2014

ROFIN-SINAR Reports Results For The First Quarter Of Fiscal Year 2013

PLYMOUTH, Mich. and HAMBURG, Germany, Feb. 7, 2013 /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, 2012.

FINANCIAL HIGHLIGHTS


(dollars in thousands, except per share data)






     Three months ended

% Change






12 / 31 / 12

12 / 31 / 11






Net Sales

$142,233

$131,570

+    8%

RSTI Net Income

$8,898

$8,077

+  10%

Earnings Per Share




 "Diluted" Basis*

$0.32

$0.28

+  14%





*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 28.2 million and 28.8 million for the fiscal quarters ended December 31, 2012 and 2011, respectively.

"Our fiscal year commenced with a very solid first quarter, with net sales, order entry and net income figures that exceeded our forecasts. The North American and European markets continued to deliver sales at last fiscal year's levels, while sales to the Asian markets were our third highest ever. We have experienced robust demand from the machine tool, automotive and medical device industries. Once again, the consumer electronic industry contributed increased revenues, whereas the semiconductor industry, as expected, softened," commented Gunther Braun, CEO and President of RSTI. "We expect global business conditions to improve throughout the calendar year, though of course with regional diversity."

FINANCIAL REVIEW

- First Quarter -
Net sales totaled $142.2 million for the first quarter ended December 31, 2012, an 8% increase over the comparable quarter of fiscal year 2012. The strengthening of the US dollar, mainly against the Euro, resulted in a decrease in net sales of $1.6 million in the first quarter. Gross profit totaled $50.1 million, or 35% of net sales, compared to $46.9 million, or 36% of net sales, in the same period of fiscal year 2012. RSTI net income amounted to $8.9 million, or 6% of net sales, compared to $8.1 million, or 6% of net sales, in the comparable quarter last fiscal year. The diluted per share calculation equaled $0.32 for the quarter based upon 28.2 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.28 based upon 28.8 million weighted-average common shares outstanding for the same period last fiscal year.

SG&A expenses in the amount of $25.2 million represented 18% of net sales and increased by $0.5 million compared to last fiscal year's first quarter. Net R&D expenses increased by $0.5 million to $11.0 million (8% of net sales), compared to $10.5 million (8% of net sales) in the first quarter of fiscal year 2012.

Sales of laser products for macro applications increased by 4% to $48.4 million and accounted for 34% of total sales. Sales of lasers for marking and micro applications increased by 6% to $77.0 million and represented 54% of total sales. Sales of components increased by 33% to $16.8 million and represented 12% of total sales.

On a geographical basis, revenues in North America decreased slightly by 1%, totaling $26.6 million, whereas net sales increased marginally by 2% in Europe, to $60.4 million, and by 22% in Asia, to $55.2 million.

- Backlog -
Order entry for the quarter increased by 12% to $137.3 million compared to the first quarter of fiscal year 2012 and resulted in a backlog of $142.1 million as of December 31, 2012, mainly for laser products. As of December 31, 2012, ROFIN-SINAR had a book-to-bill ratio of 0.97 for the first quarter.

- Outlook -
"Our goal for 2013 is to capitalize on our broad CO2 and fiber laser product lines," stated Gunther Braun. "Furthermore, we will focus on the Asian markets to provide our customers cutting-edge technology for various applications, with an emphasis on the electronics industry." For the second quarter ending March 31, 2013, the Company expects revenues to be in the range of $132 million to $137 million and earnings per share to be in the range of $0.26 to $0.28. Actual results may differ from this forecast and are subject to the safe harbor statement discussed in more detail below.

With over 35 years of experience, ROFIN-SINAR Technologies is a leading developer, designer and manufacturer of lasers and laser-based system solutions for industrial material processing applications. The Company focuses on developing key innovative technologies and advanced production methods for a wide variety of industrial applications based on a broad scope of technologies. The product portfolio ranges from single laser-beam sources to highly complex systems, covering all of the key laser technologies such as CO2 lasers, fiber, solid-state and diode lasers, and the entire power spectrum, from single-digit watts up to multi-kilowatts, as well as a comprehensive spectrum of wavelengths and an extensive range of laser components. ROFIN-SINAR Technologies has its operational headquarters in Plymouth, Michigan, and Hamburg, Germany and maintains production facilities in the US, Germany, UK, Sweden, Finland, Switzerland, Singapore, and China. ROFIN currently has more than 45,000 laser units installed worldwide and serves more than 4,000 customers. The Company'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: www.rofin.com.

A conference call is scheduled for 11:00 AM Eastern, today, Thursday, February 7, 2013. This call is also being broadcast live over the internet in listen-only mode. The recording 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.

 

ROFIN-SINAR TECHNOLOGIES INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(in thousands, except per share data)





Three Months

Ended

Twelve Months

Ended


(unaudited)

(audited)






12/31/12

12/31/11

9/30/12


- Macro

$48,442

$46,355

$205,394


- Marking/Micro

76,986

72,575

272,195


- Components

16,805

12,640

62,532


Net Sales

142,233

131,570

540,121







Costs of goods sold

92,087

84,625

343,769







Gross profit

50,146

46,945

196,352







Selling, general and administrative expenses

25,192

24,719

101,088


Intangibles amortization

629

600

2,279


Research and development expenses

10,951

10,524

42,604







Income from operations

13,374

11,102

50,381







Other income (expense)

(413)

1,092

2,011







Income before income tax

12,961

12,194

52,392







Income tax expense

3,976

3,958

17,180







Net income

8,985

8,236

35,212







Net income attributable to the non-controlling interest

87

159

682







Net income attributable to RSTI

8,898

8,077

34,530












Net income attributable to RSTI per share










* "diluted" basis

$0.32

$0.28

$1.20


** "basic" basis

$0.32

$0.28

$1.21












*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 28.2 million and 28.8 million for the fiscal quarters ending December 31, 2012 and 2011, respectively, and 28.7 million for the 12 month period ending September 30, 2012.


**The basic per share calculation is based on the weighted-average shares outstanding for each period presented, which was 28.1 million and 28.5 million for the fiscal quarters ending December 31, 2012 and 2011, respectively, and 28.5 million for the 12 month period ending September 30, 2012.

 

ROFIN-SINAR TECHNOLOGIES INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)


12/31/12

09/30/12




ASSETS






     Cash, cash equivalents and short-term investments        

$115,147

$101,163

     Trade accounts receivable, net                                       

109,295

107,935

     Inventories net                                                                   

199,484

202,188

     Other current assets                                                         

25,434

28,236

          Total current assets                                              

449,360

439,522

     Net property and equipment                                            

83,357

80,001

     Other non-current assets                                                

136,220

133,009

          Total non-current assets                                                            

219,577

213,010




          Total assets                                                      

$668,937

$652,532




LIABILITIES AND STOCKHOLDERS' EQUITY






     Short-term debt                                                                    

16,304

16,883

     Accounts payable, trade                                                     

22,627

26,644

     Other current liabilities                                                        

83,508

77,168

          Total current liabilities                                             

122,439

120,695

Long-term debt                                                                  

5,517

5,662

Other non-current liabilities                                               

32,796

32,256

          Total liabilities                                                       

160,752

158,613




          Net stockholders' equity                                       

508,185

493,919




          Total liabilities and stockholders' equity           

$668,937

$652,532

 

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 "we expect global business conditions to improve throughout the calendar year, though of course with regional diversity" or "our goal for 2013 is to capitalize on our broad CO2 and fiber laser product lines" or "for the second quarter ending March 31, 2013, the Company expects revenues to be in the range of $132 million to $137 million and earnings per share to be in the range of $0.26 to $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, 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
Gunther Braun
ROFIN-SINAR
734-416-0206
- or -
011-49-40-733-63-4256

SOURCE ROFIN-SINAR Technologies Inc.



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