PLYMOUTH, Mich. and
HAMBURG, Germany, Nov. 8,
2012 /PRNewswire/ -- ROFIN-SINAR Technologies Inc. - (NASDAQ:
RSTI), one of the world's leading developers and manufacturers of
high-performance laser beam sources, laser-based system solutions
and components, today announced results for its fourth fiscal
quarter and twelve months ended September
30, 2012.
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
|
Three
months ended
|
|
|
Twelve
months ended
|
|
|
|
|
|
|
|
|
|
|
09/30/12
|
09/30/11
|
%
Change
|
|
09/30/12
|
09/30/11
|
%
Change
|
|
|
|
|
|
|
|
|
Net
sales
|
$147,460
|
$169,514
|
-
13%
|
|
$540,121
|
$597,763
|
-
10%
|
RSTI net
income
|
$10,064
|
$17,216
|
-
42%
|
|
$34,530
|
$60,032
|
-
42%
|
Earnings
per share
"Diluted" basis*
|
$0.35
|
$0.60
|
-
42%
|
|
$1.20
|
$2.06
|
-
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
28.5 million and 28.8 million for each of the fiscal quarters and
28.7 million and 29.1 million for the twelve-month periods ended
September 30, 2012 and 2011.
|
"We are pleased with our financial performance in the fourth
quarter, given the global economic environment. Net sales, net
income and earnings per share turned out better than we expected,
while gross profit was challenged by a less favorable product mix
in high-power CO2 lasers as well as in multiple unit
orders from one specific industry. Revenues were primarily driven
by the machine tool, automotive, consumer electronics and medical
device industries," commented Gunther
Braun, CEO and President of RSTI. "During fiscal year 2013
we will continue to optimize the cost structure of our high-power
fiber laser portfolio, which should culminate in an increase in
competitiveness and further cost reduction."
FINANCIAL REVIEW
- Fourth Quarter -
Net sales totaled $147.5 million
for the fourth quarter ended September 30,
2012, a 13% decrease when compared to the record revenue in
the fourth quarter of fiscal year 2011. Gross profit totaled
$51.2 million, or 35% of net sales,
compared to $60.3 million, or 36% of
net sales, in the same period last fiscal year. RSTI net income
amounted to $10.1 million, or 7% of
net sales, compared to $17.2 million,
or 10% of net sales, in the comparable quarter last fiscal year.
The diluted per share calculation equaled $0.35 for the quarter based upon 28.5 million
weighted-average common shares outstanding, compared to the diluted
per share calculation of $0.60 based
upon 28.8 million weighted-average common shares outstanding for
the same period last fiscal year.
SG&A expenses in the amount of $24.7
million represented 17% of net sales and decreased by
$2.4 million compared to last fiscal
year's fourth quarter. Net R&D expenses decreased by
$0.2 million to $10.5 million (7% of net sales), compared to
$10.7 million (6% of net sales) in
the fourth quarter of fiscal year 2011.
Sales of laser products for macro applications decreased by 18%
to $55.2 million and accounted for
37% of total sales. Sales of lasers for marking and micro
applications decreased by 13% to $75.4
million and represented 51% of total sales. Sales of
components increased by 12% to $16.9
million and represented 12% of total sales.
On a geographical basis, revenues in North America increased by 1%, totaling
$30.9 million, whereas net sales
decreased by 10% in Europe to
$63.6 million, and by 22% in
Asia to $53.0 million.
- Twelve Months -
For the twelve months ended September 30,
2012, net sales totaled $540.1
million, a decrease of $57.7
million, or 10%, when compared to the record level in the
prior year. The fluctuation of the US dollar, mainly against the
Euro, resulted in a decrease in net sales of $18.3 million for the twelve month period. Gross
profit for the period was $196.4
million, $35.7 million lower
than in the same period in 2011. RSTI net income for the
twelve-month period ended September 30,
2012, totaled $34.5 million.
The diluted per share calculation equaled $1.20 for the twelve-month period based upon 28.7
million weighted-average common shares outstanding.
Net sales of lasers for macro applications decreased by
$32.1 million, or 14%, to
$205.4 million and net sales of
lasers for marking and micro applications decreased by $30.1 million, or 10%, to $272.2 million. Sales of components increased
$4.5 million, or 8%, to $62.5 million compared to fiscal year 2011.
On a geographical basis, net sales in North America in the twelve months increased
by 8% and totaled $117.8 million
(2011: $109.5 million). In
Europe, net sales decreased by 11%
to $239.6 million (2011: $269.6 million) and in Asia, net sales decreased by 16% to
$182.7 million (2011: $218.7 million).
- Order Backlog -
Order entry decreased by 5% to $137.4
million for the quarter and for the fiscal year by 13% to
$533.9 million compared to the
corresponding periods in fiscal year 2011. The backlog, mainly for
laser products, amounted to $147.0
million as of September 30,
2012. The book-to-bill ratio for the quarter was 0.93 and
0.99 for the fiscal year.
- Other Developments: Share Buyback -
As of September 30, 2012, the
Company has purchased over 0.5 million shares of its common stock
for a total amount of $10.7 million
under the buyback program that was announced in August 2012.
- Outlook -
"The continuing uncertainty regarding the global economy and the
more cautious sentiment of our industrial customers, mainly in the
automotive, semiconductor, electronic and machine tool industries,
are reflected in our outlook. As a result of this, we expect
revenues to be in the range of $130 million
to $135 million and earnings per share to be between
$0.25 and $0.28 for the first quarter
ending December 31, 2012. Actual
results may of course differ from this forecast and are subject to
the safe harbor statement discussed in more detail below,"
concluded Gunther Braun.
With over 35 years of experience, ROFIN-SINAR Technologies is a
leading developer, designer and manufacturer of lasers and
laser-based system solutions for industrial material processing
applications. The Company focuses on developing key innovative
technologies and advanced production methods for a wide variety of
industrial applications based on a broad scope of technologies. The
product portfolio ranges from single laser-beam sources to highly
complex systems, covering all of the key laser technologies such as
CO2 lasers, fiber, solid-state and diode lasers, and the
entire power spectrum, from single-digit watts up to
multi-kilowatts, as well as a comprehensive spectrum of wavelengths
and an extensive range of laser components. ROFIN-SINAR
Technologies has its operational headquarters in Plymouth, Michigan, and Hamburg, Germany and maintains production
facilities in the US, Germany, UK,
Sweden, Finland, Switzerland, Singapore, and China. ROFIN currently has more than 42,000
laser units installed worldwide and serves more than 4,000
customers. The Company'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: www.rofin.com.
A conference call is scheduled for 11:00
AM Eastern, today, Thursday, November
8, 2012. This call is also being broadcast live over the
internet in listen-only mode. A recording will be available on the
Company's home page for approximately 90 days. For a live webcast,
please visit 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 at +44(0) 207 614 2900.
ROFIN-SINAR TECHNOLOGIES INC.
|
CONSOLIDATED STATEMENTS OF EARNINGS
|
(in
thousands, except per share data)
|
|
|
Three
months
Ended
|
Twelve
months Ended
|
|
(unaudited)
|
(unaudited)
|
|
|
|
|
|
09/30/12
|
09/30/11
|
09/30/12
|
09/30/11
|
|
|
|
|
|
-
Macro
|
$55,170
|
$67,355
|
$205,394
|
$237,449
|
-
Marking/Micro
|
75,359
|
87,050
|
272,195
|
302,330
|
-
Components
|
16,931
|
15,109
|
62,532
|
57,984
|
Net
Sales
|
147,460
|
169,514
|
540,121
|
597,763
|
|
|
|
|
|
Costs of
goods sold
|
96,236
|
109,240
|
343,769
|
365,684
|
|
|
|
|
|
Gross
profit
|
51,224
|
60,274
|
196,352
|
232,079
|
Selling,
general and administrative expenses
|
24,683
|
27,110
|
101,088
|
107,510
|
Intangibles amortization
|
617
|
613
|
2,278
|
2,569
|
Research
and development expenses
|
10,502
|
10,709
|
42,605
|
38,337
|
|
|
|
|
|
Income
from operations
|
15,422
|
21,842
|
50,381
|
83,663
|
|
|
|
|
|
Other
income (Loss)
|
(692)
|
2,839
|
2,011
|
3,480
|
|
|
|
|
|
Income
before income tax
|
14,730
|
24,681
|
52,392
|
87,143
|
|
|
|
|
|
Income tax
expense
|
4,570
|
7,019
|
17,180
|
26,070
|
|
|
|
|
|
Net
Income
|
10,160
|
17,662
|
35,212
|
61,073
|
|
|
|
|
|
Net income
attributable to non-controlling interest
|
96
|
446
|
682
|
1,041
|
|
|
|
|
|
Net income
attributable to RSTI
|
10,064
|
17,216
|
34,530
|
60,032
|
|
|
|
|
|
Net income
attributable to RSTI
*"diluted"
basis
|
$0.35
|
$0.60
|
$1.20
|
$2.06
|
**"basic"
basis
|
$0.35
|
$0.60
|
$1.21
|
$2.11
|
|
|
|
|
|
|
|
|
|
|
|
|
*
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
28.5 million and 28.8 million for each of the fiscal quarters and
28.7 million and 29.1 million for the twelve-month periods ended
September 30, 2012 and 2011.
|
|
** The
basic per share calculation is based on the weighted-average shares
outstanding for each period presented, which was 28.4 million and
28.5 million for the fiscal quarters and 28.5 million and 28.4
million for the twelve-month periods ending September 30, 2012 and
2011, respectively.
|
|
|
|
|
ROFIN-SINAR TECHNOLOGIES INC.
|
CONSOLIDATED BALANCE SHEETS
|
(dollars
in thousands)
|
|
|
09/30/12
|
09/30/11
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and short-term investments
|
$101,163
|
$130,376
|
|
Trade
accounts receivable, net
|
107,935
|
119,391
|
|
Inventories net
|
202,188
|
188,847
|
|
Other
current assets
|
28,236
|
28,655
|
|
Total
current assets
|
439,522
|
467,269
|
|
Net
property and equipment
|
80,001
|
65,554
|
|
Other
non-current assets
|
133,009
|
121,123
|
|
|
Total
non-current assets
|
213,010
|
186,677
|
|
|
|
|
|
|
Total
assets
|
$652,532
|
$653,946
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
Short-term
debt
|
16,883
|
8,121
|
|
Accounts
payable, trade
|
26,644
|
27,082
|
|
Other
current liabilities
|
77,168
|
98,738
|
|
|
Total
current liabilities
|
120,695
|
133,941
|
|
Long-term
debt
|
5,662
|
14,742
|
|
Other
non-current liabilities
|
32,256
|
26,646
|
|
|
Total
liabilities
|
158,613
|
175,329
|
|
|
|
|
|
|
|
Net
stockholders' equity
|
493,919
|
478,617
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$652,532
|
$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 of 1995.
Certain information in this press release that relates to future
plans, events or performance, including statements such as "During
fiscal year 2013 we will continue to optimize the cost structure of
our high-power fiber laser portfolio, which should culminate in an
increase in competitiveness and further cost reduction" or "As a
result of this, we expect revenues to be in the range of
$130 million to $135 million and
earnings per share to be between $0.25 and
$0.28 for the first quarter ending December 31, 2012" 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 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
|
Gunther
Braun
|
Rofin-Sinar
|
734-416-0206
|
- or
-
|
011-49-40-733-63-4256
|
SOURCE ROFIN-SINAR Technologies Inc.