RofinSinar Technologies Inc. (RSTI, Financial) filed Quarterly Report for the period ended 2010-12-31.
Rofinsinar Technologies Inc. has a market cap of $1.13 billion; its shares were traded at around $38.41 with a P/E ratio of 38.5 and P/S ratio of 2.7. Rofinsinar Technologies Inc. had an annual average earning growth of 3.7% over the past 10 years.Hedge Fund Gurus that owns RSTI: Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns RSTI: Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Ended December 31,
-
2010 2009
- -
Net sales 100.0% 100.0%
Cost of goods sold 58.9% 61.4%
Gross profit 41.1% 38.6%
Selling, general and
administrative expenses 18.7% 23.5%
Research and development expenses 6.3% 8.3%
Intangibles amortization 0.5% 0.7%
Income from operations 15.7% 6.1%
Income before income taxes 16.3% 6.4%
Net income attributable
to RSTI 10.8% 3.9%
Net Sales - Net sales of $137.1 million represent an increase of $44.1
million, or 48%, for the three-month period ended December 31, 2010, as
compared to the corresponding period in fiscal 2010. The increase for the
three months ended December 31, 2010, resulted from a net sales increase of
$33.9 million, or 44%, in Europe and Asia, and an increase of $10.2 million,
or 62%, in North America, compared to the corresponding period in fiscal
2010. The U.S. dollar strengthening against foreign currencies, primarily
against the Euro, for the three-month period ended December 31, 2010, had an
unfavorable effect on net sales of $6.5 million.
Gross Profit - Our gross profit of $56.4 million for the three-month period
ended December 31, 2010, represents an increase of $20.5 million, or 57%,
from the corresponding period of fiscal year 2010. As a percentage of sales,
gross profit increased from 39% to 41% for the three-month period ended
December 31, 2010, as compared to the corresponding period in fiscal year
2010. The increase in our gross margins was mainly the result of the higher
level of business with the corresponding higher absorption of fixed costs,
and a favorable product mix with system business for micro and marking
applications. Gross profit was unfavorably affected by $1.5 million for the
three-month period ended December 31, 2010, due to the strengthening of the
U.S. dollar against foreign currencies, primarily against the Euro.
Selling, General and Administrative Expenses - Selling, general and
administrative ("SG&A") expenses of $25.6 million for the three-month period
ended December 31, 2010, represents an increase of $3.8 million or 17% for
the three-month period, from the corresponding period of fiscal 2010. The
increase in SG&A expenses is mainly a result of the additional expenses from
the newly acquired LASAG business ($1.2 million), as well as additional sales
employees and higher commissions related to the higher level of business.
Additionally, SG&A expenses, a significant portion of which is incurred in
foreign currencies, was favorably affected by $1.1 million for the three-
month period ended December 31, 2010, due to the strengthening of the U.S.
dollar against foreign currencies, primarily against the Euro. As a
percentage of net sales, SG&A expenses decreased from 24% to 19% for the
three-month period ended December 31, 2010, as compared to the comparable
period in fiscal 2010.
Income Tax Expense - Income tax expense of $7.3 million for the three-month
period ended December 31, 2010, represents an effective tax rate of 33% for
the three-month period, compared to 38% for the corresponding period of the
prior year. The overall effective tax rate is a result of improved business,
in locations with lower effective tax rates, which contributed to a
normalized effective tax rate during the first quarter of fiscal year 2011.
Income tax expense, a significant portion of which is incurred in foreign
currencies, was favorably affected by $0.4 million for the three-month period
ended December 31, 2010, due to the strengthening of the U.S. dollar against
foreign currencies, primarily the Euro.
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Rofinsinar Technologies Inc. has a market cap of $1.13 billion; its shares were traded at around $38.41 with a P/E ratio of 38.5 and P/S ratio of 2.7. Rofinsinar Technologies Inc. had an annual average earning growth of 3.7% over the past 10 years.Hedge Fund Gurus that owns RSTI: Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns RSTI: Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates, Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Highlight of Business Operations:
Three MonthsEnded December 31,
-
2010 2009
- -
Net sales 100.0% 100.0%
Cost of goods sold 58.9% 61.4%
Gross profit 41.1% 38.6%
Selling, general and
administrative expenses 18.7% 23.5%
Research and development expenses 6.3% 8.3%
Intangibles amortization 0.5% 0.7%
Income from operations 15.7% 6.1%
Income before income taxes 16.3% 6.4%
Net income attributable
to RSTI 10.8% 3.9%
Net Sales - Net sales of $137.1 million represent an increase of $44.1
million, or 48%, for the three-month period ended December 31, 2010, as
compared to the corresponding period in fiscal 2010. The increase for the
three months ended December 31, 2010, resulted from a net sales increase of
$33.9 million, or 44%, in Europe and Asia, and an increase of $10.2 million,
or 62%, in North America, compared to the corresponding period in fiscal
2010. The U.S. dollar strengthening against foreign currencies, primarily
against the Euro, for the three-month period ended December 31, 2010, had an
unfavorable effect on net sales of $6.5 million.
Gross Profit - Our gross profit of $56.4 million for the three-month period
ended December 31, 2010, represents an increase of $20.5 million, or 57%,
from the corresponding period of fiscal year 2010. As a percentage of sales,
gross profit increased from 39% to 41% for the three-month period ended
December 31, 2010, as compared to the corresponding period in fiscal year
2010. The increase in our gross margins was mainly the result of the higher
level of business with the corresponding higher absorption of fixed costs,
and a favorable product mix with system business for micro and marking
applications. Gross profit was unfavorably affected by $1.5 million for the
three-month period ended December 31, 2010, due to the strengthening of the
U.S. dollar against foreign currencies, primarily against the Euro.
Selling, General and Administrative Expenses - Selling, general and
administrative ("SG&A") expenses of $25.6 million for the three-month period
ended December 31, 2010, represents an increase of $3.8 million or 17% for
the three-month period, from the corresponding period of fiscal 2010. The
increase in SG&A expenses is mainly a result of the additional expenses from
the newly acquired LASAG business ($1.2 million), as well as additional sales
employees and higher commissions related to the higher level of business.
Additionally, SG&A expenses, a significant portion of which is incurred in
foreign currencies, was favorably affected by $1.1 million for the three-
month period ended December 31, 2010, due to the strengthening of the U.S.
dollar against foreign currencies, primarily against the Euro. As a
percentage of net sales, SG&A expenses decreased from 24% to 19% for the
three-month period ended December 31, 2010, as compared to the comparable
period in fiscal 2010.
Income Tax Expense - Income tax expense of $7.3 million for the three-month
period ended December 31, 2010, represents an effective tax rate of 33% for
the three-month period, compared to 38% for the corresponding period of the
prior year. The overall effective tax rate is a result of improved business,
in locations with lower effective tax rates, which contributed to a
normalized effective tax rate during the first quarter of fiscal year 2011.
Income tax expense, a significant portion of which is incurred in foreign
currencies, was favorably affected by $0.4 million for the three-month period
ended December 31, 2010, due to the strengthening of the U.S. dollar against
foreign currencies, primarily the Euro.
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