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ROFIN-SINAR TECHNOLOGIES
- PRESS RELEASE -
Contact: Katharina Manok
Gunther Braun
ROFIN-SINAR
734-416-0206
- or -
011-49-40-733-63-4256
ROFIN-SINAR REPORTS RESULTS FOR SECOND QUARTER FISCAL YEAR 2012
Plymouth, MI / Hamburg, Germany -- May 3, 2012 -- 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 second fiscal quarter and six months ended March 31,
2012.
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three months ended Six months ended
3/31/12 3/31/11 % Change 3/31/12 3/31/11 % Change
-------- -------- --------- -------- -------- --------
Net sales $129,434 $136,206 - 5 % $261,004 $273,338 - 5 %
Net income $ 8,033 $ 12,691 - 37 % $ 16,110 $ 27,569 - 42 %
Earnings per share
"Diluted" basis $ 0.28 $ 0.43 - 35 % $ 0.56 $ 0.95 - 41 %
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 28.8 million and 29.3 million
for each of the fiscal quarters and 28.8 million and 29.1 million for the
six month periods ended March 31, 2012 and 2011, respectively.
"The weak economic environment which we faced at the end of calendar year
2011 carried over into the early part of 2012, leading to a slow start to
our second quarter. During the quarter, however, we experienced recovered
demand from the machine tool industry as well as a solid business in the
medical device and solar industries, whereas sales to the electronics
industry declined. We were able to improve gross margins on a sequential
basis due to a favorable product mix and improved manufacturing cost,"
commented Gunther Braun, CEO and President of RSTI. "The cost reduction
program for our fiber laser product portfolio is on track and we are
cautiously optimistic, given the current booking trend with strong order
entry in February and March, that we will deliver better results in the
upcoming quarters."
(page)
FINANCIAL REVIEW
- Second Quarter -
Net sales totaled $129.4 million for the second quarter ended March 31,
2012, a 5% decrease over the comparable quarter of fiscal year 2011. Gross
profit totaled $48.8 million, or 38% of net sales, compared to $54.8
million, or 40% of net sales, in the same period of fiscal year 2011. RSTI
net income amounted to $8.0 million, or 6% of net sales, compared to $12.7
million, or 9% of net sales, in the comparable quarter last fiscal year. The
diluted per share calculation equaled $0.28 for the quarter based upon 28.8
million weighted-average common shares outstanding, compared to the diluted
per share calculation of $0.43 based upon 29.3 million weighted-average
common shares outstanding for the same period last fiscal year.
SG&A expenses in the amount of $26.4 million represented 20% of net sales
and increased by $0.3 million compared to last fiscal year's quarter. Net
R&D expenses increased by $0.6 million to $10.1 million (8% of net sales),
compared to $9.5 million (7% of net sales) in the second quarter of fiscal
year 2011.
Sales of laser products used for macro applications decreased by 9% to
$50.9 million and accounted for 39% of total sales. Sales of lasers for
marking and micro applications decreased by 6% to $62.3 million and
represented 48% of total sales. Sales of components increased by 13% to
$16.2 million and represented 13% of total sales.
On a geographical basis, revenues in North America increased by 12%,
totaling $28.0 million, whereas net sales decreased by 13% in Europe, to
$59.9 million, and by 3% in Asia, to $41.5 million.
- Six Months -
For the six months ended March 31, 2012, net sales totaled $261.0 million,
a decrease of $12.3 million, or 5%, over the comparable period in 2011.
The fluctuation of the US dollar, mainly against the Euro, resulted in a
decrease in net sales of $1.1 million for the six month period. Gross profit
for the period was $95.8 million, $15.3 million lower than in the same
period in 2011. RSTI net income for the six month period ended March 31,
2012, totaled $16.1 million. The diluted per share calculation equaled $0.56
for the six month period based upon 28.8 million weighted-average common
shares outstanding.
Net sales of lasers for macro applications decreased by $9.7 million, or
9%, to $97.3 million, while net sales of lasers for marking and micro
applications decreased by $3.6 million, or 3%, to $134.9 million. Sales of
components of $28.8 million increased by $1.0 million, or 4%, versus the
comparable period in fiscal year 2011.
On a geographical basis, net sales in North America in the first six months
increased by 7% and totaled $54.9 million (2011: $51.5 million). In Europe,
net sales decreased by 7% to $119.3 million (2011: $128.3 million) and in
Asia, net sales decreased equally by 7% to $86.8 million (2011: $93.5
million).
(page)
- Backlog -
Order entry for the quarter decreased by 13% to $138.8 million compared to
the second quarter of fiscal year 2011 and resulted in a backlog of $153.3
million as of March 31, 2012, mainly for laser products. As of March 31,
2012, ROFIN-SINAR had a book-to-bill ratio for the second quarter of 1.07
for the second quarter.
- Outlook -
For the third quarter ending June 30, 2012, the Company expects revenues to
be in the range of $130 million to $135 million and earnings per share to be
in the range of $0.27 to $0.30. 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: http://www.rofin.com.
A conference call is scheduled for 11:00 AM EST, today, Thursday, May
3, 2012. 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 Bryan Degnan at King
Worldwide in New York at +1-212-889-4350 or Miles Chapman at King Worldwide
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 Six months
Ended Ended
(unaudited) (unaudited)
---------------------- ----------------------
3/31/12 3/31/11 3/31/12 3/31/11
---------- ---------- ---------- ----------
-Macro $ 50,910 $ 55,653 $ 97,265 $ 107,016
-Marking/Micro 62,346 66,279 134,921 138,500
-Components 16,178 14,274 28,818 27,822
---------- ---------- ---------- ----------
Net sales 129,434 136,206 261,004 273,338
Cost of goods sold 80,595 81,436 165,221 162,201
---------- ---------- ---------- ----------
Gross profit 48,839 54,770 95,783 111,137
Selling, general, and
administrative expenses 26,384 26,053 51,102 51,669
Intangibles amortization 536 644 1,137 1,286
Research and development expenses 10,102 9,502 20,625 18,129
---------- ---------- ---------- ----------
Income from operations 11,817 18,571 22,919 40,053
Other income (expense) 478 ( 699) 1,569 217
---------- ---------- ---------- ----------
Income before income tax 12,295 17,872 24,488 40,270
Income tax expense 4,079 5,074 8,036 12,382
---------- ---------- ---------- ----------
Net Income 8,216 12,798 16,452 27,888
---------- ---------- ---------- ----------
Net income attributable to
non-controlling interest 183 107 342 319
---------- ---------- ---------- ----------
Net income attributable to
RSTI $ 8,033 $ 12,691 $ 16,110 $ 27,569
========== ========== ========== ==========
Net income attributable to RSTI per share
"diluted" basis * $ 0.28 $ 0.43 $ 0.56 $ 0.95
"basic" basis ** $ 0.28 $ 0.45 $ 0.57 $ 0.97
* 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 28.8 million and 29.3 million
for each of the fiscal quarters and 28.8 million and 29.1 million for the six
month periods ended March 31, 2012 and 2011, respectively.
** The basic per share calculation is based on the weighted-average shares
outstanding for each period presented, which was 28.5 million for both fiscal
quarters and 28.5 million and 28.4 million for the six month periods ending
March 31, 2012 and 2011, respectively.
(page)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
3/31/12 9/30/11
----------- -----------
ASSETS
Cash, cash equivalents and
short-term investments $ 105,450 $ 130,376
Trade accounts receivable, net 90,873 119,391
Inventories net 203,617 188,847
Other current assets 28,911 28,655
----------- ----------
Total current assets 428,851 467,269
----------- ----------
Net property and equipment 73,592 65,554
Other non-current assets 134,230 121,123
----------- ----------
Total non-current assets 207,822 186,677
----------- ----------
Total assets $ 636,673 $ 653,946
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt $ 4,895 $ 8,121
Accounts payable, trade 22,708 27,082
Other current liabilities 73,147 98,738
----------- ---------
Total current liabilities 100,750 133,941
Long-term debt 13,801 14,742
Other non-current liabilities 27,005 26,646
----------- ---------
Total liabilities 141,556 175,329
----------- ---------
Net stockholders' equity 495,117 478,617
----------- ---------
Total liabilities and stockholders' equity $ 636,673 $ 653,946
=========== ==========
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 "we are cautiously
optimistic, given the current booking trend with strong order entry in
February and March, that we will deliver better results in the upcoming
quarters" or "for the third quarter ending June 30, 2012, the Company
expects revenues to be in the range of $130 million to $135 million and
earnings per share to be in the range of $0.27 to $0.30" 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.
