CyberOptics Reduces Second Quarter Earnings Outlook.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--June 21, 2001 Citing further deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in market conditions, CyberOptics Corporation (Nasdaq:CYBE) today reported that it expects a net loss of $0.05 to $0.08 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 on consolidated revenues of approximately $11.0 million to $11.5 million for the second quarter of 2001 ending June 30. Excluding goodwill and intangibles amortization and costs associated with the second quarter workforce reduction, second quarter results are expected to be at or near breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations . The Company's previously reported second quarter guidance called for earnings of $.02 to $.07 per diluted share on consolidated sales of approximately $13.5 million. The Company, which expects to release its second quarter operating results during the fourth week of July, reported net income of $0.16 per diluted share in this year's first quarter on consolidated revenues of $16.7 million. For the second quarter of 2000, consolidated revenues totaled $14.7 million and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of came to $0.24. Steven M. Quist, president and chief executive officer, said, "Our reduced guidance reflects further 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 global
electronic assembly capital equipment market. During the second quarter,
order rates for electronic assembly sensors have declined more rapidly
than anticipated and are expected to be significantly below the first
quarter level. Second quarter sales of 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 inspection systems are expected to exceed the amount posted in the year-earlier period but decline from this year's first quarter. It is encouraging to note that second quarter sales of the semiconductor products group, primarily wafer-mapping sensors and frame-grabber products, should remain relatively stable with the levels posted in the two preceding quarters." Quist added: "Despite the current weakness in our business, we are pushing forward with a variety of important product development initiatives. These new products, along with those introduced in 2000, will further strengthen our presence in CyberOptics' targeted markets, positioning us for a resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of profitable growth once the global electronics market begins to strengthen." The Company also reported that a major 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 recently instructed the Company to suspend shipments of electronic assembly sensors during the first two months of this year's third quarter as it works off excess 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. inventory. The Company believes the possibility exists that this suspension of scheduled shipments could continue beyond August. A second OEM sensor customer has also recently reduced its forecasted requirements for the balance of the year. The Company will discuss its outlook for the balance of 2001 at its second quarter earnings conference call later in July. 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 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 |
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