UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
Commission file number: 000-21377
ROFIN-SINAR TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 38-3306461
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(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) 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)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] / No [ ]
11,538,200 shares of the registrant's common stock, par value $0.01 per share,
were outstanding as of August 10, 2000.
<PAGE>
ROFIN-SINAR TECHNOLOGIES INC.
INDEX
PART I FINANCIAL INFORMATION Page No.
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Item 1
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Condensed Consolidated Balance Sheets
June 30, 2000 and September 30, 1999 3
Condensed Consolidated Statements of Operations
Nine months and three months ended
June 30, 2000 and June 30, 1999 4
Condensed Consolidated Statements of Cash Flows
Nine months ended June 30, 2000 and June 30, 1999 5
Notes to Condensed Consolidated Financial Statements 6
Item 2
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Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
Item 3
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Quantitative and Qualitative Disclosures about
Market Risk 14
PART II OTHER INFORMATION 14
SIGNATURES 15
Exhibit 27.1 - Financial data schedule for the
nine-month period ended June 30, 2000
<PAGE>
PART I. FINANCIAL INFORMATION
Rofin-Sinar Technologies Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)
June 30, September 30,
2000 1999
ASSETS (Unaudited) (Note 1)
Current Assets: ----------- -------------
Cash and cash equivalents $ 30,520 $ 36,805
Accounts receivable, trade, net 54,363 36,089
Inventories (Note 3) 56,559 40,314
Deferred income tax assets - current 4,290 3,714
Other current assets and prepaid expenses 4,314 1,200
----------- -----------
Total current assets 150,046 118,122
Property and equipment, net 21,449 21,912
Goodwill and intangibles, net 51,267 4,373
Deferred income tax assets - noncurrent 2,321 2,341
Other noncurrent assets 586 465
----------- -----------
Total assets $ 225,669 $ 147,213
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Line of credit (Note 4) $ 79,323 $ 19,984
Accounts payable, trade 16,920 6,917
Accrued liabilities (Note 3) 26,264 17,487
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Total current liabilities 122,507 44,388
Long-term debt (Note 5) 6,565 7,287
Pension obligations 4,361 4,279
Minority interests 1,200 513
Other long-term liabilities 169 70
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Total liabilities 134,802 56,537
Stockholders' equity
Preferred stock, 5,000,000 shares authorized,
none issued or outstanding 0 0
Common stock, $0.01 par value, 50,000,000 shares
authorized, 11,538,200 (11,527,400 at
September 30, 1999) issued and outstanding 115 115
Additional paid-in-capital 76,041 75,956
Accumulated other comprehensive loss (Note 7) ( 8,580) ( 4,663)
Retained earnings 23,291 19,268
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Total stockholders' equity $ 90,867 $ 90,676
Total liabilities and stockholders' equity $ 225,669 $ 147,213
=========== ===========
See accompanying notes to condensed consolidated financial statements
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Rofin-Sinar Technologies Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
Periods Ended June 30, 2000 and 1999
(dollars in thousands, except per share amounts)
Nine Months Three Months
Ended June 30, Ended June 30,
---------------------- ----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
Net sales $ 113,250 $ 88,147 $ 45,482 $ 28,472
Cost of goods sold 71,473 59,021 27,815 19,010
---------- ---------- ---------- ----------
Gross profit 41,777 29,126 17,667 9,462
Selling, general, and
administrative expenses 21,058 17,533 9,117 5,835
Research and development expenses 9,158 8,652 3,457 2,464
Special charge (Note 2) 2,812 -- 2,812 --
Goodwill amortization 696 255 526 85
---------- ---------- ---------- ----------
Income from operations 8,053 2,686 1,755 1,078
Other expense (income):
Interest income (1,261) (1,234) ( 204) ( 393)
Interest expense 1,018 676 490 216
Minority interest 472 26 248 85
Other expenses (income) ( 600) ( 422) ( 382) ( 183)
---------- ---------- ---------- ----------
Income before income taxes 8,424 3,640 1,603 1,353
Income tax expense 4,401 1,724 1,066 683
---------- ---------- ---------- ----------
Net income $ 4,023 $ 1,916 $ 537 $ 670
========== ========== ========== ==========
Net income per common
share (Note 6):
Basic $ 0.35 $ 0.17 $ 0.05 $ 0.06
Diluted $ 0.35 $ 0.17 $ 0.05 $ 0.06
========== ========== ========== ==========
Weighted average shares
used in computing net
income per share (Note 6):
Basic 11,538,200 11,527,400 11,538,200 11,527,400
Diluted 11,619,732 11,527,400 11,699,010 11,527,400
========== ========== ========== ==========
See accompanying notes to condensed consolidated financial statements
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Rofin-Sinar Technologies Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended June 30, 2000 and 1999
(dollars in thousands)
Nine Months
Ended June 30,
------------------------
2000 1999
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CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 4,023 $ 1,916
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Changes in operating assets and liabilities ( 5,619) ( 5,319)
Other adjustments 2,700 2,476
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Net cash provided by (used in) operating
Activities 1,104 ( 927)
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CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale of property and equipment 75 58
Additions to property and equipment ( 1,998) ( 1,833)
Acquisition of business, net of cash acquired ( 40,275) --
Other -- ( 18)
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Net cash used in investing activities ( 42,198) ( 1,793)
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CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from banks 61,003 10,267
Repayment to banks ( 25,945) ( 6,257)
Payment to subsidiary's minority shareholders (419) --
Other 90 0
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Net cash provided by financing activities 34,729 4,010
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Effect of foreign currency translation on cash 80 ( 361)
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Net increase (decrease) in cash and cash equivalents ( 6,285) 929
Cash and cash equivalents at beginning of period 36,805 34,874
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Cash and cash equivalents at end of period $ 30,520 $ 35,803
========== ==========
See accompanying notes to condensed consolidated financial statements
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Rofin-Sinar Technologies Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
(dollars in thousands)
1. Summary of Accounting Policies
The accompanying consolidated condensed financial statements have been prepared
in conformity with generally accepted accounting principles, consistent with
those reflected in the Company's annual report to stockholders for the year
ended September 30, 1999. All adjustments necessary for a fair presentation
have been made which comprise only normal recurring adjustments; however,
interim results of operations are not necessarily indicative of results to be
expected for the year. September 30, 1999 balances are derived from audited
financial statements, however, all interim period amounts have not been
audited.
2. Acquisitions
On May 10, 2000, the Company acquired 90.01% of the share capital of Carl
Baasel Lasertechnik GmbH (Baasel Lasertech) through its wholly owned subsidiary
Rofin-Sinar Laser GmbH, Hamburg, Germany for cash. Rofin-Sinar Technologies
Inc. (RSTI) has followed the purchase method in accounting for the acquisition,
and accordingly the accompanying results of operations include the results of
Baasel Lasertech for only the 7 week period subsequent to the date of
acquisition. The fair value of tangible assets acquired and liabilities assumed
approximated $34.5 million and $39.1 million, respectively. Goodwill and other
intangibles, resulting from the acquisition, were $47.6 million and are being
amortized over a period aggregating approximately 15 years. In connection with
the acquisition the companies have consolidated certain product lines, and as a
result RSTI has recorded a special charge to write-off certain of its
inventories related to product lines which will be discontinued.
3. Balance Sheet Detail:
Inventories are stated at the lower of cost (first-in, first-out or weighted
average) or market, and are summarized as follows:
June 30, September 30,
2000 1999
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Raw materials and supplies $ 15,499 $ 10,634
Work in progress 12,745 11,141
Service parts 10,950 8,814
Finished goods 9,968 3,607
Demonstration inventory 7,397 6,118
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Total inventories $ 56,559 $ 40,314
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Accrued liabilities are comprised of the following:
June 30, September 30,
2000 1999
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Employee compensation $ 7,061 $ 4,581
Warranty reserves 7,473 6,570
Deferred revenue 219 220
Income taxes payable 2,401 1,058
Customer deposits 4,471 1,647
Other 4,639 3,411
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Total accrued liabilities $ 26,264 $ 17,487
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4. Line of Credit
The Company maintains a $25,000 annually renewable line of credit with Deutsche
Bank AG to support its working capital needs. As of June 30, 2000, $14,056 was
borrowed against this loan facility by certain of the Companies non-U.S.
subsidiaries, including RSL, Dilas, Rofin Marubeni, Rofin-Sinar Italiana
S.r.L., Rasant and Rofin-Sinar UK Ltd. at an average fixed interest rate of
3.6%.
In addition, the Company's non-U.S. subsidiaries have several lines of credit
which allow them to borrow in the applicable local currencies. At June 30,
2000, direct borrowings under these agreements totaled $4,264 with $9,631
remaining unused. Fixed interest rates under these agreements vary from 1.2%
to 5.8%, depending upon the country and usage of the available credit.
During the current quarter, the Company entered into additional short-term
credit facilities with two German banks to finance part of the purchase price
and the working capital needs of Baasel Lasertech. As of June 30, 2000,
$61,003 was borrowed against these facilities at an average fixed interest rate
of 5.8%.
5. Long-Term Debt
As of June 30, 2000, $490 was borrowed under the line of credit with Deutsche
Bank AG at a fixed interest rate of 3.9%, requiring payment in 2001 (see note
4).
Further, RSL, Rofin-Sinar France S.A., Dilas and Rasant entered into loan
agreements with other banks for long-term credit facilities of $7,544. As of
June 30, 2000 $6,075 was borrowed against such loans at an average fixed
interest rate of 4.2%.
Of the total long-term debt, $5,875 is due in 2001, $511 in 2003 and $179 in
2009.
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6. Net Income Per Common Share
FAS 128 establishes standards for computing and presenting earnings per share
(EPS) and applies to entities with publicly held common stock or potential
common stock. Basic EPS is computed by dividing net income by the weighted
average number of common shares outstanding during the period. Diluted EPS
reflects the potential dilution from common stock equivalents (stock options).
The calculation of the weighted average number of common shares outstanding for
each period is as follows:
Nine Months Ended Three Months Ended
June 30, June 30,
---------------------- ----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
Weighted average number of
shares for BASIC net income
per common share 11,538,200 11,527,400 11,538,200 11,527,400
Potential additional shares
due to outstanding dilutive
stock options 81,532 -- 130,810 --
---------- ---------- ---------- ----------
Weighted average number of
shares for DILUTED net
income per common share 11,619,732 11,527,400 11,669,010 11,527,400
========== ========== ========== ==========
Excluded from the calculation of diluted EPS for the three months ended June
30, 2000, and June 30, 1999, were 165,000 and 485,500 outstanding stock
options, respectively. These could potentially dilute future EPS calculations
but were not included in the current period because their effect was
antidilutive.
7. Comprehensive Income
SFAS No. 130, "Reporting Comprehensive Income", establishes standards for the
reporting and display of comprehensive income as part of a full set of
financial statements. Comprehensive income for a period encompasses net income
and all other changes in a company's equity other than from transactions with
the company's owners. For the nine months and the three months ended June 30,
2000 and 1999 comprehensive income was comprised of the following:
Nine Months Ended Three Months Ended
June 30, June 30,
---------------------- ----------------------
2000 1999 2000 1999
---------- ---------- ---------- ----------
Net income $ 4,023 $ 1,916 $ 537 $ 670
Foreign currency
translation adjustment ( 3,917) ( 4,921) 543 ( 1,497)
---------- ---------- ---------- ----------
Total comprehensive
income (loss) $ 106 $( 3,005) $ 1,080 $ ( 827)
========== ========== ========== ==========
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8. Recently Issued Accounting Standards
In 1998 Financial Accounting Standards No. 133 (FAS 133), "Accounting for
Derivative Instruments and Hedging Activities", was issued to be effective for
all fiscal quarters and fiscal years commencing after June 15, 1999. The Board
subsequently deferred the effective date and modified certain provisions of FAS
133, which shall be effective for all fiscal quarters of all fiscal years
beginning after June 15, 2000. The Company will comply with the requirements of
FAS 133 in fiscal year 2001. It is not anticipated that the implementation of
this standard will have a material impact on the financial statements.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
Rofin-Sinar Technologies, Inc. ("Rofin-Sinar", or the "Company") is a leader in
the design, development, engineering, manufacture and marketing of laser-based
products used for cutting, welding and marking a wide range of materials.
During the third quarters of fiscal years 1999 and 2000, respectively,
approximately 72% and 53% of the Company's revenues were from sales and
servicing of laser products for cutting and welding applications and
approximately 28% and 47% were from sales and servicing of laser products for
marking and micro-machining applications.
Through its global manufacturing, distribution, and service network, the
Company provides a comprehensive range of laser sources and laser based system
solutions to three principal target markets: the machine tool, automotive and
semiconductor and electronics industries. The Company sells directly to end-
users, to OEMs, who integrate Rofin-Sinar's laser sources with other system
components, and to distributors. Many of Rofin-Sinar's customers are among the
largest global participants in their respective industries.
On May 10, 2000, the Company acquired 90.01% of the share capital of Carl
Baasel Lasertechnik GmbH (Baasel Lasertech) through its wholly owned subsidiary
Rofin-Sinar Laser GmbH, Hamburg, Germany for cash. RSTI has followed the
purchase method in accounting for the acquisition, and accordingly the
accompanying results of operations include the results of Baasel Lasertech for
only the 7 week period subsequent to the date of acquisition. In connection
with the acquisition, the companies have consolidated certain product lines,
and as a result RSTI has recorded a special charge of $2.8 million to write-off
certain of its inventories which will be discontinued.
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Results of Operations
For the periods indicated, the following table sets forth the percentage of net
sales represented by the respective line items in the Company's consolidated
statements of operations.
Nine Months Three Months
Ended June 30, Ended June 30,
---------------------- ---------------------
2000 1999 2000 1999
---------- ---------- ---------- ---------
Net sales 100% 100% 100% 100%
Cost of goods sold 63% 67% 61% 67%
Gross profit 37% 33% 39% 33%
Selling, general and
administrative expenses 19% 20% 20% 21%
Research and development expenses 8% 10% 8% 8%
Special charges 2% 0% 6% 0%
Goodwill amortization 1% 0% 1% 0%
Income from operations 7% 3% 4% 4%
Income before income taxes 7% 4% 4% 5%
Net income 4% 2% 1% 2%
Net Sales - Net sales of $113.3 million and $45.5 million represent increases
of $25.1 million (29%) and $17 million (60%) for the nine months and three
months ended June 30, 2000, as compared to the corresponding periods of fiscal
1999. The increase resulted from an increase in net sales of $20.8 million, or
32%, in Europe/Asia and an increase of $4.3 million, or 18%, in the United
States, for the corresponding nine month periods as compared to the prior year.
The U.S. dollar strengthened against foreign currencies which had an
unfavorable effect on net sales of $2.7 million and $8.6 million for the three
and nine month periods, respectively. Net sales of laser products for cutting
and welding applications for the three and nine month periods increased by 18%
to $24.1 million and by 6% to $67.9 million as compared to the same periods of
fiscal 1999. The Baasel Lasertech acquisition accounted for $1.3 million, or
35% of the increase in net sales, of laser products for cutting and welding,
during the third quarter of fiscal year 2000. Net sales of lasers for marking
and micro-machining applications for the three month and nine month periods
increased by 164% to $21.4 million and by 89% to $45.4 million as compared to
fiscal 1999. In the third quarter of fiscal year 2000, $7.7 million, or 58% of
the increase in marking and micro-machining revenue was due to the Baasel
Lasertech acquisition and $5.6 million, or 42% mainly to the high demand for
laser markers in the semiconductor and electronics industry and higher
shipments to the Asian markets.
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Gross Profit - The Company's gross profit of $17.7 million and $41.8 million
for the three months and nine months ended June 30, 2000, represent increases
of $8.2 million (87%) and $12.7 million (43%) from the same periods of the
prior year. As a percentage of sales over the corresponding nine month periods
gross profit increased from 33% to 37%. The higher percentage margin was
primarily a result of the favorable product mix, with a shift to the higher
margin marking lasers and lower warranty costs, compared to last fiscal year
periods. Gross profit was unfavorably affected by $0.9 million and $2.9
million for the three month and nine month periods in fiscal 2000 due to the
strengthening of the U.S. dollar.
Selling, General and Administrative Expenses - Selling, general and
administrative expenses increased $3.3 million (56%) and $3.2 million (20%) for
the three months and nine months ended June 30, 2000, compared to the
corresponding periods of fiscal 1999 primarily due to Baasel Lasertech being
included in the consolidation for the first time. SG&A was favorably affected
by $0.3 million and $1.3 million for the three month and nine month periods in
fiscal 2000 due to the strengthening of the U.S. dollar.
Research and Development - The Company spent net $3.5 million and $9.2 million
on research and development during the three month and nine month periods of
the current year. This represents for the nine months period an increase of 6%
over the corresponding period of the prior year and an increase of 40% for the
three month periods, mainly related to the Baasel Lasertech acquisition. Gross
research and development expenses for the three month periods ended June 30,
2000 and 1999 were $3.7 million and $2.7 million, and were reduced by $0.2
million of government grants during each respective period. R&D was favorably
affected by $0.3 million and $0.9 million for the three month and nine month
periods, in fiscal 2000, due to the strengthening of the U.S. dollar.
Special charge - In connection with the acquisition of Baasel Lasertech, the
companies have consolidated certain product lines. As a result, certain
inventories related to product lines which will be discontinued, have been
written off. Therefore, the Company expensed $2.8 million, or 6% of net sales,
in the third quarter of fiscal year 2000.
Goodwill amortization - The Company recorded $0.5 million and $0.7 million
during the three and nine month periods of the current year as goodwill
amortization, $0.4 million higher compared to the corresponding periods in
1999. The increase relates to the Baasel Lasertech acquisition for the 7 week
consolidation period.
Other Expense (Income) - Other Expense (Income) of $0.2 million and ($0.4), for
the three month and nine month periods ended June 30, 2000, represent a
decrease in income of $0.5 million and $0.6 million over the corresponding
prior year periods. The main cause of this decrease was related to minority
interest and interest income, which was $0.2 million and $0.5 million in the
three month periods and $0.4 million and $0.3 in the nine month periods, which
was offset by favorable currency exchange gains for both periods.
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Income Tax Expense - Income tax expense of $1.1 million and $4.4 million for
the three months and nine months ended June 30, 2000 represents effective tax
rates of 66.5% and 52.2%, compared to a prior year corresponding effective tax
rates of 50.5% and 47.4%. This change in effective rates for the three and
nine month periods was due primarily to higher amounts of nondeductible
goodwill and a higher portion of current year profit generated in tax
jurisdictions, such as Germany, with higher statutory tax rates.
Net Income - In light of the foregoing factors, the Company realized a
consolidated net income of $0.5 million and $4.0 million for the three and nine
months ended June 30, 2000, which represents a decrease of $0.2 million and an
increase of $2.1 million from the comparable prior year periods. For the three
months ended June 30, 2000 both basic and diluted earnings per share equaled
$0.05 based upon 11.5 million and 11.7 million common shares outstanding,
respectively, as compared to basic and diluted earnings per share of $0.06 for
the same period in fiscal 1999, based on 11.5 million shares outstanding.
Liquidity and Capital Resources
The Company's primary sources of liquidity at June 30, 2000 were cash and cash
equivalents of $30.5 million, a $25.0 million line of credit with Deutsche Bank
AG, and several other lines of credit to support foreign subsidiaries in their
local currencies. As of June 30, 2000, $14.5 million was borrowed against the
Deutsche Bank facility and $10.3 million from other lines of credit, therefore
$10.5 million and $11.1 million is unused and available, respectively.
The Company funded the Acquisition and the working capital needs of Baasel
Lasertech by utilizing its own cash and by borrowing $61.0 million on its
credit facilities (see Note 4).
Cash and cash equivalents decreased by $6.3 million during the nine months
ended June 30, 2000. Approximately $1.1 million in cash and cash equivalents
were provided by operating activities, primarily as the result of the increase
in net income but offset by an increase in inventory and accounts receivable.
Uses of cash from investing activities totaled $42.2 million for the nine
months ended June 30, 2000 and was due primarily to the acquisition of Baasel
Lasertech and various additions to property and equipment related to the
business expansion.
Net cash provided by financing activities totaled $34.7 million, which was
related to current period bank borrowings of $53.5 million, for the acquisition
of Baasel Lasertech, and repayments of $18.5 million.
Management believes that the Company's cash flow from operations, along with
existing cash and cash equivalents and credit facilities, will provide adequate
resources to meet its capital requirements and operational needs at least
through 2001.
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Currency Risk
Although the Company reports its results in U.S. dollars, approximately 70% of
its sales are denominated in other currencies, including primarily German
marks, as well as French francs, Italian lire, British pounds and Japanese yen.
Although a predominant portion of the Company's cost of goods sold, selling,
general and administrative expenses and research development expenses are
incurred in German marks, net sales and costs and related assets and
liabilities are generally denominated in the functional currencies of the
operations, thereby serving to reduce the Company's exposure to exchange gains
and losses. Exchange differences upon translation from each operation's
functional currency to U.S. dollars are accumulated as a separate component of
equity. The currency translation adjustment component of shareholders' equity
changed from a $4.7 million debit at September 30, 1999 to a $8.6 million debit
at June 30, 2000. This change arose primarily from the strengthening of the
U.S. dollar against such foreign currencies and reflects the fact that a high
proportion of the Company's capital is invested in its German operations, whose
functional currency is the German mark. The fluctuation of the German mark and
the other functional currencies against the U.S. dollar has had the effect of
increasing and decreasing (as applicable) reported net sales as well as cost of
goods sold and gross margin and selling, general and administrative expenses
denominated in such foreign currencies when translated into U.S. dollars as
compared to prior periods. The Company's subsidiaries will from time to time
pay dividends in their respective functional currencies, thus presenting
another area of potential currency exposure in the future.
The Company hedges a certain portion of its net foreign currency exposure on
sales transactions utilizing forward exchange contracts and forward exchange
options. The Company also continues to borrow in each operating subsidiary's
functional currency to reduce exposure to exchange gains and losses. There can
be no assurance that changes in currency exchange rates will not have a
material adverse effect on the Company's business, financial condition and
results of operations.
Year 2000
No Year 2000 compliance failures or service interruptions were experienced.
All of our suppliers reported having no Year 2000 problems.
Special Note Regarding Forward-Looking Statements
Certain statements in this Quarterly Report on Form 10-Q constitute forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties, and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements, including those factors set forth below. In making
these forward-looking statements, the Company claims the protection of the
safe-harbor for forward-looking statements contained in the Reform Act. The
Company does not assume any obligation to update these forward-looking
statements to reflect actual results, changes in assumptions, or changes in
other factors affecting such forward-looking statements.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk
For the period ended June 30, 2000, the Company did not experience any material
change in market risk exposures affecting the quantitative and qualitative
disclosures as presented in the Company's Annual Report on Form 10-K for the
year ended September 30, 1999.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27.1 Financial data schedule for nine-month period ended
June 30, 2000.
(b) Reports on Form 8-K
The Registrant filed a report on Form 8-K on May 24, 2000,
announcing the Company's plans to acquire Carl Baasel
Lasertechnik GmbH.
The Registrant filed a report on Form 8-K/A on May 26, 2000,
amending the announcement of the Company's plans to acquire
Carl Baasel Lasertechnik GmbH.
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<PAGE>
The Registrant filed a report on Form 8-K/A on July 24, 2000,
including the consolidated Financial Statements of Carl Baasel
Lasertechnik GmbH, and the Unaudited Pro Forma Condensed
Combined Balance Sheet of Registrant and Carl Baasel
Lasertechnik GmbH as of March 31, 2000 and unaudited Pro Forma
Condensed Combined Consolidated Statements of Operations of
Registrant and Carl Baasel Lasertechnik GmbH for the six
months ended March 31, 2000 and the year ended September 30,
1999.
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 thereunto duly authorized.
Rofin-Sinar Technologies Inc.
---------------------------------
(Registrant)
Date: August 14, 2000 /S/ Gunther Braun
---------------------------------
Gunther Braun
Executive Vice President,
Finance and Administration, and
Chief Financial Officer
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