RSTI: ROFIN-SINAR reports results for first quarter fiscal year 2014; Board authorizes share buyback program
PLYMOUTH, Mich. and HAMBURG, Germany, Feb. 6, 2014 /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, 2013.
- First Quarter -
Net sales totaled $121.2 million for the first quarter ended December 31, 2013, a 15% decrease over the first quarter of fiscal year 2013. The weakening of the US dollar, mainly against the Euro, resulted in an increase in net sales of $2.0 million in the first quarter. Gross profit totaled $41.3 million, or 34% of net sales, compared to $50.1 million, or 35% of net sales, in the same period of fiscal year 2013. RSTI net income amounted to $2.2 million, or 2% of net sales, compared to $8.9 million, or 6% of net sales, in the comparable quarter last fiscal year. The diluted per share calculation equaled $0.08 for the quarter based upon 28.3 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.32 based upon 28.2 million weighted-average common shares outstanding for the same period last fiscal year.
SG&A expenses amounted to $25.4 million, representing 21% of net sales, and increased by $0.2 million compared to last fiscal year's first quarter. Net R&D expenses increased by $0.5 million to $11.5 million (10% of net sales), compared to $11.0 million (8% of net sales) in the first quarter of fiscal year 2013.
Sales of laser products for macro applications increased by 1% to $49.1 million, accounting for 41% of total sales. Sales of lasers for marking and micro applications decreased by 27% to $56.0 million representing 46% of total sales. Sales of components decreased by 4% to $16.1 million representing 13% of total sales.
On a geographical basis, revenues in North America decreased by 8%, totaling $24.6 million, whereas net sales decreased marginally by 2% in Europe, to $59.5 million, and by 33% in Asia, to $37.1 million.
- Backlog -
Order entry for the quarter increased by 2% to $140.6 million compared to the first quarter of fiscal year 2013, resulting in a backlog of $137.4 million as of December 31, 2013, mainly for laser products. As of December 31, 2013, ROFIN-SINAR had a book-to-bill ratio of 1.16 for the first quarter.
- Other Developments: Share Buyback -
The Board of Directors yesterday authorized the Company to initiate a share buyback of up to $25.0 million of the Company's Common Stock over the next twelve months ending February 10, 2015, subject to market conditions. The shares may be repurchased from time to time in open market transactions or privately negotiated transactions at the Company's discretion.
- Outlook -
For the second quarter ending March 31, 2014, the Company expects revenues to be in the range of $123 million to $128 million and earnings per share to be in the range of $0.08 to $0.12. 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 or pulse durations 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 49,000 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 6, 2014. 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 the 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 Dana Diver, Taylor Rafferty, New York at +1-212-889-4350 or Miles Chapman, Taylor Rafferty, London at +44 (0) 7795 510 832.
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
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, 2014, the Company expects revenues to be in the range of $123 million to $128 million and earnings per share to be in the range of $0.08 to $0.12" 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.
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