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CyberOptics Reports Solid Fourth Quarter Operating Results

CyberOptics Corporation (Nasdaq: CYBE) today reported operating results for the fourth quarter of 2010 ended December 31.
  • Consolidated sales totaled $13,966,000, up 56% from $8,975,000 in the fourth quarter of 2009.
  • Operating income was $1,041,000, compared to the operating loss of $1,560,000 in last year’s fourth quarter.
  • Net income came to $971,000 or $0.14 per diluted share, compared to the net loss of $1,619,000 or $0.24 per diluted share in the year-earlier period.
  • Cash and marketable securities totaled $22,100,000 at the end of the fourth quarter, up from $21,879,000 at the beginning of 2010.

For full-year 2010, CyberOptics reported consolidated sales of $56,951,000, an increase of 110% from $27,066,000 in 2009. Earnings in 2010 were $3,135,000 or $0.45 per diluted share, compared to the net loss of $6,816,000 or $1.00 per share in 2009.

Kathleen P. Iverson, chief executive officer and chair, commented: “Fourth quarter sales were at the upper end of our previously-issued guidance for this period, while our earnings exceeded our forecast for this period. The sales performance of our three product lines—electronic assembly sensors, inspection systems and semiconductor products—largely tracked our fourth quarter projections and were consistent with normal seasonal factors. During the quarter, our next-generation solder paste and automated optical inspection (AOI) systems received growing market acceptance. Demand for our new QX500 AOI system was particularly encouraging, and this system is now operational on the production lines of one of the world’s largest original design manufacturers, a customer that was previously using our solder paste inspection but not our AOI systems. We expect to continue leveraging our solder paste customers in this way to increase our penetration of the AOI market. QX500 sales also included recognition of a significant order that was deferred from the third quarter. In addition, we recorded growing demand for our line of WaferSense semiconductor products as quarterly revenues rose 47% from the fourth quarter of 2009 to approximately $1.1 million. We also continued shipping solar wafer alignment cameras to our solar partner, DEK, for the photovoltaic cell market. CyberOptics’ earnings for this period benefited from a foreign exchange gain and reduced income tax expense, reflecting passage of the federal R&D tax credit. CyberOptics’ earnings still would have exceeded our fourth quarter guidance in the absence of these favorable items.”

She continued: “We recently received a significant new order for solar wafer alignment cameras from DEK that is scheduled to ship in this year’s first quarter. We believe our participation in the solar market has substantial potential for the full year. In addition, we signed an agreement with a new OEM partner under which our SE500 inspection sensor will be integrated into our partner’s solder paste inspection system. Initial sales are anticipated later this year. This agreement, which will further extend our reach into the solder paste inspection market, has the potential to contribute a significant level of profitability for CyberOptics as this partnership is rolled out.”

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