CyberOptics Corporation (Nasdaq: CYBE) today reported operating results for the first quarter of 2011 ended March 31.
- Consolidated sales totaled $13,350,000, up 8% from $12,341,000 in the first quarter of 2010. Revenues were at the upper end of the previously reported guidance of $12.5 to $13.5 million.
- Operating income was $1,087,000, compared to the $257,000 in last year’s first quarter.
- Net income came to $846,000 or $0.12 per diluted share, compared to $247,000 or $0.04 per diluted share in the year-earlier period. Earnings exceeded the guidance for this period of $0.06 to $0.10 per share.
- The order backlog increased 48% to $10.6 million at the end of the first quarter, up from $7.2 million at the end of last year’s fourth quarter. The majority of this backlog is scheduled to ship in the second and third quarters.
Iverson added: “In our last earnings release, we stated that certain customers were expecting to add production capacity and start deploying some of our new products during the period that coincides with our second and third quarters. These growth plans are now being implemented, making us optimistic about CyberOptics’ prospects. For the second quarter of 2011 ending June 30, we are forecasting earnings of $0.17 to $0.21 per diluted share on sales of $16 to $17 million. We also are reiterating our previously-issued full-year guidance for sales of $60 to $65 million and earnings of $0.60 to $0.70 per diluted share. In all, we see 2011 shaping up as a strong year for CyberOptics as we continue capitalizing upon the upturn of the global electronics market through our next-generation inspection systems, products for new markets, and targeted marketing strategies.”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.
First Quarter Conference Call and ReplayCyberOptics will review its first quarter operating results in a conference call at 4:30 pm Eastern today. Investors can access this call at 1-800-762-8908 and providing the 4432898 conference ID or by listening to a live webcast through the investor relations section of the CyberOptics website, www.cyberoptics.com. The webcast will be archived for 30 days. A replay of the first quarter conference call will be available at 303-590-3030 with the 4432898 access code.
|Consolidated Statements of Operations (Unaudited)|
|(In thousands, except per share amounts)||Three Months Ended March 31,|
|Cost of revenue||6,743||7,085|
|Research and development expenses||1,818||1,777|
|Selling, general and administrative expenses||3,657||3,177|
|Amortization of intangibles||45||45|
|Income from operations||1,087||257|
|Interest income and other||86||77|
|Income before income taxes||1,173||334|
|Provision for income taxes||327||87|
|Net income per share - Basic||$0.12||$0.04|
|Net income per share - Diluted||$0.12||$0.04|
|Weighted average shares outstanding - Basic||6,891||6,839|
|Weighted average shares outstanding - Diluted||6,935||6,871|
|Condensed Consolidated Balance Sheets|
|March 31, 2011||Dec. 31, 2010|
|Cash and cash equivalents||$9,549||$8,427|
|Accounts receivable, net||11,037||11,296|
|Income tax refunds and deposits||400||380|
|Other current assets||1,147||1,232|
|Deferred tax assets||2,213||2,317|
|Total current assets||44,895||44,251|
|Intangible and other assets, net||929||1,004|
|Fixed assets, net||1,651||1,896|
|Deferred tax assets||3,467||3,621|
|Liabilities and Stockholders' Equity|
|Total current liabilities||7,907||9,231|
|Total stockholders' equity||49,375||48,317|
|Total liabilities and stockholders' equity||$58,007||$58,234|
|2nd Quarter 2011||$9,401|
|3rd Quarter and beyond||1,202|