IPG Photonics Reports Revenue Growth of 17% for Fourth Quarter and 19% for Full Year 2012
High-Power Lasers for Materials Processing Applications Drive Growth;
Provides Positive Outlook for First Quarter of 2013
OXFORD, Mass.--(BUSINESS WIRE)--
IPG
Photonics Corporation (NASDAQ: IPGP) today reported financial
results for the fourth quarter and fiscal year ended December 31, 2012.
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Three Months Ended
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Twelve Months Ended
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December 31,
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December 31,
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(In millions, except per share data)
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2012
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2011
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% Change
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2012
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2011
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% Change
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Revenue
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$
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145.0
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$
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123.5
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17%
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$
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562.5
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$
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474.5
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19%
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Gross margin
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51.8
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%
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53.8
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%
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54.2
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%
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54.2
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%
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Operating income
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$
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47.3
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$
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46.1
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3%
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$
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208.9
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$
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175.5
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19%
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Operating margin
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32.6
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%
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37.3
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%
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37.1
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%
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37.0
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%
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Net income attributable to IPG Photonics Corporation
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$
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34.9
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$
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31.1
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12%
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$
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145.0
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$
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117.8
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23%
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Earnings per diluted share
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$
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0.67
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$
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0.64
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5%
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$
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2.81
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$
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2.41
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17%
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Management Comments
"IPG ended a solid year of financial and operational performance with
strong results for the fourth quarter," said Dr. Valentin Gapontsev, IPG
Photonics' Chief Executive Officer. "Revenues for the quarter increased
17% over the prior year and net income increased by 12%, driven by
high-power laser sales for materials processing applications. Looking at
the full year, our 19% revenue growth and 23% net income growth
demonstrates the wide and growing acceptance of IPG's technology across
a variety of applications."
"Materials Processing sales, which make up the majority of our business,
grew 14% for the fourth quarter," said Dr. Gapontsev. "High-power laser
sales increased 10% from the prior year, driven by cutting and welding
applications, primarily used by automotive, heavy industry and general
manufacturing. On a geographic basis, we performed well across most
regions, particularly in North America and Asia."
"In 2012, IPG spent approximately $68 million on capital expenditures to
support manufacturing and new technology infrastructure, as well as
expand capacity for the assembly of finished product," Dr. Gapontsev
said.
Business Outlook and Financial Guidance
"We are excited by IPG's prospects for growth in 2013," said Dr.
Gapontsev. "We are pleased with the start of the year as order flow was
very strong in January despite a book-to-bill that was less than one in
Q4. We are making progress on increasing sales to current major OEMs and
new applications. We believe that fiber laser technology continues to
make market share gains over legacy laser technologies and non-laser
technologies."
"While revenues in the first quarter have historically been lighter on a
sequential basis due to seasonality, we expect to report sequential
growth over Q4 2012, as well as year-over-year. The continued market
penetration of our products give us confidence that IPG will grow in
2013 as we strengthen our technology and competitive lead in the laser
market, expand our product portfolio and enter into new applications,"
concluded Dr. Gapontsev.
IPG Photonics expects revenue in the range of $145 million to $155
million for the first quarter of 2013. The Company anticipates earnings
per diluted share in the range of $0.65 to $0.75 based on 52,116,000
diluted common shares, which includes 51,110,000 basic common shares
outstanding and 1,006,000 potentially dilutive options at December 31,
2012.
As discussed in more detail below, actual results may differ from this
guidance due to various factors including, but not limited to, product
demand, competition and general economic conditions. This guidance is
subject to the risks outlined in the Company's reports with the SEC, and
assumes that exchange rates remain at present levels.
Conference Call Reminder
The Company will hold a conference call to review its financial results
and business highlights today, February 15, 2013 at 10:00 a.m. ET. The
conference call will be webcast live and can be accessed on the "Investors"
section of the Company's website at www.ipgphotonics.com.
The conference call also can be accessed by dialing (877) 709-8155 or
(201) 689-8881. Interested parties that are unable to listen to the live
call may access an archived version of the webcast, which will be
available for approximately one year on IPG's website.
About IPG Photonics Corporation
IPG
Photonics Corporation is the world leader in high-power fiber lasers
and amplifiers. Founded in 1990, IPG pioneered the development and
commercialization of optical fiber-based lasers for use in diverse
applications, primarily materials
processing. Fiber lasers have revolutionized the industry by
delivering superior performance, reliability and usability at a lower
total cost of ownership compared with conventional lasers, allowing end
users to increase productivity and decrease operating costs. IPG has its
headquarters in Oxford, Massachusetts, and has additional plants and
offices throughout the world. For more information, please visit www.ipgphotonics.com.
Safe Harbor Statement
Information and statements provided by the Company and its employees,
including statements in this press release, that relate to future plans,
events or performance are forward-looking statements. These statements
involve risks and uncertainties. Any statements in this press release
that are not statements of historical fact are forward-looking
statements, including, but not limited to, increasing sales to current
major OEMs and new applications, making market share gains, sequential
growth over Q4 2012, continued market penetration of IPG's products,
continued growth in 2013, strengthening of IPG's technology and
competitive lead, expanding the Company's product lead and entering into
new applications, and guidance for the first quarter of 2013. Factors
that could cause actual results to differ materially include risks and
uncertainties, including risks associated with the strength or weakness
of the business conditions in industries and geographic markets that the
Company serves, particularly the effect of economic downturns; reduction
in customer capital expenditures; potential order cancellations and
push-outs and financial and credit market issues; the Company's ability
to penetrate new applications for fiber lasers and increase market
share; the rate of acceptance and penetration of IPG's products;
effective management of growth; level of fixed costs from its vertical
integration; intellectual property infringement claims and litigation;
interruption in supply of key components, including from transportation
disruptions from natural and man-made events; manufacturing risks;
inventory write-downs; foreign currency fluctuations; competitive
factors, including declining average selling prices; building and
expanding field service and support operations; uncertainties pertaining
to customer orders; demand for products and services; development of
markets for the Company's products and services; and other risks
identified in the Company's SEC filings. Readers are encouraged to refer
to the risk factors described in the Company's Annual Report on Form
10-K (filed with the SEC on February 27, 2012) and its periodic reports
filed with the SEC, as applicable. Actual results, events and
performance may differ materially. Readers are cautioned not to rely on
the forward-looking statements, which speak only as of the date hereof.
The Company undertakes no obligation to update the forward-looking
statements that may be made to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
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IPG PHOTONICS CORPORATION
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CONSOLIDATED STATEMENTS OF INCOME
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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2012
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2011
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2012
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2011
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(in thousands, except per share data)
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NET SALES
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$
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145,030
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$
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123,524
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$
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562,528
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$
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474,482
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COST OF SALES
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69,856
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57,100
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257,801
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217,227
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GROSS PROFIT
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75,174
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66,424
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304,727
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257,255
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OPERATING EXPENSES:
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Sales and marketing
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7,074
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5,280
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23,845
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21,731
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Research and development
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9,270
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6,580
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31,401
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25,422
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General and administrative
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9,937
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9,943
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39,231
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37,442
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Loss (gain) on foreign exchange
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1,634
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(1,449
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)
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1,362
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(2,862
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)
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Total operating expenses
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27,915
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20,354
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95,839
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81,733
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OPERATING INCOME
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47,259
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46,070
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208,888
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175,522
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OTHER INCOME (EXPENSE), Net:
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Interest (expense) income, net
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(222
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)
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(96
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319
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(681
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)
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Other income (expense), net
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989
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208
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8
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(257
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)
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Total other income (expense)
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767
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112
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327
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(938
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)
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INCOME BEFORE PROVISION FOR INCOME TAXES
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48,026
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46,182
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209,215
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174,584
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PROVISION FOR INCOME TAXES
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(13,114
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)
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(14,327
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)
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(61,471
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)
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(53,575
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)
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NET INCOME
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34,912
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31,855
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147,744
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121,009
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LESS: NET INCOME ATTRIBUTABLE TO
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NONCONTROLLING INTERESTS
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-
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|
769
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2,740
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3,250
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NET INCOME ATTRIBUTABLE TO IPG PHOTONICS
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CORPORATION
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$
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34,912
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$
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31,086
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$
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145,004
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$
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117,759
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NET INCOME ATTRIBUTABLE TO IPG PHOTONICS
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CORPORATION PER SHARE:
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Basic
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$
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0.68
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$
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0.65
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$
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2.87
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$
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2.48
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Diluted
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$
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0.67
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$
|
0.64
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$
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2.81
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$
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2.41
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WEIGHTED AVERAGE SHARES OUTSTANDING:
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Basic
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51,110
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47,564
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50,477
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47,365
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Diluted
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52,116
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48,685
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|
|
|
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51,536
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|
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|
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48,685
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IPG PHOTONICS CORPORATION
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SUPPLEMENTAL SCHEDULE OF STOCK-BASED COMPENSATION
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Three Months Ended
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Twelve Months Ended
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December 31,
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December 31,
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(In thousands)
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2012
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2011
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2012
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2011
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Cost of sales
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$
|
594
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$
|
428
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|
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$
|
2,184
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|
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$
|
1,731
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|
|
Sales and marketing
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|
|
225
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|
|
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|
297
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|
|
1,052
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|
|
|
|
1,503
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|
Research and development
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|
351
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|
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|
|
247
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|
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|
|
1,327
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|
|
|
|
1,036
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|
General and administrative
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|
1,037
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|
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|
896
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|
4,002
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|
|
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|
3,778
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|
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Total stock-based compensation
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|
2,207
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|
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|
1,868
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|
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|
|
8,565
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|
|
|
|
8,048
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|
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Tax benefit recognized
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|
|
(691
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)
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|
|
(569
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)
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|
(2,629
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)
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|
|
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(2,551
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)
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|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Net stock-based compensation
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|
|
$
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1,516
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|
|
|
$
|
1,299
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|
|
|
$
|
5,936
|
|
|
|
$
|
5,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPG PHOTONICS CORPORATION
|
|
SUPPLEMENTAL SCHEDULE OF ACQUISITION RELATED COSTS IN COST OF
SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
(In thousands)
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Step-up of inventory (1)
|
|
|
$
|
460
|
|
|
$
|
-
|
|
|
$
|
460
|
|
|
$
|
-
|
|
Amortization of intangible assets (2)
|
|
|
|
204
|
|
|
|
362
|
|
|
|
1,228
|
|
|
|
1,341
|
|
Total acquisition related costs
|
|
|
$
|
664
|
|
|
$
|
362
|
|
|
$
|
1,688
|
|
|
$
|
1,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amount relates to Microsystems step-up adjustment on inventory
sold during the period
|
|
(2) Amount relates to intangible amortization expense during periods
presented including amortization of acquired patents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPG PHOTONICS CORPORATION
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
(In thousands, except share and per share data)
|
|
ASSETS
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
384,053
|
|
|
|
$
|
180,234
|
|
|
Short-term investments
|
|
|
|
-
|
|
|
|
|
25,451
|
|
|
Accounts receivable, net
|
|
|
|
96,630
|
|
|
|
|
75,755
|
|
|
Inventories, net
|
|
|
|
139,618
|
|
|
|
|
116,978
|
|
|
Prepaid income taxes and income taxes receivable
|
|
|
|
13,071
|
|
|
|
|
13,285
|
|
|
Prepaid expenses and other current assets
|
|
|
|
18,639
|
|
|
|
|
11,855
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|
|
Deferred income taxes, net
|
|
|
|
12,948
|
|
|
|
|
10,899
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|
|
Total current assets
|
|
|
|
664,959
|
|
|
|
|
434,457
|
|
|
DEFERRED INCOME TAXES, NET
|
|
|
|
2,107
|
|
|
|
|
4,830
|
|
|
GOODWILL
|
|
|
|
2,898
|
|
|
|
|
-
|
|
|
INTANGIBLE ASSETS, NET
|
|
|
|
7,510
|
|
|
|
|
6,157
|
|
|
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
|
|
210,563
|
|
|
|
|
155,202
|
|
|
OTHER ASSETS
|
|
|
|
7,461
|
|
|
|
|
7,486
|
|
|
TOTAL
|
|
|
$
|
895,498
|
|
|
|
$
|
608,132
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Revolving line-of-credit facilities
|
|
|
$
|
2,442
|
|
|
|
$
|
7,057
|
|
|
Current portion of long-term debt
|
|
|
|
1,675
|
|
|
|
|
1,613
|
|
|
Accounts payable
|
|
|
|
17,783
|
|
|
|
|
11,122
|
|
|
Accrued expenses and other liabilities
|
|
|
|
51,723
|
|
|
|
|
47,285
|
|
|
Deferred income taxes, net
|
|
|
|
9,831
|
|
|
|
|
5,405
|
|
|
Income taxes payable
|
|
|
|
42,443
|
|
|
|
|
21,230
|
|
|
Total current liabilities
|
|
|
|
125,897
|
|
|
|
|
93,712
|
|
|
DEFERRED INCOME TAXES AND OTHER LONG-TERM LIABILITIES
|
|
|
|
12,660
|
|
|
|
|
8,961
|
|
|
LONG-TERM DEBT, NET OF CURRENT PORTION
|
|
|
|
14,014
|
|
|
|
|
15,726
|
|
|
Total liabilities
|
|
|
|
152,571
|
|
|
|
|
118,399
|
|
|
REDEEMABLE NONCONTROLLING INTERESTS
|
|
|
|
-
|
|
|
|
|
46,123
|
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
IPG PHOTONICS CORPORATION STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value, 175,000,000 shares authorized;
51,359,247
shares issued and outstanding at December 31, 2012;
47,616,115
shares issued and outstanding at December 31, 2011
|
|
|
|
5
|
|
|
|
|
5
|
|
|
Additional paid-in capital
|
|
|
|
511,039
|
|
|
|
|
332,585
|
|
|
Retained earnings
|
|
|
|
234,977
|
|
|
|
|
122,833
|
|
|
Accumulated other comprehensive loss
|
|
|
|
(3,094
|
)
|
|
|
|
(12,100
|
)
|
|
Total IPG Photonics Corporation stockholders' equity
|
|
|
|
742,927
|
|
|
|
|
443,323
|
|
|
NONCONTROLLING INTERESTS
|
|
|
|
-
|
|
|
|
|
287
|
|
|
Total equity
|
|
|
|
742,927
|
|
|
|
|
443,610
|
|
|
TOTAL
|
|
|
$
|
895,498
|
|
|
|
$
|
608,132
|
|
|
|
|
|
|
IPG PHOTONICS CORPORATION
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
|
|
(In thousands)
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
147,744
|
|
|
|
$
|
121,009
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
26,357
|
|
|
|
|
23,962
|
|
|
Provisions for inventory, warranty & bad debt
|
|
|
|
19,967
|
|
|
|
|
15,346
|
|
|
Other
|
|
|
|
15,342
|
|
|
|
|
7,561
|
|
|
Changes in assets and liabilities that provided (used) cash:
|
|
|
|
|
|
|
|
|
|
Accounts receivable/payable
|
|
|
|
(18,331
|
)
|
|
|
|
(21,703
|
)
|
|
Inventories
|
|
|
|
(22,975
|
)
|
|
|
|
(56,139
|
)
|
|
Other
|
|
|
|
7,395
|
|
|
|
|
(2,685
|
)
|
|
Net cash provided by operating activities
|
|
|
|
175,499
|
|
|
|
|
87,351
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
|
(68,408
|
)
|
|
|
|
(53,007
|
)
|
|
Proceeds (purchases) of short-term investments
|
|
|
|
25,452
|
|
|
|
|
(25,451
|
)
|
|
Acquisition of businesses, net of cash acquired
|
|
|
|
(11,596
|
)
|
|
|
|
(750
|
)
|
|
Other
|
|
|
|
(929
|
)
|
|
|
|
109
|
|
|
Net cash used in investing activities
|
|
|
|
(55,481
|
)
|
|
|
|
(79,099
|
)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Line-of-credit facilities
|
|
|
|
(4,430
|
)
|
|
|
|
43
|
|
|
Principal payments on long-term borrowings
|
|
|
|
(2,117
|
)
|
|
|
|
(1,432
|
)
|
|
Purchase of noncontrolling interests
|
|
|
|
(700
|
)
|
|
|
|
-
|
|
|
(Purchase) sale of redeemable noncontrolling interests
|
|
|
|
(55,400
|
)
|
|
|
|
19,972
|
|
|
Exercise of employee stock options and issuances under employee
stock purchase plan
|
|
|
|
5,480
|
|
|
|
|
5,268
|
|
|
Tax benefits from exercise of employee stock options
|
|
|
|
4,679
|
|
|
|
|
8,034
|
|
|
Proceeds from follow-on public offering, net of offering expenses
|
|
|
|
167,928
|
|
|
|
|
-
|
|
|
Distributions to shareholders
|
|
|
|
(33,353
|
)
|
|
|
|
-
|
|
|
Net cash provided by financing activities
|
|
|
|
82,087
|
|
|
|
|
31,885
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS
|
|
|
|
1,714
|
|
|
|
|
(7,763
|
)
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
|
203,819
|
|
|
|
|
32,374
|
|
|
CASH AND CASH EQUIVALENTS — Beginning of period
|
|
|
|
180,234
|
|
|
|
|
147,860
|
|
|
CASH AND CASH EQUIVALENTS — End of period
|
|
|
$
|
384,053
|
|
|
|
$
|
180,234
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
Cash paid for interest
|
|
|
$
|
864
|
|
|
|
$
|
1,089
|
|
|
Cash paid for income taxes
|
|
|
$
|
25,980
|
|
|
|
$
|
39,199
|
|
IPG Photonics Corporation
Tim Mammen, 508-373-1100
Chief
Financial Officer
or
Sharon Merrill
Dennis Walsh,
617-542-5300
Senior Consultant
Source: IPG Photonics Corporation
News Provided by Acquire Media