|By Business Wire||
|May 2, 2014 07:00 AM EDT||
CyberOptics Corporation (Nasdaq: CYBE) today reported operating results for the first quarter of 2014 ended March 31.
- Revenues increased 46% to $9.8 million from $6.7 million in the year-earlier quarter. Completed in mid-March, the acquisition of Laser Design, Inc. (LDI), a Minneapolis-based 3D metrology company with annual revenues of approximately $6.0 million, contributed approximately $500,000 to CyberOptics’ consolidated first quarter revenues.
- The operating loss of $722,000 was down from $2.0 million in the first quarter of 2013.
- CyberOptics reported a net loss of $809,000 or $.12 per share, compared to the net loss of $2.1 million or $.31 per share in last year’s first quarter.
- Cash and marketable securities totaled $21.3 million at March 31, 2014, compared to $23.2 million at the end of 2013. Cash totaling $2.7 million was used in the first quarter to complete the LDI acquisition.
Dr. Subodh Kulkarni, president and chief executive officer, commented: “The first quarter of 2014 marked our second consecutive three-month period of significantly improved operating results, reinforcing our belief that CyberOptics’ growth initiatives and new products are steadily gaining traction. As a result, we remain optimistic about our future and are continuing to forecast double-digit sales growth for the full year.”
He continued: “Sales of SMT sensors increased 62% from last year’s first quarter, driven by demand for next-generation LaserAlign sensors from our largest OEM customer, who also has made our Embedded Process Verification sensors standard on some of its pick-and-place platforms. Sales of inspection systems rose 48% year-over-year due to increased sales of new SE600 solder paste inspection (SPI) and QX600 automated optical inspection (AOI) systems. Introduced in 2013, our new AOI and SPI systems are gaining share in their respective inspection markets. We also are encouraged by increased sales of pre-reflow AOI systems, reflecting the value customers are finding by inspecting circuit boards for defects before entering the reflow oven. Sales of semiconductor products, principally our WaferSense product line, were consistent with last year’s first quarter. We expect to book the initial orders for our new ReticleSense™ Airborne Particle Sensor (APSR), which wirelessly monitors airborne particles in semiconductor process equipment where reticles are implemented without opening the tool, in this year’s second quarter.”
Kulkarni said: “Development is progressing on schedule of our Multi-Reflection Suppression (MRS) 3D technology, which constitutes a key part of our objective to strategically position CyberOptics as a global leader in high-precision 3D sensors. This sensor technology will be deployed in our next-generation AOI system, which is aimed at expanding CyberOptics’ presence in the smart phone and tablet markets as well as other high-precision applications. We expect to launch this 3D AOI system in the fourth quarter of 2014.”
He added: “The LDI acquisition represents another aspect of our 3D strategy. LDI provides scanning systems and services to the estimated $825 million global 3D scanner and services metrology market. In addition to providing CyberOptics with an initial presence in the general metrology market, LDI will extend our reach into a diverse range of new industrial markets, where LDI serves a number of Fortune 500 companies. Our MRS 3D technology will be incorporated into future LDI products to strengthen their performance and competitiveness.”
Kulkarni stated: “As part of CyberOptics’ overall growth plans, we also are developing promising new products for inspecting memory modules and conformal coating on circuit boards. Both products are scheduled for introduction during the second half of 2014.”
Kulkarni concluded: “Reflecting demand for new products across all categories, we are forecasting improved year-over-year sales, excluding the positive impact of LDI, for the second quarter ending June 30. We also are continuing to forecast organic double-digit sales growth and a lower loss for 2014.”
Founded in 1984, CyberOptics Corporation is a leading provider of sensors and inspection systems that provide process yield and through-put improvement solutions for the global electronic assembly and semiconductor capital equipment markets. Our products are deployed on production lines that manufacture surface mount technology circuit boards and semiconductor process equipment. Through internal development and acquisitions, CyberOptics is strategically repositioning itself to become a global leader in high-precision 3D sensors. Headquartered in Minneapolis, Minnesota, CyberOptics conducts worldwide operations through facilities in North America, Asia and Europe.
|Statements regarding the Company’s anticipated performance are forward-looking and therefore involve risks and uncertainties, including but not limited to: market conditions in the global SMT and semiconductor capital equipment industries; increasing price competition and price pressure on our product sales, particularly our SMT systems; the level of orders from our OEM customers; the availability of parts required for meeting customer orders; unanticipated product development challenges; the effect of world events on our sales, the majority of which are from foreign customers; product introductions and pricing by our competitors; the level of revenue and loss we record in 2014; the success of our 3D technology initiatives; expectations regarding LDI and its impact on our operations; integration risks associated with LDI and other factors set forth in the Company’s filings with the Securities and Exchange Commission.|
First Quarter Conference Call and Replay
CyberOptics will review its first quarter operating results in a conference call at 9:00 AM Eastern today. Investors can access this call toll free at 1-866-225-8754 or 1-480-629-9818 prior to the start of the call and providing the conference ID: 4678729. Investors also can listen to a live webcast through the investor relations section of the CyberOptics website, www.cyberoptics.com. The webcast will be archived for 30 days. A replay of the first quarter conference call will be available one hour after the call at 303-590-3030 with the same access code.
|Consolidated Statements of Operations (Unaudited)|
|(In thousands, except per share amounts)||Three Months Ended March 31,|
|Cost of revenue||5,267||3,774|
|Research and development expenses||2,007||1,836|
|Selling, general and administrative expenses||3,279||3,127|
|Amortization of intangibles||4||-|
|Loss from operations||(722||)||(2,024||)|
|Interest income and other||(46||)||(104||)|
|Loss before income taxes||(768||)||(2,128||)|
|Provision for income taxes||41||18|
|Net loss per share - Basic||($0.12||)||($0.31||)|
|Net loss per share - Diluted||($0.12||)||($0.31||)|
|Weighted average shares outstanding - Basic||6,507||6,961|
|Weighted average shares outstanding - Diluted||6,507||6,961|
|Condensed Consolidated Balance Sheets|
|March 31, 2014||Dec. 31, 2013|
|Cash and cash equivalents||$3,833||$3,101|
|Accounts receivable, net||6,401||6,562|
|Other current assets||1,274||1,104|
|Deferred tax assets||77||77|
|Total current assets||31,163||31,577|
|Intangible assets, net||2,046||705|
|Fixed assets, net||2,672||1,272|
|Deferred tax assets||85||85|
|Liabilities and Stockholders' Equity|
|Total current liabilities||7,519||5,423|
|Total stockholders' equity||37,958||38,479|
|Total liabilities and stockholders' equity||$46,073||$44,575|
|2nd Quarter 2014||$6,045|
|3rd Quarter 2014 and beyond||1,267|
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jul. 29, 2016 10:15 PM EDT Reads: 2,065
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Jul. 29, 2016 10:00 PM EDT Reads: 1,282
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 29, 2016 09:45 PM EDT Reads: 1,494
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 29, 2016 08:00 PM EDT Reads: 2,745
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Jul. 29, 2016 07:45 PM EDT Reads: 1,177
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Jul. 29, 2016 06:15 PM EDT Reads: 954
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 29, 2016 06:00 PM EDT Reads: 929
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 29, 2016 05:15 PM EDT Reads: 389
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Jul. 29, 2016 05:15 PM EDT Reads: 986
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 29, 2016 04:45 PM EDT Reads: 1,248
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 29, 2016 04:15 PM EDT Reads: 1,084
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Jul. 29, 2016 04:15 PM EDT Reads: 461
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Jul. 29, 2016 04:15 PM EDT Reads: 419
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 29, 2016 03:15 PM EDT Reads: 672
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Jul. 29, 2016 03:00 PM EDT Reads: 494