Plymouth, MI and Hamburg, Germany - Rofin-Sinar Technologies Inc. has announced results for its fourth fiscal quarter (4QFY13) ended September 30, 2013, in which net sales totaled $147.6 million, $8.5 million (6.1%) more than announced in its 3QFY13 report. 4QFY13 sales were also a slightly higher over the comparable quarter of FY12. Meanwhile, for the twelve months ended September 30, 2013, net sales totaled $560.1 million, an increase of $19.9 million, or 4%, when compared to the prior fiscal year.
Gross profit totaled $50.2 million, or 34% of net sales, compared to $51.2 million, or 35% of net sales, in the same period last fiscal year. RSTI net income amounted to $9.8 million, or 7% of net sales, compared to $10.1 million, or 7% of net sales, in the comparable quarter last fiscal year. The diluted per share calculation equaled $0.35 for the quarter based upon 28.4 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.35 based upon 28.5 million weighted-average common shares outstanding for the same period last fiscal year.
"We have delivered good fourth quarter and fiscal year performance, which was above our guidance. Net sales, net income, and earnings per share turned out better than our projected estimates, while gross profit was challenged by a less favorable product mix towards a larger portion of fiber lasers. We experienced the strongest quarter for sales in fiscal year 2013 in the medical device industry and a solid quarter in sales for the machine tool, consumer electronics, and semiconductor industries. On a geographical basis, sales to all countries within Europe were strong, North American business was stable, and Asian sales were weaker, mainly due to softer sales in China," commented Gunther Braun, CEO and President of RSTI.
"This quarter was also marked by a lower level of order entry across all geographical regions. August and September order entry was below expectations, mainly due to a lack of bigger volume orders from China and less orders from the medical device industry in North America. European orders improved slightly quarter-on-quarter, but could not compensate for the reduction in other geographical regions. Despite the low beginning backlog, we believe that our book-to-bill ratio will improve based on current sales projects and new product introductions, especially in ultra-short pulse technology," added Braun.
SG&A expenses in the amount of $24.1 million represented 16% of net sales and decreased by $0.6 million compared to last fiscal year's fourth quarter. Net R&D expenses decreased by $0.5 million to $10.0 million and represented 7% of net sales in both fiscal quarters.
Sales of laser products for macro applications decreased by 3% to $53.5 million and accounted for 36% of total sales. Sales of lasers for marking and micro applications decreased by 2% to $73.9 million and represented 50% of total sales. Sales of components increased by 20% to $20.2 million and represented 14% of total sales.
On a geographical basis, revenues in North America decreased by 1%, to $30.4 million and by 15% in Asia to $45.1 million whereas net sales in Europe increased by 13% to $72.1 million.
For the twelve months ended September 30, 2013, net sales totaled $560.1 million, an increase of $19.9 million, or 4%, when compared to the prior fiscal year. The fluctuation of the US dollar, mainly against the Euro, resulted in an increase in net sales of $0.6 million for the twelve-month period. Gross profit for the period was $196.5 million, $0.2 million higher than in fiscal year 2012. RSTI net income for the fiscal year ended September 30, 2013, totaled $34.8 million. The diluted per share calculation equaled $1.22 based upon 28.4 million weighted-average common shares outstanding.
Net sales of lasers for macro applications increased by $9.2 million, or 4%, to $214.6 million and net sales of lasers for marking and micro applications increased by $0.5 million to $272.7 million. Sales of components increased $10.3 million, or 16%, to $72.8 million compared to fiscal year 2012.
On a geographical basis, net sales in North America in the twelve months decreased by 3% and totaled $114.9 million (2012: $117.8 million). In Europe, net sales increased by 4% to $250.3 million (2012: $239.6 million) and in Asia, net sales increased by 7% to $194.9 million (2012: $182.7 million).
Order entry decreased by 10% to $123.5 million for the quarter and by 1% to $531.1 million for the fiscal year compared to the corresponding periods in fiscal year 2012. The backlog, mainly for laser products, amounted to $118.0 million as of September 30, 2013. The book-to-bill ratio for the quarter was 0.84 and 0.95 for the fiscal year.
As of September 30, 2013, the Company has purchased almost 0.7 million shares of its common stock for a total amount of approximately $14.8 million and completed the buyback program that was announced in August 2012.
For the first quarter ending December 31, 2013, the Company expects revenues to be in the range of $122 million to $127 million and earnings per share to be in the range of $0.06 to $0.08. Actual results may differ from this forecast and are subject to the safe harbor statement.
With over 35 years of experience, Rofin-Sinar Technologies is a developer, designer and manufacturer of lasers and laser-based system solutions for industrial material processing applications.
(Image via Shutterstock)