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

PLYMOUTH, Mich. and HAMBURG, Germany, Aug. 1, 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 third fiscal quarter and nine months ended June 30, 2013.

FINANCIAL HIGHLIGHTS


(dollars in thousands, except per share data)








Three months ended



Nine months ended











06/30/13

 06/30/12

% Change


06/30/13

06/30/12

% Change









Net sales

$139,097

$131,657

+  6 %


$412,476

$392,661

+   5%

RSTI net income

$8,702

$8,356

+  4 %


$24,960

$24,466

+   2%

Earnings per share
"Diluted" basis*

 

$0.31

 

$0.29

 

+  7%


 

$0.88

 

$0.85

 

+   4%













*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 28.5 million and 28.8 million for each of the fiscal quarters and 28.4 million and 28.8 million for the nine-month periods ending June 30, 2013 and 2012, respectively.

"We are pleased to report solid financial results which are above our guidance. We experienced strong sales in the quarter to the machine tool and electronics industries mainly triggered by China, while sales to the semiconductor industry also improved significantly on a sequential basis," commented Gunther Braun, CEO and President of RSTI. "Order entry in Europe was slower than expected whereas North American and Asian orders marked our best quarter during this fiscal year. The global markets continue to be challenging and the slower pace of GDP growth in China might influence our business in the coming months. However, we believe that our solid backlog, combined with ongoing sales activities and focused efforts in the Asian markets, will help us to deliver reasonable fourth quarter results."

FINANCIAL REVIEW

- Third Quarter -
Net sales totaled $139.1 million for the third quarter ended June 30, 2013, a 6% increase over the comparable quarter of fiscal year 2012. Gross profit totaled $49.3 million, or 35% of net sales, compared to $49.3 million, or 37% of net sales, in the same period of fiscal year 2012. RSTI net income amounted to $8.7 million, compared to $8.4 million in the third quarter last fiscal year, and represented 6% of net sales in both periods. The diluted per share calculation equaled $0.31 for the quarter based upon 28.5 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.29 based upon 28.8 million weighted-average common shares outstanding for the same period last fiscal year.

SG&A expenses in the amount of $26.5 million represented 19% of net sales and increased by $1.2 million compared to last fiscal year's third quarter. Net R&D expenses decreased by $1.0 million to $10.5 million (8% of net sales), compared to $11.5 million (9% of net sales) in the third quarter of fiscal year 2012.

Sales of laser products for macro applications increased by 8% to $57.1 million and accounted for 41% of total sales. Sales of lasers for marking and micro applications increased by 1% to $62.6 million and represented 45% of total sales. Sales of components increased by 15% to $19.4 million and represented 14% of total sales.

On a geographical basis, revenues increased in Asia by 16%, totaling $49.8 million, and by 7% in Europe, to $60.3 million, whereas net sales in North America decreased by 10% to $29.0 million during the third quarter of fiscal year 2013.

- Nine Months -
For the nine months ended June 30, 2013, net sales totaled $412.5 million, an increase of $19.8 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 $2.0 million for the nine-month period. Gross profit for the period was $146.3 million, $1.2 million higher than in the same period in 2012. RSTI net income for the nine months ended June 30, 2013, totaled $25.0 million, with diluted earnings per share of $0.88 based upon 28.4 million weighted-average common shares outstanding.

Net sales of lasers for macro applications increased by $11.0 million, or 7%, to $161.2 million, and net sales of lasers for marking and micro applications increased by $1.9 million, or 1%, to $198.7 million. Component sales of $52.6 million represented an increase of $7.0 million, or 15%, versus the comparable period in fiscal year 2012.

On a geographical basis, net sales increased in Asia in the first nine months by 15% and totaled $149.8 million (2012: $129.8 million), and by 1% in Europe to $178.2 million (2012: $175.9 million), whereas revenues in North America decreased by 3% to $84.5 million (2012: $87.0 million).

- Backlog -
Order entry for the quarter decreased by 2% to $132.0 million compared to the third quarter of fiscal year 2012 and resulted in a backlog of $142.1 million as of June 30, 2013, mainly for laser products. For the third quarter of fiscal year 2013, ROFIN reached a book-to-bill ratio of 0.95.

- Outlook -
For the fourth quarter ending September 30, 2013, the Company expects revenues to be in the range of $135 million to $140 million and earnings per share to be in the range of $0.28 to $0.31. 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 Time, today, Thursday, August 1, 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

Nine months
Ended


(unaudited)

(unaudited)






06/30/13

06/30/12

06/30/13

06/30/12






- Macro

$57,126

$52,959

$161,154

$150,224

- Marking/Micro

62,622

61,914

198,697

196,836

- Components

19,349

16,784

52,625

45,601

Net Sales

139,097

131,657

412,476

392,661






Costs of goods sold

89,765

82,312

266,186

247,533






Gross profit

49,332

49,345

146,290

145,128

Selling, general and administrative expenses

26,544

25,303

77,595

76,405

Intangibles amortization

631

525

1,886

1,662

Research and development expenses

10,456

11,477

33,041

32,102






Income from operations

11,701

12,040

33,768

34,959






Other income (expense)

318

1,134

1,413

2,703






Income before income tax

12,019

13,174

35,181

37,662






Income tax expense

3,256

4,574

10,099

12,610






Net income

8,763

8,600

25,082

25,052






Net income (loss) attributable to non-controlling interest

61

244

122

586






Net income attributable to RSTI

8,702

8,356

24,960

24,466






Net income attributable to RSTI per share

*"diluted" basis

 

$0.31

 

$0.29

 

$0.88

 

$0.85

**"basic" basis

$0.31

$0.29

$0.89

$0.86












* 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 28.5 million and 28.8 million for each of the fiscal quarters and 28.4 million and 28.8 million for the nine-month periods ending June 30, 2013 and 2012, respectively.


**The basic per share calculation is based on the weighted-average shares outstanding for each period presented, which was 28.3 and 28.5 million for each of the fiscal quarters and 28.2 million and 28.5 million for the nine-month periods ending June 30, 2013 and 2012, respectively.

 

ROFIN-SINAR TECHNOLOGIES INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)







          06/30/13



09/30/12






ASSETS










       Cash, cash equivalents and short-term investments       

$119,834



$101,163

       Trade accounts receivable, net                                 

110,291



107,935

       Inventories net                                                            

203,528



202,188

       Other current assets                                                    

26,588



28,236

                   Total current assets                                     

460,241



439,522

       Net property and equipment                                       

84,005



80,001

       Other non-current assets                                           

129,461



133,009

                   Total non-current assets                                 

213,466



213,010






                   Total assets                                                      

$673,707



$652,532






LIABILITIES AND STOCKHOLDERS' EQUITY










       Short-term debt                                                          

2,709



16,883

       Accounts payable, trade                                               

26,083



26,644

       Other current liabilities                                                 

74,298



77,168

                   Total current liabilities                                       

103,090



120,695

       Long-term debt                                                               

15,162



5,662

       Other non-current liabilities                                              

33,598



32,256

                   Total liabilities                                                          

151,850



158,613






                   Net stockholders' equity                                        

521,857



493,919






                  Total liabilities and stockholders' equity              

$673,707



$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 "The global markets continue to be challenging and the slower pace of GDP growth in China might influence our business in the coming months. However, we believe that our solid backlog, combined with ongoing sales activities and focused efforts in the Asian markets, will help us to deliver reasonable fourth quarter results" or "for the fourth quarter ending September 30, 2013, the Company expects revenues to be in the range of $135 million to $140 million and earnings per share to be in the range of $0.28 to $0.31" 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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