News Feed Item

CyberOptics Reports Significantly Improved First Quarter Operating Results

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.”

About CyberOptics
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.

CyberOptics Corporation    
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts) Three Months Ended March 31,
      2014   2013
Revenue $9,835 $6,713
Cost of revenue   5,267     3,774  
Gross margin 4,568 2,939
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   ($809 )   ($2,146 )
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
Marketable securities 7,541 9,402
Accounts receivable, net 6,401 6,562
Inventories 12,037 11,331
Other current assets 1,274 1,104
Deferred tax assets   77     77  
Total current assets 31,163 31,577
Marketable securities 9,912 10,742
Intangible assets, net 2,046 705
Fixed assets, net 2,672 1,272
Other assets 195 194
Deferred tax assets   85     85  
  Total assets   $46,073     $44,575  
Liabilities and Stockholders' Equity
Accounts payable $4,470 $2,630
Accrued expenses   3,049     2,793  
Total current liabilities 7,519 5,423
Other liabilities   596     673  
Total liabilities 8,115 6,096
Total stockholders' equity   37,958     38,479  
  Total liabilities and stockholders' equity   $46,073     $44,575  
Backlog Schedule:        
2nd Quarter 2014 $6,045
  3rd Quarter 2014 and beyond       1,267  
  Total backlog       $7,312  

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Qosmos, the market leader for IP traffic classification and network intelligence technology, has announced that it will launch the Launch L7 Viewer at CloudExpo | @ThingsExpo Silicon Valley, being held November 1 – 3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The L7 Viewer is a traffic analysis tool that provides complete visibility of all network traffic that crosses a virtualized infrastructure, up to Layer 7. It facilitates and accelerates common IT tasks such as VM migra...
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, discussed how the ability to access and analyze the massive volume of streaming data from millio...
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
SYS-CON Events announced today that SoftNet Solutions 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. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
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 ...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...