Reaffirms Previously-Issued Second Quarter
Guidance for Sales of $16-$19 Million
CyberOptics Corporation (Nasdaq: CYBE) today reported operating
results for the first quarter of 2017 ended March 31.
- Consistent with previously issued
guidance, sales totaled $11.9 million, compared to $19.1 million in
the first quarter of 2016. Revenue in the year-earlier period was
particularly strong, driven by $2.5 million of sales of MX600
memory module inspection systems, follow-on orders of $4.0 million
for SQ3000 3D MRS-enabled automated optical inspection (AOI)
systems, and robust orders for legacy and 3D MRS-enabled
sensors.
- CyberOptics reported a net loss of
$214,000 or $0.03 per share in the first quarter of 2017, compared
to earnings of $2.3 million or $0.33 per diluted share in the
year-earlier period.
Dr. Subodh Kulkarni, president and chief executive officer,
commented: “Our first quarter revenue, which was consistent with
our previously-issued guidance for this period, reflects the timing
of orders and acceptances for 3D MRS-enabled systems and sensors as
well as the difficult comparison with last year’s strong first
quarter. Order activity for our portfolio of SQ3000 3D AOI system
products was solid in the first quarter and we are particularly
encouraged by our growing pipeline of opportunities for large
projects involving multiple SQ3000 systems. We anticipate that some
of these opportunities will generate significant revenue in the
second quarter. As a result, we are reaffirming our previous
guidance calling for second quarter 2017 sales of $16 to $19
million. We also continue to believe that we will deliver solid
growth for full-year 2017, driven by our 3D MRS-enabled systems and
sensors and WaferSense/ReticleSense portfolio for the semiconductor
capital equipment market. At the same time, we are making
significant progress with a research and development initiative
aimed at applying our 3D MRS technology to front-end and mid-end
semiconductor inspection, which could have a major impact on our
long-term performance.”
CyberOptics’ growing pipeline of opportunities for large
projects involving multiple SQ3000 systems is driven by the
competitive advantages of its disruptive 3D MRS technology
platform, which is enabling the company to capitalize upon the
growing demand for high-precision inspection. For this reason,
CyberOptics believes it can drive its percentage share of the
rapidly growing worldwide 3D AOI market into the low double-digits
in 2017.
The second quarter and full-year outlook for 3D MRS-enabled
sensors is also promising. Sales generated by CyberOptics’
long-term supply agreement with KLA-Tencor are expected to grow
strongly as the company’s 3D sensors are now becoming standard on
KLA-Tencor back-end semiconductor inspection systems utilizing 3D
optical inspection. The company also is optimistic about the
outlook for its legacy 2D LaserAlign sensors for traditional OEM
customers.
As previously reported, CyberOptics has made continued progress
at advancing its MRS-enabled 3D sensor technology. Features of 50
microns, including devices with mirror-like finishes, are being
measured consistently in the research lab, and further progress has
been made toward measuring sub-50 micron features. This progress is
essential for making MRS-enabled 3D sensor technology applicable to
mid-end semiconductor inspection within two years and front-end
inspection within four years. If this initiative proves to be
commercially viable, the available market opportunity for
CyberOptics could be significant.
First quarter sales of semiconductor products, primarily the
WaferSense/ReticleSense product line, rose 9% year-over-year. In
response to customer demand, CyberOptics is developing additional
product offerings to address other applications in semiconductor
fabs and flat panel display manufacturing. Strong future sales
growth is anticipated for the WaferSense/ReticleSense
portfolio.
Based upon positive feedback from customer demonstrations and
evaluations in such diverse areas as 3D printing, medical devices
and cell phone components, the company remains confident that it’s
recently introduced CyberGage360 3D Scanning System should become
an important contributor to CyberOptics’ long-term sales growth.
Toward this end, the company is continuing to strengthen its
CyberGage sales channel and demonstrate the system at key industry
trade shows. Consistent with previous statements that potential
customers are taking longer than initially anticipated to evaluate
the functionality and benefits of this general metrology inspection
system, no CyberGage sales were recorded in the first quarter.
Given the length of the evaluation and sales cycle, CyberOptics is
forecasting nominal CyberGage sales in the second quarter and
steadily increasing sales growth during the latter stages of
2017.
Kulkarni said: “The majority of our first quarter-end backlog of
$10.9 million is expected to ship in the second quarter and we have
a promising pipeline of sales prospects for our SQ3000 3D AOI
products. As a result, sales of $16-$19 million and a strong
earnings rebound are forecasted for the second quarter of 2017
ending June 30. We believe the sales momentum for our 3D
MRS-enabled systems and sensors and suite of semiconductor products
should continue building during the second half, which would make
2017 another year of solid growth and profitability.”
About CyberOptics
CyberOptics Corporation (www.cyberoptics.com) is a leading
global developer and manufacturer of high precision sensing
technology solutions. CyberOptics’ sensors are used in general
purpose metrology and 3D scanning, surface mount technology
(SMT) and semiconductor markets to significantly improve
yields and productivity. By leveraging its leading edge
technologies, the company has strategically established itself as a
global leader in high precision 3D sensors, allowing CyberOptics to
further increase its penetration of key vertical markets.
Headquartered in Minneapolis, Minnesota, CyberOptics conducts
worldwide operations through its 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; 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 to meet customer orders;
unanticipated product development challenges; the effect of world
events on our sales, the majority of which are from foreign
customers; rapid changes in technology in the electronics markets;
product introductions and pricing by our competitors; the success
of our 3D technology initiatives; the success of CyberGage360; and
other factors set forth in the Company’s filings with the
Securities and Exchange Commission.
First Quarter Conference Call and
Replay
CyberOptics will review its first quarter operating results in a
conference call at 4:30 PM Eastern today. Investors can access this
call toll-free at 888-452-4034 prior to the start of the call by
providing the conference ID: 6375418. Investors also can listen 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 one hour after the call toll-free at 888-203-1112
with the 6375418 access code.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited) (In
thousands, except per share amounts) Three Months Ended March 31,
2017 2016 Revenue $11,920
$19,114 Cost of revenue 6,522 11,170
Gross margin 5,398 7,944 Research and development expenses
1,950 2,030 Selling, general and administrative expenses 3,970
3,506 Amortization of intangibles 17 17
Income (loss) from operations (539 ) 2,391 Interest income
and other (88 ) (85 ) Income (loss) before
income taxes (627 ) 2,306 Provision (benefit) for income taxes
(413 ) 43 Net income (loss)
($214 ) $2,263 Net income (loss) per share -
Basic ($0.03 ) $0.33 Net income (loss) per share - Diluted
($0.03 ) $0.33 Weighted average shares
outstanding - Basic 6,912 6,777 Weighted average shares outstanding
- Diluted 6,912 6,835
Condensed Consolidated Balance Sheets March 31, 2017
Dec. 31, 2016 (Unaudited)
Assets Cash and cash equivalents $7,926 $10,640
Marketable securities 6,410 6,493 Accounts receivable, net 10,981
10,895 Inventories 13,597 11,531 Other current assets
1,676 1,535 Total current assets 40,590 41,094
Marketable securities 8,889 8,728 Intangible and other
assets, net 1,802 1,804 Fixed assets, net 2,232 2,438 Other assets
198 193 Deferred tax assets 5,952 5,323
Total assets $59,663 $59,580
Liabilities and Stockholders' Equity Accounts
payable $7,146 $6,217 Accrued expenses 2,493
4,084 Total current liabilities 9,639 10,301
Other liabilities 343 381 Total
liabilities 9,982 10,682
Total stockholders' equity 49,681
48,898 Total liabilities and stockholders' equity
$59,663 $59,580
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version on businesswire.com: http://www.businesswire.com/news/home/20170425006075/en/
CyberOptics CorporationJeffrey A. Bertelsen, 763-542-5000Chief
Financial Officer
CyberOptics (NASDAQ:CYBE)
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