Rofin-Sinar Technologies Inc. (Nasdaq: RSTI), the industrial laser company with dual headquarters in Plymouth and Hamburg, Germany, reported sharply higher sales and profits for the second fiscal quarter and first six months of its fiscal year, ended March 31.
Sales for the quarter wree $136.2 million, up 42 percnet from $95.9 million a year earlier. For the six months, sales were $273.3 million, up 45 percent from $188.9 million a year earlier.
Net income for the quarter was $12.7 million or 43 cents a share, up 173 percent from $4.7 million or 16 cents a share a year earlier. For the six months, net income was $27.6 million or 95 cents a share, up 234 percent from $8.2 million or 28 cents a share a year earlier.
“We experienced strong demand for our macro products from the machine tool industry, and our micro and marking business was positively affected by the flexible packaging and electronics markets,” said RSTI president and CEO Gunther Braun. “We are also satisfied with our overall quarterly financial results, which were in line with our expectations, even after considering that net income was negatively impacted by the weakening of the U.S. dollar and the anticipated revenue recognition delays during the quarter. Despite these impacts on the bottom-line results, we believe that our record backlog, combined with ongoing sales activities and focused efforts in the Asian markets, will result in a successful fiscal year 2011.”
For the quarter, sales of laser products used for macro applications increased by 40 percent to $55.7 million, accounting for 41 percent of total sales. Sales of lasers for marking and micro applications increased by 45 percent to $66.3 million and represented 49 percent of total sales. Sales of components increased by 39 percent to $14.3 million and represented 10 percent of total sales.
For the six months, sales of lasers for macro applications increased by $25.5 million, or 31 percent, to $107 million, while net sales of lasers for marking and micro applications increased by $50.9 million, or 58 percent, to $138.5 million. Sales of components of $27.8 million increased by $8 million, or 40 percent, versus the comparable period in fiscal year 2010.
On a geographical basis, net sales in North America in the first six months increased by 54 percent and totaled $51.5 million. In Europe, net sales increased by 31 percent to $128.3 million and in Asia, net sales increased by 63 percent to $93.5 million.
Order entry for the quarter increased by 47 percent to $159.3 million compared to the second quarter last fiscal year and resulted in a new record backlog of $169.4 million at March 31.
Also, as of March 31, the company has purchased approximately 1.1 million shares of common stock under the buyback program it announced in May 2010 for a total amount of $28.2 million.
To listen in on a replay of a conference call discussing these results, visit www.rofin.com.