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CyberOptics Reports Second Quarter Operating Results

Stocks in this article: CYBE

CyberOptics Corporation (Nasdaq: CYBE) today reported operating results for the second quarter of 2012 ended June 30.

  • Consolidated sales totaled $13.0 million, up from $11.3 million in this year’s first quarter but down from $16.9 million in the second quarter of 2011, reflecting greater than anticipated weakness in the global electronics market.
  • Operating income of $98,000 was up from $92,000 in the first quarter of 2012, but down from $1.8 million in last year’s second quarter.
  • Net income came to $143,000 or $0.02 per diluted share in this year’s second quarter, compared to $92,000 or $0.01 per diluted share in the first quarter and $1.4 million or $0.20 per diluted share in the year-earlier period.
  • Backlog at June 30, 2012 totaled $4.3 million, compared to $5.6 million at the end of this year’s first quarter.
  • Cash and marketable securities increased $1.8 million to $32.3 million at June 30, 2012 from $30.5 million at December 31, 2011. Cash reserves at the end of this year’s second quarter also were up substantially from $23.9 million at June 30, 2011.

Kathleen P. Iverson, chief executive officer and chair, commented: “We previously believed that the first quarter of 2012 marked the trough of a multi-quarter cyclical downturn in the global electronics industry. However, the extent of the market downturn caused by continued weakening of the global economy negatively affected our second quarter results. Given widespread market weakness, we experienced reduced year-over-year demand for most of our product categories, although revenue was sequentially higher in the second quarter of 2012. A slowing Chinese economy and continued economic turmoil in Europe, which drove heightened customer caution in our markets, were significant contributing factors to the lower demand for our sensor and system products. In addition, sensor sales continued to be affected by the absence of solar sensor sales due to persistently sluggish conditions in the solar market.”

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