ROFIN-SINAR: Quarterly Net Sales, Net Income and Earnings per Share Higher than Expected
PLYMOUTH, Mich. and HAMBURG, Germany, Nov. 8, 2012 /PRNewswire/ -- ROFIN-SINAR Technologies Inc. - (NASDAQ: RSTI), one of the world's leading developers and manufacturers of high-performance laser beam sources, laser-based system solutions and components, today announced results for its fourth fiscal quarter and twelve months ended September 30, 2012.
- Fourth Quarter -
Net sales totaled $147.5 million for the fourth quarter ended September 30, 2012, a 13% decrease when compared to the record revenue in the fourth quarter of fiscal year 2011. Gross profit totaled $51.2 million, or 35% of net sales, compared to $60.3 million, or 36% of net sales, in the same period last fiscal year. RSTI net income amounted to $10.1 million, or 7% of net sales, compared to $17.2 million, or 10% of net sales, in the comparable quarter last fiscal year. The diluted per share calculation equaled $0.35 for the quarter based upon 28.5 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.60 based upon 28.8 million weighted-average common shares outstanding for the same period last fiscal year.
SG&A expenses in the amount of $24.7 million represented 17% of net sales and decreased by $2.4 million compared to last fiscal year's fourth quarter. Net R&D expenses decreased by $0.2 million to $10.5 million (7% of net sales), compared to $10.7 million (6% of net sales) in the fourth quarter of fiscal year 2011.
Sales of laser products for macro applications decreased by 18% to $55.2 million and accounted for 37% of total sales. Sales of lasers for marking and micro applications decreased by 13% to $75.4 million and represented 51% of total sales. Sales of components increased by 12% to $16.9 million and represented 12% of total sales.
On a geographical basis, revenues in North America increased by 1%, totaling $30.9 million, whereas net sales decreased by 10% in Europe to $63.6 million, and by 22% in Asia to $53.0 million.
- Twelve Months -
For the twelve months ended September 30, 2012, net sales totaled $540.1 million, a decrease of $57.7 million, or 10%, when compared to the record level in the prior year. The fluctuation of the US dollar, mainly against the Euro, resulted in a decrease in net sales of $18.3 million for the twelve month period. Gross profit for the period was $196.4 million, $35.7 million lower than in the same period in 2011. RSTI net income for the twelve-month period ended September 30, 2012, totaled $34.5 million. The diluted per share calculation equaled $1.20 for the twelve-month period based upon 28.7 million weighted-average common shares outstanding.
Net sales of lasers for macro applications decreased by $32.1 million, or 14%, to $205.4 million and net sales of lasers for marking and micro applications decreased by $30.1 million, or 10%, to $272.2 million. Sales of components increased $4.5 million, or 8%, to $62.5 million compared to fiscal year 2011.
On a geographical basis, net sales in North America in the twelve months increased by 8% and totaled $117.8 million (2011: $109.5 million). In Europe, net sales decreased by 11% to $239.6 million (2011: $269.6 million) and in Asia, net sales decreased by 16% to $182.7 million (2011: $218.7 million).
- Order Backlog –
Order entry decreased by 5% to $137.4 million for the quarter and for the fiscal year by 13% to $533.9 million compared to the corresponding periods in fiscal year 2011. The backlog, mainly for laser products, amounted to $147.0 million as of September 30, 2012. The book-to-bill ratio for the quarter was 0.93 and 0.99 for the fiscal year.
- Other Developments - Share Buyback -
As of September 30, 2012, the Company has purchased over 0.5 million shares of its common stock for a total amount of $10.7 million under the buyback program that was announced in August 2012.
- Outlook -
For the first quarter ending December 31, 2012, the Company expects revenues to be in the range of $130 million to $135 million and earnings per share to be between $0.25 and $0.28. Actual results may of course differ from this forecast and are subject to the safe harbor statement discussed in more detail below.
A conference call is scheduled for 11:00 AM Eastern, today, Thursday, November 8, 2012. This call is also being broadcast live over the internet in listen-only mode. A recording will be available on the Company's home page for approximately 90 days. For a live webcast, please visit www.rofin.com at least 10 minutes prior to the call in order to download and install any necessary software. For more information, please contact Bryan Degnan at King Worldwide in New York at +1-212-889-4350 or Miles Chapman at King Worldwide in London at +44(0) 207 614 2900.
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 first quarter ending December 31, 2012, the Company expects revenues to be in the range of $130 million to $135 million and earnings per share to be between $0.25 and $0.28" 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, fiber, 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.
SOURCE ROFIN-SINAR Technologies Inc.