ROFIN-SINAR Reports Results for the First Quarter of FY 2013: Quarterly Revenue, Net Income and Earnings per Share above Guidance
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.
- 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 -
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.
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, 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, 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.