Rofin-Sinar Reports Results For The Third Quarter Of Fiscal Year 2013
PLYMOUTH (WWJ) -- Rofin-Sinar Technologies Inc. (Nasdaq: RSTI), the industrial laser maker with dual headquarters in Plymouth and Hamburg, Germany, reported financial results for the third fiscal quarter and nine months ended June 30.
Revenue for the quarter was $139.1 million, up 6 percent from $131.7 million a year earlier. Net income was $8.7 million or 31 cents a share, up 4 percent from $8.4 millon or 29 cents a share a year earlier.
For the nine months, revenue was $412.5 million, up 5 percent from $392.7 million a year earlier. Net income was $25 million or 88 cents a share, up 2 percent from $24.5 million or 85 cents a share a year earlier.
"We experienced strong sales in the quarter to the machine tool and electronics industries mainly triggered by China, while sales to the semiconductor industry also improved significantly on a sequential basis," said RSTI CEO and president Gunther Braun. "Order entry in Europe was slower than expected whereas North American and Asian orders marked our best quarter during this fiscal year. The global markets continue to be challenging and the slower pace of GDP growth in China might influence our business in the coming months. However, we believe that our solid backlog, combined with ongoing sales activities and focused efforts in the Asian markets, will help us to deliver reasonable fourth quarter results."
For the quarter, selling, general and administrative expenses were $26.5 million or 19 percent of sales, up from $25.3 million a year earlier. Net research and development expenses was $10.5 million, down from $11.5 million a year earlier.
Sales of laser products for macro applications increased by 8 percent to $57.1 million and accounted for 41 percent of total sales. Sales of lasers for marking and micro applications increased by 1 percent to $62.6 million and represented 45 percent of total sales. Sales of components increased by 15 percent to $19.4 million and represented 14 percent of total sales.
On a geographical basis, revenues increased in Asia by 16 percent, totaling $49.8 million, and by 7 percent in Europe, to $60.3 million, whereas net sales in North America decreased by 10 percent to $29.0 million during the third quarter of fiscal year 2013.
For the nine months, sales of lasers for macro applications increased by 7 percent, to $161.2 million, and net sales of lasers for marking and micro applications increased by 1 percent to $198.7 million. Component sales of $52.6 million represented an increase of 15 percent from the comparable period in fiscal year 2012.
On a geographical basis, net sales increased in Asia in the first nine months by 15 percent and totaled $149.8 million (2012: $129.8 million), and by 1 percent in Europe to $178.2 million (2012: $175.9 million), as revenues in North America decreased by 3 percent to $84.5 million (2012: $87.0 million).
Order entry for the quarter decreased by 2 percent to $132 million compared to the third quarter of fiscal year 2012 and resulted in a backlog of $142.1 million as of June 30, mainly for laser products.
For the fourth quarter ending Sept. 30, the company expects revenues to be in the range of $135 million to $140 million and earnings per share to be in the range of 28 to 31 cents.
A replay of a conference call discussing these results is available at www.rofin.com.
