CyberOptics Reports Record Fourth Quarter and Full-Year 1995 Results.MINNEAPOLIS--(BUSINESS WIRE)--Feb. 8, 1996--CyberOptics Corporation (NASDAQ/NMS: CYBE) today reported net income of $1.9 million or $.32 per share for the fourth quarter of 1995, an increase of 263% from $530,000 or $.12 per share in the year-earlier period. Revenue rose 131% in this year's fourth quarter to $10.5 million. For fiscal 1995, earnings totaled $4.8 million or $.95 per share, up 217% from $1.5 million or $.35 per share a year ago. Annual revenue doubled to $30.5 million in 1995. 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, CyberOptics' president, said 1995 was the strongest year in the Company's history by a considerable margin. He attributed the record performance to strong worldwide demand for electronic circuits in an expanding range of computer, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , automotive, industrial and consumer products. He said the ongoing trend toward electronics miniaturization min·i·a·tur·ize tr.v. min·i·a·tur·ized, min·i·a·tur·iz·ing, min·i·a·tur·iz·es To plan or make on a greatly reduced scale. min is also driving demand for the Company's proprietary non-contact process control sensors
International markets generated 74% of revenue for the fourth quarter and 68% of revenue for all of 1995. 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. and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. customers each accounted for 34% of the Company's 1995 revenues, followed by 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. at 32%. CyberOptics is a pioneer in the field of non-contact process control measurement. The Company's intelligent sensors An intelligent sensor takes some predefined action when it senses the appropriate input (light, heat, sound, motion, touch, etc.). Description The sensor has to do the following tasks:
Condensed Financial Information
(In thousands, except per share amounts)
Three Months Ended Dec. 31, Year Ended Dec. 31,
1995 1994 1995 1994
Revenue $10,527 $4,553 $30,518 $15,275
Percentage Change 131.2% -- 99.8% --
Net Income $1,926 $530 $4,831 $1,524
Percentage Change 263.4% -- 217.0% --
Net Income per Share $0.32 $0.12 $0.95 $0.35
CyberOptics Corporation Statements of Income (In thousands, except per share amounts)
Three Months Ended Year Ended
Dec. 31, Dec. 31,
1995 1994 1995 1994
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Revenue $10,527 $4,553 $30,518 $15,276
Cost of revenue 5,229 2,129 14,485 6,604
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Gross margin 5,298 2,424 16,033 8,672
Research and development expenses 1,357 720 4,143 2,749
Selling, general and admini-
strative expenses 1,652 1,011 5,433 3,881
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Income from operations 2,289 693 6,457 2,042
Interest income 507 18 624 72
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Income before income taxes 2,796 711 7,081 2,114
Provision for income taxes 870 181 2,250 590
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Net income $1,926 $530 $4,831 $1,524
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Net income per share (primary
and fully diluted) $0.32 $0.12 $0.95 $0.35
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Weighted average common and
common equivalent shares
outstanding 5,980 4,422 5,104 4,404
===================================
Condensed Balance Sheets
Dec. 31, Dec. 31,
1995 1994
------------------
Assets
Cash and cash equivalents $8,718 $1,428
Short-term investments 10,146 1,180
Accounts receivable, net 8,052 2,964
Inventory 3,874 2,335
Other current assets 1,935 340
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Total current assets 32,725 8,247
Long-term investments 21,000 --
Equipment and furnishings, net 943 478
Capitalized patent cost, net 72 98
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Total assets $54,740 $8,823
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Liabilities and Stockholders' Equity
Accounts payable $737 $572
Income taxes payable 898 212
Accrued expenses 2,368 561
------------------
Total current liabilities 4,003 1,345
Stockholders' equity:
Common stock, no par value, 10,000,000 shares
authorized, 5,612,114 and 4,235,141 shares
issued and outstanding, respectively 42,658 4,230
Retained earnings 8,079 3,248
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Total stockholders' equity 50,737 7,478
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Total liabilities and stockholders' equity $54,740 $8,823
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Backlog Shipment Schedule:
1st Quarter 1996 $4,942
2nd Quarter 1996 $1,542
3rd Quarter 1996 400
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Total Backlog $6,884
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CONTACT: CyberOptics Corporation Kent O. Lillemoe Vice President, Finance and Administration Phone: 612/331-5702 Fax: 612/331-5878 Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the : Klillemo@cyberoptics.com |
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