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CyberOptics Reports 44% Improvement In Second Quarter Earnings

Stocks in this article: CYBE

CyberOptics Corporation (Nasdaq: CYBE) today reported operating results for the second quarter of 2011 ended June 30.

  • Consolidated sales totaled $16.9 million, up 2% from $16.5 million in the second quarter of 2010.
  • Operating income was $1.8 million, compared to $1.2 million in last year’s second quarter.
  • Net income came to $1.4 million or $0.20 per diluted share, an increase of 44% from $969,000 or $0.14 per diluted share in the year-earlier period.
  • CyberOptics’ order backlog totaled $11.6 million at the end of the second quarter, up from $10.6 million at the end of this year’s first quarter. The majority of this backlog is scheduled to ship in the third and fourth quarters.

Kathleen P. Iverson, chief executive officer and chair, commented: “Our second quarter revenues, which were at the upper end of our financial guidance for this period, benefited from strong sales of our QX500 automated optical inspection (AOI) system, which drove total AOI sales to more than $4 million, a new record for CyberOptics as well as a new record for total systems revenues. QX500 sales increased over 150% from the year-earlier period, paced by significant orders from several of the industry’s largest original design manufacturers (ODMs) in Asia, who deployed this new-generation technology on both new and existing production lines. We believe the QX500 represents the best AOI system in its class. Sales of SMT alignment sensors were consistent with our second quarter outlook, although sales of solar wafer alignment cameras for the photovoltaic cell market were below forecasted levels, reflecting the impact of aggressive solar market production capacity expansion in recent months and resulting near-term inventory buildups. Partly offsetting this situation was the 49% growth of our WaferSense product line, which paced the 27% year-over-year sales growth of semiconductor products. In addition, we realized the initial sales of our SE500 sensors to German-based Viscom AG, which is integrating CyberOptics’ sensor technology into its solder paste inspection platforms. Reflecting Viscom’s strong customer base in the automotive and industrial electronics markets, this new OEM partnership has the potential to make a significant contribution to our profitability over the next few years.”

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