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Rofin-Sinar Technologies' CEO Discusses F3Q12 Results - Earnings Call Transcript

Europe was responsible for the remaining 43% of the quarterly sales. Sales decreased 20% to $56.7 million comparing to last year’s third quarter and there is no specific industry responsible for the reduced sales. Then our spare parts and service business decreased by 2% or $800,000 and accounted for approximately 28% of net sales for the quarter. I would say it’s a very stable business and demonstrates stable utilization of equipment in the factories.

Some other statistics, breakdown of our quarterly laser sales by industry. Automotive 11% within the quarter versus 8% last year in 2011. Machine tool 37%, last year 39%. Semi electronics 24% this year and 27% in 2011. 2011 very strong consumer electronic industry by the way. And others 28% this time versus 26% in 2011.

During the quarter, we shipped a total of 1,068 lasers versus 1,264 lasers, approximately 16% less compared to last year’s third quarter. 437 versus 549 units were for Macro applications and 631 versus 715 units were for Marking and Micro applications.

Now, let me hand it over to Ingrid, who will further comment on the financials.

Ingrid Mittelstädt

Thanks, Günther. Good morning and good afternoon to everyone. Our quarterly revenue of $131.7 million were in line with our projected guidance even under the impact of the strong U.S. dollar that reduced our quarterly sales by an amount between US$8.5 million and US$9 million. On a sequential basis, gross profit remained stable at 37.5% of total sales. Compared to the third quarter of last fiscal year, gross profit decreased to 37.5% coming from 39.2% last year, mainly due to lower absorption of fixed costs due to the lower level of business and favorable product mix and 2% lower service on spare parts revenue.

SG&A including intangibles, amortization for the quarter represented 19.6% of net sales the third quarter of fiscal year 2012 compared to 19% in the corresponding period of last year. In absolute figures, the SG&A decreased by $3.5 million to $25.3 million in the quarter. The decrease in SG&A expenses is mainly a result of lower label cost as well as lower commissions and exhibition expenses. Additionally, you have seen that the intangible amortization decreased by $0.1 million compared to Q3 2011.

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