Rofin-Sinar Technologies Inc. (NASDAQ:RSTI), the industrial laser maker with dual headquarters in Plymouth and Hamburg, Germany, reported sharply lower sales and profits for the third quarter and fiscal year ended Sept. 30.
For the quarter, sales were $90.5 million, down 41 percent from $154.3 million in the same quarter a year earlier. Net income was $5.3 million or 18 cents a share, down 74 percent from $20 million or 74 cents a share a year earlier.
For the fiscal year, sales were $349.6 million, down 39 percent from $575.3 million a year earlier. Net income was $9.2 million or 31 cents a share, down from $63.8 milllion or $2.09 a share a year earlier.
"We are pleased to have delivered solid results this quarter, with sales increasing sequentially by 18 percent despite challenging macroeconomic conditions," said Gunther Braun, CEO and president of RSTI. "Our streamlined cost structure and disciplined spending behavior have helped us return to profitability. Order entry is improving, and increased by 18 percrent in comparison to the third quarter, before the cancellation of orders mainly recorded in the prior fiscal year. This represents the highest quarterly order entry in the fiscal year and supports our view of recovering market demand. Although visibility is still limited, we see signs of an improving business climate," commented Gunther Braun, CEO and President of RSTI.
The strengthening of the U.S. dollar, mainly against the Euro, resulted in a decrease in net sales of $3.2 million in the fourth quarter.
More at www.rofin.com.
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