ROFIN-SINAR Reports Results for Second Quarter Fiscal Year 2011
Second quarter order entry, sales and net income increased by 47%, 42% and 173%, respectively, year-over-year
PLYMOUTH, Mich. and HAMBURG, Germany, May 5, 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 second fiscal quarter and six months ended March 31, 2011.
(dollars in thousands, except per share data)
Three months ended
Six months ended
+ 42 %
+ 45 %
RSTI net income
+ 173 %
+ 234 %
Earnings per share "Diluted" basis*
+ 169 %
+ 239 %
*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 29.3 million and 29.5 million for each of the fiscal quarters and 29.1 million and 29.5 for the six month periods ended March 31, 2011 and 2010, respectively.
"We are very pleased with the new record level of bookings that we achieved during the second quarter as well as the improvement in sales and net income over the prior fiscal year. We experienced strong demand for our macro products from the machine tool industry, and our micro and marking business was positively affected by the flexible packaging and electronics markets. We are also satisfied with our overall quarterly financial results, which were in line with our expectations, even after considering that net income was negatively impacted by the weakening of the US Dollar and the anticipated revenue recognition delays during the quarter," commented Gunther Braun, CEO and President of RSTI. "Despite these impacts on the bottom-line results, we believe that our record backlog, combined with ongoing sales activities and focused efforts in the Asian markets, will result in a successful fiscal year 2011."
- Second Quarter -
Net sales totaled $136.2 million for the second quarter ended March 31, 2011, a 42%, or $40.3 million, increase from the comparable quarter of fiscal year 2010. The weakening of the US dollar, mainly against the Euro, resulted in an increase in net sales of $1.7 million in the second quarter. Gross profit totaled $54.8 million, or 40% of net sales, compared to $37.2 million, or 39% of net sales, in the same period last fiscal year. RSTI net income amounted to $12.7 million, or 9% of net sales, compared to $4.7 million, or 5% of net sales, in the second quarter of fiscal year 2010. The diluted per share calculation equaled $0.43 for the quarter based upon 29.3 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.16 based upon 29.5 million weighted-average common shares outstanding for the same period last fiscal year.
Comparing the second fiscal quarters 2011 and 2010, SG&A expenses increased by $2.9 million to $26.1 million, representing 19% of net sales, and second quarter R&D expenses increased by $1.7 million to $9.5 million, representing 7% of net sales.
Sales of laser products used for macro applications increased by 40% to $55.7 million, accounting for 41% of total sales. Sales of lasers for marking and micro applications increased by 45% to $66.3 million and represented 49% of total sales. Sales of components increased by 39% to $14.3 million and represented 10% of total sales.
- Six Months -
For the six months ended March 31, 2011, net sales totaled $273.3 million, an increase of $84.4 million, or 45%, over the comparable period in 2010. The fluctuation of the US dollar, mainly against the Euro, resulted in a decrease in net sales of $4.8 million for the six month period. Gross profit for the period was $111.1 million, $38.1 million higher than in the same period in 2010. RSTI net income for the six month period ended March 31, 2011, totaled $27.6 million. The diluted per share calculation equaled $0.95 for the six month period based upon 29.1 million weighted-average common shares outstanding.
Net sales of lasers for macro applications increased by $25.5 million, or 31%, to $107.0 million, while net sales of lasers for marking and micro applications increased by $50.9 million, or 58%, to $138.5 million. Sales of components of $27.8 million increased by $8.0 million, or 40%, versus the comparable period in fiscal year 2010.
On a geographical basis, net sales in North America in the first six months increased by 54% and totaled $51.5 million (2010: $33.4 million). In Europe, net sales increased by 31% to $128.3 million (2010: $98.0 million) and in Asia, net sales increased by 63% to $93.5 million (2010: $57.5 million).
- Order Backlog -
Order entry for the quarter increased by 47% to $159.3 million compared to the second quarter last fiscal year and resulted in a new record backlog of $169.4 million at March 31, 2011, mainly for laser products. As of March 31, 2011, ROFIN-SINAR had a book-to-bill ratio for the second quarter of 1.17.
- Other Developments - Share Buyback -
As of March 31, 2011, the Company has purchased approximately 1.1 million shares of common stock under the buyback program it announced in May 2010 for a total amount of $28.2 million.
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, Thursday, May 5, 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 Delia Cannan at Taylor Rafferty in New York at +1-212-889-4350 or Emilia Whitbread at Taylor Rafferty in London at +44(0) 207 614 2900).
(Tables to follow)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share data)
Costs of goods sold
Selling, general and administrative expenses
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Income before income tax
Income tax expense
Net income attributable to non-controlling interest
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Net income attributable to RSTI per share
* 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 29.3 million and 29.5 million for each of the fiscal quarters and 29.1 million and 29.5 million for the six month periods ending March 31, 2011 and 2010, respectively.
**The basic per share calculation is based on the weighted-average shares outstanding for each period presented, which was 28.5 million and 29.1 million for the fiscal quarters and 28.4 million and 29.1 million for the six month periods ending March 31, 2011 and 2010, respectively.
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
Cash, cash equivalents and short-term investments
Trade accounts receivable, net
Other current assets
Total current assets
Net property and equipment
Other non-current assets
Total non-current assets
LIABILITIES AND STOCKHOLDERS' EQUITY
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Total liabilities and stockholders' equity
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.
Certain information in this press release that relates to future plans, events or performance, including statements such as "Despite these impacts on the bottom-line results, we believe that our record backlog, combined with ongoing sales activities and focused efforts in the Asian markets, will result in a successful fiscal year 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 CO(2), 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.
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