PLYMOUTH — In what may be one of its last financial reports as an independent company, the industrial laser maker Rofin-Sinar Technologies Inc. (Nasdaq: RSTI) reported a slight dip in sales and profits for its third fiscal quarter, ended June 30.
Net income was $11.5 million or 40 cents a share, down from $11.6 million or 41 cents a share a year earlier. Revenue was $125.9 million, down from $132.5 million a year earlier.
For the first nine months of the fiscal year, net income was $18.8 million or 65 cents a share, down from $26.5 million or 94 cents a share a year earlier. Revenue was $349 million, down from $377.7 million a year earlier.
The company said profits were hurt to the tune of 5 cents a share by one-time costs, mostly connected to its currently proposed buyout by Santa Clara, Calif.-based Coherent, which is expected to close by Dec. 31.
Rofin announced March 16 that Coherent would buy Rofin for $32.50 a share in cash. On June 29, holders of more than 95 percnet of the shares of Rofin’s common stock present and voting approved the merger, representing more than 74 percent of Rofin stock. The completion of the merger remains subject to several other closing conditions, including regulatory approvals and Coherent obtaining financing.
“We delivered solid third quarter results with net sales of almost $126 million which were mainly supported by robust European demand, solid performance by our service and parts business, as well as very strong sales in our component business,” said RSTI president and CEO Thomas Merk. “Sales of components reached a record level in the quarter, with an increase in turnover of more than 20 percent when compared to the third quarter of the prior financial year.”
For the quarter, selling, general and administrative expenses were $24.1 million or 19 percent of sales, down from $24.7 million a year earlier. Research and development expenses were $9.3 million or 7 percnet of sales, down from $9.9 million a year earlier.
Sales of laser products for marking and micro applications fell 20 percent to $51.6 million from a year earlier, and were 41 percent of total sales. Sales of laser products for macro applications rose 3 percent to $50.4 million, 40 percent of sales. Sales of components rose 22 percent to $24 million, 19 percent of sales.
For the third quarter of fiscal 2016, 41 percent of laser-related sales were from the machine tool industry, up from 37 percent in the prior year period; 12 percent from the automotive industry, up from 8 percent a year earlier; 13 percent from the semiconductor, electronics and photovoltaic industries, down from 30 percent a year earier; and 34 percent from other industries, up from 25 percent a year earlier.
On a geographic basis, sales in Europe rose 9 percent to $59.3 million during the quarter, while sales fell 21 percent in Asia to $39.9 million, and by 3 percent in North America to $26.7 million from the comparable period in the prior year.
More at www.rofin.com.