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Record Sales Of Inspection Systems Drive CyberOptics Corporation’s 21% Improvement In Third Quarter Revenues

CyberOptics Corporation (Nasdaq: CYBE) today reported operating results for the third quarter of 2011 ended September 30.
  • Consolidated sales totaled $17.1 million, up 21% from $14.1 million in the third quarter of 2010.
  • Operating income increased 76% to $2.1 million, from $1.2 million in last year’s third quarter.
  • Net income came to $1.6 million or $0.22 per diluted share, an increase of 65% from $948,000 or $0.14 per diluted share in the year-earlier period.
  • Cash and marketable securities totaled $26.6 million at the end of the third quarter, up $2.7 million from $23.9 million at the end of this year’s second quarter.

Kathleen P. Iverson, chief executive officer and chair, commented: “Our third quarter results, which were toward the upper end of our financial guidance for this period, were driven by strong sales of our QX500 automated optical inspection (AOI) system. Sales of the QX500 climbed over 40% to a record $5.4 million from $3.8 million in the second quarter and $700,000 in last year’s third quarter. As a result of this strong performance, we believe CyberOptics has significantly increased its share of the global AOI market. Our QX500 sales were paced by substantial 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. During the third quarter, we also gained nine new QX500 customers, representing a wide range of electronics manufacturers. In addition, sales of our SE500 and SE350 solder paste inspection (SPI) systems increased 55% from the year-earlier period. Reflecting the strong sales of our AOI and SPI technologies, CyberOptics’ total inspection systems revenues hit a new record of $10.7 million in this year’s third quarter. To further strengthen our inspection systems product line-up, we will introduce two new products in the fourth quarter: a lower-end AOI tabletop system and a higher-performance SPI system based upon a newly developed dual illumination sensor. These products will expand our served market, particularly in the Americas and Europe, and position us for continued growth in 2012.”

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