CyberOptics Corporation (Nasdaq:CYBE) today reported operating
results for the third quarter of 2017 ended September 30.
Sales for this period totaled $11.8 million, down from $15.0
million in the third quarter of 2016. CyberOptics also reported a
net loss for the third quarter of 2017 of $72,000 or $0.01 per
share, compared to earnings of $1.2 million or $0.16 per share in
the year-earlier period.
Sales of 3D Multi-Reflection Suppression (MRS) enabled products
increased during the third quarter of 2017 year-over-year, but the
revenue gains were not large enough to offset declines from other
products.
Sales of SQ3000 3D automated optical inspection systems grew in
the third quarter of 2017 by more than 240% on a year-over-year
basis to $2.2 million. CyberOptics has continued to expand its base
of SQ3000 customers during the past year, as more manufacturers are
recognizing the competitive advantages of this important product.
Sales of surface mount technology (SMT) inspection systems
decreased 46% year-over-year in the third quarter of 2017 to $4.3
million, as the higher SQ3000 sales were unable to offset lower
volumes of legacy products and the lack of sales of MX600 memory
module inspection systems. CyberOptics recognized $2.8 million of
MX600 sales in the third quarter of 2016.
Sensor sales increased 19% year-over-year in the third quarter
of 2017 to $4.0 million, paced by higher volumes of both 3D
MRS-enabled sensors and legacy 2D products. Third quarter sales of
3D MRS sensors to recurring OEM customers grew by more than 150%
year-over-year to $1.1 million. In addition, CyberOptics is
actively demonstrating its MRS-enabled mid-end semiconductor
inspection capability to semiconductor manufacturers, making the
company believe initial sales are possible before the end of
2018.
Sales of semiconductor sensors, principally the
WaferSense/ReticleSense product lines, increased minimally
year-over-year in the third quarter of 2017. Sales of general
purpose metrology products were down 14% year-over-year in the
third quarter to $1.3 million. Sales of CyberGage360 were less than
anticipated. The company continues to believe that general purpose
metrology is an attractive market for products based on its
differentiated MRS technology.
Dr. Subodh Kulkarni, president and chief executive officer,
commented: “In the SMT and semiconductor markets, we believe that
the performance characteristics of MRS are superior to other
technologies offered by our competitors. We are very optimistic
about the future prospects of our MRS technology, particularly in
the areas of inspection and metrology for semiconductor advanced
packaging applications, as well as complex mobile devices and
automotive applications. With challenges resulting from shrinkage
of transistor dimensions, advanced packaging is expected to grow
rapidly in the next 5-10 years to enable stacking of chips in 3D.
We believe our MRS technology is well suited for many of these
applications. In order to take full advantage of these
opportunities, we intend to expand our sales capabilities by adding
to our force of sales representatives and field engineers. We
believe these initiatives will position CyberOptics to better
penetrate our targeted markets and attain significantly improved
operating results over the long term.”
He added: “CyberOptics ended the third quarter of 2017 with an
order backlog of $11.2 million, up from $7.3 million at the end of
the second quarter. As previously forecasted, we anticipate sales
of $11.5 - $13.0 million for the fourth quarter ending December 31,
2017. We remain optimistic about CyberOptics’ future, given the
competitive advantages of our suite of MRS-enabled sensors and
inspection systems, the potential for incremental revenue from
mid-end semiconductor inspection and the steadily growing
acceptance of our WaferSense/ReticleSense products.”
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, 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; the timing of
orders and shipments of our products, particularly our 3D
MRS-enabled AOI systems; 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.
For additional information,
contact:Jeff Bertelsen, Chief Financial
Officer763/542-5000
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 toll-free at 800-289-0496 prior to the start of the call by
providing the conference ID: 1177997. 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 third quarter conference call
will be available one hour after the call toll-free at 866-375-1919
with the 1177997 access code.
CyberOptics Corporation
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share
amounts)
Three Months Ended Sept. 30,
Nine Months Ended Sept. 30,
2017
2016 2017
2016
Revenue $11,828 $15,040 $40,157 $52,785 Cost
of revenue 6,236 8,399 21,434
30,055 Gross margin 5,592 6,641 18,723 22,730
Research and development expenses 1,947 1,997 5,892 6,137 Selling,
general and administrative expenses 3,793 3,491 11,821 11,028
Amortization of intangibles 15 16
50 50 Income (loss) from operations
(163 ) 1,137 960 5,515 Interest income and other (25
) 56 (141 ) 69 Income (loss) before
income taxes (188 ) 1,193 819 5,584 Provision (benefit) for
income taxes (116 ) 21 10 108
Net income (loss) ($72 ) $1,172
$809 $5,476 Net income (loss) per share -
Basic ($0.01 ) $0.17 $0.12 $0.80 Net income (loss) per share
- Diluted ($0.01 ) $0.16 $0.11
$0.78 Weighted average shares outstanding - Basic 6,959
6,859 6,939 6,813 Weighted average shares outstanding -
Diluted 6,959 7,154 7,041
7,013
Condensed Consolidated Balance Sheets
September 30, 2017
Dec. 31, 2016
(Unaudited)
Assets
Cash and cash equivalents $5,593 $10,640 Marketable securities
6,701 6,493 Accounts receivable, net 11,932 10,895 Inventories
16,634 11,531 Other current assets
1,739 1,535 Total current assets
42,599 41,094 Marketable securities 8,949 8,728 Intangible
and other assets, net 1,779 1,804 Fixed assets, net 2,303 2,438
Other assets 202 193 Deferred tax assets
5,484 5,323 Total
assets $61,316
$59,580
Liabilities and Stockholders'
Equity
Accounts payable $7,083 $6,217 Accrued expenses
2,339 4,084 Total
current liabilities 9,422 10,301 Other liabilities
240 381
Total liabilities 9,662 10,682 Total stockholders'
equity 51,654
48,898 Total liabilities and stockholders' equity
$61,316 $59,580
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171024006082/en/
CyberOptics CorporationJeff Bertelsen, 763-542-5000Chief
Financial Officer
CyberOptics (NASDAQ:CYBE)
Historical Stock Chart
From Aug 2024 to Sep 2024
CyberOptics (NASDAQ:CYBE)
Historical Stock Chart
From Sep 2023 to Sep 2024