CyberOptics Reports First Quarter Sales and Earnings.MINNEAPOLIS -- CyberOptics Corporation (Nasdaq:CYBE) today reported consolidated revenues of $11,289,000 for the first quarter of 2005 ended March 31, virtually unchanged from $11,228,000 in last year's fourth quarter and down from $12,690,000 in first quarter of 2004. Net income came to $1,120,000 or $0.12 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, up from $794,000 or $0.09 per diluted share in the fourth quarter of 2004 but down from $2,686,000 or $0.31 per diluted share in last year's first quarter. Kathleen P. Iverson, president and chief executive officer, commented: "CyberOptics' first quarter sales were consistent with our previously issued forecast for this period, but our earnings for this period exceeded planned levels. Our ability to remain profitable amid current market conditions reflects the positive impact of the streamlined cost structure implemented over the past few years. Backed by our significantly lower operating 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 and cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. of more than $41 million at the end of the first quarter, CyberOptics is positioned to operate effectively within current market conditions, while simultaneously developing important next-generation products for the next market upturn." Steven K. Case, Ph.D., chairman and founder, said, "We are aggressively moving forward with a wide range of product development initiatives. During the first quarter, we introduced and realized initial revenues from our new WaferSense(TM) auto leveling 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. , a wireless, wafer-like device that enables quick and accurate leveling of semiconductor 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. processing and automation equipment. WaferSense significantly reduces the amount of time required for making leveling and coplanarity In geometry, a set of points in space is coplanar if the points all lie in the same geometric plane. For example, three points are always coplanar; but four points in space are usually not coplanar. adjustments, resulting in increased up-time, production through-put and process yield. Under a previously announced agreement, we also are developing fiducial/inspection cameras for DEK DEK - Data Encryption Key International's industry-leading line 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 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. screen printers. Mounted inside the screen printer, our sensors
2. (theory) embedding - (domain theory) A complete partial order F in [X -> Y] is an embedding if sensing technology inside SMT production equipment. As part of this strategy, Universal Instruments Corporation is continuing to integrate our Embedded Inserted into. See embedded system. Process Verification (EPV EPV Energy Photovoltaics, Inc (Robbinsville, NJ) EPV Entry Point Vector EPV Equivalent Potential Vorticity EPV Ecrivain Public Virtuel (French) EPV Earnings Power Value EPV Endpoint Vector (TM)) inspection technology into its new-generation robotic ro·bot·ic adj. Relating to, characteristic of, or employing robots. assembly equipment. Sales of the first EPV-equipped Universal platforms are anticipated in late 2005. In addition, a new EPV sensor for retrofitting the existing pick-and-place installations of another 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 was introduced earlier in the second quarter." Case continued: "We also are developing the SE 300 Ultra. This platform extension of our SE 300 solder paste inspection system delivers up to a 25% improvement in inspection speeds and enables inspection of larger circuit boards. The new sensor in the SE 300 Ultra also can be retrofitted in current SE 300 installations. Initial sales of this upgraded product are anticipated late in the second quarter of 2005." Iverson added: "We are disappointed to report that Scott G. Larson, our vice president and chief financial officer, has announced his decision to leave CyberOptics and pursue other interests. Scott, who joined CyberOptics in 1995 and became chief financial officer in 2000, will remain with us as we look for a successor to ensure a smooth management transition. His wise counsel and friendship will be missed, and we wish him the very best in all of his future pursuits." CyberOptics' U.S.-based results were not taxed in the first quarter of 2004 due to the establishment of a valuation allowance on deferred tax assets in 2002. However, the level of income earned in 2004 has resulted in our utilizing available tax loss and credit carryforwards Carryforwards Tax losses allowed to be applied to offset future income in some specified number of future years. and paying income taxes, which are charged to expense as a tax provision. CyberOptics continued to carry a full valuation allowance on deferred tax assets during the first quarter of 2005, and recorded a tax provision at an estimated annual effective rate of 24%. CyberOptics will assess maintaining or eliminating its valuation allowance on deferred tax assets on a quarterly basis during 2005, and if reversed, a significant non-cash gain would be recorded. Financial Review --First quarter sales of SMT component placement sensors to OEMs of robotic pick-and-place equipment were down 25% from the year-earlier period and by 2% from last year's fourth quarter. --Sales of SMT inspection systems rose 27% from the first quarter of 2004 and were also up 3% from last year's fourth quarter. The strong year-over-year sales gain reflects continued expansion of the customer base for solder paste and 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. system, as well as some strengthening in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European markets. --Sales of semiconductor products in this year's first quarter, including wafer-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, declined 27% in comparison to last year's first quarter but increased 4% from the fourth quarter of 2004. --CyberOptics ended the first quarter of 2005 with cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $41,687,000, up from $40,284,000 at the end of 2004. Second Quarter Guidance Order bookings in this year's first quarter were substantially unchanged from the level in the fourth quarter of 2004. Revenues in the second quarter will be affected by $1.5 to $2.0 million of solder paste inspection systems sales contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the release of the new SE 300 Ultra product. This new product has been well-received by customers, but due to Ultra's scheduled introduction late in the second quarter, the majority of this anticipated revenue would not be recognized until the third quarter. Second quarter revenues also will be affected by an order slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. from one of CyberOptics' OEM sensor customers due to a build-up build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. in inventory during the market slowdown that started in late in 2004. Reflecting both factors, results for the second quarter ending June 30 are forecasted to be at or near breakeven on revenues of $8.0 to $9.0 million. About CyberOptics Founded in 1984, CyberOptics is a recognized leader in process yield and through-put improvement solutions for the global electronic assembly and semiconductor capital equipment markets. Headquartered in Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. , CyberOptics conducts operations in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Asia and Europe. Statements regarding the Company's anticipated performance 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 availability of parts required for meeting customer orders; the timing and commercial success of new product introductions, including the new EPV initiative; 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 First Quarter Conference Call and Replay CyberOptics will review its first quarter operating results in a conference call at 4:30 pm Eastern today. Investors can also access a live webcast of the conference call by visiting the investor relations Investor relations The process by which the corporation communicates with its investors. section of the CyberOptics website, www.cyberoptics.com. The webcast will be archived for 30 days. A replay of the conference call can be heard through May 3, 2005 by dialing 303-590-3000 and providing the 11028425 confirmation code.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts) Three Months Ended
March 31,
2005 2004
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Revenue $11,289 $12,690
Cost of revenue 4,910 5,280
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Gross margin 6,379 7,410
Research and development expenses 1,709 1,762
Selling, general and administrative expenses 3,150 2,835
Amortization of intangibles 207 230
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Income from operations 1,313 2,583
Interest income and other 157 128
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Income before income taxes 1,470 2,711
Provision for income taxes 350 25
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Net income $1,120 $2,686
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Net income per share - Basic $0.13 $0.32
Net income per share - Diluted $0.12 $0.31
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Weighted average shares outstanding - Basic 8,859 8,344
Weighted average shares outstanding - Diluted 9,007 8,715
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Condensed Consolidated Balance Sheets
March 31, Dec. 31,
2005 2004
(Unaudited)
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Assets
Cash and cash equivalents $23,631 $25,416
Marketable securities 9,920 5,537
Accounts receivable, net 7,341 7,424
Inventories 6,937 7,178
Income tax receivable - -
Other current assets 551 511
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Total current assets 48,380 46,066
Marketable securities 8,136 9,331
Intangible and other assets, net 8,372 8,706
Fixed assets, net 878 993
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Total assets $65,766 $65,096
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Liabilities and Stockholders' Equity
Accounts payable $2,586 $1,543
Accrued expenses 3,997 5,602
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Total current liabilities 6,583 7,145
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Total stockholders' equity 59,183 57,951
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Total liabilities and stockholders'
equity $65,766 $65,096
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Backlog Schedule:
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2nd Quarter 2005 $3,379
3rd Quarter 2005 and thereafter 156
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Total backlog $3,535
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