Ad Hoc Announcement: ROFIN-SINAR Reports Results for the First Quarter of Fiscal Year 2012
PLYMOUTH, Mich. and HAMBURG, Germany, Feb. 2, 2012 /PRNewswire/ -- ROFIN-SINAR Technologies Inc. (NASDAQ: RSTI), one of the world's leading developers and manufacturers of high-performance laser beam sources and laser-based solutions, today announced results for its first fiscal quarter ended December 31, 2011.
- First Quarter -
Net sales totaled $131.6 million for the first quarter ended December 31, 2011, a 4% decrease over the comparable quarter of fiscal year 2011. The weakening of the US dollar, mainly against the Euro, resulted in an increase in net sales of $0.9 million in the first quarter. Gross profit totaled $46.9 million, or 36% of net sales, compared to $56.4 million, or 41% of net sales, in the same period of fiscal year 2011. RSTI net income amounted to $8.1 million, or 6% of net sales, compared to $14.9 million, or 11% of net sales, in the comparable quarter last fiscal year. The diluted per share calculation equaled $0.28 for the quarter based upon 28.8 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.51 based upon 29.0 million weighted-average common shares outstanding for the same period last fiscal year.
SG&A expenses in the amount of $24.7 million represented 19% of net sales and decreased by $0.9 million compared to last fiscal year's first quarter. Net R&D expenses increased by $1.9 million to $10.5 million (8% of net sales), compared to $8.6 million (6% of net sales) in the first quarter of fiscal year 2011.
Sales of laser products for macro applications decreased by 10% to $46.4 million and accounted for 35% of total sales. Sales of lasers for marking and micro applications remained stable with $72.6 million and represented 55% of total sales. Sales of components decreased by 7% to $12.6 million and represented 10% of total sales.
On a geographical basis, revenues in North America increased slightly by 1%, totaling $26.9 million, whereas net sales decreased marginally by 1% in Europe, to $59.4 million, and by 11% in Asia, to $45.3 million.
- Backlog -
Order entry for the quarter decreased by 15% to $122.4 million compared to the first quarter of fiscal year 2011 and resulted in a backlog of $144.0 million as of December 31, 2011, mainly for laser products. As of December 31, 2011, ROFIN-SINAR had a book-to-bill ratio of 0.93 for the first quarter.
- Outlook -
For the second quarter ending March 31, 2012, the Company expects revenues to be in the range of $130 million to $135 million and earnings per share to be in the range of $0.27 to $0.30. Actual results may differ from this forecast and are subject to the safe harbor statement discussed in more detail below.
With operational headquarters in Plymouth, Michigan, and Hamburg, Germany, ROFIN-SINAR Technologies Inc. designs, develops, engineers and manufactures laser sources and laser-based system solutions for a wide range of applications. With production facilities in the US, Germany, UK, Sweden, Finland, Switzerland, Singapore, and China, ROFIN-SINAR is one of the world's leading designers and manufacturers of industrial lasers and currently has more than 42,000 laser units installed worldwide and serves more than 4,000 customers. ROFIN-SINAR's shares trade on the NASDAQ Global Select Market under the symbol RSTI and are listed in Germany in the "Prime Standard" segment of the Frankfurt Stock Exchange under ISIN US7750431022. ROFIN is part of the Standard & Poor's SmallCap 600 Index and the Russell 2000 Index. Additional information is available on ROFIN-SINAR's home page: http://www.rofin.com.
The full text of the press release and further information including comprehensive financial data is available online at www.rofin.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995.
Certain information in this press release that relates to future plans, events or performance, including statements such as "For the second quarter ending March 31, 2012, the Company expects revenues to be in the range of $130 million to $135 million and earnings per share to be in the range of $0.27 to $0.30" is forward-looking and is subject to important risks and uncertainties that could cause actual results to differ. Actual results could differ materially based on numerous factors, including currency risk, competition, risk relating to sales growth in CO2, diode, and solid-state lasers, cyclicality, conflicting patents and other intellectual property rights of fourth parties, potential infringement claims and future capital requirements, as well as other factors set forth in our annual report on Form 10-K. These forward-looking statements represent the Company's best judgment as of the date of this release based in part on preliminary information and certain assumptions which management believes to be reasonable. The Company disclaims any obligation to update these forward-looking statements.
Contact: Katharina Manok
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SOURCE ROFIN-SINAR Technologies Inc.