Plymouth, MI, and Hamburg, Germany - Rofin-Sinar Technologies Inc. (RSTI) today announced results for its third fiscal quarter (3QFY13) ended June 30 2013, in which net sales totaled $139.1 million, $8 million more than announced in its 2QFY13 report. 3QFY13 sales were also a 6% increase over the comparable quarter of FY12.
3Q13 gross profit totaled $49.3 million, or 35% of net sales, compared to $49.3 million, or 37% of net sales, in the same period of FY2012. For 2QFY13, gross profit totaled $46.8 million, or 36% of net sales.
"We are pleased to report solid financial results, which are above our guidance. 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," commented Gunther Braun, CEO and President of RSTI, a developer and manufacturer of high-performance laser-beam sources and laser-based solutions.
"Order entry in Europe was slower than expected, whereas North American and Asian orders marked our best quarter during this fiscal year," added Braun. "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."
RSTI net income in 3Q13 amounted to $8.7 million, compared to $8.4 million in the third quarter last fiscal year, and represented 6% of net sales in both periods. The diluted per share calculation equaled $0.31 for the quarter based upon 28.5 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.29 based upon 28.8 million weighted-average common shares outstanding for the same period last fiscal year.
SG&A expenses in the amount of $26.5 million represented 19% of net sales and increased by $1.2 million compared to last fiscal year's third quarter. Net R&D expenses decreased by $1.0 million to $10.5 million (8% of net sales), compared to $11.5 million (9% of net sales) in the third quarter of fiscal year 2012.
Sales of laser products for macro applications increased by 8% to $57.1 million and accounted for 41% of total sales. Sales of lasers for marking and micro applications increased by 1% to $62.6 million and represented 45% of total sales. Sales of components increased by 15% to $19.4 million and represented 14% of total sales.
On a geographical basis, revenues increased in Asia by 16%, totaling $49.8 million, and by 7% in Europe, to $60.3 million, whereas net sales in North America decreased by 10% to $29.0 million during the third quarter of fiscal year 2013.
Backlog
Order entry for the quarter decreased by 2% to $132.0 million compared to the third quarter of fiscal year 2012 and resulted in a backlog of $142.1 million as of June 30, 2013, mainly for laser products. For the third quarter of fiscal year 2013, Rofin reached a book-to-bill ratio of 0.95.
Outlook
For the 4Q ending September 30, 2013, 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 $0.28 to $0.31. Actual results may differ from this forecast.
Rofin-Sinar Technologies has its operational headquarters in Plymouth, Michigan, and Hamburg, Germany, and maintains production facilities in the US, Germany, UK, Sweden, Finland, Switzerland, Singapore, and China. ROFIN currently has more than 45,000 laser units installed worldwide and serves more than 4000 customers.
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