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.
(dollars in thousands, except per share data)
Three months ended
Nine months ended
+ 40 %
+ 43 %
RSTI net income
+ 58 %
+ 139 %
Earnings per share "Diluted" basis*
+ 58 %
+ 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."
- 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)
Costs of goods sold
Selling, general and administrative expenses
Research and development expenses
Income from operations
Income before income tax
Income tax expense
Net income attributable to non-controlling interest
Net income attributable to RSTI
Net income attributable to RSTI per share
* 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)
Cash, cash equivalents and short-term investments
Trade accounts receivable, net
Other current assets
Total current assets
Net property and equipment
Other non-current assets
Total non-current assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable, trade
Other current liabilities
Total current liabilities
Other non-current liabilities
Net stockholders' equity
Total liabilities and stockholders' equity
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.