UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 12, 1998
ROFIN-SINAR TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-21377 38-3306461
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(State of other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
45701 Mast Street, Plymouth, MI 48170
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(Address of principal executive offices) (Zip Code)
(734) 455-5400
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(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
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ITEM 5 - OTHER EVENTS
The registrant released its earnings for the first quarter of fiscal 1998 on
February 10, 1998 per the attached exhibit.
ITEM 7 - FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
A) Not Applicable
B) Not Applicable
C) Exhibits:
99 - Press Release dated February 10, 1998
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ROFIN-SINAR TECHNOLOGIES, INC.
By: /s/ GUNTHER BRAUN
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Gunther Braun
Chief Financial Officer
Dated: February 12, 1998
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ROFIN-SINAR REPORTS RESULTS FOR FIRST QUARTER FISCAL 1998; SALES OF $28
MILLION AND NET INCOME OF $2 MILLION.
Hamburg, Germany/Plymouth MI, February 10, 1998, -- Rofin-Sinar Technologies,
Inc. (NASDAQ: RSTI), one of the world's leading developers and manufacturers
of high performance laser beam sources, today announced results for its
fiscal first quarter ended December 31, 1997.
FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
Three months ended
----------------------------- --------
12 / 31 / 97 12 / 31 / 96 % Change
------------ ------------ --------
Net Sales $ 28,212 $ 34,034 -17%
Net Income $ 2,037 $ 2,678 -24%
Earnings Per Share
Diluted Basis $ 0.18 $ 0.23 -22%
The diluted earnings per share calculation is based on the weighted-average
shares outstanding and the potential dilution from common stock equivalents
(stock options) for each period presented, which was 11.6 million for the
fiscal quarters ending December 31, 1997 and 1996, respectively.
Dr. Peter Wirth, Chairman and CEO commented, "In the first quarter, we were
able to increase our net profit in percentage of sales above last year's
average. This quarter was influenced by fewer shipments to the automotive
industry but high marker sales, whereas the comparable first quarter in
fiscal 1997 was an especially strong one characterized by a substantial
shipment of multiple units to a single automotive supplier. With the
strategic investment in the low power CO2-laser products realized through the
purchase of the assets of Palomar Technologies UK Ltd., in January 1998, the
Company will soon become a full line manufacturer of industrial CO2-lasers."
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FINANCIAL REVIEW
For the first quarter ended December 31, 1997, net sales totaled $28.2
million, 17% below the revenues in the comparable quarter of fiscal 1997.
The strengthening of the US dollar in relation to European and Japanese
currencies had a negative impact of $2.8 million, or 10%, on net sales. Gross
profit improved to 39.1% of net sales versus 35.6% in the comparable period,
due mainly to the higher proportion of laser marker sales in the
semiconductor industry. Net income of $2.0 million, or 7.2% of sales, was
24% lower than in the corresponding prior year period which was the most
profitable quarter in the Company's history. Diluted earnings per share
equaled $0.18 for the quarter.
Laser products for cutting and welding applications accounted for 67% of net
sales in the first quarter of fiscal 1998 versus 33% for laser products for
marking applications, a strong shift from the total fiscal year 1997 split of
72% versus 28%.
North America, historically the Company's largest single market, had net
sales of $7.9 million versus $12.2 million in first quarter 1997, a decline
to 28% of net sales from 36% in the comparable period. In Europe/Asia, net
sales totaled $20.3 million compared to $21.8 million in the comparable
period in 1997, caused mainly by the translation of foreign currency
denominated sales into a strong US dollar. In the first quarter of 1998,
sales increased 6% versus the previous year's quarter when calculated on a
constant exchange rate basis.
R&D net spending was $2.5 million, or 9.0% of net sales, compared to $2.2
million, or 6.3% of net sales, in the first quarter of fiscal 1997.
Governmental grants totaled $0.2 million this quarter versus $0.5 million in
the comparable prior year period.
Order entry was $30.0 million and resulted in an order backlog on December
31, 1997 of $30.9 million, an increase of $1.8 million from September
30,1997, due mainly to the increase in marking division activity.
Headquartered in Plymouth, Michigan, and Hamburg, Germany, Rofin-Sinar
Technologies, Inc. designs, develops, engineers and manufactures industrial
laser products for cutting, welding and marking a wide range of materials.
With production facilities in the US, Germany and Japan, Rofin-Sinar is one
of the world's leading designers and manufacturers of industrial lasers and
currently has more than 5,000 laser units installed worldwide and serves more
than 1,500 customers. Rofin-Sinar's shares trade on the NASDAQ National
Market System under the symbol RSTI. Additional information is available on
Rofin-Sinar's home page: http://www.rofin-sinar.com.
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ROFIN-SINAR TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share data)
Three months ended Year ended
(unaudited) (audited)
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12/31/97 12/31/96 9/30/97
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- - Cutting/Welding $ 18,995 $ 25,400 $ 93,452
- - Marking 9,217 8,634 35,941
Net Sales 28,212 34,034 129,393
Costs of goods sold 17,190 21,921 82,982
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Gross profit 11,022 12,113 46,411
Selling, general and administrative expenses 5,420 5,883 22,101
Special charge 0 0 1,350
Research and development expenses 2,529 2,156 9,727
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Income from operations 3,073 4,074 13,233
Net interest expense (income) (299) (174) (854)
Other expense (income) (84) (96) (625)
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Income before income taxes 3,456 4,344 14,712
Income tax expense 1,419 1,666 5,758
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Net income 2,037 2,678 8,954
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Net income per common share
"diluted" basis $ 0.18 $ 0.23 $ 0.77
The diluted earnings per share is based on the weighted-average shares
outstanding and the potential dilution from common stock equivalents (stock
options) for each period presented, which was 11.6 million for the quarters
ended December 31, 1997 and 1996, and for the year ended September 30, 1997,
respectively.
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ROFIN-SINAR TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited) (audited)
At At
12/31/97 9/30/97
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ASSETS
Cash and cash equivalents $ 39,439 $ 40,743
Trade accounts receivable, net 29,939 27,148
Inventories net 28,681 28,731
Other current assets 4,389 5,345
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Total current assets 102,448 101,967
Net Property and equipment 21,706 22,118
Other non-current assets 7,931 8,104
Total non-current assets 29,637 30,222
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Total assets $ 132,085 $ 132,189
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LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt $ 15,988 $ 18,569
Accounts payable, trade 6,352 5,837
Other current liabilities 19,406 22,554
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Total current liabilities 41,746 46,960
Long-term debt 3,348 0
Other non-current liabilities 3,531 3,303
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Total liabilities 48,625 50,263
Net stockholders' equity 83,460 81,926
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Total liabilities and stockholders' equity $ 132,085 $ 132,189
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Certain information included in this press release is forward-looking and is
subject to important risks and uncertainties that could cause actual results
to differ. Actual results could differ materially based on numerous factors,
including currency risk, competition, risk relating to sales growth in CO2,
diode, and Nd:YAG lasers, cyclicality, conflicting patents and other
intellectual property rights of third parties, potential infringement claims
and future capital requirements. These forward looking statements represent
the Company's best judgment as of the date of this release based in part on
preliminary information and certain assumptions which management believes to
be reasonable. The Company disclaims any obligation to update these forward-
looking statements.
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