CyberOptics Reduces Revenue and Earnings Estimates For First Quarter of 2001.Business Editors & Technology Writers MINNEAPOLIS--(BUSINESS WIRE)--March 23, 2001 CyberOptics Corporation (Nasdaq NMS See NetWare Management System. : CYBE) today announced that it has reduced its previously-released revenue and earnings estimates for the first quarter of 2000 ending March 31. The Company said it currently anticipates consolidated first quarter revenues of approximately $16 million, compared to prior first quarter guidance of approximately $19 million. Estimates of consolidated first quarter earnings have been reduced to approximately $0.15 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, from prior guidance of $0.34 to $0.40 per diluted share. The Company reported consolidated revenues of $19.6 million in the fourth quarter of 2000. Earnings for that period, excluding nonrecurring charges Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". , came to $3.4 million or $0.41 per diluted share. The reduced estimates were necessitated primarily by weak market conditions affecting sensor sales to original equipment manufacturers (OEMs) of electronic assembly equipment and semiconductor capital equipment. As previously reported, semiconductor sales started weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. in the fourth quarter of 2000. The downturn in sales to OEMs of
electronic assembly equipment accelerated materially during the latter
stages of this year's first quarter. Sales of end-user inspection
systems are expected to remain at or near fourth quarter levels.
Weakness in the 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 businesses is continuing, making the Company believe that operating results for this year's second quarter will likely be below the revised first quarter estimates. Steven M. Quist, president and chief executive officer, commented that in response to sluggish market conditions and a lack of visibility into the timing of a business recovery, an aggressive cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. program has been implemented throughout all levels of the Company. However, he emphasized that critical R&D programs will continue to be funded. CyberOptics Corporation, a recognized worldwide leader in optical technology, designs and manufactures a growing range of yield and through-put enhancement tools for the SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management electronic assembly equipment and semiconductor fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. equipment markets. Statements regarding the Company's anticipated performance in 2001 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 level of orders from our OEM customers, the timing and commercial success of new product introductions, the effect of world events on our sales, the majority of which are from foreign customers, product introductions and pricing by our competitors, the current scrutiny by regulatory bodies of accounting treatment of acquired in-process R&D and other factors set forth in the Company's filings with the Securities and Exchange Commission. The Company disclaims any obligation to revise forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and does not plan to provide additional information regarding actual or anticipated results until it reports for the first quarter of fiscal 2001. |
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