Attached files
[ROFIN LOGO] [GRAPHIC OMITTED]
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 THIRD QUARTER FISCAL YEAR 2012
- Board of Directors authorizes share buyback program -
Plymouth, MI / Hamburg, Germany -- August 2, 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 third fiscal quarter and nine months ended June 30,
2012.
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three months ended Nine months ended
6/30/12 6/30/11 % Change 6/30/12 6/30/11 % Change
-------- -------- --------- -------- -------- --------
Net sales $131,657 $154,911 - 15 % $392,661 $428,249 - 8 %
Net income $ 8,356 $ 15,248 - 45 % $ 24,466 $ 42,817 - 43 %
Earnings per share
"Diluted" basis $ 0.29 $ 0.52 - 44 % $ 0.85 $ 1.47 - 42 %
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 29.2 million
for each of the fiscal quarters and for the nine month periods ended June
30, 2012 and 2011, respectively.
"The quarterly results reflect the current global industrial economic
environment for conventional laser technologies. The industrial material
processing business continues to be influenced by the European debt crisis
and the slower pace of GDP growth, mainly in China. The encouraging
statements that we received from the Chinese machine tool industry in the
spring time did not translate into substantially improved orders during the
quarter. The automotive and semiconductor industries performed very well,
while we experienced a lower level of activities in the solar industry.
Despite the economic pressures, we are satisfied with our overall quarterly
financial results, which were in line with our expectations," commented
Gunther Braun, CEO and President of RSTI. "The global markets continue to be
challenging and the currency translation into US dollars will put further
pressure on order entry and sales figures in the coming quarters as the US
dollar strengthens. However, we believe that our solid backlog, combined
with ongoing sales activities and focused efforts in the Asian markets will
help us to deliver reasonable fourth quarter results".
(page)
FINANCIAL REVIEW
- 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).
(page)
- 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:
http://www.rofin.com.
A conference call is scheduled for 11:00 AM EST, today, Thursday, August
2, 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 Nine months
Ended Ended
(unaudited) (unaudited)
---------------------- ----------------------
6/30/12 6/30/11 6/30/12 6/30/11
---------- ---------- ---------- ----------
-Macro $ 52,959 $ 63,078 $ 150,224 $ 170,094
-Marking/Micro 61,914 76,780 196,836 215,279
-Components 16,784 15,053 45,601 42,876
---------- ---------- ---------- ----------
Net sales 131,657 154,911 392,661 428,249
Cost of goods sold 82,312 94,243 247,533 256,444
---------- ---------- ---------- ----------
Gross profit 49,345 60,668 145,128 171,805
Selling, general, and
administrative expenses 25,303 28,731 76,405 80,399
Intangibles amortization 525 669 1,662 1,956
Research and development expenses 11,477 9,499 32,102 27,628
---------- ---------- ---------- ----------
Income from operations 12,040 21,769 34,959 61,822
Other income (expense) 1,134 424 2,703 640
---------- ---------- ---------- ----------
Income before income tax 13,174 22,193 37,662 62,462
Income tax expense 4,574 6,669 12,610 19,051
---------- ---------- ---------- ----------
Net Income 8,600 15,524 25,052 43,411
---------- ---------- ---------- ----------
Net income attributable to
non-controlling interest 244 276 586 594
---------- ---------- ---------- ----------
Net income attributable to
RSTI $ 8,356 $ 15,248 $ 24,466 $ 42,817
========== ========== ========== ==========
Net income attributable to RSTI per share
"diluted" basis * $ 0.29 $ 0.52 $ 0.85 $ 1.47
"basic" basis ** $ 0.29 $ 0.54 $ 0.86 $ 1.51
* 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 29.2 million
for each of the fiscal quarters and the nine month periods ended June 30, 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 and 28.4 million
for both fiscal and for the nine month periods ending June 30, 2012 and 2011,
respectively.
(page)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
6/30/12 9/30/11
----------- -----------
ASSETS
Cash, cash equivalents and
short-term investments $ 96,985 $ 130,376
Trade accounts receivable, net 95,383 119,391
Inventories net 204,641 188,847
Other current assets 28,698 28,655
----------- ----------
Total current assets 425,707 467,269
----------- ----------
Net property and equipment 74,521 65,554
Other non-current assets 130,795 121,123
----------- ----------
Total non-current assets 205,316 186,677
----------- ----------
Total assets $ 631,023 $ 653,946
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt $ 10,244 $ 8,121
Accounts payable, trade 26,588 27,082
Other current liabilities 72,746 98,738
----------- ---------
Total current liabilities 109,578 133,941
Long-term debt 6,199 14,742
Other non-current liabilities 26,301 26,646
----------- ---------
Total liabilities 142,078 175,329
----------- ---------
Net stockholders' equity 488,945 478,617
----------- ---------
Total liabilities and stockholders' equity $ 631,023 $ 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 "The global markets
continue to be challenging and the currency translation into US dollars will
put further pressure on order entry and sales figures in the coming quarters
as the US dollar strengthens. However, we believe that our solid backlog,
combined with ongoing sales activities and focused efforts in the Asian
markets will help us to deliver reasonable fourth quarter results" or "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 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.