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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 RECORD REVENUES FOR THE FOURTH QUARTER
AND FISCAL YEAR 2011
Annual turnover increased by 41% to $597.8 million, net income
rose by 101% to $60.0 million
Plymouth, MI / Hamburg, Germany -- November 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 fourth fiscal quarter and twelve
months ended September 30, 2011.
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three months ended Nine months ended
9/30/11 9/30/10 % Change 9/30/11 9/30/10 % Change
-------- -------- --------- -------- -------- --------
Net sales $169,514 $124,354 + 36 % $597,763 $423,570 + 41 %
RSTI Net income $ 17,216 $ 11,931 + 44 % $ 60,032 $ 29,840 + 101 %
Earnings per share
"Diluted" basis $ 0.60 $ 0.42 + 43 % $ 2.06 $ 1.02 + 102 %
* 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 28.6 million for each of the fiscal quarters and 29.1
million and 29.2 million for the twelve month periods ended
September 30, 2011 and 2010, respectively.
"We are very pleased with our operational and financial performance for the
fourth quarter and fiscal year 2011. We posted record quarterly and annual
sales numbers while net income for the quarter and fiscal year was the
second best in Rofin's history. We achieved financial results equivalent to
the pre-economic crisis levels of 2008 with improved sales in all our key
regions, primarily driven by the machine tool, automotive, electronics and
medical device industries. Our net income was excellent given our continuing
investments in fiber lasers," commented Gunther Braun, CEO and President of
RSTI. "We believe that our backlog and expanding product portfolio,
especially in fiber lasers, provide us with a solid platform for a
successful fiscal year 2012 in spite of the current challenging market
conditions."
(page)
FINANCIAL REVIEW
Fourth Quarter
Net sales amounted to a record of $169.5 million for the fourth quarter
ended September 30, 2011, a 36%, or $45.1 million increase from the
comparable quarter of fiscal year 2010. Gross profit totaled $60.3 million,
or 36% of net sales, compared to $50.3 million, or 40% of net sales, in the
same period last fiscal year. RSTI net income rose to $17.2 million,
compared to $11.9 million in the fourth quarter of fiscal year 2010, and
equaled 10% in both periods. Diluted earnings per share totaled $0.60 for
the quarter based upon 28.8 million weighted-average common shares
outstanding, compared to diluted income per share of $0.42 based upon 28.6
million weighted-average common shares outstanding for the same period last
fiscal year.
Comparing the fourth fiscal quarters 2011 and 2010, SG&A increased by $4.9
million in 2011 to $27.1 million, representing 16% of net sales, and fourth
quarter R&D expenses increased by $3.7 million in 2011 to $10.7 million,
representing 6% of net sales.
Revenues of laser products used for macro applications increased by 39% to
$67.4 million, accounting for 40% of total sales. Sales of lasers for
marking and micro applications increased by 37% to $87.0 million and
represented 51% of total sales. Sales of components increased by 22% to
$15.1 million and accounted for 9% of total sales.
Twelve Months
For the twelve months ended September 30, 2011, net sales achieved a record
level of $597.8 million, an increase of $174.2 million, or 41%, over the
comparable period in 2010. The weakening of the US dollar, mainly against
the Euro, resulted in an increase in net sales of $14.7 million for the
twelve month period. Gross profit for the period was $65.8 million higher
than in fiscal year 2010 and amounted to $232.1 million, or 39% of net
sales. RSTI net income for the fiscal year ended September 30, 2011, totaled
$60.0 million, with diluted earnings per share of $2.06 based upon 29.1
million weighted-average common shares outstanding.
Net sales of lasers for macro applications increased by $64.6 million, or
37%, to $237.5 million and net sales of lasers for marking and micro
applications rose by $95.8 million, or 46%, to $302.3 million. Sales of
components increased $13.8 million, or 31%, to $58.0 million compared to
fiscal year 2010.
On a geographical basis, net sales in North America in the twelve months
increased by 39% and totaled $109.5 million (2010: $78.7 million). In
Europe, net sales rose by 37% to $269.6 million (2010: $196.3 million) and
in Asia, net sales increased by 47% to $218.7 million (2010: $148.6
million).
Order Backlog
Order entry amounted to a record $612.1 million for the fiscal year 2011 and
$145.2 million for the fourth quarter, which resulted in an order backlog on
September 30, 2011, of $153.2 million, mainly for laser products. The book-
to-bill ratio for the quarter was 0.86 and 1.02 for the fiscal year.
(page)
Outlook
"The general market conditions currently being experienced and the more
cautious sentiment of our industrial customers, mainly in the semiconductor,
electronic and machine tool industries, were reflected in a lower level of
quarterly order entry when compared to the record highs of the recent
quarters. In addition, order intake in the Asian markets slowed down, led by
China controlling its inflation and the general tightening in credit
allocated
to the private economy. As a result of this, we expect revenues to be in the
range of $137 million to $142 million and earnings per share to be between
$0.33 and $0.36 for the first quarter ending December 31, 2011. 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 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, Friday, November
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 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 Twelve months
Ended Ended
(unaudited) (unaudited)
---------------------- ----------------------
9/30/11 9/30/10 9/30/11 9/30/10
---------- ---------- ---------- ----------
-Macro $ 67,355 $ 48,514 $ 237,449 $ 172,877
-Marking/Micro 87,050 63,430 302,330 206,535
-Components 15,109 12,410 57,984 44,158
---------- ---------- ---------- ----------
Net sales 169,514 124,354 597,763 423,570
Cost of goods sold 109,240 74,042 365,684 257,316
---------- ---------- ---------- ----------
Gross profit 60,274 50,312 232,079 166,254
Selling, general, and
administrative expenses 27,110 22,229 107,510 89,908
Intangibles amortization 613 541 2,569 2,250
Research and development expenses 10,709 6,977 38,337 30,137
---------- ---------- ---------- ----------
Income from operations 21,842 20,565 83,663 43,959
Other income (Loss) 2,839 ( 2,164) 3,480 1,942
---------- ---------- ---------- ----------
Income before income tax 24,681 18,401 87,143 45,901
Income tax expense 7,019 6,179 26,070 15,442
---------- ---------- ---------- ----------
Income 17,662 12,222 61,073 30,459
---------- ---------- ---------- ----------
Net income attributable to
non-controlling interest 446 291 1,041 619
---------- ---------- ---------- ----------
Net income attributable to
RSTI $ 17,216 $ 11,931 $ 60,032 $ 29,840
========== ========== ========== ==========
Net income attributable to RSTI
"diluted" basis * $ 0.60 $ 0.42 $ 2.06 $ 1.02
"basic" basis ** $ 0.60 $ 0.42 $ 2.11 $ 1.04
* 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 28.6 million
for each of the fiscal quarters and 29.1 million and 29.2 million for the
twelve month periods ended September 30, 2011 and 2010, respectively.
** The basic per share calculation is based on the weighted-average shares
outstanding for each period presented, which was 28.5 million and 28.3
million
for the fiscal quarters and 28.4 million and 28.8 million for the twelve
month
periods ending September 30, 2011 and 2010, respectively.
(page)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
9/30/11 9/30/10
----------- -----------
ASSETS
Cash, cash equivalents and
short-term investments $ 130,376 $ 116,319
Trade accounts receivable, net 119,391 97,639
Inventories net 188,847 151,759
Other current assets 28,655 21,638
----------- ----------
Total current assets 467,269 387,355
Net property and equipment 65,554 52,651
Other non-current assets 121,892 118,186
----------- ----------
Total non-current assets 187,446 170,837
----------- ----------
Total assets $ 654,715 $ 558,192
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt $ 8,121 $ 5,173
Accounts payable, trade 27,082 23,173
Other current liabilities 98,738 71,566
----------- ---------
Total current liabilities 133,941 99,912
Long-term debt 14,742 15,488
Other non-current liabilities 27,415 25,316
----------- ---------
Total liabilities 176,098 140,716
Net stockholders' equity 478,617 417,476
----------- ---------
Total liabilities and stockholders' equity $ 654,715 $ 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 "We believe that our
backlog and expanding product portfolio, especially in fiber lasers, provide
us with a solid platform for a successful fiscal year 2012 in spite of the
current challenging market conditions." or "As a result of this, we expect
revenues to be in the range of $137 million to $142 million and earnings per
share to be between $0.33 to $0.36 for the first quarter ending December 31,
2011." 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.
