07.05.2015
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DGAP-Adhoc: ROFIN REPORTS STRONG RESULTS FOR THE 2nd QUARTER OF FY 2015
Rofin-Sinar Technologies Inc. / Key word(s): Quarter Results
07.05.2015 14:06
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Ad Hoc Announcement
ROFIN REPORTS STRONG RESULTS FOR THE 2nd QUARTER OF FY 2015:
- Quarterly earnings per share nearly doubled year-over-year, from $0.16
to $0.31
- Excellent book-to-bill ratio of 1.15 and significant backlog increase
to $160 million
- Gross margin increased to 37% of net sales
- Continued sales momentum for high-power fiber lasers, with record high
orders in units and revenue
- Raising guidance for FY 2015 net income profitability to 8% of net
sales
Plymouth, MI / Hamburg, Germany, May 7, 2015 - ROFIN-SINAR Technologies
Inc. (NASDAQ: RSTI), one of the world's leading developers and
manufacturers of high-performance laser beam sources and laser-based
solutions, today announced results for its second fiscal quarter ended
March 31, 2015.
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Three months ended 03/31/15 03/31/14 % Change Net sales $122,719 $128,589 - 5 % RSTI net income $8,737 $4,489 + 95 % Earnings per share "Diluted" basis* $0.31 $0.16 + 94 % Six months ended 03/31/15 03/31/14 % Change Net sales $245,106 $249,778 - 2 % RSTI net income $14,904 $6,699 + 122 % Earnings per share "Diluted" basis* $0.53 $0.24 + 121 %* The diluted 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 28.2 million and 28.3 million for the fiscal quarters and for the six-month periods ending March 31, 2015 and 2014, respectively. FINANCIAL REVIEW - Second Quarter - Net sales totaled $122.7 million for the second quarter ended March 31, 2015, a 5% decrease over the second quarter of fiscal year 2014. Gross profit totaled $45.4 million, or 37% of net sales, compared to $46.3 million, or 36% of net sales, in the same period of fiscal year 2014. RSTI net income amounted to $8.7 million, or 7% of net sales, compared to $4.5 million, or 3% of net sales, in the comparable quarter last fiscal year. The diluted per share calculation equaled $0.31 for the quarter based upon 28.2 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.16 based upon 28.3 million weighted-average common shares outstanding for same period last fiscal year. SG&A expenses amounted to $24.5 million, representing 20% of net sales, and decreased by $3.2 million, or 12%, compared to last fiscal year's second quarter. Net R&D expenses decreased by $1.9 million to $9.7 million (8% of net sales), compared to $11.6 million (9% of net sales) in the second quarter of fiscal year 2014. Sales of laser products for macro applications increased 3% to $48.4 million, accounting for 39% of total sales. Sales of lasers for marking and micro applications decreased 15% to $55.9 million, representing 46% of total sales. Sales of components increased 16% to $18.4 million, representing 15% of total sales. On a geographical basis, revenues in North America increased by 22%, totaling $29.4 million, and decreased by 1% in Asia, to $36.8 million. Revenues also decreased by 16% in Europe, to $56.5 million, largely due to exchange rate fluctuations. The following non-GAAP presentation shows the order entry and sales figures for the second quarter of 2015 when applying the average exchange rates of the second quarter of fiscal year 2014: 3/31/15 3/31/15 3/31/14 GAAP Non-GAAP GAAP Sales $122,719 $136,947 $128,589 Order Entry $141,215 $159,635 $127,473- Six Months - For the six months ended March 31, 2015, net sales totaled $245.1 million, a decrease of $4.7 million, or 2%, over the comparable period in 2014. The strengthening of the US dollar, mainly against the Euro, resulted in a decrease in net sales of $21.3 million in the six month period. Gross profit for the period was $88.0 million, $0.4 million higher than in the same period in 2014. RSTI net income for the six-month period ended March 31, 2015, totaled $14.9 million, as compared to $6.7 million in the six-month period ended March 31, 2014. The diluted per share calculation equaled $0.53 for the six-month period based upon 28.2 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.24 based upon 28.3 million weighted-average common shares outstanding for the same period last fiscal year. Net sales of lasers for macro applications increased by $0.2 million to $96.1 million. Net sales of lasers for marking and micro applications decreased by $8.4 million, or 7%, to $113.5 million. Component sales of $35.5 million represented an increase of $3.5 million, or 11%, versus the comparable period in fiscal year 2014. On a geographical basis, net sales increased in North America in the first six months by 16% to $56.5 million (2014: $48.6 million), and by 2% in Asia to $75.8 million (2014: $74.2 million), whereas revenues in Europe decreased by 11% to $112.8 million (2014: $126.9 million). - Backlog - Order entry for the quarter increased by 11% to $141.2 million compared to the second quarter of fiscal year 2014, resulting in a backlog of $160.1 million as of March 31, 2015, mainly for laser products. As of March 31, 2015, ROFIN had a book-to-bill ratio of 1.15 for the second quarter. - Outlook - For the third quarter ending June 30, 2015, taking into account the anticipated impact of the average exchange rate, the Company expects sales to be in the range of $130 million to $135 million and earnings per share to be in the range of $0.39 to $0.42. For the fiscal year ending September 30, 2015, the Company is maintaining its sales guidance based on the current negative impact of the average exchange rates of between $515 million to $535 million, and adjusts upward its net income profitability at the mid-point of the sales range to approximately 8% of net sales. The Company's third quarter and fiscal year 2015 guidance takes into account the estimated unfavorable impact of the average exchange rate resulting mainly from the recent strengthening of the US dollar, to the extent that it continues. The majority of any such impact affects the sales level, with net income being affected to a lesser degree due to natural hedging. Actual results may differ from this forecast, including as a result of higher volatility in exchange rates, and are subject to the safe harbor statement discussed in more detail below. Non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. The Company believes that non-GAAP information is useful because it can enhance the understanding of its ongoing economic performance. The Company has chosen to provide this information to investors to enable them to perform comparisons of order entry and sales results. About ROFIN With 40 years of experience, ROFIN-SINAR Technologies is a leading developer, designer and manufacturer of lasers and laser-based system solutions for industrial material processing applications. The Company focuses on developing key innovative technologies and advanced production methods for a wide variety of industrial applications based on a broad scope of technologies. The product portfolio ranges from single laser-beam sources to highly complex systems, covering all of the key laser technologies such as CO2 lasers, fiber, solid-state and diode lasers, and the entire power spectrum, from single-digit watts up to multi-kilowatts, as well as a comprehensive spectrum of wavelengths or pulse durations and an extensive range of laser components. 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 52,000 laser units installed worldwide and serves more than 4,000 customers. The Company'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. ROFIN is part of the Standard & Poor's SmallCap 600 Index and the Russell 2000 Index. Additional information is available on the Company's home page: www.rofin.com. A conference call is scheduled for 11:00 AM Eastern, today, Thursday, May 7, 2015. This call is also being broadcast live over the internet in listen-only mode. The recording will be available on the Company's home page for approximately 90 days. For the 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 Briget Ampudia, Taylor Rafferty, New York at +1-212-889-4350 or Miles Chapman, Taylor Rafferty, London at [email protected]. The full text of the press release and further information including comprehensive financial data is available online at www.rofin.com. "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 as "For the third quarter ending June 30, 2015, taking into account the anticipated impact of the average exchange rate, the Company expects sales to be in the range of $130 million to $135 million and earnings per share to be in the range of $0.39 to $0.42" or "For the fiscal year ending September 30, 2015, the Company is maintaining its sales guidance based on the current negative impact of the average exchange rates of between $515 million to $535 million, and adjusts upward its net income profitability at the mid-point of the sales range to approximately 8% of net sales" or "The Company's third quarter and fiscal year 2015 guidance takes into account the estimated unfavorable impact of the average exchange rate resulting mainly from the recent strengthening of the US dollar, to the extent that it continues. The majority of any such impact affects the sales level, with net income being affected to a lesser degree due to natural hedging" 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: ROFIN-SINAR Investor Relations [email protected] ++49-(0)40-73363-4256 07.05.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Rofin-Sinar Technologies Inc. 40984 Concept Drive MI 48170 Plymouth United States Phone: + 49 (0)40 - 73363-4256 Fax: + 49 (0)40 - 73363-4138 E-mail: [email protected] Internet: www.rofin.com ISIN: US7750431022 WKN: 902757 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart; Nasdaq End of Announcement DGAP News-Service --------------------------------------------------------------------------- |