CyberOptics Reports First Quarter Earnings.Business Editors & Technology Writers MINNEAPOLIS--(BUSINESS WIRE)--April 23, 2001 CyberOptics Corporation (Nasdaq:CYBE) today reported consolidated revenues of $16,663,000 for the first quarter of 2001 ended March 31, an increase of 23% from $13,498,000 in the year-earlier period, but down from $19,553,000 in the fourth quarter of 2000. Consolidated net income came to $1,312,000 or $0.16 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, compared to $1,191,000 or $0.14 per diluted share in the first quarter of 2000 and $3,440,000 or $0.41 per diluted share, excluding non-recurring charges of $2,130,000, in the fourth quarter of 2000. Excluding goodwill, intangibles amortization and non-recurring charges, earnings per diluted share came to $0.21 in this year's first quarter, compared to $0.18 in the year-earlier period and $0.47 in the fourth quarter of 2000. First quarter operating results were consistent with guidance reported in a March 23 news release, when the Company reduced its first quarter sales and earnings estimates. 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, chairman and founder, commented: "As we have reported previously, sales of capital equipment to the semiconductor market 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 last year's fourth quarter, and that
trend continued during the first three months of 2001. In addition,
sales of sensors
AOI Automated Optical Inspection AOI Art of Illusion (3D modeling software) AOI Associated Oregon Industries AOI Angle Of Incidence AOI Age of Innocence (David Hamilton book, also a band) ) systems that started shipping in last year's fourth quarter. Lack of visibility into customer orders makes it difficult to predict how long weak market conditions will persist. However, we are well positioned to benefit from the next round of growth in our markets due to our sharp business focus and strong R&D emphasis that is equipping e·quip tr.v. e·quipped, e·quip·ping, e·quips 1. a. To supply with necessities such as tools or provisions. b. CyberOptics with important, new-generation products." Steven M. Quist, president and chief executive officer, said: "In view of this difficult operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. , we have implemented a rigorous cost reduction program. The primary elements of this program include a 10% workforce reduction, a salary reduction of 10% for senior management and 5% for other employees, and across-the-board reductions in discretionary spending. However, we are continuing to fund a range of key product development initiatives, reflecting our intention to remain on the leading technological edge of CyberOptics' targeted markets. At the same time, we are pushing ahead with market and feasibility studies The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. to determine the future course of development for a photonics photonics, the science and technology based on and concerned with the controlled flow of photons, or light particles. It is the optical equivalent of electronics, and the two technologies coexist in such innovations as optoelectronic integrated circuits. inspection system, a prototype of which was developed by Avanti Avanti Historic kingdom, north-central India. Located on the overland trade routes between northern and southern India, it lay within present-day Madhya Pradesh. Its capital was at Ujjayini (near present-day Ujjain). Optics optics, scientific study of light. Physical optics is concerned with the genesis, nature, and properties of light; physiological optics with the part light plays in vision; and geometrical optics with the reflection and refraction of light as encountered in the study Corporation. Early in the first quarter, Avanti, in which we hold a 14% equity interest, returned to CyberOptics the right to pursue this inspection business." 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 Solutions Electronic Assembly Sensors. Sales of electronic assembly sensors to OEMs of robotic ro·bot·ic adj. Relating to, characteristic of, or employing robots. electronic assembly equipment increased 10% in the first quarter of 2001 versus the year-earlier period, but were down 13% from the fourth quarter of 2000. Due to the outlook for continued weakness in the electronic assembly equipment market, sales of Electronic Assembly Sensors are expected to weaken further in this year's second quarter. Semiconductor Products. Sales of Semiconductor Products, principally wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. mapping sensors for OEMs of semiconductor wafer-handling equipment and frame grabber A device that accepts standard TV signals and digitizes the current video frame into a single, bitmapped still image. Frame grabbers can be stand-alone devices that plug into a port on the computer or a function built into the video capture board or display adapter. products, increased 30% in this year's first quarter in comparison to the year-earlier period, but were down 43% from the fourth quarter of 2000. First quarter sales included a contribution of approximately $1,000,000 from Imagenation Corporation, which was acquired in October October: see month. 2000. Reflecting forecasts for reduced levels of capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. on semiconductor equipment, order growth of Semiconductor Products started slowing in the fourth quarter of 2000. Second quarter sales are currently anticipated at or near the first quarter level. End-User Inspection Systems Sales of End-User Inspection Systems, including solder paste inspection and AOI systems, increased 72% to a record high in the first quarter from the year-earlier level, and 5% versus the fourth quarter of 2000. The first quarter sales gain was driven by sales of new-generation equipment--the SE 300 solder paste inspection system and KS 100 and KS 50 AOI systems--initially shipped in the fourth quarter. The Company recognized revenue for 16 units of these inspection systems to nine customers in this year's first quarter, accounting for approximately 56% of total system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. . Orders for 17 inspection systems were included in the quarter-ending backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. and are expected to be recorded as revenue in the second quarter. In addition, other systems are currently undergoing customer field trials. Given these factors, the Company anticipates moderate second quarter sales growth in comparison to the first quarter. To capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. opportunities in the large Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. electronics market, the Company opened a systems sales office in Singapore during the first quarter. The Company's backlog totaled $8,585,000 at March 31, 2001, down from $11,745,000 at December 31, 2000, due to lower order rates for electronic assembly and semiconductor sensors. Reflecting the impact of weak market conditions, the Company anticipates earnings for the second quarter ending June 30, 2001 of $0.02 to $0.07 per diluted share on sales of approximately $13,500,000. Second quarter earnings will also be affected by expenses related to the workforce reduction. 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 Conference Call The Company will review its first quarter operating results in a conference call at 4:30 pm Eastern this afternoon. Investors can listen to the conference call at www.cyberoptics.com or www.vcall.com. Listeners should go to one of these web sites at least 15 minutes before the scheduled start time to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. The conference call will be archived for 30 days on the Vcall site. A replay of the conference call is also available by dialing 719/457-0820 and providing the 537911 confirmation code. This replay will be available through April 30.
CyberOptics Corporation
Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Ended March 31,
2001 2000
----------------------------------------------------------------------
Revenue $16,663 $13,489
Cost of revenue 6,974 5,185
----------------------------------------------------------------------
Gross margin 9,689 8,304
Research and development expenses 2,229 2,396
Selling, general and administrative
expenses 5,178 3,620
Amortization of goodwill and other
intangibles 582 426
----------------------------------------------------------------------
Income from operations 1,700 1,862
Interest income and other 327 341
----------------------------------------------------------------------
Income before cumulative effect
of change in accounting
principle and income taxes 2,027 2,203
Provision for income taxes 715 877
----------------------------------------------------------------------
Income before cumulative effect
of change in accounting
principle 1,312 1,326
Cumulative effect of change in accounting
principle, net of tax (135)
----------------------------------------------------------------------
Net income $1,312 $1,191
======================================================================
Net income per share - Basic $0.16 $0.16
Net income per share - Diluted $0.16 $0.14
======================================================================
Weighted average shares outstanding -
Basic 7,962 7,574
Weighted average shares outstanding -
Diluted 8,367 8,325
======================================================================
Condensed Consolidated Balance Sheets
(In thousands)
March 31, Dec. 31,
2001 2000
----------------------------------------------------------------------
Assets
Cash and cash equivalents $13,277 $13,097
Marketable securities 6,522 6,650
Accounts receivable, net 10,066 12,470
Inventories 10,318 9,497
Other current assets 1,560 1,710
----------------------------------------------------------------------
Total current assets 41,743 43,424
Marketable securities 10,330 8,538
Intangible and other assets, net 11,979 12,911
Fixed assets, net and other 3,800 3,944
----------------------------------------------------------------------
Total assets $67,852 $68,817
======================================================================
Liabilities and Stockholders' Equity
Accounts payable $2,694 $3,433
Accrued expenses 3,875 5,456
----------------------------------------------------------------------
Total current liabilities 6,569 8,889
Deferred Tax Liabilities 145 145
----------------------------------------------------------------------
Total stockholders' equity 61,138 59,783
----------------------------------------------------------------------
Total liabilities and
stockholders' equity $67,852 $68,817
======================================================================
Backlog Shipment Schedule:
----------------------------------------------------
2nd Quarter 2001 8,241
3rd Quarter 2001 and thereafter 344
----------------------------------------------------
Total backlog 8,585
====================================================
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion