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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 FOURTH QUARTER
OF FISCAL YEAR 2013
Plymouth, MI / Hamburg, Germany, November 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 and components, today announced results for its fourth fiscal
quarter and twelve months ended September 30, 2013.
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three months ended Twelve months ended
9/30/13 9/30/12 % Change 9/30/13 9/30/12 % Change
-------- -------- --------- -------- -------- --------
Net sales $147,592 $147,460 0 % $560,068 $540,121 + 4 %
RSTI net income $ 9,794 $ 10,064 - 3 % $ 34,755 $ 34,530 + 1 %
Earnings per share
"Diluted" basis $ 0.35 $ 0.35 0 % $ 1.22 $ 1.20 + 2 %
* 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 28.4 million and 28.5 million
for each of the fiscal quarters and 28.4 million and 28.7 million for the
twelve-month periods ended September 30, 2013 and 2012.
"We have delivered good fourth quarter and fiscal year performance which was
above our guidance. Net sales, net income and earnings per share turned out
better than our projected estimates, while gross profit was challenged by a
less favorable product mix towards a larger portion of fiber lasers. We
experienced the strongest quarter for sales in fiscal year 2013 in the
medical device industry and a solid quarter in sales for the machine tool,
consumer electronics and semiconductor industries. On a geographical basis,
sales to all countries within Europe were strong, North American business
was stable, and Asian sales were weaker, mainly due to softer sales in
China," commented Gunther Braun, CEO and President of RSTI. "This quarter
was also marked by a lower level of order entry across all geographical
regions. August and September order entry was below expectations, mainly due
to a lack of bigger volume orders from China and less orders from the
medical device industry in North America. European orders improved slightly
quarter-on-quarter, but could not compensate for the reduction in other
geographical regions. Despite the low beginning backlog, we believe that our
book-to-bill ratio will improve based on current sales projects and new
product introductions, especially in ultra-short pulse technology."
(page)
FINANCIAL REVIEW
- Fourth Quarter -
Net sales totaled $147.6 million for the fourth quarter ended September 30,
2013, slightly higher than in the fourth quarter of fiscal year 2012. Gross
profit totaled $50.2 million, or 34% of net sales, compared to $51.2
million, or 35% of net sales, in the same period last fiscal year. RSTI net
income amounted to $9.8 million, or 7% of net sales, compared to $10.1
million, or 7% of net sales, in the comparable quarter last fiscal year. The
diluted per share calculation equaled $0.35 for the quarter based upon 28.4
million weighted-average common shares outstanding, compared to the diluted
per share calculation of $0.35 based upon 28.5 million weighted-average
common shares outstanding for the same period last fiscal year.
SG&A expenses in the amount of $24.1 million represented 16% of net sales
and decreased by $0.6 million compared to last fiscal year's fourth quarter.
Net R&D expenses decreased by $0.5 million to $10.0 million and represented
7% of net sales in both fiscal quarters.
Sales of laser products for macro applications decreased by 3% to $53.5
million and accounted for 36% of total sales. Sales of lasers for marking
and micro applications decreased by 2% to $73.9 million and represented 50%
of total sales. Sales of components increased by 20% to $20.2 million and
represented 14% of total sales.
On a geographical basis, revenues in North America decreased by 1%, to $30.4
million and by 15% in Asia to $45.1 million whereas net sales in Europe
increased by 13% to $72.1 million.
- Twelve Nine Months -
For the twelve months ended September 30, 2013, net sales totaled $560.1
million, an increase of $19.9 million, or 4%, when compared to the prior
fiscal year. The fluctuation of the US dollar, mainly against the Euro,
resulted in an increase in net sales of $0.6 million for the twelve-month
period. Gross profit for the period was $196.5 million, $0.2 million higher
than in fiscal year 2012. RSTI net income for the fiscal year ended
September 30, 2013, totaled $34.8 million. The diluted per share calculation
equaled $1.22 based upon 28.4 million weighted-average common shares
outstanding.
Net sales of lasers for macro applications increased by $9.2 million, or 4%,
to $214.6 million and net sales of lasers for marking and micro applications
increased by $0.5 million to $272.7 million. Sales of components increased
$10.3 million, or 16%, to $72.8 million compared to fiscal year 2012.
On a geographical basis, net sales in North America in the twelve months
decreased by 3% and totaled $114.9 million (2012: $117.8 million). In
Europe, net sales increased by 4% to $250.3 million (2012: $239.6 million)
and in Asia, net sales increased by 7% to $194.9 million (2012: $182.7
million).
- Backlog -
Order entry decreased by 10% to $123.5 million for the quarter and by 1% to
$531.1 million for the fiscal year compared to the corresponding periods in
fiscal year 2012. The backlog, mainly for laser products, amounted to $118.0
million as of September 30, 2013. The book-to-bill ratio for the quarter was
0.84 and 0.95 for the fiscal year.
(page)
- Other Developments: Share Buyback -
As of September 30, 2013, the Company has purchased almost 0.7 million
shares of its common stock for a total amount of approximately $14.8 million
and completed the buyback program that was announced in August 2012.
- Outlook -
For the first quarter ending December 31, 2013, the Company expects revenues
to be in the range of $122 million to $127 million and earnings per share to
be in the range of $0.06 to $0.08. 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,
November 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 Dana Diver 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) (unaudited)
---------------------- ----------------------
9/30/13 9/30/12 9/30/13 9/30/12
---------- ---------- ---------- ----------
-Macro $ 53,469 $ 55,170 $ 214,623 $ 205,394
-Marking/Micro 73,935 75,359 272,632 272,195
-Components 20,188 16,931 72,813 62,532
---------- ---------- ---------- ----------
Net sales 147,592 147,460 560,068 540,121
Costs of goods sold 97,373 96,236 363,559 343,769
---------- ---------- ---------- ----------
Gross profit 50,219 51,224 196,509 196,352
Selling, general, and
administrative expenses 24,131 24,683 101,726 101,088
Intangibles amortization 667 617 2,553 2,279
Research and development expenses 9,973 10,502 43,014 42,604
---------- ---------- ---------- ----------
Income from operations 15,448 15,422 49,216 50,381
Other income (Loss) ( 1,474) ( 692) ( 61) 2,011
---------- ---------- ---------- ----------
Income before income tax 13,974 14,730 49,155 52,392
Income tax expense 4,040 4,570 14,139 17,180
---------- ---------- ---------- ----------
Net Income 9,934 10,160 35,016 35,212
Net income (loss) attributable
to non-controlling interest 140 96 261 682
---------- ---------- ---------- ----------
Net income attributable
to RSTI 9,794 10,064 34,755 34,530
========== ========== ========== ==========
Net income attributable to RSTI per share
* "diluted" basis $ 0.35 $ 0.35 $ 1.22 $ 1.20
** "basic" basis $ 0.35 $ 0.35 $ 1.23 $ 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 28.4 million and 28.5 million
for each of the fiscal quarters and 28.4 million and 28.7 million for the
twelve-month periods ending September 30, 2013 and 2012.
** The basic per share calculation is based on the weighted-average shares
outstanding for each period presented, which was 28.2 million and 28.4
million for the fiscal quarters and 28.2 million and 28.5 million
for the twelve-month periods ending September 30, 2013 and 2012,
respectively.
(page)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
9/30/13 9/30/12
----------- -----------
ASSETS
Cash, cash equivalents and
short-term investments $ 136,977 $ 101,163
Trade accounts receivable, net 110,665 107,935
Inventories net 198,582 202,188
Other current assets 35,262 28,236
----------- ----------
Total current assets 481,486 439,522
----------- ----------
Net property and equipment 86,912 80,001
Other non-current assets 131,706 133,009
----------- ----------
Total non-current assets 218,618 213,010
----------- ----------
Total assets $ 700,104 $ 652,532
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt $ 3,709 $ 16,883
Accounts payable, trade 24,596 26,644
Other current liabilities 80,403 77,168
----------- ---------
Total current liabilities 108,708 120,695
Long-term debt 14,913 5,662
Other non-current liabilities 33,065 32,256
----------- ---------
Total liabilities 156,686 158,613
Net stockholders' equity 543,418 493,919
----------- ---------
Total liabilities and stockholders' equity $ 700,104 $ 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 "Despite the low beginning
backlog, we believe that our book-to-bill ratio will improve based on current
sales projects and new product introductions, especially in ultra-short pulse
technology. or "For the first quarter ending December 31, 2013, the Company
expects revenues to be in the range of $122 million to $127 million and
earnings per share to be in the range of $0.06 to $0.08." 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.
