Sales, Profits Rise For Laser Maker Rofin-Sinar
PLYMOUTH -- Rofin-Sinar Technologies Inc. (Nasdaq: RSTI), the industrial laser maker with joint headuarters in Plymouth and in Hamburg, Germany, reported higher sales and profits for the fiscal quarter ended Dec. 31.
Revenue for the quarter was $142.2 million, up 8 percent from $131.6 million a year earlier. Net income for the quarter was $8.9 million, up 10 percent from $8.1 million a year earlier. Earnings per share was 32 cents a share, up 14 percnet from 28 cents a year earlier. (The company had 28.2 million shares of stock outstanding as of Dec. 31, 2012, down from 28.8 million a year earlier.)
"Our fiscal year commenced with a very solid first quarter, with net sales, order entry and net income figures that exceeded our forecasts," said Gunther Braun, president and CEO of RSTI. "The North American and European markets continued to deliver sales at last fiscal year's levels, while sales to the Asian markets were our third highest ever. We have experienced robust demand from the machine tool, automotive and medical device industries. Once again, the consumer electronic industry contributed increased revenues, whereas the semiconductor industry, as expected, softened. We expect global business conditions to improve throughout the calendar year, though of course with regional diversity."
In the first quarter, the strengthening of the United States dollar, mainly against the Euro, resulted in a decrease in net sales of $1.6 million in the first quarter. Gross profit totaled $50.1 million, or 35 percent of net sales, compared to $46.9 million, or 36 percent of net sales, in the same period of fiscal year 2012. RSTI net income amounted to $8.9 million, or 6 percent of net sales, compared to $8.1 million, or 6 percent of net sales, in the comparable quarter last fiscal year.
Selling, general and administrative expenses were $25.2 million or 18 percent of net sales and increased by $500,000 compared to last fiscal year's first quarter. Net R&D expenses increased by $500,000 million to $11 million (8 percent of net sales), compared to $10.5 million (8 percent of net sales) in the first quarter of fiscal year 2012.
Sales of laser products for macro applications increased by 4 percent to $48.4 million and accounted for 34 percent of total sales. Sales of lasers for marking and micro applications increased by 6 percent to $77.0 million and represented 54 percent of total sales. Sales of components increased by 33 percent to $16.8 million and represented 12 percent of total sales.
On a geographical basis, revenues in North America decreased by 1 percent, totaling $26.6 million, sales increased 2 percent in Europe to $60.4 million, and jumped 22 percent in Asia, to $55.2 million.
Order entry for the quarter increased by 12 percent to $137.3 million compared to the first quarter of fiscal year 2012 and resulted in a backlog of $142.1 million as of Dec. 31, 2012, mainly for laser products.
"Our goal for 2013 is to capitalize on our broad CO2 and fiber laser product lines," Braun said. "Furthermore, we will focus on the Asian markets to provide our customers cutting-edge technology for various applications, with an emphasis on the electronics industry."
For the second quarter ending March 31, 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.
To listen to a replay of a conference call discussing these results, visit www.rofin.com.
