Rofin-Sinar releases 3Q 2014 financial results

Plymouth, MI and Hamburg, Germany - Industrial laser maker Rofin-Sinar Technologies (NASDAQ:RSTI) has released financial results for its third fiscal quarter and nine months ended June 30, 2014.

Related: Rofin acquires FiLaser's assets including laser cutting technology

Net sales totaled $134.3 million for the third quarter ended June 30, 2014, a 3-percent decrease over the comparable quarter of fiscal year 2013. Gross profit totaled $46.7 million, or 35 percent of net sales, compared to $49.3 million, also 35 percent of net sales, in the same period of fiscal year 2013. Net income amounted to $6.5 million, compared to $8.7 million in the third quarter last fiscal year, and represented 5 and 6 percent of net sales, respectively. The diluted per share calculation equaled $0.23 for the quarter based upon 28.2 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.31 based upon 28.5 million weighted-average common shares outstanding for the same period last fiscal year.

SG&A expenses amounted to $25.8 million, representing 19 percent of net sales and decreased by $0.7 million compared to last fiscal year's third quarter. Net R&D expenses increased by $0.8 million to $11.3 million when compared to last fiscal year's third quarter, representing 8 percent of net sales in both periods.

Sales of laser products for macro applications decreased by 1 percent to $56.4 million and accounted for 42 percent of total sales. Sales of lasers for marking and micro applications decreased by 6 percent to $59.0 million and represented 44 percent of total sales. Sales of components decreased by 2 percent to $18.9 million, representing 14 percent of total sales.

On a geographical basis, revenues decreased in Asia by 9 percent, totaling $45.3 million, and by 14 percent in North America to $25.1 million, whereas net sales in Europe increased by 6 percent to $63.9 million during the third quarter of fiscal year 2014.

For the fourth quarter ending September 30, 2014, the company expects revenues to be in the $142-147 million range and earnings per share to be in the $0.30-0.34 range.

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