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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 THE FIRST QUARTER
OF FISCAL YEAR 2012
Plymouth, MI / Hamburg, Germany, February 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 first fiscal quarter ended
December 31, 2011.
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three months ended % Change
12/31/11 12/31/10
-------- ----------- ---------
Net Sales $131,570 $137,132 - 4 %
RSTI Net Income $ 8,077 $ 14,878 - 46 %
Earnings Per Share
"Diluted" Basis * $ 0.28 $ 0.51 - 45 %
* 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 29.0 million and 28.8 million
for the fiscal quarters ended December 31, 2010 and 2009.
"The challenging macro-economic environment, caused especially by the
European debt crisis and China's attempts to curb inflation, had a major
impact on our first quarter order entry and sales. Lower demand came in
particular from the machine tool and electronics industry, while lasers
sales for applications in the semiconductor and medical device industries
improved slightly. Our net income reflects this lower revenue level, and
takes into account postponed shipments by customers of approximately $10
million and an unfavorable product mix," commented Gunther Braun, CEO and
President of RSTI. "We expect business conditions in China to improve as we
have customer indications, based on more optimistic judgements about their
future prospects, that this region is on track for revitalization.
Therefore, we believe that we have experienced the bottom of the slowdown
and will see better results in the next quarters."
(page)
FINANCIAL REVIEW
- First Quarter -
Net sales totaled $131.6 million for the first quarter ended December 31,
2011, a 4% decrease over the comparable quarter of fiscal year 2011. The
weakening of the US dollar, mainly against the Euro, resulted in an increase
in net sales of $0.9 million in the first quarter. Gross profit totaled
$46.9 million, or 36% of net sales, compared to $56.4 million, or 41% of net
sales, in the same period of fiscal year 2011. RSTI net income amounted to
$8.1 million, or 6% of net sales, compared to $14.9 million, or 11% 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 $0.51 based upon 29.0 million weighted-average common shares
outstanding for the same period last fiscal year.
SG&A expenses in the amount of $24.7 million represented 19% of net sales
and decreased by $0.9 million compared to last fiscal year's first quarter.
Net R&D expenses increased by $1.9 million to $10.5 million (8% of net
sales), compared to $8.6 million (6% of net sales) in the first quarter of
fiscal year 2011.
Sales of laser products for macro applications decreased by 10% to $46.4
million and accounted for 35% of total sales. Sales of lasers for marking
and micro applications remained stable with $72.6 million and represented
55% of total sales. Sales of components decreased by 7% to $12.6 million and
represented 10% of total sales.
On a geographical basis, revenues in North America increased slightly by 1%
totaling $26.9 million, whereas net sales decreased marginally by 1% in
Europe, to $59.4 million and by 11% in Asia, to $45.3 million.
- Backlog -
Order entry for the quarter decreased by 15% to $122.4 million compared to
the first quarter of fiscal year 2011 and resulted in a backlog of $144.0
million as of December 31, 2011, mainly for laser products. As of December
31, 2011, ROFIN-SINAR had a book-to-bill ratio of 0.93 for the first
quarter.
- Outlook -
For the second quarter ending March 31, 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.
(page)
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 Eastern, today, Thursday,
February 2, 2012. 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) (audited)
---------------------- --------------
12/31/11 12/31/10 9/30/11
---------- ---------- --------------
-Macro $ 46,355 $ 51,363 $ 237,449
-Marking/Micro 72,575 72,221 302,330
-Components 12,640 13,548 57,984
---------- ---------- ----------
Net sales 131,570 137,132 597,763
Costs of goods sold 84,625 80,765 365,684
---------- ---------- ----------
Gross profit 46,945 56,367 232,079
Selling, general, and
administrative expenses 24,719 25,616 107,510
Intangibles amortization 600 643 2,569
Research and development expenses 10,524 8,627 38,337
---------- ---------- ----------
Income from operations 11,102 21,481 83,663
Other income 1,092 917 3,480
---------- ---------- ----------
Income before income tax 12,194 22,398 87,143
Income tax expense 3,958 7,308 26,070
---------- ---------- ----------
Net Income 8,236 15,090 61,073
Net income attributable to
non-controlling interest 159 212 1,041
---------- ---------- ----------
Net income attributable
to RSTI 8,077 14,878 60,032
========== ========== ==========
Net income attributable to RSTI per share
* "diluted" basis $ 0.28 $ 0.51 $ 2.06
** "basic" basis $ 0.28 $ 0.52 $ 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 28.8 million and 29.0 million
for the fiscal quarters ended December 31, 2011 and 2010, respectively, and
29.1 million for the 12 month period ended September 30, 2011.
** 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 the fiscal quarters ending December 31, 2011 and 2010,
respectively, and 28.4 million for the 12 month period ending September 30,
2011.
(page)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
12/31/11 9/30/11
----------- -----------
ASSETS
Cash, cash equivalents and
short-term investments $ 114,888 $ 130,376
Trade accounts receivable, net 88,541 119,391
Inventories net 191,594 188,847
Other current assets 28,207 28,655
----------- ----------
Total current assets 423,230 467,269
----------- ----------
Net property and equipment 68,396 65,554
Other non-current assets 131,691 121,123
----------- ----------
Total non-current assets 200,087 186,677
----------- ----------
Total assets $ 623,317 $ 653,946
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt $ 5,264 $ 8,121
Accounts payable, trade 19,656 27,082
Other current liabilities 78,910 98,738
----------- ---------
Total current liabilities 103,830 133,941
Long-term debt 13,997 14,742
Other non-current liabilities 26,427 26,646
----------- ---------
Total liabilities 144,254 175,329
Net stockholders' equity 479,063 478,617
----------- ---------
Total liabilities and stockholders' equity $ 623,317 $ 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 expect business conditions in
China to improve as we have customer indications, based on more optimistic
judgements about their future prospects, that this region is on track for
revitalization" or "we believe that we have experienced the bottom of the
slowdown and will see better results in the next quarters" or "for the second
quarter ending March 31, 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, solid-state and fiber
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.
