ROFIN-SINAR Reports Results For The Fourth Quarter And Fiscal Year 2012

   ROFIN-SINAR Reports Results For The Fourth Quarter And Fiscal Year 2012

PR Newswire

PLYMOUTH, Mich. and HAMBURG, Germany, Nov. 8, 2012

PLYMOUTH, Mich. and HAMBURG, Germany, Nov.8, 2012 /PRNewswire/ --ROFIN-SINAR
Technologies Inc. - (NASDAQ: RSTI), one of the world's leading developers and
manufacturers of high-performance laser beam sources, laser-based system
solutions and components, today announced results for its fourth fiscal
quarter and twelve months ended September 30, 2012.

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)

                  Three months ended              Twelve months ended
                  09/30/12      09/30/11 %        09/30/12   09/30/11 % Change
                                         Change
Net sales         $147,460      $169,514 -  13%  $540,121   $597,763 -  10%
RSTI net income   $10,064       $17,216  -  42%  $34,530    $60,032  -  42%
Earnings per                                                     
share
"Diluted" basis*  $0.35         $0.60    -  42%  $1.20      $2.06    -  42%
      *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 28.7
      million and 29.1 million for the twelve-month periods ended September
      30, 2012 and 2011.

"We are pleased with our financial performance in the fourth quarter, given
the global economic environment. 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 CO[2] 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,"
commented Gunther Braun, CEO and President of RSTI. "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."

FINANCIAL REVIEW

- Fourth Quarter -

Net sales totaled $147.5 million for the fourth quarter ended September 30,
2012, a 13% decrease when compared to the record revenue in the fourth quarter
of fiscal year 2011. Gross profit totaled $51.2 million, or 35% of net sales,
compared to $60.3 million, or 36% of net sales, in the same period last fiscal
year. RSTI net income amounted to $10.1 million, or 7% of net sales, compared
to $17.2 million, or 10% of net sales, in the comparable quarter last fiscal
year. The diluted per share calculation equaled $0.35 for the quarter based
upon 28.5 million weighted-average common shares outstanding, compared to the
diluted per share calculation of $0.60 based upon 28.8 million
weighted-average common shares outstanding for the same period last fiscal
year.

SG&A expenses in the amount of $24.7 million represented 17% of net sales and
decreased by $2.4 million compared to last fiscal year's fourth quarter. Net
R&D expenses decreased by $0.2 million to $10.5 million (7% of net sales),
compared to $10.7 million (6% of net sales) in the fourth quarter of fiscal
year 2011.

Sales of laser products for macro applications decreased by 18% to $55.2
million and accounted for 37% of total sales. Sales of lasers for marking and
micro applications decreased by 13% to $75.4 million and represented 51% of
total sales. Sales of components increased by 12% to $16.9 million and
represented 12% of total sales.

On a geographical basis, revenues in North America increased by 1%, totaling
$30.9 million, whereas net sales decreased by 10% in Europe to $63.6 million,
and by 22% in Asia to $53.0 million.

- Twelve Months -

For the twelve months ended September 30, 2012, net sales totaled $540.1
million, a decrease of $57.7 million, or 10%, when compared to the record
level in the prior year. The fluctuation of the US dollar, mainly against the
Euro, resulted in a decrease in net sales of $18.3 million for the twelve
month period. Gross profit for the period was $196.4 million, $35.7 million
lower than in the same period in 2011. RSTI net income for the twelve-month
period ended September 30, 2012, totaled $34.5 million. The diluted per share
calculation equaled $1.20 for the twelve-month period based upon 28.7 million
weighted-average common shares outstanding.

Net sales of lasers for macro applications decreased by $32.1 million, or 14%,
to $205.4 million and net sales of lasers for marking and micro applications
decreased by $30.1 million, or 10%, to $272.2 million. Sales of components
increased $4.5 million, or 8%, to $62.5 million compared to fiscal year 2011.

On a geographical basis, net sales in North America in the twelve months
increased by 8% and totaled $117.8 million (2011: $109.5 million). In Europe,
net sales decreased by 11% to $239.6 million (2011: $269.6 million) and in
Asia, net sales decreased by 16% to $182.7 million (2011: $218.7 million).

- Order Backlog -

Order entry decreased by 5% to $137.4 million for the quarter and for the
fiscal year by 13% to $533.9 million compared to the corresponding periods in
fiscal year 2011. The backlog, mainly for laser products, amounted to $147.0
million as of September 30, 2012. The book-to-bill ratio for the quarter was
0.93 and 0.99 for the fiscal year.

- Other Developments: Share Buyback -

As of September 30, 2012, the Company has purchased over 0.5 million shares of
its common stock for a total amount of $10.7 million under the buyback program
that was announced in August 2012.

- Outlook -

"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. 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 $0.25 and $0.28
for the first quarter ending December 31, 2012. Actual results may of course
differ from this forecast and are subject to the safe harbor statement
discussed in more detail below," concluded Gunther Braun.

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
CO[2] 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 42,000 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
8, 2012. This call is also being broadcast live over the internet in
listen-only mode. A recording will be available on the Company's home page for
approximately 90 days. For a live webcast, please visit 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.

ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share data)
                                        Three months         Twelve months
                                                             Ended
                                        Ended
                                        (unaudited)          (unaudited)
                                        09/30/12  09/30/11   09/30/12 09/30/11
- Macro                                 $55,170   $67,355    $205,394 $237,449
- Marking/Micro                         75,359    87,050     272,195  302,330
- Components                            16,931    15,109     62,532   57,984
Net Sales                               147,460   169,514    540,121  597,763
Costs of goods sold                     96,236    109,240    343,769  365,684
Gross profit                            51,224    60,274     196,352  232,079
Selling, general and administrative                                
expenses
                                        24,683    27,110     101,088  107,510
Intangibles amortization                617       613        2,278    2,569
Research and development expenses       10,502    10,709     42,605   38,337
Income from operations                  15,422    21,842     50,381   83,663
Other income (Loss)                     (692)     2,839      2,011    3,480
                                                                  

Income before income tax                14,730    24,681     52,392   87,143
Income tax expense                      4,570     7,019      17,180   26,070
Net Income                              10,160    17,662     35,212   61,073
Net income attributable to              96        446        682      1,041
non-controlling interest
Net income attributable to RSTI         10,064    17,216     34,530   60,032
Net income attributable to RSTI                                    

*"diluted" basis                        $0.35     $0.60      $1.20    $2.06
**"basic" basis                         $0.35     $0.60      $1.21    $2.11
         * 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 28.7
         million and 29.1 million for the twelve-month periods ended September
         30, 2012 and 2011.
         ** The basic per share calculation is based on the weighted-average
         shares outstanding for each period presented, which was 28.4 million
         and 28.5 million for the fiscal quarters and 28.5 million and 28.4
         million for the twelve-month periods ending September 30, 2012 and
         2011, respectively.

ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
                                                   09/30/12 09/30/11
ASSETS
 Cash, cash equivalents and short-term investments $101,163 $130,376
 Trade accounts receivable, net                    107,935  119,391
 Inventories net                                   202,188  188,847
 Other current assets                              28,236   28,655
   Total current assets                            439,522  467,269
 Net property and equipment                        80,001   65,554
 Other non-current assets                          133,009  121,123
   Total non-current assets                        213,010  186,677
   Total assets                                    $652,532 $653,946
LIABILITIES AND STOCKHOLDERS' EQUITY
 Short-term debt                                   16,883   8,121
 Accounts payable, trade                           26,644   27,082
 Other current liabilities                         77,168   98,738
   Total current liabilities                       120,695  133,941
 Long-term debt                                    5,662    14,742
 Other non-current liabilities                     32,256   26,646
   Total liabilities                               158,613  175,329
   Net stockholders' equity                        493,919  478,617
   Total liabilities and stockholders' equity      $652,532 $653,946

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 of
1995.

Certain information in this press release that relates to future plans, events
or performance, including statements such as "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" or "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
$0.25 and $0.28 for the first quarter ending December 31, 2012" 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 CO[2], fiber, 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.

Contact: Katharina Manok
Gunther Braun
Rofin-Sinar
734-416-0206
- or -
011-49-40-733-63-4256

SOURCE ROFIN-SINAR Technologies Inc.

Website: http://www.rofin.com
 
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