ROFIN-SINAR Reports Results for the First Quarter of Fiscal Year 2010
PLYMOUTH, Mich., and HAMBURG, Germany, Feb. 4 /PRNewswire-FirstCall/ -- 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, 2009.
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three months ended % Change
12 / 31 / 09 12 / 31 / 08
------------ ------------
Net Sales $92,970 $106,965 - 13%
RSTI Net Income $3,584 $7,646 - 53%
Earnings Per Share
"Diluted" Basis* $0.12 $0.26 - 54%
*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 28.9 million and 29.4
million for the fiscal quarters ended December 31, 2008 and 2009.
"We are pleased with the solid results in terms of sales and net income of this quarter which exceeded our forecast. The North American and European markets showed another slight increase in sales, while sales in the Asian markets remained at the high levels we experienced in the fourth quarter. On a sequential base, order entry increased by 24% and reached the highest level since the beginning of the general downturn in the industrial markets. Our streamlined cost structure and disciplined spending behavior have helped us through the economic crisis and lay the ground for future profitability," commented Gunther Braun, CEO and President of RSTI.
FINANCIAL REVIEW
- First Quarter -
Net sales totaled $93.0 million for the first quarter ended December 31, 2009, a 13% decrease over the comparable quarter of fiscal year 2009. The impact of the weakening US dollar, mainly against the Euro, resulted in an increase in net sales of $5.4 million in the first quarter. Gross profit totaled $35.9 million, or 39% of net sales, compared to $42.7 million, or 40% of net sales, in the same period of fiscal year 2009. RSTI net income amounted to $3.6 million, or 4% of net sales, compared to $7.6 million, or 7% of net sales, in the comparable quarter last fiscal year. The diluted per share calculation equaled $0.12 for the quarter based upon 29.4 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.26 based upon 28.9 million weighted-average common shares outstanding for the same period last fiscal year.
SG&A in the amount of $21.8 million, represented 23% of net sales and decreased by $3.0 million compared to last fiscal year's first quarter. Net R&D expenses decreased by $0.8 million to $7.7 million compared to $8.5 million in the first quarter in fiscal year 2009 and represented 8% of net sales in both periods.
Sales of laser products used for macro applications stayed flat and amounted to $41.6 million, accounting for 45% of total sales. Sales of lasers for marking and micro applications decreased by 23% to $41.9 million and represented 45% of total revenues. Components sales decreased by 14% to $9.5 million and represented 10% of total revenues.
On a geographical basis, net sales in North America decreased by 12% and totaled $16.4 million. In Europe, net sales decreased by 27% to $50.3 million and in Asia, net sales increased by 33% to $26.3 million.
Order entry for the quarter amounted to $99.9 million and resulted in a backlog of $94.5 million at December 31, 2009, mainly for laser products.
OUTLOOK
"Our objective for the remainder of fiscal 2010 is to further capitalize on the strength of ROFIN's broad product portfolio and its expanding global network, which continues to be a key element of our future success. Many of the markets that we serve are showing improved activity levels, and we are therefore cautiously optimistic about our future growth potential," commented Peter Wirth, Chairman of the Board of RSTI.
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, Singapore and China, ROFIN-SINAR is one of the world's leading designers and manufacturers of industrial lasers and currently has more than 33,000 laser units installed worldwide and serves more than 3,000 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. 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, February 4, 2010. This call is also being broadcast live over the internet in listen-only mode. 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 Emilia Whitbread 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 Twelve Months
Ended Ended
(unaudited) (audited)
12/31/09 12/31/08 9/30/09
-------- -------- -------
- Macro $41,586 $41,352 $140,362
- Marking/Micro 41,889 54,615 168,131
- Components 9,495 10,998 41,086
Net Sales 92,970 106,965 349,579
Costs of goods sold 57,099 64,220 217,533
------ ------ -------
Gross profit 35,871 42,745 132,046
Selling, general and administrative
expenses 21,810 24,778 88,905
Intangibles amortization 632 824 3,559
Research and development expenses 7,719 8,462 31,500
----- ---- ------
Income from operations 5,710 8,681 8,082
Other income 239 2,422 6,618
--- ----- -----
Income before income tax and
noncontrolling interest 5,949 11,103 14,700
Income tax expense 2,247 3,353 5,197
----- ----- ---
Net income 3,702 7,750 9,503
Less: Net income attributable to the
noncontrolling interest 118 104 340
--- --- ---
Net income attributable to RSTI 3,584 7,646 9,163
===== ===== =====
Net income attributable to RSTI per
common share
* "diluted" basis $0.12 $0.26 $0.31
** "basic" basis $0.12 $0.26 $0.32
* The diluted per share calculation is based on the weighted-average
shares outstanding and the potential dilution from common stock
equivalents (stock options) for December 31, 2008, which was 28.9 million
and 29.4 million for the quarter ended December 31, 2009, and 29.2 million
for the twelve month period.
** The basic per share calculation is based on the weighted-average shares
outstanding for each period presented, which was 29.0 million and 28.9
million for the fiscal quarters ending December 31, 2009 and 2008, and
28.9 million for the 12 month period ending September 30, 2009.
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
12/31/09 09/30/09
-------- --------
ASSETS
Cash, cash equivalents and
short-term investments $126,843 $118,984
Trade accounts receivable, net 77,444 79,357
Inventories net 134,544 136,448
Other current assets 21,811 20,126
-------- --------
Total current assets 360,642 354,915
-------- --------
Net property and equipment 53,696 55,735
Other non-current assets 123,547 128,857
-------- --------
Total non-current assets 177,243 184,592
-------- --------
Total assets $537,885 $539,507
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt 18,463 18,983
Accounts payable, trade 12,987 13,146
Other current liabilities 47,250 48,507
-------- --------
Total current liabilities 78,700 80,636
Long-term debt 11,875 12,426
Other non-current liabilities 24,603 24,751
-------- --------
Total liabilities 115,178 117,813
-------- --------
Net stockholders' equity 422,707 421,694
-------- --------
Total liabilities and
stockholders' equity $537,885 $539,507
======== ========
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 "our streamlined cost structure and disciplined spending behavior have helped us through the economic crisis and lay the ground for future profitability" or "our objective for the remainder of fiscal 2010 is to further capitalize on the strength of ROFIN's broad product portfolio and its expanding global network, which continues to be a key element of our future success" or "many of the markets that we serve are showing improved activity levels, and we are therefore cautiously optimistic about our future growth potential" 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 |
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Gunther Braun |
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ROFIN-SINAR |
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734-416-0206 |
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- or - |
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011-49-40-733-63-4256 |
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SOURCE ROFIN-SINAR Technologies Inc.
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