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FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three months ended Twelve months ended
09/30/09 09/30/08 % Change 09/30/09 09/30/08 % Change
-------- -------- -------- --------
Net sales $90,458 $154,322 - 41% $349,579 $575,278 - 39%
Net income $5,252 $19,987 - 74% $9,163 $63,759 - 86%
Earnings per
share "diluted"
basis* $0.18 $0.68 - 74% $0.31 $2.09 - 85%
*The diluted earnings 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
29.3 million for each of the fiscal quarters and 29.2 million and
30.4 million for the twelve month periods ended September 30, 2009
and 2008.
"We are pleased to have delivered solid results this quarter, with sales increasing sequentially by 18% despite challenging macroeconomic conditions. Our streamlined cost structure and disciplined spending behavior have helped us return to profitability. Order entry is improving, and increased by 18% in comparison to the third quarter, before the cancellation of orders mainly recorded in the prior fiscal year. This represents the highest quarterly order entry in the fiscal year and supports our view of recovering market demand. Although visibility is still limited, we see signs of an improving business climate," commented Gunther Braun, CEO and President of RSTI.
FINANCIAL REVIEW
Fourth Quarter
Net sales totaled $90.5 million for the fourth quarter ended September 30, 2009, a 41%, or $63.8 million, decrease from the comparable quarter of fiscal 2008. The strengthening of the US dollar, mainly against the Euro, resulted in a decrease in net sales of $3.2 million in the fourth quarter. Gross profit totaled $34.6 million, or 38% of net sales, compared to $65.8 million, or 43% of net sales, in the same period of fiscal year 2008. Net income amounted to $5.3 million, or 6% of net sales, compared to net income of $20.0 million, or 13% of net sales, in the same period last year. Diluted earnings per share equaled $0.18 and $0.68 for the quarters ended September 30, 2009 and 2008, respectively, based upon 29.3 million weighted-average common shares outstanding in both periods.
SG&A decreased by $3.3 million to $21.6 million, representing 24% of net sales. Amortization expense, in the fourth quarter of fiscal year 2009 and 2008, equaled $0.9 million or 1% of net sales. Net R&D expenses decreased by $4.5 million to $6.7 million, representing 7% of net sales.
Compared to the fourth quarter of fiscal year 2008, sales of laser products used for macro applications decreased by 34% to $37.8 million, accounting for 42% of total sales. Sales of lasers for marking and micro applications decreased by 48% to $43.3 million and represented 48% of total sales. Sales for components decreased by 36% to $9.4 million and represented 10% of total sales.
Twelve Months
For the twelve months ended September 30, 2009, net sales totaled $349.6 million, a decrease of $225.7 million, or 39%, from the comparable period in 2008. The strengthening of the US dollar, mainly against the Euro, resulted in a decrease in net sales of $28.5 million in the twelve month period. Gross profit for the period was $131.2 million, $116.8 million lower than the same period in 2008. Net income for the twelve month period ended September 30, 2009 totaled $9.2 million, with diluted earnings per share of $0.31 based upon a weighted average of 29.2 million common shares outstanding.
Net sales of lasers for macro applications decreased by $98.1 million, or 41%, to $140.4 million and net sales of lasers for marking and micro applications decreased by $111.0 million, or 40%, to $168.1 million. Sales of components decreased by $16.5 million, or 29%, to $41.1 million from the comparable period in fiscal year 2008.
On a geographical basis, net sales in North America in the twelve months resulted in a decrease of 51% and totaled $70.0 million (2008: $142.0 million). In Europe, net sales decreased by 32% to $199.1 million (2008: $294.4 million) and in Asia, net sales decreased by 42% to $80.5 million (2008: $138.9 million).
Order entry for the fourth quarter was heavily impacted by cancellation of orders, that were mainly recorded in the previous fiscal year and which amounted to $9.2 million. Order entry before cancellations amounted to $89.6 million which resulted in a book-to-bill ratio of approximately 1. Net order entry was $80.4 million and resulted in a backlog, mainly for laser products, of $87.6 million at September 30, 2009.
OUTLOOK
"Many of the markets that we serve are showing improved activity levels. We believe this is a positive sign of a market recovery and we are therefore cautiously optimistic about our future growth potential," commented Peter Wirth, Chairman of the Board of RSTI.
With operational headquarters in Plymouth, Michigan, and Hamburg, Germany, ROFIN-SINAR Technologies Inc. designs, develops, engineers and manufactures laser sources and laser-based system solutions for a wide range of applications. With production facilities in the US, Germany, UK, Sweden, Finland, Singapore and China, ROFIN-SINAR is one of the world's leading designers and manufacturers of industrial lasers and currently has more than 33,000 laser units installed worldwide and serves more than 3,000 customers. ROFIN-SINAR'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. Additional information is available on ROFIN-SINAR's home page: http://www.rofin.com.
A conference call is scheduled for 11:00 AM Eastern, today, Thursday, November 5, 2009. This call is also being broadcast live over the internet in listen-only mode. For a live webcast, please go to http://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 Delia Cannan at Taylor Rafferty in New York at +1-212-889-4350 or Emilia Whitbread at Taylor Rafferty in London at +44(0) 207 614 2900).
(Tables to follow)
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share data)
Three months Twelve months
Ended Ended
9/30/09 9/30/08 9/30/09 9/30/08
------- ------- ------- -------
- Macro $37,734 $56,806 $140,362 $238,518
- Marking/Micro 43,301 82,724 168,131 279,123
- Components 9,423 14,792 41,086 57,637
Net Sales 90,458 154,322 349,579 575,278
Costs of goods sold 55,864 88,571 218,417 327,286
------ ------ ------- -------
Gross profit 34,594 65,751 131,162 247,992
Selling, general and
administrative expenses 21,645 24,893 87,387 103,781
Intangibles amortization 887 931 3,559 6,769
Research and development
expenses 6,749 11,233 31,500 41,113
----- ------ ------ ------
Income from operations 5,313 28,694 8,716 96,329
Other income 2,410 2,942 5,984 1,470
----- ----- ----- -----
Income before income tax and
minority interest
7,723 31,636 14,700 97,799
Income tax expense 2,356 11,566 5,197 33,466
----- ------ ----- ------
Income before minority
interest 5,367 20,070 9,503 64,333
Minority interest 115 83 340 574
--- -- --- ---
Net income 5,252 19,987 9,163 63,759
===== ====== ===== ======
Net income per common share
*"diluted" basis $0.18 $0.68 $0.31 $2.09
**"basic" basis $0.18 $0.69 $0.32 $2.15
*The diluted earnings 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
29.3 million for each of the fiscal quarters and 29.2 million and
30.4 million for the twelve month periods ended September 30, 2009
and 2008.
**The basic earnings per common share calculation is based on the
weighted-average shares outstanding for each period presented, which was
28.9 million for both fiscal quarters ending September 30, 2009 and
2008, and 28.9 million and 29.6 million for the twelve month periods,
respectively.
ROFIN-SINAR TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
09/30/09 09/30/08
-------- --------
ASSETS
Cash, cash equivalents and short-term
investments $118,984 $116,471
Trade accounts receivable, net 79,357 117,910
Inventories net 136,448 153,267
Other current assets 19,808 18,707
------ ------
Total current assets 354,597 406,355
------- -------
Net property and equipment 55,735 56,226
Other non-current assets 128,857 121,079
------- -------
Total non-current assets 184,592 177,305
------- -------
Total assets $539,189 $583,660
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt 18,983 54,706
Accounts payable, trade 13,146 21,176
Other current liabilities 48,189 72,519
------ ------
Total current liabilities 80,318 148,401
Long-term debt 12,426 11,968
Other non-current liabilities 28,111 21,033
------ ------
Total liabilities 120,855 181,402
------- -------
Net stockholders' equity 418,334 402,258
------- -------
Total liabilities and stockholders' equity $539,189 $583,660
======== ========
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.
Certain information in this press release that relates to future plans, events or performance, including statements such "many of the markets that we serve are showing improved activity levels" or "we believe this is a positive sign of a market recovery and we are therefore cautiously optimistic about our future growth potential" 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 CO2, 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.
http://www.rofin.com
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