CyberOptics Corporation (Nasdaq: CYBE) today reported operating results for its fourth quarter of 2011 ended December 31.
- Consolidated sales totaled $13.8 million, compared to $14.0 million in the fourth quarter of 2010. CyberOptics’ revenues for this period exceeded its previously announced revenue guidance of $12.8 to $13.5 million.
- Operating income of $688,000 was down from $1.0 million in last year’s fourth quarter.
- Net income came to $547,000 or $0.08 per diluted share, compared to $971,000 or $0.14 per diluted share in the year-earlier period, which was consistent with the financial guidance for this period.
- For full-year 2011, consolidated sales increased 7% to $61.1 million, reflecting sales increases of 31% for inspection systems and 37% for the WaferSense product family, which were partially offset by an 18% decline in sales of SMT and solar sensors due to weak economic conditions. Net income rose 39% to $4.4 million or $0.63 per diluted share. Both sales and net income, which increased for the second consecutive year, were consistent with the previously issued guidance for 2011.
- Cash and marketable securities increased $4.0 million to $30.5 million at the end of the fourth quarter from $26.6 million at the end of the third quarter. For the year, cash and marketable securities rose by $8.4 million from $22.1 million at the beginning of 2011.
Kathleen P. Iverson, chief executive officer and chair, commented: “Our fourth quarter and full-year operating results clearly validate the strong emphasis that we have placed on developing and marketing next-generation inspection systems over the past several years. By enabling CyberOptics to more than compensate for short-term weakness in our SMT and solar alignment sensors, as was the case in 2011, this strategy has kept us on a growth trajectory in spite of unsettled conditions in the global economy.”