CyberOptics Corporation (Nasdaq: CYBE) today reported operating results for the first quarter of 2011 ended March 31.
- Consolidated sales totaled $13,350,000, up 8% from $12,341,000 in the first quarter of 2010. Revenues were at the upper end of the previously reported guidance of $12.5 to $13.5 million.
- Operating income was $1,087,000, compared to the $257,000 in last year’s first quarter.
- Net income came to $846,000 or $0.12 per diluted share, compared to $247,000 or $0.04 per diluted share in the year-earlier period. Earnings exceeded the guidance for this period of $0.06 to $0.10 per share.
- The order backlog increased 48% to $10.6 million at the end of the first quarter, up from $7.2 million at the end of last year’s fourth quarter. The majority of this backlog is scheduled to ship in the second and third quarters.
Kathleen P. Iverson, chief executive officer and chair, commented: “We are encouraged by our strong first quarter performance, particularly since this period typically represents our seasonally lightest quarter of the year. Our operating results benefited from a 19% year-over-year increase in sales of electronic assembly sensors, which included continued shipments of solar wafer alignment cameras to our partner, DEK, for the photovoltaic cell market. In addition, sales of semiconductor products rose 60%, driven by the 134% sales growth of our WaferSense product line to approximately $1.2 million. The shift in our sales mix toward newer sensor and system products had a highly favorable impact on our gross margin, which rose to 49% from 43% in last year’s first quarter.”
She continued: “Demand for our best-in-class QX500 automated optical inspection (AOI) system was robust in the first quarter, with sales of this next-generation system exceeding $1.3 million as we capitalized on our strong relationships with several of the world’s largest original design manufacturers. The strength of our AOI business partly offset reduced sales of solder paste inspection (SPI) systems, reflecting the challenging comparison with last year’s first quarter when sales of our SE500 SPI system benefited from pent-up demand as the global economy was emerging from the deep recession. Our new inspection systems are enabling us to win new customers and strengthen many existing relationships. During the quarter, system orders were placed by: new customers in Japan, which is targeted as one of our growth markets; an OEM in the wind power market; an electronics manufacturer working on a 3G network project in India; new customers in Brazil; and several of the world’s largest original design manufacturers, including a major smartphone player. In a key development, we entered into an OEM agreement in March with German-based Viscom AG, under which we are integrating CyberOptics’ SE500 sensor technology into Viscom’s SPI platforms. Given Viscom’s strong customer base in the automotive and industrial electronics markets, this partnership provides us with increased access to large segments of the global SPI market. Production rollout of the first Viscom SPI system equipped with our SE500 inspection sensor is anticipated later in the second quarter, and we believe this partnership has the potential to significantly enhance our profitability over time.”