BTU International, Inc. (BTUI)

[ja45ck]

Bought BTUI about six (6) years ago on recommendation of Value Line Special Situations. Bought in around $16.00/share. Boy have I taken a beating. The problem seems to be with management's inability to sustain, let alone grow, revenues. BTUI will have a couple of break out 20 - 25 million dollar sales quarters and the share price will spike. The company than returns to the usual 12 - 16 million dollar quarters and share price declines to the normal $3 - $5 range. The problem, as I see it, is that the company has no on-going sales. For example a printer supplier sells the printer than has recurring sales with the ink. BTUI sells the furnance than has no follow-up revenue stream. Also the CEO seems incapable of expanding the business. The old fart is about 80 and won't get off the stage. The company has very little debt and a great product but no visionary leadership.