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Date Announced: 05 Nov 2010
Fourth quarter order entry, sales and net income increased by 73%, 37% and 127%, respectively, year-over-year.
PLYMOUTH, Mich. and HAMBURG, Germany, Nov. 5, 2010 /PRNewswire-FirstCall/ -- ROFIN-SINAR Technologies Inc. - (Nasdaq:RSTI - News), one of the world's leading developers and manufacturers of high-performance laser beam sources and laser-based solutions, today announced results for its fourth fiscal quarter and twelve months ended September 30, 2010.
"We are very pleased with our operational and financial performance for the fourth quarter and fiscal year 2010. Quarterly order entry and sales, as well as net income, increased significantly, and were primarily driven by increased business with the machine tool, semiconductor and electronics industries. In addition, the Asian markets continued to be a strong source of demand for our products. We are also particularly encouraged by our quarterly operating margin, which is approaching our pre-economic crisis levels. These results reflect a substantial improvement in the macroeconomic climate and the excellent execution of our strategy by the ROFIN team," commented Gunther Braun, CEO and President of RSTI. "We believe that our backlog and our expanding product portfolio provide us with a solid basis for a successful fiscal year 2011."
FINANCIAL REVIEW
Fourth Quarter
Net sales totaled $124.4 million for the fourth quarter ended September 30, 2010, a 37%, or $33.9 million, increase from the comparable quarter of fiscal 2009. The strengthening of the US dollar against our other functional currencies resulted in a decrease in net sales of $4.4 million in the fourth quarter. Gross profit totaled $50.3 million, or 40% of net sales, compared to $34.8 million, or 38% of net sales, in the same period last fiscal year. RSTI net income amounted to $11.9 million, or 10% of net sales, compared to net income of $5.3 million, or 6% of net sales, in the fourth quarter of fiscal year 2009. The diluted earnings per share calculation equaled $0.42 for the quarter based upon 28.6 million weighted-average common shares outstanding, compared to diluted earnings per share of $0.18 based upon 29.3 million weighted-average common shares outstanding for the same period last fiscal year.
Comparing the fourth fiscal quarters 2010 and 2009, SG&A increased by $0.8 million in 2010 to $22.2 million, representing 18% of net sales, and fourth quarter R&D expenses increased by $0.3 million in 2010 to $7.0 million, representing 6% of net sales.
Revenues of laser products used for macro applications increased by 29% to $48.5 million, accounting for 39% of total sales. Sales of lasers for marking and micro applications increased by 47% to $63.5 million and represented 51% of total sales. Sales of components increased by 32% to $12.4 million and represented 10% of total sales.
Twelve Months
For the twelve months ended September 30, 2010, net sales totaled $423.6 million, an increase of $74.0 million, or 21%, over the comparable period in 2009. The weakening of the US dollar against our other functional currencies resulted in an increase in net sales of $1.4 million for the twelve month period. Gross profit for the period was $166.3 million, $34.2 million higher than the same period in 2009. RSTI net income for the twelve month period ended September 30, 2010, totaled $29.8 million. The diluted earnings per share calculation equaled $1.02 for the twelve month period based upon 29.2 million weighted-average common shares outstanding.
Net sales of lasers for macro applications increased by $32.5 million, or 23%, to $172.9 million and net sales of lasers for marking and micro applications increased by $38.4 million, or 23%, to $206.5 million. Sales of components increased $3.1 million, or 8%, to $44.2 million compared to fiscal year 2009.
On a geographical basis, net sales in North America in the twelve months increased by 12% and totaled $78.7 million (2009: $70.0 million). In Europe, net sales decreased slightly by 1% to $196.3 million (2009: $199.1 million) and in Asia, net sales increased by 85% to $148.6 million (2009: $80.5 million).
Backlog
Order entry for the quarter increased by 73% to $138.8 million compared to the fourth quarter of 2009 and resulted in a backlog of $138.9 million at September 30, 2010, mainly for laser products. As of September 30, 2010, ROFIN-SINAR had a book-to-bill ratio for the fourth quarter and fiscal year 2010 of 1.12.
Other Developments - Share Buyback
As of September 30, 2010, the Company has purchased approximately 0.85 million shares of its common stock for a total amount of $19.5 million under the buyback program that was announced in May 2010.
Source: Rofin-Sinar
E-mail: see web site
Web Site: www.rofin.com/
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