Strong Sales Growth Paced by Higher Volumes
of 3D MRS Sensors and WaferSense Products
CyberOptics Corporation (Nasdaq: CYBE) today reported operating
results for the first quarter of 2018 ended March 31.
First quarter sales, which exceeded the upper end of previously
reported guidance, totaled $14.1 million, an increase of 18% from
$11.9 million in the year-earlier quarter. CyberOptics reported a
net loss of $173,000 or $.02 per share in this year’s first
quarter, compared to the net loss of $214,000 or $.03 per share
posted in the first quarter of 2017.
Total sensor sales increased 29% year-over-year to $5.1 million
in the first quarter of 2018. Sales of 3D MRS-enabled sensors,
primarily to KLA-Tencor and Nordson YESTECH, increased almost 300%
to $2.1 million. Several semiconductor manufacturers are evaluating
CyberOptics’ mid-end semiconductor inspection sensors, which
utilize the company’s Multi-Reflection Suppression (MRS)
technology. The company continues to expect initial sales of these
sensors in the second half of 2018. CyberOptics is continuing to
pursue new OEM relationships in its key vertical markets of surface
mount technology (SMT), semiconductor and metrology.
First quarter sales of semiconductor sensors, principally the
WaferSense product line, rose 36% year-over-year to $3.2 million,
reflecting the growing acceptance of WaferSense products as
important productivity enhancement tools by semiconductor
manufacturers.
Sales of inspection systems declined 4% year-over-year to $4.5
million in the first quarter of 2018. Sales of 3D MRS-enabled
SQ3000 Automated Optical Inspection (AOI) systems rose 21% to $2.1
million during this period. The impact of this gain was offset by
reduced demand for legacy 2D AOI and solder paste inspection
systems. CyberOptics added six new SQ3000 customers during the
first quarter of 2018 as growing numbers of manufacturers are
recognizing the competitive capabilities of the system’s 3D
MRS-enabled sensor technology. However, the company’s gross margin
was affected by lower prices for both its 2D and 3D inspection
systems in the broader SMT market.
Sales of general-purpose metrology products increased 40%
year-over-year to $1.4 million in the first quarter, driven by
legacy scanning products and services. Potential metrology
customers are showing interest in the recently launched SQ3000 3D
CMM system, which incorporates the SQ3000’s AOI inspection
capabilities with metrology functionality.
Total first quarter sales of 3D MRS-enabled products, including
sensors, inspection systems and metrology products, increased 90%
year-over-year to $4.3 million.
Dr. Subodh Kulkarni, president and chief executive officer,
commented: “We are very encouraged by the progress that our 3D MRS
sensor technology is making in our key vertical markets of SMT,
semiconductor and metrology due to its demonstrated competitive
advantages. We also are very optimistic about the future prospects
of our WaferSense product family.”
CyberOptics ended the first quarter of 2018 with an order
backlog of $12.1 million, up from $11.4 million at the end of the
fourth quarter of 2017. The company is forecasting sales of $14.0
to $15.5 million for the second quarter of 2018 ending June 30.
About CyberOpticsCyberOptics Corporation
(www.cyberoptics.com) is a leading global developer and
manufacturer of high precision sensing technology
solutions. CyberOptics’ sensors are used in
SMT and semiconductor and metrology 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
market acceptance of our SQ3000 3D CMM system, mid-end
semiconductor inspection sensors and CyberGage360 product; 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 9:00 AM Eastern today.
Investors can access this call toll-free at 866-548-4713 prior to
the start of the call by providing the conference ID: 1622482.
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, available one hour after the call, can be
accessed by dialing 888-203-1112 and providing conference ID:
1622482. The replay will be available for 30 days following the
call.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited) (In
thousands, except per share amounts) Three Months Ended March 31,
2018 2017 Revenue
$14,120 $11,920 Cost of revenue 7,901
6,522 Gross margin 6,219 5,398 Research and
development expenses 2,180 1,950 Selling, general and
administrative expenses 4,340 3,970 Amortization of intangibles
17 17 Loss from
operations (318 ) (539 ) Interest income and other 62
(88 ) Loss before income taxes (256 ) (627 )
Benefit for income taxes (83 ) (413 )
Net loss ($173 ) ($214 ) Net loss per
share - Basic ($0.02 ) ($0.03 ) Net loss per share - Diluted
($0.02 ) ($0.03 ) Weighted average shares
outstanding - Basic 6,986 6,912 Weighted average shares outstanding
- Diluted 6,986 6,912
Condensed Consolidated Balance Sheets
Mar. 31, 2018
(Unaudited) Dec. 31, 2017 Assets
Cash and cash equivalents $6,848 $6,944 Marketable securities 6,170
6,670 Accounts receivable, net 12,112 10,772 Inventories 14,673
14,393 Other current assets 1,842 1,593
Total current assets 41,645 40,372
Marketable securities 9,908 9,073 Intangible and other
assets, net 1,718 1,746 Fixed assets, net 2,292 2,307 Other assets
264 261 Deferred tax assets 5,961 5,742
Total assets $61,788 $59,501
Liabilities and Stockholders' Equity Accounts payable $5,895
$4,294 Accrued expenses 3,140 2,678
Total current liabilities 9,035 6,972
Other liabilities 232 247 Total
liabilities 9,267 7,219
Total stockholders' equity
52,521 52,282 Total liabilities and
stockholders' equity $61,788 $59,501
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version on businesswire.com: https://www.businesswire.com/news/home/20180424005196/en/
CyberOptics CorporationJeffrey A. Bertelsen,
763-542-5000Chief Financial Officer
CyberOptics (NASDAQ:CYBE)
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