CYBEROPTICS CORPORATION ANNOUNCES FIRST QUARTER 1996 EARNINGS.MINNEAPOLIS--(BUSINESS WIRE)-- April 17, 1996 --CyberOptics Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CYBE) today reported net income of $1.4 million or $.24 per share, an increase of 186% from the $497 or $.11 per share in the year earlier period. Revenue for the period rose 87% to $8.5 million compared to $4.6 million in the first quarter of 1995. International revenue accounted for 67 percent of total revenue for the quarter. General and Administrative expenses for the quarter includes a reserve of $160,000 to cover the estimated loss relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc subleasing its current facilities. The company plans to move to a larger, more modern facility during the second quarter of 1996. CyberOptics President, Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. K. Case said that the company's momentum from 1995 carried CyberOptics to a solid start to 1996 and that during the quarter, the company made additional steps to strengthen its position in the electronics assembly market. Dr. Case added that one additional OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customer introduced a new placement machine with CyberOptics' LaserAlign and another introduced a prototype Prototype A first or original model of hardware or software. Prototyping involves the production of functionally useful and trustworthy systems through experimentation with evolving systems. of a CyberOptics sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. to inspect "flip-chip" components prior to placement. This new sensor represents a fundamental new measurement technology for a new electronic application. Customers utilizing flip-chip assembly can reduce the size of an electronic product by a factor of 4, allowing electronics to be used in more places. We believe this type of assembly will be quite important in the next several years and have designed a new sensor in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of this need. CyberOptics is a pioneer in the field of non-contact process control and measurement. The company's intelligent sensors An intelligent sensor takes some predefined action when it senses the appropriate input (light, heat, sound, motion, touch, etc.). Description The sensor has to do the following tasks:
Condensed Financial Information
(In thousands, except per share amounts)
Three Months Ended March 31,
1996 1995
Revenue $8,513 $4,555
Percentage Change 87%
Net Income $1,421 $497
Percentage Change 186%
Net Income per Share $0.24 $0.11
CyberOptics Corporation Statements of Income (In thousands, except per share amounts)
Three Months Ended March 31,
1996 1995
Revenue $8,513 $4,555 Cost of revenue 3,909 2,049
Gross margin 4,604 2,506
Research and development expenses 1,301 725
Selling, general and administrative expenses 1,813 1,100
Income from operations 1,490 681 Interest income 571 30
Income before income taxes 2,061 711
Provision for income taxes 640 214
Net income $1,421 $497
Net income per share (primary and fully diluted) $0.24 $0.11 Weighted average common and common equivalent shares outstanding 5,932 4,493 Condensed Balance Sheets
Mar. 31, Dec. 31,
1996 1995
Assets
Cash and cash equivalents $6,467 $8,718
Marketable securities, at cost 13,000 10,146
Accounts receivable, net 6,407 8,514
Inventory 3,655 3,874
Other current assets 1,804 1,473
Total current assets 31,333 32,725
Marketable securities, at cost 23,500 21,000
Equipment and furnishings, net 1,143 943
Capitalized patent cost, net 102 72
Total assets $56,078 $54,740
Liabilities and Stockholders' Equity Accounts payable $1,086 $737 Income taxes payable 911 898 Accrued expenses 1,681 2,368
Total current liabilities 3,678 4,003
Stockholders' equity: Common stock, no par value, 10,000,000 shares authorized, 5,652 and 5,612 shares issued and outstanding, respectively 42,900 42,658 Retained earnings 9,500 8,079
Total stockholders' equity 52,400 50,737
Total liabilities and stockholders'
equity $56,078 $54,740
Backlog Shipment Schedule:
2nd Quarter 1996 $4,282
3rd Quarter 1996 1,727
Total Backlog $6,009
CONTACT: CyberOptics Corporation Kent Lillemoe V.P. Finance & Administration 612/331-5702 Fax 612/331-5878 |
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