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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 THIRD QUARTER
OF FISCAL YEAR 2013
Plymouth, MI / Hamburg, Germany, August 1, 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 third fiscal quarter and nine
months ended June 30, 2013.
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three months ended Nine months ended
6/30/13 6/30/12 % Change 6/30/13 6/30/12 % Change
-------- -------- --------- -------- -------- --------
Net sales $139,097 $131,657 + 6 % $412,476 $392,661 + 5 %
RSTI net income $ 8,702 $ 8,356 + 4 % $ 24,960 $ 24,466 + 2 %
Earnings per share
"Diluted" basis $ 0.31 $ 0.29 + 7 % $ 0.88 $ 0.85 + 4 %
* 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 28.4 million and 28.8 million for the
nine-month periods ending June 30, 2013 and 2012, respectively.
"We are pleased to report solid financial results which are above our
guidance. We experienced strong sales in the quarter to the machine tool and
electronics industries mainly triggered by China, while sales to the
semiconductor industry also improved significantly on a sequential basis,"
commented Gunther Braun, CEO and President of RSTI. "Order entry in Europe
was slower than expected whereas North American and Asian orders marked our
best quarter during this fiscal year. The global markets continue to be
challenging and the slower pace of GDP growth in China might influence our
business in the coming months. 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 $139.1 million for the third quarter ended June 30, 2013,
a 6% increase over the comparable quarter of fiscal year 2012. Gross profit
totaled $49.3 million, or 35% of net sales, compared to $49.3 million, or
37% of net sales, in the same period of fiscal year 2012. RSTI net income
amounted to $8.7 million, compared to $8.4 million in the third quarter last
fiscal year, and represented 6% of net sales in both periods. The diluted
per share calculation equaled $0.31 for the quarter based upon 28.5 million
weighted-average common shares outstanding, compared to the diluted per
share calculation of $0.29 based upon 28.8 million weighted-average common
shares outstanding for the same period last fiscal year.
SG&A expenses in the amount of $26.5 million represented 19% of net sales
and increased by $1.2 million compared to last fiscal year's third quarter.
Net R&D expenses decreased by $1.0 million to $10.5 million (8% of net
sales), compared to $11.5 million (9% of net sales) in the third quarter of
fiscal year 2012.
Sales of laser products for macro applications increased by 8% to $57.1
million and accounted for 41% of total sales. Sales of lasers for marking
and micro applications increased by 1% to $62.6 million and represented 45%
of total sales. Sales of components increased by 15% to $19.4 million and
represented 14% of total sales.
On a geographical basis, revenues increased in Asia by 16%, totaling $49.8
million, and by 7% in Europe, to $60.3 million, whereas net sales in North
Americas decreased by 10% to $29.0 million during the third quarter of
fiscal year 2013.
- Nine Months -
For the nine months ended June 30, 2013, net sales totaled $412.5 million,
an increase of $19.8 million, or 5%, over the comparable period in 2012. The
fluctuation of the US dollar, mainly against the Euro, resulted in a
decrease in net sales of $2.0 million for the nine-month period. Gross
profit for the period was $146.3 million, $1.2 million higher than in the
same period in 2012. RSTI net income for the nine months ended June 30,
2013, totaled $25.0 million, with diluted earnings per share of $0.88 based
upon 28.4 million weighted-average common shares outstanding.
Net sales of lasers for macro applications increased by $11.0 million, or
7%, to $161.2 million, and net sales of lasers for marking and micro
applications increased by $1.9 million, or 1%, to $198.7 million. Component
sales of $52.6 million represented an increase of $7.0 million, or 15%,
versus the comparable period in fiscal year 2012.
On a geographical basis, net sales increased in Asia in the first nine
months by 15% and totaled $149.8 million (2012: $129.8 million), and by 1%
in Europe to $178.2 million (2012: $175.9 million), whereas revenues in
North America decreased by 3% to $84.5 million (2012: $87.0 million).
- Backlog -
Order entry for the quarter decreased by 2% to $132.0 million compared to
the third quarter of fiscal year 2012 and resulted in a backlog of $142.1
million as of June 30, 2013, mainly for laser products. For the third
quarter of fiscal year 2013, ROFIN reached a book-to-bill ratio of 0.95.
(page)
- Outlook -
For the fourth quarter ending September 30, 2013, the Company expects
revenues to be in the range of $135 million to $140 million and earnings per
share to be in the range of $0.28 to $0.31. Actual results may differ from
this forecast and are subject to the safe harbor statement discussed in more
detail below.
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,
August 1, 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 Nine months
Ended Ended
(unaudited) (unaudited)
---------------------- ----------------------
6/30/13 6/30/12 6/30/13 6/30/12
---------- ---------- ---------- ----------
-Macro $ 57,126 $ 52,959 $ 161,154 $ 150,224
-Marking/Micro 62,622 61,914 198,697 196,836
-Components 19,349 16,784 52,625 45,601
---------- ---------- ---------- ----------
Net sales 139,097 131,657 412,476 392,661
Costs of goods sold 89,765 82,312 266,186 247,533
---------- ---------- ---------- ----------
Gross profit 49,332 49,345 146,290 145,128
Selling, general, and
administrative expenses 26,544 25,303 77,595 76,405
Intangibles amortization 631 525 1,886 1,662
Research and development expenses 10,456 11,477 33,041 32,102
---------- ---------- ---------- ----------
Income from operations 11,701 12,040 33,768 34,959
Other income (expense) 318 1,134 1,413 2,703
---------- ---------- ---------- ----------
Income before income tax 12,019 13,174 35,181 37,662
Income tax expense 3,256 4,574 10,099 12,610
---------- ---------- ---------- ----------
Net Income 8,763 8,600 25,082 25,052
Net income (loss) attributable
to non-controlling interest 61 244 122 586
---------- ---------- ---------- ----------
Net income attributable
to RSTI $ 8,702 8,356 24,960 24,466
========== ========== ========== ==========
Net income attributable to RSTI per share
* "diluted" basis $ 0.31 $ 0.29 $ 0.88 $ 0.85
** "basic" basis $ 0.31 $ 0.29 $ 0.89 $ 0.86
* 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 the fiscal quarters and 28.4 million and 28.8 million for the nine month
periods ending June 30, 2013 and 2012, respectively.
** The basic per share calculation is based on the weighted-average shares
outstanding for each period presented, which was 28.3 million and 28.5
million for each of the fiscal quarters and 28.2 million and 28.5 million
for the nine month periods ending June 30, 2013 and 2012, respectively.
(page)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
6/30/13 9/30/12
----------- -----------
ASSETS
Cash, cash equivalents and
short-term investments $ 119,834 $ 101,163
Trade accounts receivable, net 110,291 107,935
Inventories net 203,528 202,188
Other current assets 26,588 28,236
----------- ----------
Total current assets 460,241 439,522
----------- ----------
Net property and equipment 84,005 80,001
Other non-current assets 129,461 133,009
----------- ----------
Total non-current assets 213,466 213,010
----------- ----------
Total assets $ 673,707 $ 652,532
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt $ 2,709 $ 16,883
Accounts payable, trade 26,083 26,644
Other current liabilities 74,298 77,168
----------- ---------
Total current liabilities 103,090 120,695
Long-term debt 15,162 5,662
Other non-current liabilities 33,598 32,256
----------- ---------
Total liabilities 151,850 158,613
Net stockholders' equity 521,857 493,919
----------- ---------
Total liabilities and stockholders' equity $ 673,707 $ 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 "The global markets continue to
be challenging and the slower pace of GDP growth in China might influence our
business in the coming months. 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, 2013, the Company expects revenues
to be in the range of $135 million to $140 million and earnings per share to
be in the range of $0.28 to $0.31" 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.
