Rofin-Sinar Technologies Inc. (RSTI), a lazer-based solutions provider, reported a swing to loss in the third quarter from the prior year quarter, primarily on lower sales that almost halved from last year.
The Germany based company recorded a third quarter net loss of $4.90 million or $0.17 per share, compared to a net income of $16.10 million or $0.55 per share for the comparable period last year.
On average, 4 analysts polled by Thomson Reuters expected the company to earn $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Net Sales for the quarter plunged to $76.57 million from $149.67 million in the previous year. Three analysts had a consensus revenue estimate of $76.23 million for the quarter.
Sales of laser products used for macro applications decreased 49% to $31.0 million from last year and contributing 40% of total sales. Sales of lasers for marking and micro applications dropped 51% to $35.2 million from last year and represented 46% of total sales. Sales for components decreased 43% to $10.4 million and represented 14% of total sales.
The company, however, said it expects sequential revenue growth in the coming quarters.
Gross profit for the quarter was $26.7 million or 35% of net sales, compared to $62.9 million or 42% of net sales in the comparable quarter of fiscal year 2008.
Net income for the nine months plunged to $3.91 million or $0.14 per share, down 91% from $43.77 million or $1.42 per share last year.
Net sales for the nine months ended June 30 2009 was $259.12 million, down 38% from $420.95 million last year. The strengthening of the US dollar, mainly against the Euro, resulted in a decrease in net sales of $25.3 million in the nine month period.
On a geographical basis, net sales in North America in the first nine months showed a decrease of 46% and totaled $54.4 million. In Europe, net sales decreased 32% to $150.6 million, while in Asia, net sales decreased 46% to $54.1 million from the similar period last year.
RSTI is currently trading at $21.31 down $0.87 of 3.92% on the Nasdaq.
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