RofinSinar Technologies Inc. (RSTI, Financial) filed Quarterly Report for the period ended 2010-03-31.
Rofinsinar Technologies Inc. has a market cap of $726.34 million; its shares were traded at around $24.95 with a P/E ratio of 86.03 and P/S ratio of 2.08. Rofinsinar Technologies Inc. had an annual average earning growth of 6% over the past 10 years.RSTI is in the portfolios of Chuck Royce of Royce& Associates, Robert Olstein of Olstein Financial Alert Fund, Jim Simons of Renaissance Technologies LLC.
Ended March 31, Ended March 31,
- -
2010 2009 2010 2009
- - - -
Net sales 100% 100% 100% 100%
Cost of goods sold 61% 63% 61% 61%
Gross profit 39% 37% 39% 39%
Selling, general and
administrative expenses 24% 28% 24% 25%
Research and development expenses 8% 10% 8% 9%
Intangibles amortization 1% 1% 1% 1%
Income (loss) from operations 6% (2)% 6% 4%
Income before income taxes 7% 2% 7% 7%
Net income attributable to RSTI 5% 2% 4% 5%
Net Sales - Net sales of $95.9 million and $188.9 million represent increases
of $20.3 million, or 27%, and $6.3 million, or 4%, for the three and six-
month periods ended March 31, 2010, as compared to the corresponding period
in fiscal 2009. The increase for the three months ended March 31, 2010,
resulted from a net sales increase of $20.6 million, or 35%, in Europe and
Asia, and a decrease of $0.3 million, or 2%, in North America, compared to
the corresponding period in fiscal 2009. The increase for the six months
ended March 31, 2010, compared to the corresponding period in fiscal 2009,
resulted from a net sales increase of $8.8 million, or 6%, in Europe and
Asia, and a decrease of $2.4 million, or 7%, in North America. The U.S.
dollar weakened against foreign currencies, primarily against the Euro, which
had a favorable effect on net sales of $4.3 million and $9.7 million for the
three and six-month periods ended March 31, 2010.
Net sales of laser products for macro applications increased by $9.7 million,
or 32%, to $39.9 million and by $9.9 million, or 14%, to $81.5 million for
the three and six-month periods ended March 31, 2010, as compared to the
corresponding periods of fiscal 2009. The increase can be mainly attributed
to the higher demand for our lasers for macro applications in the machine
tool and automotive industry.
Gross Profit - Our gross profit of $37.2 million and $73.1 million for the
three and the six-month periods ended March 31, 2010, represents increases of
$9.3 million, or 33%, and $2.4 million, or 3%, from the corresponding periods
of fiscal year 2009. As a percentage of sales, gross profit increased from
37% to 39% for the three-month period ended March 31, 2010, and remained
unchanged at 39% for the six-month period ended March 31, 2010, as compared
to the corresponding periods in fiscal year 2009. 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 an increase in our
service and spare parts revenue. Gross profit was favorably affected by $1.1
million and $3.1 million for the three and six-month periods ended March 31,
2010, respectively, due to the weakening 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 $23.2 million and $45.0 million for the
three and six-month periods ended March 31, 2010, represent an increase of
$2.4 million or 11% for the three-month period, and a decrease of $0.6
million or 1%, from the corresponding periods of fiscal 2009. The increase
in SG&A expenses is mainly a result of increased trade show activity, as well
as higher commissions related to the higher level of business. Additionally,
SG&A, a significant portion of which is incurred in foreign currencies, was
unfavorably affected by $1.0 million and $2.1 million for the three and six-
month periods ended March 31, 2010, respectively, due to the weakening of the
U.S. dollar against foreign currencies, primarily the Euro. As a percentage
of net sales, SG&A expenses decreased from 28% to 24% and from 25% to 24% for
the three and six-month periods during the respective periods.
Income Tax Expense - Income tax expense of $2.1 million and $4.4 million for
the three and six-month periods ended March 31, 2010, represents an effective
tax rate of 31% and 34% for the three and six-month periods, compared to 19%
and 29% for the corresponding periods of the prior year. The higher overall
effective income tax rate is primarily the result of lower taxable income
generated in countries with lower tax rates. Income tax expense, a
significant portion of which is incurred in foreign currencies, was
unfavorably affected by $0.1 million and $0.3 million for the three and six-
month periods ended March 31, 2010, due to the weakening of the U.S. dollar
against foreign currencies, primarily the Euro.
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Rofinsinar Technologies Inc. has a market cap of $726.34 million; its shares were traded at around $24.95 with a P/E ratio of 86.03 and P/S ratio of 2.08. Rofinsinar Technologies Inc. had an annual average earning growth of 6% over the past 10 years.RSTI is in the portfolios of Chuck Royce of Royce& Associates, Robert Olstein of Olstein Financial Alert Fund, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Three Months Six MonthsEnded March 31, Ended March 31,
- -
2010 2009 2010 2009
- - - -
Net sales 100% 100% 100% 100%
Cost of goods sold 61% 63% 61% 61%
Gross profit 39% 37% 39% 39%
Selling, general and
administrative expenses 24% 28% 24% 25%
Research and development expenses 8% 10% 8% 9%
Intangibles amortization 1% 1% 1% 1%
Income (loss) from operations 6% (2)% 6% 4%
Income before income taxes 7% 2% 7% 7%
Net income attributable to RSTI 5% 2% 4% 5%
Net Sales - Net sales of $95.9 million and $188.9 million represent increases
of $20.3 million, or 27%, and $6.3 million, or 4%, for the three and six-
month periods ended March 31, 2010, as compared to the corresponding period
in fiscal 2009. The increase for the three months ended March 31, 2010,
resulted from a net sales increase of $20.6 million, or 35%, in Europe and
Asia, and a decrease of $0.3 million, or 2%, in North America, compared to
the corresponding period in fiscal 2009. The increase for the six months
ended March 31, 2010, compared to the corresponding period in fiscal 2009,
resulted from a net sales increase of $8.8 million, or 6%, in Europe and
Asia, and a decrease of $2.4 million, or 7%, in North America. The U.S.
dollar weakened against foreign currencies, primarily against the Euro, which
had a favorable effect on net sales of $4.3 million and $9.7 million for the
three and six-month periods ended March 31, 2010.
Net sales of laser products for macro applications increased by $9.7 million,
or 32%, to $39.9 million and by $9.9 million, or 14%, to $81.5 million for
the three and six-month periods ended March 31, 2010, as compared to the
corresponding periods of fiscal 2009. The increase can be mainly attributed
to the higher demand for our lasers for macro applications in the machine
tool and automotive industry.
Gross Profit - Our gross profit of $37.2 million and $73.1 million for the
three and the six-month periods ended March 31, 2010, represents increases of
$9.3 million, or 33%, and $2.4 million, or 3%, from the corresponding periods
of fiscal year 2009. As a percentage of sales, gross profit increased from
37% to 39% for the three-month period ended March 31, 2010, and remained
unchanged at 39% for the six-month period ended March 31, 2010, as compared
to the corresponding periods in fiscal year 2009. 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 an increase in our
service and spare parts revenue. Gross profit was favorably affected by $1.1
million and $3.1 million for the three and six-month periods ended March 31,
2010, respectively, due to the weakening 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 $23.2 million and $45.0 million for the
three and six-month periods ended March 31, 2010, represent an increase of
$2.4 million or 11% for the three-month period, and a decrease of $0.6
million or 1%, from the corresponding periods of fiscal 2009. The increase
in SG&A expenses is mainly a result of increased trade show activity, as well
as higher commissions related to the higher level of business. Additionally,
SG&A, a significant portion of which is incurred in foreign currencies, was
unfavorably affected by $1.0 million and $2.1 million for the three and six-
month periods ended March 31, 2010, respectively, due to the weakening of the
U.S. dollar against foreign currencies, primarily the Euro. As a percentage
of net sales, SG&A expenses decreased from 28% to 24% and from 25% to 24% for
the three and six-month periods during the respective periods.
Income Tax Expense - Income tax expense of $2.1 million and $4.4 million for
the three and six-month periods ended March 31, 2010, represents an effective
tax rate of 31% and 34% for the three and six-month periods, compared to 19%
and 29% for the corresponding periods of the prior year. The higher overall
effective income tax rate is primarily the result of lower taxable income
generated in countries with lower tax rates. Income tax expense, a
significant portion of which is incurred in foreign currencies, was
unfavorably affected by $0.1 million and $0.3 million for the three and six-
month periods ended March 31, 2010, due to the weakening of the U.S. dollar
against foreign currencies, primarily the Euro.
Read the The complete Report
