"We are very proud to deliver another outstanding quarter and fiscal year with new record highs in order entry, sales and net income, despite weaker macroeconomic conditions," commented Gunther Braun, CEO and President of RSTI. "As expected, fourth quarter sales were impacted by slower business in the machine tool and semiconductor markets, which was offset by solid business in the electronics and solar cell industries. Our success in this challenging macroeconomic environment will depend on our ability to further diversify our markets, enhance our global presence and serve a broader customer base."
IPG Photonics reports gains across all geographic markets. The company, a world leader in high-power fiber lasers and amplifiers, reported that revenues for the third quarter of 2008 increased by 29% to $62.0 million and net income increased by 27% to $10.9 million compared with third quarter of 2007. For the first nine months of 2008, revenues increased 28% to $170.9 million from $133.6 million in the comparable period in 2007 and net income increased by 28% to $27.6 million from $21.6 million in the same period last year. Revenue growth for the quarter was driven by sales of the company's fiber lasers used for materials processing applications, which increased by 47% from the third quarter of 2007 to $51.0 million, as well as strong sales to North American, European and Asian markets.