RSTI: ROFIN-SINAR reports results for third quarter fiscal year 2012; Board authorizes share buyback program
PLYMOUTH, Mich. and HAMBURG, Germany, Aug. 2, 2012 /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, 2012.
- Third Quarter -
Net sales totaled $131.7 million for the third quarter ended June 30, 2012, a 15% decrease over the comparable quarter of fiscal year 2011. Gross profit totaled $49.3 million, or 37% of net sales, compared to $60.7 million, or 39% of net sales, in the same period of fiscal year 2011. RSTI net income amounted to $8.4 million, or 6% of net sales, compared to $15.2 million, or 10% of net sales, in the comparable quarter last fiscal year. The diluted per share calculation equaled $0.29 for the quarter based upon 28.8 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.52 based upon 29.2 million weighted-average common shares outstanding for the same period last fiscal year.
SG&A expenses in the amount of $25.3 million represented 19% of net sales and decreased by $3.4 million compared to last fiscal year's third quarter. Net R&D expenses increased by $2.0 million to $11.5 million (9% of net sales), compared to $9.5 million (6% of net sales) in the third quarter of fiscal year 2011.
Sales of laser products for macro applications decreased by 16% to $53.0 million and accounted for 40% of total sales. Sales of lasers for marking and micro applications decreased by 19% to $61.9 million and represented 47% of total sales. Sales of components increased by 11% to $16.8 million and represented 13% of total sales.
On a geographical basis, revenues in North America increased by 18%, totaling $32.0 million, whereas net sales decreased by 20% in Europe to $56.7 million, and by 24% in Asia to $43.0 million.
- Nine Months -
For the nine months ended June 30, 2012, net sales totaled $392.7 million, a decrease of $35.6 million, or 8%, over the comparable period in 2011. The fluctuation of the US dollar, mainly against the Euro, resulted in a decrease in net sales of $10.0 million for the nine month period. Gross profit for the period was $145.1 million, $26.7 million lower than in the same period in 2011. RSTI net income for the nine month period ended June 30, 2012, totaled $24.5 million. The diluted per share calculation equaled $0.85 for the nine month period based upon 28.8 million weighted-average common shares outstanding.
Net sales of lasers for macro applications decreased by $19.9 million, or 12%, to $150.2 million, while net sales of lasers for marking and micro applications decreased by $18.4 million, or 9%, to $196.9 million. Sales of components of $45.6 million increased by $2.7 million, or 6%, versus the comparable period in fiscal year 2011.
On a geographical basis, net sales in North America in the first nine months increased by 10% and totaled $87.0 million (2011: $78.8 million). In Europe, net sales decreased by 12% to $175.9 million (2011: $199.1 million) and in Asia, net sales decreased by 14% to $129.8 million (2011: $150.3 million).
- Backlog -
Order entry for the quarter decreased by 17% to $135.3 million compared to the third quarter of fiscal year 2011 and resulted in a backlog of $157.0 million as of June 30, 2012, mainly for laser products. As of June 30, 2012, ROFIN-SINAR had a book-to-bill ratio of 1.03 for the third quarter.
- Other Developments: Share Buyback -
The Board of Directors yesterday authorized the Company to initiate a share buyback of up to $20.0 million of the Company's Common Stock over the next twelve months ending August 10, 2013, 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 fourth quarter ending September 30, 2012, the Company expects revenues to be in the range of $125 million to $130 million and earnings per share to be in the range of $0.25 to $0.28. 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 42,000 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: www.rofin.com.
A conference call is scheduled for 11:00 AM Eastern, today, Thursday, August 2, 2012. This call is also being broadcast live over the internet in listen-only mode. A recording will be available on the Company's home page for approximately 90 days. For a live webcast, please go to 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
Certain information in this press release that relates to future plans, events or performance, including statements such as "For the fourth quarter ending September 30, 2012, the Company expects revenues to be in the range of $125 million to $130 million and earnings per share to be in the range of $0.25 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.
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SOURCE ROFIN-SINAR Technologies Inc.