Rofin-Sinar Profit Falls On Flat Revenue
PLYMOUTH -- Rofin-Sinar Technologies Inc. (Nasdaq: RSTI), the industrial laser maker with headquarters in Plymouth and in Hamburg, Germany, reported net income of $7.4 million or 26 cents a share in its second fiscal quarter ended March 31, down 6 percent from $8 million or 28 cents a share in the same quarter a year earlier.
Revenue was $131.1 million, up 1 percent from $129.4 million in the same quarter a year earlier.
For the six months, net income was $16.3 million or 57 cents a share, up 1 percent from $16.1 million or 56 cents a share in the first half of the prior fiscal year.
Revenue for the six months was $273.4 million up 5 percent from $261 million in the first half of the prior fiscal year.
"During the second quarter we experienced significantly higher sales in our macro product lines, mainly driven by the machine tool industry, while our micro and marking business declined as expected, triggered by weaker sales to the electronics and semiconductor industries," said CEO and president Gunther Braun. "Due to the timing of revenue recognition, we achieved an overall result that was in line with the lower end of our guidance for the second quarter. On a geographical basis, North American and Asian order entry softened compared to the second quarter of last year, while European order entry reached its highest level since the third quarter of 2011. We expect a stable environment for laser material processing even when global business conditions are taken into consideration."
Quarterly selling, general and administrative in the amount of $25.9 million represented 20 percent of net sales and decreased by $500.000 million compared to last fiscal year's second quarter. Net research and development expenses increased by $1.5 million to $11.6 million, 9 percent of revenue, compared to $10.1 million or 8 percent of revenue in the second quarter of fiscal year 2012.
Sales of laser products for macro applications increased by 9 percent to $55.6 million and accounted for 42 percent of total sales. Sales of lasers for marking and micro applications decreased by 5 percent to $59.1 million and represented 45 percent of total sales. Sales of components increased by 2 percent to $16.4 million and represented 13 percent of total sales.
On a geographical basis, revenues increased in North America by 3 percent, totaling $28.9 million, and by 8 percent in Asia, to $44.8 million, whereas net sales in Europe decreased by 4 percent to $57.4 million during the second quarter of fiscal year 2013.
Order entry for the quarter of $138.3 million was level with the second quarter of fiscal year 2012 and resulted in a backlog of $149.2 million as of March 31, 2013, mainly for laser products. For the second quarter of 2013, Rofin reached a book-to-bill ratio of 1.05.
For the third quarter ending June 30, the company expects revenues to be in the range of $132 million to $137 million and earnings per share to be in the range of 26 to 28 cents.
There's a replay of a conference call discussing the results at www.rofin.com.
