Rofin-Sinar Reports Results for Third Quarter Fiscal Year 2011 Third quarter order entry, sales and net income increased by 27%, 40% and 58%, respectively, year-over-year

PLYMOUTH, Mich., and HAMBURG, Germany, Aug. 4, 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 third fiscal quarter and nine months ended June 30, 2011.

FINANCIAL HIGHLIGHTS


(dollars in thousands, except per share data)



Three months ended



Nine months ended











06/30/11

06/30/10

% Change


06/30/11

06/30/10

% Change









Net sales

$154,911

$110,308

+   40 %


$428,249

$299,216

+   43 %

RSTI net income

$15,248

$9,668

+   58 %


$42,817

$17,909

+ 139 %

Earnings per share "Diluted" basis*

$0.52

$0.33

+   58 %


$1.47

$0.61

+ 141 %


*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 were 29.2 million and 29.3 million for each of the fiscal quarters and 29.2 million and 29.4 million for the nine month periods ended June 30, 2011 and 2010, respectively.




"We are very pleased with our third quarter results. We posted record quarterly order entry and sales figures. The primary drivers of our success were higher sales in Asia and increased turnover in the machine tool, automotive and electronic industries," commented Gunther Braun, CEO and President of RSTI. "Despite a change in product mix and higher SG&A expenses, our operating results were very solid. Based on a record order backlog, we are confident about our next quarter results. Furthermore we believe that our investments in fiber laser technology have positioned us to be a strong partner for our customers in the laser material processing industry and complement our mid- to long-term growth strategy."

FINANCIAL REVIEW

- Third Quarter -

Net sales reached a new record high totaling $154.9 million for the third quarter ended June 30, 2011, a 40%, or $44.6 million, increase from the comparable quarter of fiscal year 2010. Gross profit totaled $60.7 million compared to $42.9 million in the year-ago period and was 39% of net sales in both periods. RSTI net income amounted to $15.2 million, or 10% of net sales, compared to $9.7 million, or 9% of net sales, in the third quarter of fiscal year 2010. The diluted per share calculation equaled $0.52 for the quarter based upon 29.2 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.33 based upon 29.3 million weighted-average common shares outstanding for the same period last fiscal year.

Comparing the third fiscal quarters 2011 and 2010, SG&A expenses increased by $6.0 million in 2011 to $28.7 million, representing 19% of net sales, and third quarter R&D expenses increased by $1.9 million in 2011 to $9.5 million, representing 6% of net sales.

Sales of laser products used for macro applications increased by 47% to $63.1 million and accounted for 41% of total sales. Sales of lasers for marking and micro applications increased by 38% to $76.8 million and represented 49% of total sales. Sales of components increased by 27% to $15.1 million and represented 10% of total sales.

- Nine Months -

For the nine months ended June 30, 2011, net sales totaled $428.2 million, an increase of $129.0 million, or 43%, over the comparable period in 2010. The fluctuation of the US dollar, mainly against the Euro, resulted in an increase in net sales of $8.0 million for the nine month period. Gross profit for the period was $171.8 million, $55.9 million higher than in the same period in 2010. RSTI net income for the nine month period ended June 30, 2011, totaled $42.8 million. The diluted per share calculation equaled $1.47 for the nine month period based upon 29.2 million weighted-average common shares outstanding.

Net sales of lasers for macro applications increased by $45.7 million, or 37%, to $170.1 million, while net sales of lasers for marking and micro applications increased by $72.2 million, or 50%, to $215.3 million. Sales of components of $42.9 million increased by $11.1 million, or 35%, versus the comparable period in fiscal year 2010.

On a geographical basis, net sales in North America in the first nine months increased by 46% and totaled $78.8 million (2010: $54.1 million). In Europe, net sales increased by 36% to $199.1 million (2010: $146.1 million) and in Asia, net sales increased by 52% to $150.3 million (2010: $99.1 million).  

- Order Backlog -

Order entry for the third quarter increased by 27% to $163.0 million compared to the same period last fiscal year and resulted in a new record backlog of $177.5 million at June 30, 2011, mainly for laser products. As of June 30, 2011, ROFIN-SINAR had a book-to-bill ratio for the third quarter of 1.05.

- Outlook -

For the fourth quarter ending September 30, 2011, the Company currently expects revenues to be in the range of $155 million to $160 million and earnings per share to be in the range of $0.51 to $0.57. Actual results may differ from this forecast and are subject to the safe harbor statement discussed in more detail below.

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, August 4, 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 Miles Chapman 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)



Three months

Ended

Nine months

Ended


(unaudited)

(unaudited)






06/30/11

06/30/10

06/30/11

06/30/10






- Macro

$63,078

$42,838

$170,094

$124,365

- Marking/Micro

76,780

55,558

215,279

143,103

- Components

15,053

11,912

42,876

31,748

Net Sales

154,911

110,308

428,249

299,216






Costs of goods sold

94,243

67,446

256,444

183,274






Gross profit

60,668

42,862

171,805

115,942

Selling, general and administrative expenses


28,731


22,703


80,399


67,679

Intangibles amortization

669

530

1,956

1,708

Research and development expenses

9,499

7,616

27,628

23,160






Income from operations

21,769

12,013

61,822

23,395






Other income

424

2,681

640

4,105






Income before income tax

22,193

14,694

62,462

27,500






Income tax expense

6,669

4,907

19,051

9,263






Net income

15,524

9,787

43,411

18,237






Net income attributable to non-controlling interest


276


119


594


328






Net income attributable to RSTI

15,248

9,668

42,817

17,909






Net income attributable to RSTI per share

*"diluted" basis


$0.52


$0.33


$1.47


$0.61

**"basic" basis

$0.54

$0.34

$1.51

$0.62






* 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 were 29.2 million and 29.3 million for each of the fiscal quarters and 29.2 million and 29.4 million for the nine month periods ending June 30, 2011 and 2010, respectively.


**The basic per share calculation is based on the weighted-average shares outstanding for each period presented, which were 28.4 million and 28.8 million for the fiscal quarters and 28.4 million and 29.0 million for the nine month periods ending June 30, 2011 and 2010, respectively.




ROFIN-SINAR TECHNOLOGIES INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)





06/30/11

09/30/10




ASSETS






   Cash, cash equivalents and short-term investments

$122,736

$116,319

   Trade accounts receivable, net

112,076

97,639

   Inventories net

200,924

151,759

   Other current assets

30,269

21,638

       Total current assets

466,005

387,355

   Net property and equipment

64,726

52,651

   Other non-current assets

126,468

118,186

       Total non-current assets

191,194

170,837




       Total assets

$657,199

$558,192




LIABILITIES AND STOCKHOLDERS' EQUITY






   Short-term debt

6,830

5,173

   Accounts payable, trade

25,890

23,173

   Other current liabilities

97,157

71,566

       Total current liabilities

129,877

99,912

   Long-term debt

16,436

15,488

   Other non-current liabilities

28,205

25,316

       Total liabilities

174,518

140,716




       Net stockholders' equity

482,681

417,476




       Total liabilities and stockholders' equity

$657,199

$558,192



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 of 1995.

Certain information in this press release that relates to future plans, events or performance, including statements such as "based on a record order backlog, we are confident about our next quarter results. Furthermore we believe that our investments in fiber laser technology have positioned us to be a strong partner for our customers in the laser material processing industry and complement our mid- to long-term growth strategy" or "for the fourth quarter ending September 30, 2011, the Company currently expects revenues to be in the range of $155 million to $160 million and earnings per share to be in the range of $0.51 to $0.57," 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.

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.