Rofin-Sinar Reports Record Revenue For Quarter, Fiscal Year 2011
PLYMOUTH — Rofin-Sinar Technologies Inc. (Nasdaq: RSTI), the industrial laser company with dual headquarters in Plymouth and Hamburg, Germany, reported record revenue for its fourth fiscal quarter and fiscal year ended Sept. 30.
Revenue for the quarter was $169.5 million, up 36 percent from $124.4 million a year earlier. Revenue for the fiscal year was $597.8 million, up 41 percent from $423.6 million in the prior year.
Net income for the quarter was $17.2 million or 60 cents a share, up 44 percent from $11.9 million or 42 cents a share a year earlier. For the fiscal year, net income was $60 million or $2.06 a share, up 101 percent from $29.8 million or $1.01 a share a year earlier.
“We achieved financial results equivalent to the pre-economic crisis levels of 2008 with improved sales in all our key regions, primarily driven by the machine tool, automotive, electronics and medical device industries,” said RSTI president and CEO Gunther Braun. “Our net income was excellent given our continuing investments in fiber lasers. We believe that our backlog and expanding product portfolio, especially in fiber lasers, provide us with a solid platform for a successful fiscal year 2012 in spite of the current challenging market conditions.”
For the quarter, revenues of laser products used for macro applications increased by 39 percent to $67.4 million, accounting for 40 percent of total sales. Sales of lasers for marking and micro applications increased by 37 percent to $87 million and represented 51 percent of total sales. Sales of components increased by 22 percent to $15.1 million and accounted for 9 percent of total sales.
For the fiscal year, net sales of lasers for macro applications increased by $64.6 million, or 37 percent, to $237.5 million and net sales of lasers for marking and micro applications rose by $95.8 million, or 46 percent, to $302.3 million. Sales of components increased $13.8 million, or 31 percent, to $58 million compared to fiscal year 2010.
On a geographical basis, net sales in North America in the 12 months increased by 39 percent and totaled $109.5 million (2010: $78.7 million). In Europe, net sales rose by 37 percent to $269.6 million (2010: $196.3 million) and in Asia, net sales increased by 47 percent to $218.7 million (2010: $148.6 million).
Order entry amounted to a record $612.1 million for the fiscal year 2011 and $145.2 million for the fourth quarter, which resulted in an order backlog on September 30, 2011, of $153.2 million, mainly for laser products. The book-to-bill ratio for the quarter was 0.86 and 1.02 for the fiscal year.
“The general market conditions currently being experienced and the more cautious sentiment of our industrial customers, mainly in the semiconductor, electronic and machine tool industries, were reflected in a lower level of quarterly order entry when compared to the record highs of the recent quarters,” Braun said. “In addition, order intake in the Asian markets slowed down, led by China controlling its inflation and the general tightening in credit allocated to the private economy.”
As a result, Braun said the company expects revenues to be in the range of $137 million to $142 million and earnings per share to be between 33 and 36 cents for the first quarter ending Dec. 31, 2011, subject to the usual safe harbor statements.
To listen to a replay of the company’s conference call discussing the results, visit www.rofin.com.