PLYMOUTH, Mich. and HAMBURG, Germany, Nov. 4, 2011 /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 fourth fiscal quarter and twelve months ended September 30, 2011.
(dollars in thousands, except per share data)
Three months ended
Twelve months ended
RSTI net income
Earnings per share "Diluted" basis*
*The diluted per share calculation is based on the weighted-average shares outstanding and the potential dilution from common stock equivalents, (stock options), for each period presented, which was 28.8 million and 28.6 million for each of the fiscal quarters and 29.1 million and 29.2 million for the twelve month periods ended September 30, 2011 and 2010.
"We are very pleased with our operational and financial performance for the fourth quarter and fiscal year 2011. We posted record quarterly and annual sales numbers while net income for the quarter and fiscal year was the second best in ROFIN's history. We achieved financial results equivalent to the pre-economic crisis levels of 2008 with improved sales in all our key regions, primarily driven by the machine tool, automotive, electronics and medical device industries. Our net income was excellent given our continuing investments in fiber lasers," commented Gunther Braun, CEO and President of RSTI. "We believe that our backlog and expanding product portfolio, especially in fiber lasers, provide us with a solid platform for a successful fiscal year 2012 in spite of the current challenging market conditions."
- Fourth Quarter -
Net sales amounted to a record of $169.5 million for the fourth quarter ended September 30, 2011, a 36%, or $45.1 million increase from the comparable quarter of fiscal year 2010. Gross profit totaled $60.3 million, or 36% of net sales, compared to $50.3 million, or 40% of net sales, in the same period last fiscal year. RSTI net income rose to $17.2 million, compared to $11.9 million in the fourth quarter of fiscal year 2010, and equaled 10% of net sales in both periods. Diluted earnings per share totaled $0.60 for the quarter based upon 28.8 million weighted-average common shares outstanding, compared to diluted income per share of $0.42 based upon 28.6 million weighted-average common shares outstanding for the same period last fiscal year.
Comparing the fourth fiscal quarters 2011 and 2010, SG&A increased by $4.9 million in 2011 to $27.1 million, representing 16% of net sales, and fourth quarter R&D expenses increased by $3.7 million in 2011 to $10.7 million, representing 6% of net sales.
Revenues of laser products used for macro applications increased by 39% to $67.4 million, accounting for 40% of total sales. Sales of lasers for marking and micro applications increased by 37% to $87.0 million and represented 51% of total sales. Sales of components increased by 22% to $15.1 million and accounted for 9% of total sales.
- Twelve Months -
For the twelve months ended September 30, 2011, net sales achieved a record level of $597.8 million, an increase of $174.2 million, or 41%, over the comparable period in 2010. The weakening of the US dollar, mainly against the Euro, resulted in an increase in net sales of $14.7 million for the twelve month period. Gross profit for the period was $65.8 million higher than in fiscal year 2010 and amounted to $232.1 million, or 39% of net sales. RSTI net income for the fiscal year ended September 30, 2011, totaled $60.0 million, with diluted earnings per share of $2.06 based upon 29.1 million weighted-average common shares outstanding.
Net sales of lasers for macro applications increased by $64.6 million, or 37%, to $237.5 million and net sales of lasers for marking and micro applications rose by $95.8 million, or 46%, to $302.3 million. Sales of components increased $13.8 million, or 31%, to $58.0 million compared to fiscal year 2010.
On a geographical basis, net sales in North America in the twelve months increased by 39% and totaled $109.5 million (2010: $78.7 million). In Europe, net sales rose by 37% to $269.6 million (2010: $196.3 million) and in Asia, net sales increased by 47% to $218.7 million (2010: $148.6 million).
- Order Backlog –
Order entry amounted to a record $612.1 million for the fiscal year 2011 and $145.2 million for the fourth quarter, which resulted in an order backlog on September 30, 2011, of $153.2 million, mainly for laser products. The book-to-bill ratio for the quarter was 0.86 and 1.02 for the fiscal year.
- Outlook -
"The general market conditions currently being experienced and the more cautious sentiment of our industrial customers, mainly in the semiconductor, electronic and machine tool industries, were reflected in a lower level of quarterly order entry when compared to the record highs of the recent quarters. In addition, order intake in the Asian markets slowed down, led by China controlling its inflation and the general tightening in credit allocated to the private economy. As a result of this, we expect revenues to be in the range of $137 million to $142 million and earnings per share to be between $0.33 and $0.36 for the first quarter ending December 31, 2011. Actual results may of course differ from this forecast and are subject to the safe harbor statement discussed in more detail below", concluded Gunther Braun.
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 38,000 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.
A conference call is scheduled for 11:00 AM Eastern, today, Friday, November 4, 2011. This call is also being broadcast live over the internet in listen-only mode. The record will be available on the Company's home page for approximately 90 days. For a live webcast, please go to http://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.
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ROFIN-SINAR TECHNOLOGIES INC.
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* The diluted per share calculation is based on the weighted-average shares outstanding and the potential dilution from common stock equivalents (stock options) for each period presented, which was 28.8 million and 28.6 million for each of the fiscal quarters and 29.1 million and 29.2 million for the twelve month periods ending September 30, 2011 and 2010.
**The basic per share calculation is based on the weighted-average shares outstanding for each period presented, which was 28.5 million and 28.3 million for the fiscal quarters and 28.4 million and 28.8 million for the twelve month periods ending September 30, 2011 and 2010, respectively.
ROFIN-SINAR TECHNOLOGIES INC.
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The Company's conference call will include discussions relative to the current quarter results and some comments regarding forward-looking guidance on future operating performance.
"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 "We believe that our backlog and expanding product portfolio, especially in fiber lasers, provide us with a solid platform for a successful fiscal year 2012 in spite of the current challenging market conditions." or "As a result of this, we expect revenues to be in the range of $137 million to $142 million and earnings per share to be between $0.33 and $0.36 for the first quarter ending December 31, 2011." 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.
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SOURCE ROFIN-SINAR Technologies Inc.