CyberOptics Reports First Quarter Operating Results.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 18, 2002 CyberOptics Corporation (Nasdaq:CYBE) today reported consolidated revenues of $4,532,000 for the first quarter of 2002 ended March 31, an increase of 6% from $4,286,000 in the fourth quarter of 2001 but down significantly from $16,663,000 in the year-earlier period. The Company reported a net loss of $3,202,000 or $0.39 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, virtually unchanged from last year's fourth quarter and down from earnings of $1,312,000 or $0.16 per diluted share in the first quarter of 2001. Excluding restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. related to a January January: see month. 2002 workforce reduction and the consolidation of semiconductor manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. , the net loss for this year's first quarter was $0.33 per diluted share. 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. M. Quist, chief executive officer, commented: "We are encouraged by the fact that CyberOptics' business appears to have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. over the past two quarters. Although we currently anticipate modest improvements in each of our product lines in the second quarter, we still lack clear indications of a significant recovery in our electronics markets. For this reason, we are forecasting another, though somewhat lower, loss in the second quarter. Reflecting the continuation of weak market conditions, expense reduction will remain a top priority going forward. Fortunately, CyberOptics possesses an exceptionally strong balance sheet, which includes cash and investments of approximately $24.8 million at the end of this year's first quarter. Our strong financial condition is enabling us to maintain R&D expenditures at high levels as we push ahead with important new product developments. These new products make us confident that CyberOptics will emerge from this challenging period as a stronger company with improved strategic positions in its markets." Sales of electronic assembly sensors
adj. Relating to, characteristic of, or employing robots. assembly equipment were virtually unchanged from the level posted in the fourth quarter of 2001. First quarter 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 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 18% from the fourth quarter of 2001. Though encouraged by this increase, the Company said it cannot be certain if this growth signals the onset of a positive trend. Sales of end-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. inspection systems, including solder paste Solder paste (or solder cream) is a mix of small solder particles and flux. It is used extensively in the automated soldering processes wave soldering and reflow soldering. inspection and other automated optical inspection Automated Optical Inspection (AOI) is an automated visual inspection of PCB(or LCD,transistor manufacture) where a camera autonomously scans the device under test for both catastrophic failure (eg. missing component) and quality defects (eg. (AOI AOI Area Of Interest 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, were up slightly from the fourth quarter. First quarter 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. included shipments on a major order for multiple SE 300 solder paste inspection systems that was received in January from a large electronic manufacturing services company. The balance of this order is expected to ship in this year's second quarter. The Company said it is currently forecasting a net loss of $0.27 to $0.33 per diluted share on revenues of approximately $5.0 million for the second quarter of 2002 ending June June: see month. 30. 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 2002 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 (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 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, 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 today. Investors can listen to this 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 will be available through April 25 at 719-457-0820 and providing the 160082 confirmation code.
CyberOptics Corporation
Consolidated Statements of Operations
(In thousands, except per share amounts) Three Months Ended March 31,
2002 2001
----------------------------------------------------------------------
Revenue $4,532 $16,663
Cost of revenue 2,933 6,974
----------------------------------------------------------------------
Gross margin 1,599 9,689
Research and development expenses 2,314 2,229
Selling, general and administrative expenses 3,684 5,178
Restructuring and severance costs 847 -
Amortization of goodwill and other intangibles 279 582
----------------------------------------------------------------------
Income (Loss) from operations (5,525) 1,700
Interest income and other 223 327
----------------------------------------------------------------------
Income (Loss) before income taxes (5,302) 2,027
Provision (Benefit) for income taxes (2,100) 715
----------------------------------------------------------------------
Net income (Loss) ($3,202) $1,312
======================================================================
Net income (Loss) per share - Basic ($0.39) $0.16
Net income (Loss) per share - Diluted ($0.39) $0.16
======================================================================
Weighted average shares outstanding - Basic 8,126 7,962
Weighted average shares outstanding - Diluted 8,126 8,367
======================================================================
Condensed Consolidated Balance Sheets
Mar. 31, 2002 Dec. 31, 2001
(Unaudited)
----------------------------------------------------------------------
Assets
Cash and cash equivalents $10,512 $12,323
Marketable securities 6,663 8,407
Accounts receivable, net 2,698 2,740
Inventories 9,658 9,667
Income taxes receivable 3,419 2,076
Other current assets 3,128 3,251
----------------------------------------------------------------------
Total current assets 36,078 38,464
Marketable securities 7,610 7,830
Intangible and other assets, net 11,150 11,512
Fixed assets, net and other 3,196 3,375
----------------------------------------------------------------------
Total assets $58,034 $61,181
======================================================================
Liabilities and Stockholders' Equity
Accounts payable $1,221 $1,787
Accrued expenses 2,998 2,356
----------------------------------------------------------------------
Total current liabilities 4,219 4,143
----------------------------------------------------------------------
Total stockholders' equity 53,815 57,038
----------------------------------------------------------------------
Total liabilities and stockholders'
equity $58,034 $61,181
======================================================================
Backlog Shipment Schedule:
------------------------------------------------------
2nd Quarter 2002 2,512
3rd Quarter 2002 and thereafter 213
------------------------------------------------------
Total backlog 2,725
======================================================
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion