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ROFIN-SINAR TECHNOLOGIES
- PRESS RELEASE -
Contact: Katharina Manok
Gunther Braun
ROFIN-SINAR
734-416-0206
011-49-40-733-63-4256
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, MI / Hamburg, Germany -- August 4, 2011 -- 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
6/30/11 6/30/10 % Change 6/30/11 6/30/10 % 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 was 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."
(page)
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.
(page)
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 EST, today, Thursday, August
4, 2011. 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 +44(0)207 614 2900.
(Tables to follow)
(page)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share data)
Three months Nine months
Ended Ended
(unaudited) (unaudited)
---------------------- ----------------------
6/30/11 6/30/10 6/30/11 6/30/10
---------- ---------- ---------- ----------
-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
Cost 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 was 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.
** The basic per share calculation is based on the weighted-average shares
outstanding for each period presented, which was 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.
(page)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
6/30/11 9/30/10
----------- -----------
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 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 fourth
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.
