s stock option compensation expense was $380,015 and $1,012,268 for the three and nine months ended October 3, 2010 and $303,027 and $911,598 for the three and nine months ended September 27, 2009, respectively. These amounts do not include expense related to restricted stock awards issued in 2009. No restricted stock has been issued during the first nine months of 2010.

BTU INTERNATIONAL, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(unaudited)

The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model. This model incorporates certain assumptions for inputs including a risk-free market interest rate, expected dividend yield of the underlying common stock, expected option life and expected volatility in the market value of the underlying common stock. The Company is also required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Historical data was used to estimate pre-vesting forfeitures and record stock-based compensation expense only for those awards that are expected to vest. Accordingly, awards ultimately expected to vest have been reduced by annualized estimated forfeiture rates of 4% and 5% for the three and nine month periods ended October 3, 2010 and September 27, 2009, respectively. We used the following assumptions for options granted in the following periods:

Calculation of Fair Value - Assumptions Used:


	Nine months ended
	October 3, 2010			September 27, 2009
Expected Volatility		66.81	%		65.57	%
Expected Life		4.63			4.67
Risk-Free Interest Rate		1.87	%		2.17	%
Expected Dividend Yield		0			0

Expected volatilities are based on the historical volatility of the Company’s common stock. The Company had significant historical data to help evaluate the expected lives of options in developing its assumption. The risk-free interest rate is based upon quoted market yields for United States Treasury debt securities. The expected dividend yield is based upon the Company’s history of having never issued a dividend and management’s current expectation of future action surrounding dividends.

The following table summarizes the stock option activity during the nine months ended October 3, 2010


	Shares			Weighted- Average Exercise Price		Average Remaining Contractual Term		Aggregate Intrinsic Value
Options
Outstanding at December 31, 2009		1,177,028		$	6.55
Granted		150,044		$	5.46
Exercised		(25,250	)	$	3.31
Forfeited		(73,363	)	$	7.94

Outstanding at October 3, 2010		1,228,459		$	6.40		4.68	$	2,603,508
Exercisable at October 3, 2010		503,019		$	7.58		3.23	$	989,441

The weighted-average grant date fair values of options granted during the nine month periods ended October 3, 2010 and September 27, 2009 were $2.98 and $4.06, respectively. The aggregate fair value of options exercised during the nine-month period ended October 3, 2010 and September 27, 2009 was $49,711 and $17,337, respectively

As of October 3, 2010 there was $2,193,582 of total unrecognized compensation cost related to non-vested options granted under the Company’s option plans. That cost is expected to be recognized over a weighted average period of 2.27 years. The total fair value of options vested during the nine-month period ended October 3, 2010 was $723,249.

BTU INTERNATIONAL, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(unaudited)

(8) Revenue Recognition

For the three and nine months ended October 3, 2010, there was $292,600 and $1,848,012, respectively, of revenue recognized using the percentage of completion method. For the three and nine months ended September 27, 2009, there was $1,053,778 and $3,943,391, respectively, of revenue recognized using the percentage of completion method. For additional information on the Company’s revenue recognition policies, please see Note 1 in the notes to the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed March 4, 2010 with the Securities and Exchange Commission.

(9) Fair Value of Financial Instruments

In accordance with the requirements of the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the Company groups its financial assets and liabilities measured at fair value on a recurring basis in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:

•

Level 1 – Valuation is based upon quoted market price for identical instruments traded in active markets.

•

Level 2 – Valuation is based on quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

•

Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. Valuation techniques include use of discounted cash flow models and similar techniques.

In accordance with the requirements of the Fair Value Measurements and Disclosures Topic of the FASB ASC, it is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. When available, the Company uses quoted market prices to measure fair value. If market prices are not available, the fair value measurement is based on models that use primarily market based parameters including interest rate yield curves, option volatilities and currency rates. In certain cases, where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values.

a. Cash and Cash Equivalents-The carrying amount of these assets on the Company’s consolidated balance sheets approximates their fair value because of the short maturities of these instruments.

b. Receivables, Payables and Accruals—The recorded amounts of financial instruments, including accounts receivable, accounts payable, and accrued liabilities, approximate their fair value because of the short-term maturity of these instruments.

c. Long-term Debt—The fair value of long-term indebtedness as of October 3, 2010, was approximately $8.8 million. The current market interest rate approximates the rate of the mortgage note payable of 5.5%.

(10) Contingent Liabilities

As an equipment manufacturer, the Company generates and disposes of small quantities of solid waste that is considered hazardous under EPA Environmental Protection Agency regulations. Because the Company used a waste disposal firm that disposed the solid waste at a site that the EPA has designated as a Superfund site the Company has been named by the EPA as one of the entities responsible for a portion of the expected clean-up costs. Based on the Company’s proportional responsibility, as negotiated with and agreed to by the EPA, the Company’s liability related to this matter is $225,140. This amount is included in other current liabilities on the balance sheet as of October 3, 2010. On October 2, 2009, in accordance with the agreement, the Company established a letter of credit for $225,140 to the benefit of the EPA for potential cash payments as settlements for the Company’s proportional liability.

(11) Recent Accounting Pronouncements

In January 2010, the FASB issued Accounting Standards Update (ASU) 2010-06, Improving Disclosures about Fair Value Measurements. The ASU reports on new disclosure requirements -and clarifications of existing requirements -under ASC Subtopic 820-10 (originally issued as FAS 157). The new rules require companies to provide greater detail about the methods and inputs they use to measure the fair value of assets, bringing U.S. Generally Accepted Accounting Principles (GAAP) in line with International Financial Reporting Standards (IFRS) 7, which already requires similar disclosures. The adoption of this Standard has not had an impact on the Company’s consolidated financial statements.

BTU INTERNATIONAL, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(unaudited)

(12) Segment Reporting

Segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. The Company operates as a single business segment called Thermal Processing Capital Equipment.

The Thermal Processing Capital Equipment segment consists of the designing, manufacturing, selling and servicing of thermal processing equipment and related process controls for use in the electronics, alternative energy, automotive and other industries. This business segment includes the supply of solder reflow systems used for surface mount applications in printed circuit board assembly. Thermal processing equipment is used in low temperature curing/encapsulation, hybrid integrated circuit manufacturing, integrated circuit packaging and sealing, and processing multi-chip modules. In addition, the thermal process equipment is used for solar cell processing, sintering nuclear fuel for commercial power generation, as well as brazing and the sintering of ceramics and powdered metals, and the deposition of precise thin film coatings. The business segment’s customers are multinational original equipment manufacturers and contract manufacturing companies.

Tangible long-lived assets by geographic location are as follows:


	October 3, 2010		December 31, 2009
	(in thousands)
United States	$	5,230	$	5,679
Asia Pacific		687		653

	$	5,917	$	6,332

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

BTU International, Inc. (“BTU”), founded in 1950 and headquartered in North Billerica, Massachusetts, is a market-leading, global supplier of advanced thermal processing equipment to the alternative energy and electronics manufacturing markets. BTU equipment is used in the production of solar cells and nuclear fuel, as well as in printed circuit board assembly and semiconductor packaging.

Our customers require high throughput, high yield and highly reliable thermal processing systems with tightly controlled temperature and atmospheric parameters. In the solar market, BTU offers processing equipment for both silicon and thin film photovoltaics. Also in alternative energy, our customers use our thermal systems for the processing of nuclear fuel. Our convection solder reflow systems are used to attach electronic components to the printed circuit boards, primarily in the advanced, high-density, surface mount segments of this market. In the semiconductor market, we participate in both wafer level and die level packaging, where our thermal processing systems are used to connect and seal integrated circuits into a package.

In 2004, we began manufacturing and material sourcing operations in a leased facility in Shanghai, China. These additional facilities were needed for further expansion into the Asia Pacific region. In addition, we expanded our product development capability to China, creating a global engineering team. This team has developed and commercially introduced our latest PYRAMAX™ and TRITAN™ products and continues to collaborate with our U.S. headquarters on additional product initiatives.

RESULTS OF OPERATIONS

Three months ended October 3, 2010 compared to the three months ended September 27, 2009

The following table sets forth, for the periods indicated selected items in our statements of operations expressed as a percentage of net sales.

Summary Consolidated Statement of Operations


	Three Months Ended
	October 3, 2010						September 27, 2009
				($ in thousands)
				% of Net Sales						% of Net Sales			Percent Change
Net sales	$	19,011			100.0	%	$	12,409			100.0	%		53.2	%
Cost of goods sold		10,845			57.0	%		8,548			68.9	%		26.9	%

Gross profit		8,166			43.0	%		3,861			31.1	%		111.5	%

Selling, general and administrative expenses		5,758			30.3	%		4,697			37.8	%		22.6	%
Research, development and engineering expenses		1,618			8.5	%		1,411			11.4	%		14.7	%

Operating income (loss)		790			4.2	%		(2,247	)		(18.1	)%		(135.2	)%

Income (loss) before provision for income taxes		537			2.8	%		(2,382	)		(19.2	)%		(122.5	)%

Provision for income taxes		557			2.9	%		238			1.9	%		134.0	%

Net loss	$	(20	)		(0.1	)%	$	(2,620	)		(21.1	)%		(99.2	)%

Net Sales. Net sales in the third quarter of 2010 increased by $6.6 million, or 53.2%, as compared to the same quarter in 2009. In the third quarter of 2010 versus the third quarter of 2009, net sales for the Company’s electronics market systems increased by $4.4 million, or 61.9%; for alternative energy systems, sales increased by $1.8 million, or 49.3%; and parts and service sales increased by $0.4 million, or 23.7%. The Company’s third quarter 2010 alternative energy systems sales growth versus the same period in 2009 is the result of increased demand for our solar products. The substantial growth in the third quarter of 2010 for the Company’s electronics market systems, as compared to the same period in 2009, represents the continuing recovery of demand for our electronic products from the economic recession, particularly in Asia.

The following table sets forth, for the periods indicated, revenues from sales into select geographies expressed in thousands of dollars and as a percentage of total revenues. The values shown represent the amount sold into each of the listed geographical areas.


	Three Months Ended
	October 3, 2010					September 27, 2009
	($ in thousands)
	$		% of Revenues			$		% of Revenues
United States	$	1,675		8.8	%	$	2,194		17.7	%
Europe, Near East		1,581		8.3	%		2,040		16.4	%
Asia Pacific		15,094		79.4	%		7,864		63.4	%
Other Americas		661		3.5	%		311		2.5	%

Total Revenue	$	19,011				$	12,409

The above geographical revenue breakdown reflects the magnitude of the recovery in Asia from the economic downturn with a nearly doubling of revenue in Asia for the comparative periods.

Gross Profit. The third quarter 2010 gross profit of $8.2 million increased by $4.3 million, or 111.5%, versus the third quarter of 2009 primarily as a result of the 53.2% revenue increase. In the third quarter of 2010 as compared to the same period of 2009, gross profit as a percentage of sales increased to 43.0% as compared to 31.1% reflecting increased revenues and improved factory utilization in both our China and USA facilities and reduced inventory write-downs.

Selling, General and Administrative (SG&A). SG&A expenses increased by $1.1 million, or 22.6%, as compared to the same quarter in 2009 which occurred primarily in commission expense as a result of increased revenue of 53.2% in the third quarter of 2010 as compared to 2009.

Research, Development and Engineering (RD&E). RD&E expenses increased by $0.2 million, or 14.7%, from $1.4 million in the third quarter of 2009 to $1.6 million in the third quarter of 2010. The increases relate principally development of our products for the solar industry.

Operating Income (Loss) The impact of the revenue increase and its associated increase in gross margin in the third quarter of 2010, resulted in operating income as compared to an operating loss, for the same period in 2009.

Interest Income (Expense). In the third quarter of 2010, as compared to the same period in 2009, net interest expense remained relatively stable.

Foreign Exchange loss. The foreign exchange loss for the third quarter of 2010 was $115,000 as compared to a loss of $4,000 in the third quarter of 2009. The Company’s primary exposure to foreign exchange losses result from U.S. dollar denominated balance sheet accounts recorded at the Company’s China and UK operations and Chinese RMB denominated balance sheet accounts recorded at the Company’s U.S. headquarters.

Income Taxes For the three months ended October 3, 2010, we recorded an income tax provision of $557,000 as compared to $238,000 for the three months ended September 27, 2009. The Company’s income tax provision primarily relates to income and withholding taxes related to our China operations.

The significant fluctuations in the Company’s quarterly tax rate, as a percent of consolidated pre-tax income or loss, are the result of the varying ratio of the consolidated pre-tax profit or loss by tax entity to the consolidated tax provision. A significant portion of the consolidated tax provision relates to Chinese withholding taxes which are not directly related to pre-tax income in China. China withholding taxes primarily result from corporate royalty charges based on our Chinese manufacturing subsidiary’s net sales.

RESULTS OF OPERATIONS

Nine months ended October 3, 2010 compared to the nine months ended September 27, 2009.

The following table sets forth, for the periods indicated, selected items in our statements of operations expressed as a percentage of net sales.

Summary Consolidated Statement of Operations


	Nine Months Ended
	October 3, 2010						September 27, 2009
				($ in thousands)
				% of net sales						% of net sales			Percent change

Net sales	$	54,235			100.0	%	$	33,023			100.0	%		64.2	%
Cost of goods sold		31,281			57.7	%		24,093			73.0	%		29.8	%

Gross profit		22,954			42.3	%		8,930			27.0	%		157.0	%

Selling, general and administrative expenses		16,533			30.5	%		13,397			40.6	%		23.4	%
Research, development and engineering expenses		4,813			8.9	%		5,286			16.0	%		(8.9	)%

Operating income (loss)		1,608			3.0	%		(9,753	)		(29.5	)%		(116.5	)%

Income (loss) before provision for income taxes		1,200			2.2	%		(10,241	)		(31.0	)%		(111.7	)%

Provision for income taxes		1,258			2.3	%		419			1.3	%		200.2	%

Net loss	$	(58	)		(0.1	)%	$	(10,660	)		(32.3	)%		(99.5	)%

Net sales for the nine months year to date 2010 as compared to the nine months year to date 2009 increased by $21.2 million, or 64.2%. Net sales increases were $15.4 million, or 108.6%, for the Company’s electronics market systems; $5.6 million, or 40.1%, for alternative energy systems; and $0.2 million, or 4.7%, for parts, other market systems and service. The Company’s nine month 2010 alternative energy systems sales growth as compared to the same period in 2009 is the result of increased demand for both solar and nuclear products. The substantial growth in the first nine months of 2010, as compared to the same period in 2009, for the Company’s electronic market systems revenue, particularly in Asia, represents the continuing recovery in demand for our electronic products from the economic recession.


	Nine Months Ended
	October 3, 2010					September 27, 2009
	($ in thousands)
	$		% of revenues			$		% of revenues

United States	$	4,643		8.6	%	$	7,833		23.7	%
Europe, Near East		8,167		15.1	%		6,994		21.2	%
Asia Pacific		39,741		73.3	%		16,908		51.2	%
Other Americas		1,684		3.1	%		1,288		3.9	%

Total Revenue	$	54,235				$	33,023

The above geographical revenue breakdown for the first nine months of 2010 versus the same period in 2009, reflects the magnitude of the recovery in Asia, where revenues more than doubled over the comparative periods.

Gross Profit. Gross profit for the first nine months of 2010 increased to $23.0 million, or 157.0%, as compared to $8.9 million for the same period in 2009. The gross profit as a percentage of sales for the first nine months of 2010 increased to 42.3% from 27.0% for the first nine months of 2009. These increases are due primarily to the 64.2% revenue increase, improved factory utilization in both China and the USA and reduced inventory write-downs.

Selling, General and Administrative (SG&A.) SG&A expenses for the first nine months of 2010 as compared to the same period in 2009 increased by $3.1 million, or 23.4%, from $13.4 million to $16.5 million. This increase was primarily the result of increased commission expense from increased revenues of 64.2% for the first nine months of 2010 as compared to the same period in 2009.

Research, Development and Engineering (RD&E). RD&E expenses decreased by $0.5 million, or 8.9 %, to $4.8 million for the first nine months of 2010, compared to $5.3 million for the same period in 2009. The reduction in R&D is the result of the Company’s actions of reducing, Research and Development prototype model costs, as new products were introduced in 2010.

Operating Income (Loss). The impact of the revenue increase and the associated increase on gross margins in the first nine months of 2010 resulted in operating income as compared to an operating loss for the same period in 2009.

Interest Income (Expense). For the first nine months of 2010 as compared to the same period in 2009, interest expense remained relatively stable. Interest income is minimal for the first nine months of 2010 due to lower interest rates and lower cash balances.

Foreign Exchange loss. The foreign exchange loss for the first nine months of 2010 was $9,000 as compared to a loss of $239,000 for the same period in 2009. The Company’s primary exposure to foreign exchange losses result from U.S. dollar denominated balance sheet accounts recorded at the Company’s China and UK operations, and Chinese RMB denominated balance sheet accounts recorded at the Company’s U.S. headquarters.

Income Taxes. During the nine months ended October 3, 2010, we recorded an income tax provision of $1.3 million as compared to $0.4 million for the nine months ended September 27, 2009. The Company’s income tax provision primarily relates to income and withholding taxes related to our China operations.

LIQUIDITY AND CAPITAL RESOURCES

As of October 3, 2010, we had $21.8 million in cash and cash equivalents, a decrease of $3.6 million, compared to $25.4 million at December 31, 2009.

During the nine months ended October 3, 2010, the Company used net cash of approximately $2.5 million in operating activities. This use of cash was primarily the result of an increase in accounts receivable of $7.2 million and an increase in inventory of $2.8 million, offset by depreciation and amortization of $1.7 million, an increase in accounts payable of $3.6 million, stock-based compensation expense of $1.0 million, a decrease of other assets of $0.1million, and an increase in other current liabilities of $1.1 million.

On August 31, 2009, the Company entered into a pledge and assignment agreement with a bank. The bank agrees, at the Company’s request, to issue letters of credit in the bank’s name and the Company agrees to cash collateralize the letters of credit via restricted cash deposits at the bank. As of October 3, 2010, the value of the outstanding letters of credit issued by the bank for the Company and cash collateralized by the Company was $479,648. This restricted cash value is included in the Company’s balance sheet in other current assets.

The Company has a mortgage note that is secured by its real property in Billerica, MA. The original amount of the note was $10 million. This mortgage note payable has a balloon payment of $6.7 million due and payable at maturity on December 23, 2015. On September 9, 2010, the Company signed a Loan Modification Agreement with the same bank that that the mortgage was entered into on December 23, 2003 and amended on March 30, 2006 (see below). The 2010 modifications resulted in lowering the annual interest rate from 6.84% to 5.50%, and lowering the monthly payment from $76,280 to $69,000. The mortgage note had an outstanding balance at October 3, 2010 of approximately $8.8 million.

As of October 3, 2010, the Company has no material commitments relating to capital expenditures. There were no significant changes in Company commitments that were outlined in the Company’s Form 10-K filing for 2009.

The Company’s business forecasts project that our cash position and cash flow will be sufficient to meet our corporate, operating and capital requirements for the next twelve months.

CRITICAL ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES

During the nine months ended October 3, 2010, we believe that there have been no significant changes to the items that we disclosed as our critical accounting policies and estimates in the “Critical Accounting Policies and Significant Estimates” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009.

OTHER MATTERS

Given that the Company invoices the vast majority of its sales in U.S. dollars, that the Company has a substantial manufacturing presence in China and that sales into China are primarily in U.S. dollars, should the U.S. dollar decline in relation to the Chinese RMB, the Company’s financial results will be adversely affected.

FORWARD LOOKING STATEMENTS

This Report contains express or implied forward-looking statements. The words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “may,” “intends,” “believes,” “estimate,” “project” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are neither promises nor guarantees but rather are subject to risks and uncertainties described in this report, 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 our management at the time such statements are made. Important factors that could cause actual results to differ include, but are not limited to, the condition of the world economy, the timely availability and acceptance of new products in the electronics, semiconductor and alternative energy generation industries, manufacturing problems with our foreign operations in China, the impact of competitive products and pricing, particularly from companies in Asia, and other risks detailed above under “Risk Factors.” Actual results may vary materially. Unless otherwise required by law, we disclaim any obligation to revise or update this information in order to reflect future events or developments, whether or not anticipated. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

We have international subsidiaries in China, the United Kingdom, Singapore, the Philippines and Malaysia. These subsidiaries transact business in their functional or local currency. Therefore, we are exposed to foreign currency exchange risks and fluctuations in foreign currencies, along with economic and political instability in the foreign countries in which we operate, all of which could adversely impact our results of operations and financial condition.

As of October 3, 2010 and December 31, 2009, all of our long-term debt obligations are fixed rate financial instruments. Therefore we are not exposed to interest rate risk resulting from the variable interest rate of our debt.

Item 4.

Controls and Procedures

Controls and Procedures.

Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective in ensuring that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting (as defined by Rule 13a-15(f)), that occurred during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1A.

Risk Factors

Risk factors are disclosed in the Company’s 2009 Annual Report on Form 10-K. During the nine months ended October 3, 2010, there were no material changes to the risk factors for the business.

Item 5.

Other Information

On September 9, 2010, the Company signed a Loan Modification Agreement relating to the mortgage note secured by it property in Billerica, MA. The modifications resulted in a reduction of the annual interest rate from 6.84% to 5.50% and a reduction in the monthly payment from $76,280 to $69,000.

Item 6.

Exhibits

(a) Exhibits

Exhibit 10.2 - Loan Modification Agreement

Exhibit 31.1 - Section 302 Certification

Exhibit 31.2 - Section 302 Certification

Exhibit 32.1 - Section 906 Certification

Exhibit 32.2 - Section 906 Certification

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	BTU INTERNATIONAL, INC.

DATE: November 4, 2010	BY:	/S/ PAUL J. VAN DER WANSEM
		Paul J. van der Wansem
		President, Chief Executive Officer
		(principal executive officer) and Chairman of the Board of Directors

DATE: November 4, 2010	BY:	/S/ PETER J. TALLIAN
		Peter J. Tallian
		Chief Financial Officer and Principal Accounting Officer (principal financial and accounting officer)

EX-10.2 2 dex102.htm LOAN MODIFICATION AGREEMENT Loan Modification Agreement

Exhibit 10.2


SALEM FIVE CENTS SAVINGS BANK		MODIFICATION AGREEMENT

This Modification Agreement (the “Modification Agreement”) is made as of the 9 day of September, 2010 by and among:

Salem Five Cents Savings Bank, a Massachusetts savings bank with a principal office a 210 Essex Street, Salem, Massachusetts 01970 (the “Bank”); and

BTU International, Inc., a Delaware corporation with a principal place of business at 23 Esquire Road, North Billerica, Massachusetts 01862 (the “Borrower”).

in consideration of the mutual covenants herein contained and the benefits to be derived herefrom.

BACKGROUND:

A. WHEREAS, on or about December 23, 2003, the Bank established a certain term loan facility (the “Loan”) in favor of Borrower, which Loan was evidenced by a certain Commercial Real Estate Promissory Note dated December 23, 2003, in the original principal amount of FIVE MILLION SIX HUNDRED THOUSAND DOLLARS ($5,600,000.00) (hereinafter, the “Original Note”), and secured by, among other things, a certain Mortgage, Security Agreement and Assignment dated December 23, 2003 and recorded with the Middlesex North District Registry of Deeds at Book 16689, Page 1, and filed with the Middlesex North Registry District of the Land Court as Document No. 221324 (hereinafter, as may be amended (including the Mortgage Amendment defined below), the “Mortgage”), pursuant to which Borrower, among other things, granted a first priority security interest in and to the premises known as 23 Esquire Road, North Billerica, Massachusetts (hereinafter, the “Premises”), to secure the prompt, punctual and faithful payment and performance of all and each of its present and future Liabilities (as such term is defined in the Mortgage) to the Bank.

B. WHEREAS, on or about March 30, 2006, Borrower and the Bank amended the Loan to, among other things, increase the loan amount, and in connection therewith (i) amended and restated the Original Note in its entirety by executing and delivering that certain Amended and Restated Commercial Real Estate Promissory Note dated March 30, 2006 in the principal amount of TEN MILLION DOLLARS ($10,000,000.00) (the “Note”), and (ii) amended the Mortgage by executing and delivering that certain Amendment to Mortgage, Security Agreement and Assignment dated March 30, 2006 (the “Mortgage Amendment”) in order to secure the Note.

The Note, the Mortgage, and all other instruments and documents establishing, evidencing or securing the Loan are hereinafter referred to as to the “Loan Documents.”

C. WHEREAS, Borrower agrees that the Mortgage fully secures the Note and all of Borrower’s obligations under the Loan and the Loan Documents.

D. WHEREAS, Borrower has requested that the Bank lower the interest rate applicable to the Loan, and the Bank is willing to accommodate Borrower’s request, but only based upon and subject to the terms and conditions of this Modification Agreement.

NOW, THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, the parties hereby agree that the Loan Documents, including, but not limited to, the Note and the Mortgage, and the other Loan Documents are hereby amended as follows:

DEFINITIONS

Any capitalized, undefined term used herein shall have the same meaning given such term in the Loan Documents.

II.

ACKNOWLEDGMENT OF LOAN BALANCE

The Borrower hereby acknowledges and agrees that the principal amount outstanding under the Loan as of August 28, 2010 is $8,797,602.17.

Borrower further acknowledges and agrees that, in addition to the foregoing, Borrower is liable to the Bank under the Loan Documents for all interest accruing pursuant to the Note and for all costs, expenses, and costs of collection (including reasonable attorneys’ fees and disbursements) previously, now, or hereafter incurred by the Bank under or in connection with the Loan Documents.

III.

THE NOTE

The Note is hereby modified and amended as follows:

(i) The interest rate applicable to the Loan from the date hereof through and including the Maturity Date (as defined in the Note) shall be decreased from six and 84/100 percent (6.84%) to five and 50/100 percent (5.50%). So as to effectuate the decrease in the interest rate applicable to the Note:

(a)

Subparagraph (iii) on page 1 of the Note is hereby deleted in its entirety, and the following is inserted in its place and stead:

“(iii) from the Rate Conversion Date until September 23, 2010, interest on the entire unpaid principal balance of this Note shall be six and 84/100 percent (6.84%) per annum; and

(iv) from and after September 23, 2010, interest on the entire unpaid principal balance of this Note shall be five and 50/100 percent (5.50%) per annum.”

(b)

Subparagraphs (b) and (c) on page 2 of the are hereby deleted in their entirety, and the following is inserted in their place and stead:

“(b) Commencing January 23, 2007, and on the same date of each calendar month thereafter until (and including) September 23, 2010, the Borrower shall make consecutive monthly payments of principal and interest, each monthly payment in the amount of Seventy Seven Thousand One Hundred Three and 38/100 dollars ($77,103.38); and

(c) Commencing October 23, 2010, and on the same date of each calendar month thereafter, the Borrower shall make consecutive monthly payments of principal and interest, each monthly payment in the amount of Sixty Eight Thousand Nine Hundred Ninety-Nine and 94/100 dollars ($68,999.94); and

(d) In all events and under all circumstances, unless sooner paid, the entire outstanding principal balance hereof, and all accrued but unpaid interest hereon shall be due and payable on December 23, 2015 (the “Maturity Date”).

Each and every reference in the Loan Documents to the Note shall mean and refer to the Note as amended and modified by this Modification Agreement. Borrower acknowledges, confirms, ratifies and agrees that the Note, as amended hereby, is the promissory note secured by the Mortgage.

(ii)

Except as specifically modified herein, all terms and conditions of the Note are hereby ratified and confirmed.

IV.

AMENDMENT OF MORTGAGE

The Mortgage is hereby amended, to the extent necessary, to amend, ratify and confirm that the obligations of the Borrower under (i) this Modification Agreement, and (ii) the Note, in its original form and as modified and amended hereby, and, in each case, as the same may be further amended and modified and any further extensions, renewals, substitutions, modifications or replacements thereof are included with the definition of Liabilities (as defined in the Mortgage) secured by the Mortgage. Borrower ratifies, confirms and agrees that the Note, as modified and amended hereby, constitutes a “modification” of the Note, as such term is used in the Mortgage. Without limiting the foregoing, Borrower acknowledges and agrees that (i) each and every reference in the Mortgage to the “Note” shall be deemed to mean the Note, as modified and amended hereby, and any and all extensions, renewals, substitutions, modifications or replacements thereof; and (ii) this Modification Agreement and the Note, as modified and amended hereby, and, in each case, any and all extensions, renewals, substitutions, modifications or replacements thereof, shall be deemed included in the definition of (a) “Liabilities” secured by the Mortgage, as said term is defined in the Mortgage, and (b) “Loan Documents”. Each and every reference in the Loan Documents to the Mortgage shall be deemed to refer to and include the Mortgage as amended by this Modification Agreement.

RATIFICATION OF LOAN DOCUMENTS AND COLLATERAL SECURITY

Borrower ratifies, confirms and agrees that the execution and delivery of all of the Loan Documents, including, without limitation, the Note and this Modification Agreement, was and is

made in accordance with the terms and provisions of the Borrower’s Articles of Incorporation and Bylaws and with the authorization of, to the extent required, the shareholders of the Borrower, and that it does not violate or contravene any provision of said Articles of Incorporation and Bylaws or any other indenture or contract to which the Borrower is a party; that the Loan Documents, including specifically, but not limited to, the Note, as modified hereby, the Mortgage, as modified hereby, and this Modification Agreement, are valid, binding and enforceable against the Borrower and that no consent of any other party is required in connection with the execution, delivery, performance or enforceability of each of the Loan Documents, including this Modification Agreement. Borrower ratifies, confirms and agrees that the decrease in the interest rate applicable to the Note, as set forth herein, constitutes a “modification” of the Note, as said term is used in the Mortgage. Borrower further ratifies and confirms that the Mortgage, together with any and all other Loan Documents, granted a continuing security interest in and to the Property, and that the Mortgage, together with any and all other Loan Documents, secure Borrower’s prompt, punctual and faithful payment and performance of (i) the Note, as modified hereby, and any further extensions, renewals, substitutions, modifications or replacements thereof; (ii) this Modification Agreement, and any extensions, renewals, substitutions, modifications or replacements thereof; (iii) any and all liabilities, debts, and obligations of the Borrower to the Bank (including without limitation, this Modification Agreement and the Note, as modified hereby); (iv) any and all liabilities, debts and obligations, whether now existing or hereafter arising, or at any time owing by Borrower to the Bank, including without limitation, costs, costs of collection, attorneys’ reasonable fees and all court and litigation costs and expenses; and (v) all sums, bearing interest at the highest rate provided in the Note, as modified hereby, advanced to or on behalf of Borrower by the Bank for any purposes, whether dependent or independent of this transaction, all of which shall be equally secured with and have the same priority as the original advances under the Note, as amended and modified hereby, and the other Loan Documents. Without limiting the foregoing, Borrower acknowledges and agrees that (i) each and every reference in the Mortgage to the Note shall be deemed to include the Note, as amended and modified hereby, and any and all extensions, renewals, substitutions, modifications or replacements thereof; and (ii) the Note as amended and modified hereby, shall be deemed included in the definition of (a) “Liabilities” secured by the Mortgage, and (b) “Loan Documents”, as each of said terms is defined in the Mortgage.

VI.

CONDITIONS TO BANK’S OBLIGATIONS

The willingness of the Bank to consent to and enter into this Modification Agreement is subject to the following conditions:

(a)

Concurrently with the execution and delivery of this Modification Agreement, the Bank shall have received such documents, certificates, resolutions, instruments, insurance certificates, title insurance endorsements and agreements from Borrower as the Bank may reasonably request.

(b)

Borrower hereby agrees to pay to the Bank the fees and expenses incurred by the Bank, including, but not limited to, legal fees and expenses and

disbursements, incurred in connection with the preparation and implementation of this Agreement.

VII.

REPRESENTATIONS AND WARRANTIES

Borrower hereby represent and warrant that:

(a)

The representations and warranties, acknowledgements and waivers contained in the Loan Documents, as hereby amended, are true and correct in all material respects on the date hereof with the same effect as though such representations and warranties, acknowledgements and waivers had been made on the date hereof;

(b)

Borrower has complied and is now in compliance with all of the terms and provisions set forth in the Loan Documents, on its part to be observed and performed;

(c)

No Event of Default as specified in any of the Loan Documents has occurred and is continuing; and

(d)

The execution, delivery, and performance of this Modification Agreement, (i) has been duly authorized by all requisite corporate action by the Borrower, (ii) will not violate either (x) any provision of law applicable to Borrower, any governmental regulation, Borrower’s Articles of Incorporation and Bylaws or (y) any order of any court or other agency of government binding on Borrower or any indenture, agreement, or other instrument to which the Borrower is a party, or by which Borrower or any of Borrower’s property is bound, and (iii) will not be in conflict with, result in a breach of, or constitute a default under, any such indenture, agreement, or other instrument.

VIII.

WAIVER OF JURY TRIAL

BORROWER MAKES THE FOLLOWING WAIVER KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY, AND UNDERSTANDS THAT THE BANK, IN ENTERING INTO THE WITHIN MODIFICATION AGREEMENT, IS RELYING THEREON. BORROWER, TO THE EXTENT OTHERWISE ENTITLED THERETO, HEREBY IRREVOCABLY WAIVES ANY PRESENT OR FUTURE RIGHT TO A JURY IN ANY TRIAL OF ANY CASE OR CONTROVERSY IN WHICH THE BANK IS OR BECOMES A PARTY (WHETHER SUCH CASE OR CONTROVERSY IN INITIATED BY OR AGAINST THE BANK OR IN WHICH THE BANK IS JOINED AS A PARTY LITIGANT), WHICH CASE OR CONTROVERSY ARISES OUT OF, OR IS IN RESPECT OF, ANY RELATIONSHIP BETWEEN BORROWER AND THE BANK.

IX.

MISCELLANEOUS

A. Borrower hereby agrees that, contemporaneously with the execution of this Modification Agreement and at any time thereafter, upon the request of the Bank, Borrower shall execute and

deliver all documents, instruments and agreements as reasonably required by the Bank as a precondition for extending the accommodations set forth in this Modification Agreement.

B. In addition to the Events of Default provided in the Loan Documents, the failure by the Borrower to comply with all terms and conditions contained herein and/or the determination by the Bank that any representation or warranty made by Borrower to the Bank in any of the Loan Documents was not true when given shall constitute a default hereunder and an Event of Default under the Loan Documents, pursuant to which the Bank may exercise all of its rights and remedies upon default.

C. Borrower warrants and represents that it has complied with and is now in compliance with all of the terms and provisions set forth in the Loan Documents and that no event of default as specified in any of the Loan Documents has occurred and is continuing.

D. The Bank does not hereby waive any defaults now existing or hereinafter arising under the Loan Documents or any of its rights and remedies upon the occurrence of a default under the Loan Documents.

E. Borrower represents and warrants that it has no defense, set-off or counterclaim to the payment of the liabilities and obligations to the Bank arising under the Loan with respect to any actions, inactions or statements of fact arising or existing prior and up to the date of this Modification Agreement and to the extent that Borrower has any such defense, set-off or counterclaim, Borrower affirmatively WAIVES any such claim. Borrower hereby releases and forever discharges the Bank and its representatives from any and all claims, defenses, actions, causes of action, suits, controversies, agreements, provisions and demands in law or in equity which Borrower ever had, has as of the date of this Modification Agreement or may have in the future, against the Bank or its representatives, including, but not limited to, claims relating to and arising out of the Loan, provided however, that the future release and discharge set forth herein shall not apply to any act by the Bank found by a court of competent jurisdiction in a final judgment from which no appeal has been taken to constitute willful misfeasance or gross negligence.

F. This Modification Agreement and all other documents, instruments and agreements executed in connection herewith represent the entire agreement of the parties hereto and incorporate the final results of all discussions and negotiations between Borrower and the Bank, either express or implied, concerning the matters included herein and in such other documents, instruments, and agreements, any custom, usage, or course of dealings to the contrary notwithstanding. No such discussions, negotiations, custom, usage, or course of dealings shall limit, modify, or otherwise affect the provisions hereof. Any modification, amendment, or waiver of any provision of this Modification Agreement or of any provision of any other Loan Document or any other agreement between Borrower and the Bank must be executed in writing by the Bank and the party against which/whom enforcement is sought.

G. Borrower hereby ratifies and confirms in all respects and without condition all of the terms and provisions of the Loan Documents, as modified herein, and each agrees that said terms and provisions, except to the extent expressly modified herein, continues in full force and effect.

H. Borrower has, as of this day: (i) had ample opportunity to review with counsel the terms and provisions of this Modification Agreement and every other agreement, instrument and/or document executed or delivered in connection therewith; and (ii) understood and assented to the obligations imposed by this Modification Agreement and every other agreement, instrument and/or document executed or delivered in connection therewith; and (iii) knowingly and willingly entered into this and every other agreement, instrument and/or document executed or delivered in connection therewith.

COMMONWEALTH OF MASSACHUSETTS


, ss.							September 8, 2010

On this 8 day of September, 2010, before me, the undersigned notary public, personally appeared T. Kealy, proved to me through satisfactory evidence of identification, which was a driver’s license, to be the person whose name is signed on the preceding or attached document, and acknowledged to me that he signed it voluntarily for its stated purpose, as VP of BTU International, Inc., a Delaware corporation.

(official signature and seal of notary)

My Commission expires

COMMONWEALTH OF MASSACHUSETTS


, ss.							September 9, 2010

On this 9th day of September, 2010, before me, the undersigned notary public, personally appeared Joseph G. Greenough, proved to me through satisfactory evidence of identification, which was a driver’s license, to be the person whose name is signed on the preceding or attached document, and acknowledged to me that he signed it voluntarily for its stated purpose, as Senior Vice President for Salem Five Cents Savings Bank, a Massachusetts savings bank.

(official signature and seal of notary)

My Commission expires Aug 2, 2013

LOGO

IN WITNESS WHEREOF, the undersigned has affixed its signature or caused its seal to be affixed hereto as a sealed instrument as of the date first above written.


BORROWER:

BTU International, Inc.

By:
Name:		T KEALY
Title:		V. P.

BANK:

Salem Five Cents Savings Bank

By:
Name:		Joseph G. Greenough
Title:		Senior Vice President

Signature Page of Modification Agreement

EX-31.1 3 dex311.htm SECTION 302 CEO CERTIFICATION Section 302 CEO Certification

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Paul J. van der Wansem, certify that:

1. I have reviewed this quarterly report on Form 10-Q of BTU International, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2010

/s/ Paul J. van der Wansem

Paul J. van der Wansem

President, Chief Executive Officer and Chairman of the Board of Directors (principal executive officer)

EX-31.2 4 dex312.htm SECTION 302 CFO CERTIFICATION Section 302 CFO Certification

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Peter J. Tallian, certify that:

1. I have reviewed this quarterly report on Form 10-Q of BTU International, Inc.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: : November 4, 2010

/s/ Peter J. Tallian

Peter J. Tallian

Chief Financial Officer and Principal Accounting Officer (principal financial and accounting officer)

EX-32.1 5 dex321.htm SECTION 906 CEO CERTIFICATION Section 906 CEO Certification

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as President and Chief Executive Officer of BTU International, Inc. (the “Company”), does hereby certify that to his knowledge:

the Company’s Quarterly Report on Form 10-Q for the quarterly period ended October 3, 2010 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods covered by the Report.

/s/ Paul J. van der Wansem

Paul J. van der Wansem

President, Chief Executive Officer and Chairman of the Board of Directors (principal executive officer)

Dated: November 4, 2010

EX-32.2 6 dex322.htm SECTION 906 CFO CERTIFICATION Section 906 CFO Certification

Exhibit 32.2

CERTIFICATION PURSUANT TO

SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer and Principal Accounting Officer of BTU International, Inc. (the “Company”), does hereby certify that to his knowledge:

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods covered by the Report.

/s/ Peter J. Tallian

Peter J. Tallian

Chief Financial Officer and Principal Accounting Officer (principal financial and accounting officer)

Dated: : November 4, 2010

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