CyberOptics Corporation (Nasdaq: CYBE) today reported operating results for the fourth quarter of 2010 ended December 31.
- Consolidated sales totaled $13,966,000, up 56% from $8,975,000 in the fourth quarter of 2009.
- Operating income was $1,041,000, compared to the operating loss of $1,560,000 in last year’s fourth quarter.
- Net income came to $971,000 or $0.14 per diluted share, compared to the net loss of $1,619,000 or $0.24 per diluted share in the year-earlier period.
- Cash and marketable securities totaled $22,100,000 at the end of the fourth quarter, up from $21,879,000 at the beginning of 2010.
Iverson added: “We expect to continue capitalizing upon the ongoing upturn of the global electronics market through our next-generation inspection systems, products for new markets such as solar, and our targeted marketing strategies, all of which are enabling us to strengthen existing customer relationships, win important new customers and expand the overall size of CyberOptics’ addressable market. In addition, various customers have indicated plans to add production capacity and start deploying certain of our new products during the period that coincides with our second and third quarters. For these reasons, we are optimistic about CyberOptics full-year prospects.”CyberOptics ended the fourth quarter with an order backlog of $7.2 million, compared to $12.8 million at the end of the third quarter. The majority of this backlog is scheduled to ship in this year’s first and second quarters. For the first quarter of 2011 ending March 31, typically CyberOptics seasonally lightest quarter, the company is forecasting earnings of $0.06 to $0.10 per diluted share on sales of $12.5 to $13.5 million. For full-year 2011, the company is forecasting sales of $60 to $65 million and earnings of $0.60 to $0.70 per diluted share. About CyberOptics Founded 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 revenue and profitability we achieve in 2011; 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.
Fourth Quarter Conference Call and ReplayCyberOptics will review its fourth quarter operating results in a conference call at 4:30 pm Eastern today. Investors can access a live webcast of the conference call by visiting the investor relations section of the CyberOptics website, www.cyberoptics.com. The webcast will be archived for 30 days. A replay of the fourth quarter conference call will be available at 303-590-3030 with the 4408325 access code.
|Consolidated Statements of Operations (Unaudited)|
|(In thousands, except per share amounts)||Three Months Ended Dec. 31,||Twelve Months Ended Dec. 31,|
|Cost of revenue||7,579||5,683||31,989||17,861|
|Research and development expenses||1,956||1,510||7,354||7,130|
|Selling, general and administrative expenses||3,345||3,297||13,766||12,766|
|Restructuring and severance costs||-||-||-||363|
|Amortization of intangibles||45||45||181||181|
|Income (loss) from operations||1,041||(1,560||)||3,661||(11,235||)|
|Interest income and other||117||89||268||539|
|Income (loss) before income taxes||1,158||(1,471||)||3,929||(10,696||)|
|Provision (benefit) for income taxes||187||148||794||(3,880||)|
|Net income (loss)||$971||($1,619||)||$3,135||($6,816||)|
|Net income (loss) per share - Basic||$0.14||($0.24||)||$0.46||($1.00||)|
|Net income (loss) per share - Diluted||$0.14||($0.24||)||$0.45||($1.00||)|
|Weighted average shares outstanding - Basic||6,885||6,820||6,861||6,793|
|Weighted average shares outstanding - Diluted||6,924||6,820||6,907||6,793|
|Condensed Consolidated Balance Sheets|
|Dec. 31, 2010||Dec. 31, 2009|
|Cash and cash equivalents||$8,427||$4,177|
|Accounts receivable, net||11,306||8,389|
|Income tax refunds and deposits||-||2,499|
|Other current assets||1,232||1,130|
|Deferred tax assets||2,036||2,040|
|Total current assets||44,505||40,537|
|Intangible and other assets, net||1,004||1,211|
|Fixed assets, net||1,896||1,921|
|Deferred tax assets||3,902||4,160|
|Liabilities and Stockholders' Equity|
|Total current liabilities||8,861||6,189|
|Total stockholders' equity||48,317||44,402|
|Total liabilities and stockholders' equity||$57,864||$51,137|
|1st Quarter 2011||$6,429|
|2nd Quarter and beyond||747|