Click here to close now.


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, 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
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
The revocation of Safe Harbor has radically affected data sovereignty strategy in the cloud. In his session at 17th Cloud Expo, Jeff Miller, Product Management at Cavirin Systems, discussed how to assess these changes across your own cloud strategy, and how you can mitigate risks previously covered under the agreement.
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them ...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).