- Consolidated sales totaled $14,145,000, up 65% from $8,550,000 in the third quarter of 2009.
- Operating income was $1,174,000, compared to the operating loss of $1,724,000 in last year’s third quarter.
- Net income came to $948,000 or $0.14 per diluted share, compared to the net loss of $841,000 or $0.12 per diluted share in the year-earlier period.
- Cash and marketable securities totaled $19.7 million at the end of the third quarter, compared to $18.4 million at the end of this year’s second quarter.
CyberOptics ended this year’s third quarter with an order backlog of $12.8, down modestly from $12.9 million at the end of the second quarter. The majority of this backlog is scheduled to ship in the fourth quarter and fourth quarter sales should remain largely consistent with the third quarter level. CyberOptics is forecasting earnings of $0.07 to $0.11 per diluted share on revenues of $13.0 to $14.0 million for the fourth quarter of 2010 ending December 31.Iverson added: “In addition to our solid fourth quarter guidance, we are optimistic about CyberOptics’ prospects for 2011. We expect to continue capitalizing upon the ongoing upturn of the global electronics market through our next-generation product offerings and targeted marketing strategies, which are enabling us to strengthen existing customer relationships, win important new customers and expand the overall size of CyberOptics’ addressable market.” About CyberOpticsFounded in 1984, CyberOptics Corporation is a leading provider of sensors and inspection systems that provide process yield and through-put improvement solutions for the global electronic assembly and semiconductor capital equipment markets. Our products are deployed on production lines that manufacture surface mount technology circuit boards and semiconductor process equipment. By increasing productivity and product quality, our sensors and inspection systems enable electronics manufacturers to strengthen their competitive positions in highly price-sensitive markets. Headquartered in Minneapolis, Minnesota, we conduct worldwide operations through facilities in North America, Asia and Europe.
|Statements regarding the Company’s anticipated performance are forward-looking and therefore involve risks and uncertainties, including but not limited to: market conditions in the global SMT and semiconductor capital equipment industries; the need for a valuation allowance with respect to our deferred tax assets; increasing price competition and price pressure on our product sales, particularly our SMT systems; the level of orders from our OEM customers; the availability of parts required for meeting customer orders; the effect of world events on our sales, the majority of which are from foreign customers; product introductions and pricing by our competitors; the level of profitability we achieve in 2010; success of anticipated new OEM and end-user opportunities and other factors set forth in the Company’s filings with the Securities and Exchange Commission.|
|Third Quarter Conference Call and Replay|
|CyberOptics' third quarter earnings conference call will start at 4:30 pm Eastern today. To participate, dial 1-877-941-6010, ask for the CyberOptics call and provide the conference ID: 4375276. Today's call also will be webcast, which can be accessed through the investor relations section of the CyberOptics website ( www.cyberoptics.com). The webcast will be archived for 30 days. A replay of the third quarter conference call will be available by dialing 303-590-3030 and providing the conference ID.|
|Consolidated Statements of Operations (Unaudited)|
|(In thousands, except per share amounts)||Three Months Ended Sept. 30,||Nine Months Ended Sept. 30,|
|Cost of revenue||7,482||5,613||24,410||12,178|
|Research and development expenses||1,914||1,813||5,398||5,620|
|Selling, general and administrative expenses||3,530||2,835||10,421||9,469|
|Restructuring and severance costs||-||(32||)||-||363|
|Amortization of intangibles||45||45||136||136|
|Income (loss) from operations||1,174||(1,724||)||2,620||(9,675||)|
|Interest income and other||61||92||151||450|
|Income (loss) before income taxes||1,235||(1,632||)||2,771||(9,225||)|
|Provision (benefit) for income taxes||287||(791||)||607||(4,028||)|
|Net income (loss)||$948||($841||)||$2,164||($5,197||)|
|Net income (loss) per share - Basic||$0.14||($0.12||)||$0.32||($0.77||)|
|Net income (loss) per share - Diluted||$0.14||($0.12||)||$0.31||($0.77||)|
|Weighted average shares outstanding - Basic||6,871||6,801||6,853||6,785|
|Weighted average shares outstanding - Diluted||6,919||6,801||6,901||6,785|
|Condensed Consolidated Balance Sheets|
|Sept. 30, 2010||Dec. 31, 2009|
|Cash and cash equivalents||$7,070||$4,177|
|Accounts receivable, net||12,993||8,389|
|Income tax refunds and deposits||-||2,499|
|Other current assets||1,602||1,130|
|Deferred tax assets||2,040||2,040|
|Total current assets||45,747||40,537|
|Intangible and other assets, net||1,038||1,211|
|Fixed assets, net||2,121||1,921|
|Deferred tax assets||4,112||4,160|
|Liabilities and Stockholders' Equity|
|Total current liabilities||10,808||6,189|
|Total stockholders' equity||47,203||44,402|
|Total liabilities and stockholders' equity||$58,586||$51,137|
|4th Quarter 2010||$11,711|
|1st Quarter and beyond||1,116|