- Consolidated sales totaled $17.1 million, up 21% from $14.1 million in the third quarter of 2010.
- Operating income increased 76% to $2.1 million, from $1.2 million in last year’s third quarter.
- Net income came to $1.6 million or $0.22 per diluted share, an increase of 65% from $948,000 or $0.14 per diluted share in the year-earlier period.
- Cash and marketable securities totaled $26.6 million at the end of the third quarter, up $2.7 million from $23.9 million at the end of this year’s second quarter.
She continued: “Consistent with our previously-issued third quarter forecast, we posted lower sales of SMT alignment sensors, due largely to the general weakening in overall economic conditions. Sales of solar wafer alignment cameras for the photovoltaic cell market were particularly soft, reflecting the continued impact of aggressive production capacity expansion in the solar market during 2010 and early 2011. Partly offsetting this situation was the 18% quarterly sequential sales growth of the WaferSense product line within our family of semiconductor offerings. In addition, we received additional orders for our SE500 sensors from German-based Viscom AG, which has integrated CyberOptics’ sensor technology into its SPI platforms. Viscom’s new platform has enjoyed a strong market acceptance, making us believe this new OEM partnership has the potential to make a significant contribution to CyberOptics’ profitability over the next few years.”Iverson added: “We expect to attain full-year results toward the lower end of our previously issued 2011 guidance for earnings of $0.62 to $0.69 per diluted share on sales of $60.0 to $63.0 million, which would make 2011 a successful year for CyberOptics. This forecast reflects the fact that the fourth quarter is typically a slower sales period for CyberOptics. As was the case in 2011, the second and third quarters mark the peak buying periods for our ODM customers. Although we are anticipating improved fourth quarter system sales on a year-over-year basis, we are forecasting lower quarterly sequential sales of both SMT alignment sensors and inspection systems. We ended the third quarter with an order backlog of $6.3 million, compared to $11.6 million at the beginning of the quarter. As a result, we are forecasting earnings of $0.07 to $0.11 per diluted share on sales of $12.8 to $13.5 million for the fourth quarter of 2011 ending December 31. Looking farther down the road, we are optimistic about CyberOptics’ prospects in 2012.”
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 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.|
|Third Quarter Conference Call and Replay|
|CyberOptics will review its third quarter operating results in a conference call at 4:30 pm Eastern today. Investors can access this call at 877-941-1465 and provide the 4480881 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 third quarter conference call will be available at 303-590-3030 with the same access code.|
|Consolidated Statements of Operations (Unaudited)|
|(In thousands, except per share amounts)||Three Months Ended Sept. 30,||Nine Months Ended Sept. 30,|
|Cost of revenue||9,621||7,482||25,716||24,410|
|Research and development expenses||1,838||1,914||5,603||5,398|
|Selling, general and administrative expenses||3,542||3,530||10,870||10,421|
|Amortization of intangibles||18||45||108||136|
|Income from operations||2,069||1,174||5,000||2,620|
|Interest income and other||18||61||97||151|
|Income before income taxes||2,087||1,235||5,097||2,771|
|Provision for income taxes||521||287||1,287||607|
|Net income per share - Basic||$0.23||$0.14||$0.55||$0.32|
|Net income per share - Diluted||$0.22||$0.14||$0.55||$0.31|
|Weighted average shares outstanding - Basic||6,914||6,871||6,900||6,853|
|Weighted average shares outstanding - Diluted||6,962||6,919||6,948||6,901|
|Condensed Consolidated Balance Sheets|
|Sept. 30, 2011||Dec. 31, 2010|
|Cash and cash equivalents||$11,046||$8,427|
|Accounts receivable, net||13,736||11,296|
|Income tax refunds and deposits||3||380|
|Other current assets||1,531||1,232|
|Deferred tax assets||2,437||2,317|
|Total current assets||51,179||44,251|
|Intangible and other assets, net||805||1,004|
|Fixed assets, net||1,467||1,896|
|Deferred tax assets||3,366||3,621|
|Liabilities and Stockholders' Equity|
|Total current liabilities||9,061||9,231|
|Total stockholders' equity||52,241||48,317|
|Total liabilities and stockholders' equity||$62,069||$58,234|
|4th Quarter 2011||$5,659|
|1st Quarter 2012 and beyond||669|