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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 2013
Plymouth, MI / Hamburg, Germany, February 7, 2013 -- 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, 2012.
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three months ended % Change
12/31/11 12/31/10
-------- ----------- ---------
Net Sales $142,233 $131,570 + 8 %
RSTI Net Income $ 8,898 $ 8,077 + 10 %
Earnings Per Share
"Diluted" Basis * $ 0.32 $ 0.28 + 14 %
* 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 28.2 million and 28.8 million
for the fiscal quarters ended December 31, 2012 and 2011, respectively.
"Our fiscal year commenced with a very solid first quarter, with net sales,
order entry and net income figures that exceeded our forecasts. The North
American and European markets continued to deliver sales at last fiscal
year's levels, while sales to the Asian markets were our third highest ever.
We have experienced robust demand from the machine tool, automotive and
medical device industries. Once again, the consumer electronic industry
contributed increased revenues, whereas the semiconductor industry, as
expected, softened," commented Gunther Braun, CEO and President of RSTI.
"We expect global business conditions to improve throughout the calendar
year, though of course with regional diversity."
(page)
FINANCIAL REVIEW
- First Quarter -
Net sales totaled $142.2 million for the first quarter ended December 31,
2012, an 8% increase over the comparable quarter of fiscal year 2012. The
strengthening of the US dollar, mainly against the Euro, resulted in a
decrease in net sales of $1.6 million in the first quarter. Gross profit
totaled $50.1 million, or 35% of net sales, compared to $46.9 million, or
36% of net sales, in the same period of fiscal year 2012. RSTI net income
amounted to $8.9 million, or 6% of net sales, compared to $8.1 million, or
6% of net sales, in the comparable quarter last fiscal year. The diluted per
share calculation equaled $0.32 for the quarter based upon 28.2 million
weighted-average common shares outstanding, compared to the diluted per
share calculation of $0.28 based upon 28.8 million weighted-average common
shares outstanding for the same period last fiscal year.
SG&A expenses in the amount of $25.2 million represented 18% of net sales
and increased by $0.5 million compared to last fiscal year's first quarter.
Net R&D expenses increased by $0.5 million to $11.0 million (8% of net
sales), compared to $10.5 million (8% of net sales) in the first quarter of
fiscal year 2012.
Sales of laser products for macro applications increased by 4% to $48.4
million and accounted for 34% of total sales. Sales of lasers for marking
and micro applications increased by 6% to $77.0 million and represented 54%
of total sales. Sales of components increased by 33% to $16.8 million and
represented 12% of total sales.
On a geographical basis, revenues in North America decreased slightly by 1%,
totaling $26.6 million, whereas net sales increased marginally by 2% in
Europe, to $60.4 million, and by 22% in Asia, to $55.2 million.
- Backlog -
Order entry for the quarter increased by 12% to $137.3 million compared to
the first quarter of fiscal year 2012 and resulted in a backlog of $142.1
million as of December 31, 2012, mainly for laser products. As of December
31, 2012, ROFIN-SINAR had a book-to-bill ratio of 0.97 for the first
quarter.
- Outlook -
"Our goal for 2013 is to capitalize on our broad CO2 and fiber laser product
lines," stated Gunther Braun. "Furthermore, we will focus on the Asian
markets to provide our customers cutting-edge technology for various
applications, with an emphasis on the electronics industry." For the second
quarter ending March 31, 2013, the Company expects revenues to be in the
range of $132 million to $137 million and earnings per share to be in the
range of $0.26 to $0.28. Actual results may differ from this forecast and
are subject to the safe harbor statement discussed in more detail below.
(page)
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 45,000 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,
February 7, 2013. This call is also being broadcast live over the internet
in listen-only mode. The recording 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 at +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)
---------------------- --------------
12/31/12 12/31/11 9/30/12
---------- ---------- --------------
-Macro $ 48,442 $ 46,355 $ 205,394
-Marking/Micro 76,986 72,575 272,195
-Components 16,805 12,640 62,532
---------- ---------- ----------
Net sales 142,233 131,570 540,121
Costs of goods sold 92,087 84,625 343,769
---------- ---------- ----------
Gross profit 50,146 46,945 196,352
Selling, general, and
administrative expenses 25,192 24,719 101,088
Intangibles amortization 629 600 2,279
Research and development expenses 10,951 10,524 42,604
---------- ---------- ----------
Income from operations 13,374 11,102 50,381
Other income (expense) ( 413) 1,092 2,011
---------- ---------- ----------
Income before income tax 12,961 12,194 52,392
Income tax expense 3,976 3,958 17,180
---------- ---------- ----------
Net Income 8,985 8,236 35,212
Net income attributable to
non-controlling interest 87 159 682
---------- ---------- ----------
Net income attributable
to RSTI 8,898 8,077 34,530
========== ========== ==========
Net income attributable to RSTI per share
* "diluted" basis $ 0.32 $ 0.28 $ 1.20
** "basic" basis $ 0.32 $ 0.28 $ 1.21
* 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 28.2 million and 28.8 million
for the fiscal quarters ended December 31, 2012 and 2011, respectively, and
28.7 million for the 12 month period ended September 30, 2012.
** The basic per share calculation is based on the weighted-average shares
outstanding for each period presented, which was 28.1 million and 28.5
million for the fiscal quarters ending December 31, 2012 and 2011,
respectively, and 28.5 million for the 12 month period ending September 30,
2012.
(page)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
12/31/12 9/30/12
----------- -----------
ASSETS
Cash, cash equivalents and
short-term investments $ 115,147 $ 101,163
Trade accounts receivable, net 109,295 107,935
Inventories net 199,484 202,188
Other current assets 25,434 28,236
----------- ----------
Total current assets 449,360 439,522
----------- ----------
Net property and equipment 83,357 80,001
Other non-current assets 136,220 133,009
----------- ----------
Total non-current assets 219,577 213,010
----------- ----------
Total assets $ 668,937 $ 652,532
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt $ 16,304 $ 16,883
Accounts payable, trade 22,627 26,644
Other current liabilities 83,508 77,168
----------- ---------
Total current liabilities 122,439 120,695
Long-term debt 5,517 5,662
Other non-current liabilities 32,796 32,256
----------- ---------
Total liabilities 160,752 158,613
Net stockholders' equity 508,185 493,919
----------- ---------
Total liabilities and stockholders' equity $ 668,937 $ 652,532
=========== ==========
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 global business
conditions to improve throughout the calendar year, though of course with
regional diversity" or "our goal for 2013 is to capitalize on our broad CO2
and fiber laser product lines" or "for the second quarter ending March 31,
2013, the Company expects revenues to be in the range of $132 million to $137
million and earnings per share to be in the range of $0.26 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, 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.
