Rofin Sinar Profit, Revenue Tumble
PLYMOUTH – Rofin-Sinar Technologies Inc. (Nasdaq: RSTI), the industrial laser manufacturer with joint headquarters in Plymouth and Hamburg, Germany, Thursday
reported financial results for the fourth fiscal quarter and twelve months ended Sept. 30.
Revenue for the quarter was $147.5 million, down from $169.5 million a year earlier. For the year, revenue was $540.1 million, down from $597.8 million a year earlier.
Net income for the quarter was $10.1 million or 35 cents a share, down from $17.2 million or 60 cents a share a year earlier. Net income for the year was $34.5 million or $1.20 a share, down from $60 million or $2.06 a share a year earlier.
“We are pleased with our financial performance in the fourth quarter, given the global economic environment,” said RSTI CEO Gunther Braun. “Net sales, net income and earnings per share turned out better than we expected, while gross profit was challenged by a less favorable product mix in high-power CO2 lasers as well as in multiple unit orders from one specific industry. Revenues were primarily driven by the machine tool, automotive, consumer electronics and medical device industries. During fiscal year 2013 we will continue to optimize the cost structure of our high-power fiber laser portfolio, which should culminate in an increase in competitiveness and further cost reduction.”
For the quarter, selling, general and administrative expenses of $24.7 million represented 17 percent of net sales and decreased by $2.4 million compared to last fiscal year’s fourth quarter. Net R&D expenses decreased by $200,000 to $10.5 million (7 percent of net sales), compared to $10.7 million (6 percent of net sales) in the fourth quarter of fiscal year 2011.
Quarterly sales of laser products for macro applications decreased by 18 percent to $55.2 million and accounted for 37 percent of total sales. Sales of lasers for marking and micro applications decreased by 13 percent to $75.4 million and represented 51 percent of total sales. Sales of components increased by 12 percent to $16.9 million and represented 12 percent of total sales.
On a geographical basis, quarterly revenues in North America increased by 1 percent, totaling $30.9 million, whereas net sales decreased by 10 percent in Europe to $63.6 million, and by 22 percent in Asia to $53 million.
For the fiscal year, sales of lasers for macro applications decreased by $32.1 million, or 14 percent, to $205.4 million and net sales of lasers for marking and micro applications decreased by $30.1 million, or 10 percent, to $272.2 million. Sales of components increased $4.5 million, or 8 percent, to $62.5 million compared to fiscal year 2011.
On a geographical basis, net sales in North America in the twelve months increased 8 percent and totaled $117.8 million (2011: $109.5 million). In Europe, net sales decreased 11 percent to $239.6 million (2011: $269.6 million) and in Asia, net sales decreased 16 percent to $182.7 million (2011: $218.7 million).
Order entry decreased 5 percent to $137.4 million for the quarter and for the fiscal year 13 percent to $533.9 million compared to the corresponding periods in fiscal year 2011. The backlog, mainly for laser products, amounted to $147 million as of Sept. 30. The book-to-bill ratio for the quarter was 0.93 and 0.99 for the fiscal year.
“The continuing uncertainty regarding the global economy and the more cautious sentiment of our industrial customers, mainly in the automotive, semiconductor, electronic and machine tool industries, are reflected in our outlook,” Braun said. “As a result of this, we expect revenues to be in the range of $130 million to $135 million and earnings per share to be between 25 and 28 cents for the first quarter ending December 31, 2012.”
Rofin-Sinar develops, designs and manufactures lasers and laser-based systems for industrial material processing applications. 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 currently has more than 42,000 laser units installed worldwide and serves more than 4,000 customers.
To listen to a replay of a conference call discussing these results, visit www.rofin.com.