RSTI: ROFIN-SINAR reports results for second quarter fiscal year 2010: Quarterly order entry, sales and net income improved by 75%, 27% and 299%, respectively, year-over-year; Board authorizes share buyback program
PLYMOUTH, Mich. and HAMBURG, May 6 /PRNewswire-FirstCall/ -- 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 and six months ended March 31, 2010. Second Quarter Net sales totaled $95.9 million for the second quarter ended March 31, 2010, a 27%, or $20.3 million, increase from the comparable quarter of fiscal 2009. The weakening of the US dollar, mainly against the Euro, resulted in an increase in net sales of $4.3 million in the second quarter. Gross profit totaled $37.2 million, or 39% of net sales, compared to $27.9 million, or 37% of net sales, in the same period last fiscal year. RSTI net income amounted to $4.7 million, or 5% of net sales, compared to $1.2 million, or 2% of net sales, in the second quarter of fiscal year 2009. The diluted per share calculation equaled $0.16 for the quarter based upon 29.5 million weighted-average common shares outstanding, compared to the diluted per share calculation of $0.04 based upon 28.9 million weighted-average common shares outstanding for the same period last fiscal year. Comparing the second fiscal quarters 2010 and 2009, SG&A increased by $2.4 million to $23.2 million, representing 24% of net sales and second quarter R&D expenses increased by $0.3 million to $7.8 million, representing 8% of net sales. Sales of laser products used for macro applications increased by 32% to $39.9 million, accounting for 41% of total sales. Sales of lasers for marking and micro applications increased by 31% to $45.7 million and represented 48% of total sales. Sales of components stayed flat with $10.3 million and represented 11% of total sales. Six Months For the six months ended March 31, 2010, net sales totaled $188.9 million, an increase of $6.3 million, or 3%, over the comparable period in 2009. The weakening of the US dollar, mainly against the Euro, resulted in an increase in net sales of $9.7 million for the six month period. Gross profit for the period was $73.1 million, $2.4 million higher than the same period in 2009. RSTI net income for the six month period ended March 31, 2010, totaled $8.2 million. The diluted per share calculation equaled $0.28 for the six month period based upon 29.5 million weighted-average common shares outstanding. Net sales of lasers for macro applications increased by $9.9 million, or 14%, to $81.5 million, while net sales of lasers for marking and micro applications decreased by $2.0 million, or 2%, to $87.6 million. Sales of components decreased by $1.5 million, or 7%, to $19.8 million from the comparable period in fiscal year 2009. On a geographical basis, net sales in North America in the first six months decreased by 7% and totaled $33.4 million (2009: $35.8 million). In Europe, net sales decreased by 11% to $98.0 million (2009: $109.9 million) and in Asia, net sales increased by 56% to $57.5 million (2009: $36.9 million). Order entry for the quarter increased by 75% to $108.2 million compared to the second quarter last fiscal year and resulted in a backlog of $106.7 million at March 31, 2010, mainly for laser products. Other Developments - Share Buyback The Board of Directors yesterday authorized the Company to initiate a share buyback of up to $30.0 million of the Company's Common Stock over the next twelve months, subject to market conditions. The shares may be repurchased from time to time in open market transactions or privately negotiated transactions at the Company's discretion. The full text of the press release and further information including comprehensive financial data is available online at www.rofin.com. SOURCE ROFIN-SINAR Technologies Inc.