2014

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

PLYMOUTH, Mich. and HAMBURG, Germany, May 2, 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 second fiscal quarter and six months ended March 31, 2013.

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)


Three months ended



Six months ended











03/31/13

03/31/12

% Change


03/31/13

03/31/12

% Change









Net sales

$131,146

$129,434

+ 1 %


$273,379

$261,004

+   5%

RSTI net income

$7,360

$8,033

-  8 %


$16,258

$16,110

+   1%

Earnings per share "Diluted" basis*

 

$0.26

 

$0.28

 

-  7 %


 

$0.57

 

$0.56

 

+  2%












*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 28.4 million and 28.8 million for each of the fiscal quarters and 28.3 million and 28.8 million for the six-month periods ending March 31, 2013 and 2012, respectively.

"During the second quarter we experienced significantly higher sales in our MACRO product lines, mainly driven by the machine tool industry, while our MICRO & MARKING business declined as expected, triggered by weaker sales to the electronics and semiconductor industries. Due to the timing of revenue recognition, we achieved an overall result that was in line with the lower end of our guidance for the second quarter", commented Gunther Braun, CEO and President of RSTI. "On a geographical basis, North American and Asian order entry softened compared to the second quarter of last year, while European order entry reached its highest level since the third quarter of 2011. We expect a stable environment for laser material processing even when global business conditions are taken into consideration."

FINANCIAL REVIEW

- Second Quarter -
Net sales totaled $131.1 million for the second quarter ended March 31, 2013, a 1% increase over the comparable quarter of fiscal year 2012. Gross profit totaled $46.8 million, or 36% of net sales, compared to $48.8 million, or 38% of net sales, in the same period of fiscal year 2012. RSTI net income amounted to $7.4 million, compared to $8.0 million in the second quarter last fiscal year, and represented 6% of net sales in both periods. The diluted per share calculation equaled $0.26 for the quarter based upon 28.4 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 $25.9 million represented 20% of net sales and decreased by $0.5 million compared to last fiscal year's second quarter. Net R&D expenses increased by $1.5 million to $11.6 million (9% of net sales), compared to $10.1 million (8% of net sales) in the second quarter of fiscal year 2012.

Sales of laser products for macro applications increased by 9% to $55.6 million and accounted for 42% of total sales. Sales of lasers for marking and micro applications decreased by 5% to $59.1 million and represented 45% of total sales. Sales of components increased by 2% to $16.4 million and represented 13% of total sales.

On a geographical basis, revenues increased in North America by 3%, totaling $28.9 million, and by 8% in Asia, to $44.8 million, whereas net sales in Europe decreased by 4% to $57.4 million during the second quarter of fiscal year 2013.

- Six Months -
For the six months ended March 31, 2013, net sales totaled $273.4 million, an increase of $12.4 million, or 5%, over the comparable period in 2012. The fluctuation of the US dollar, mainly against the Euro, resulted in a decrease in net sales of $2.8 million for the six-month period. Gross profit for the period was $97.0 million, $1.2 million higher than in the same period in 2012. RSTI net income for the six-month period ended March 31, 2013, totaled $16.3 million. The diluted per share calculation equaled $0.57 for the six-month period based upon 28.3 million weighted-average common shares outstanding.

Net sales of lasers for macro applications increased by $6.7 million, or 7%, to $104.0 million, while net sales of lasers for marking and micro applications increased by $1.2 million, or 1%, to $136.1 million. Component sales of $33.3 million represented an increase of $4.5 million, or 16%, versus the comparable period in fiscal year 2012.

On a geographical basis, net sales increased in North America in the first six months by 1% and totaled $55.5 million (2012: $54.9 million), and by 15% in Asia to $100.0 million (2012: $86,8 million), whereas revenues in Europe decreased by 1% to $117.9 million (2012: $119.3 million).

- Backlog -
Order entry for the quarter of $138.3 million was level with the second quarter of fiscal year 2012 and resulted in a backlog of $149.2 million as of March 31, 2013, mainly for laser products. For the second quarter of 2013, ROFIN reached a book-to-bill ratio of 1.05.

- Outlook -
For the third quarter ending June 30, 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, May 2, 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       

 Six months

     Ended


(unaudited)        

(unaudited)                               







03/31/13

03/31/12

     03/31/13

03/31/12








- Macro

$55,586

$50,910

$104,028

$97,265


- Marking/Micro

59,089

62,346

136,075

134,921


- Components

16,471

16,178

33,276

28,818


Net Sales

131,146

129,434

273,379

261,004








Costs of goods sold

84,334

80,596

176,421

165,221








Gross profit

46,812

48,838

96,958

95,783


Selling, general and administrative expenses

 

25,858

 

26,384

 

51,051

 

51,102


Intangibles amortization

626

536

1,255

1,137


Research and development expenses

11,634

10,102

22,585

20,625








Income from operations

8,694

11,816

22,067

22,919








Other income (expense)

1,507

478

1,095

1,569








 

Income before income tax

 

10,201

 

12,294

 

23,162

 

24,488








Income tax expense

2,867

4,078

6,843

8,036








Net income

7,334

8,216

16,319

16,452








Net income (loss) attributable to non-controlling interest

 

(26)

 

183

 

61

 

342








Net income attributable to RSTI

7,360

8,033

16,258

16,110








Net income attributable to RSTI per share

*"diluted" basis

 

$0.26

 

$0.28

 

$0.57

 

$0.56


**"basic" basis

$0.26

$0.28

$0.58

$0.56
















* 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 28.4 million and 28.8 million for each of the fiscal quarters and 28.3 million and 28.8 million for the six-month periods ending March 31, 2013 and 2012, respectively.

**The basic per share calculation is based on the weighted-average shares outstanding for each period presented, which was 28.2 and 28.5 million for each of the fiscal quarters and 28.1 million and 28.5 million for the six-month periods ending March 31, 2013 and 2012, respectively.

 

ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)


    03/31/13    

           09/30/12

ASSETS






       Cash, cash equivalents and short-term investments    

$110,820

$101,163

       Trade accounts receivable, net         

103,502

107,935

       Inventories net   

201,314

202,188

       Other current assets     

27,862

28,236

                   Total current assets  

443,498

439,522

       Net property and equipment     

82,098

80,001

       Other non-current assets  

130,604

133,009

                   Total non-current assets          

212,702

213,010




                   Total assets    

$656,200

$652,532




LIABILITIES AND STOCKHOLDERS' EQUITY






       Short-term debt          

9,414

16,883

       Accounts payable, trade       

26,760

26,644

       Other current liabilities      

76,464

77,168

                   Total current liabilities     

112,638

120,695

       Long-term debt     

4,825

5,662

       Other non-current liabilities    

32,459

32,256

                   Total liabilities        

149,922

158,613




                   Net stockholders' equity   

506,278

493,919




                   Total liabilities and stockholders' equity         

$656,200

$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 a stable environment for laser material processing even when global business conditions are taken into consideration" or "for the third quarter ending June 30, 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.



RELATED LINKS
http://www.rofin.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.