CyberOptics Reports Record Quarterly Revenues and Substantially Increased First Quarter Earnings.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 19, 2000 CyberOptics Corporation (Nasdaq NMS See NetWare Management System. :CYBE) today reported strongly improved operating results for the first quarter of 2000 ended March 31: -- Consolidated revenues increased 75% to $13,509,000, from $7,705,000 in the year-earlier period. Sales for the current period were the highest for any quarter in the Company's history. -- Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. came to $1,872,000, up significantly from $252,000 in the first quarter of 1999. -- Net income rose 141% to $1,333,000 or $0.24 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, from $552,000 or $0.11 per diluted share in the same quarter of 1999. Operating results for the first quarter of 1999 do not include two acquisitions completed in last year's second quarter. Kestra, Ltd. was acquired in April 1999 as a development stage company, and HAMA Sensors
The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in this year's first quarter. HAMA reported substantially improved first quarter sales and was accretive to the Company's consolidated net income. 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, said the strong first quarter operating results were generated by the solid performances of the Company's three product groups: 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 Sensors, 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 Systems and Semiconductor. These groups are continuing to benefit from robust conditions in the SMT electronic and semiconductor equipment markets, while SMT Systems is also benefiting from the strengthening of its global distribution channels. In addition to record sales, the Company's improved earnings also reflected a significant increase in the gross margin, which rose to 62% from 54% in last year's first quarter. Case added: "We are particularly encouraged by our progress with new SMT system and 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. products. CyberOptics received the initial order in March for its new KS 100 post-placement inspection system, which is based on the Statistical Appearance Modeling technology that we obtained through the Kestra acquisition. This system was ordered by an electronic manufacturing services (EMS or contract manufacturing) company. Additional KS 100 system orders are anticipated in the second quarter from multiple companies. Our new-generation SE 300 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 system was unveiled at a major trade show and is now undergoing beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the . Initial SE 300 orders are expected in the second quarter. We also started shipping a new LaserAlign sensor, the LMN LMN lower motor neuron. 10, in production volumes during the first quarter. Sales of this new sensor, which was developed for the new pick-and-place platform of a major OEM customer, are expected to continue building throughout 2000. Reflecting anticipated second quarter order patterns, these new products are expected to have an increasingly positive impact on CyberOptics' sales and earnings during this year's second half. This outlook, together with the likelihood of continued strength in our targeted markets, makes us optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about CyberOptics' prospects for all of 2000. In addition, our new products will enable CyberOptics to more fully participate in its targeted markets." Sales of OEM Sensors increased 71% in the first quarter of 2000 versus the year-earlier quarter, reflecting higher sales to OEMs of both mid-range
adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. robotic ro·bot·ic adj. Relating to, characteristic of, or employing robots. assembly equipment. Sales of SMT Systems, primarily the SE 200 (Sentry) solder paste inspection system, rose 56% in the first quarter from the year-earlier level, due primarily to continued demand from EMS companies, which account for a steadily growing proportion of our SMT Systems customer base. Sales of the Semiconductor product group increased 163% in the first quarter versus the year-earlier period, which included industrial measurement systems which have been divested. The HAMA subsidiary, which was acquired to establish an initial presence in the semiconductor capital equipment market, accounted for most of the group's first quarter sales. As part of its semiconductor equipment strategy, the Company started exiting the industrial measurement market in last year's fourth quarter through the previously-reported sale of a system product line. In this year's first quarter, the Company reached an agreement to sell its one remaining industrial measurement system to a German metrology metrology Science of measurement. Measuring a quantity means establishing its ratio to another fixed quantity of the same kind, known as the unit of that kind of quantity. company. This sale is expected to close in the third quarter. The Company's 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. stood at $10,267,000 at March 31, 2000, down from $11,371,000 at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1999, due primarily to the timing of orders from OEM sensor and SMT system customers, which was partially offset by increased orders for semiconductor sensors. The Company's backlog at the end of the second quarter is expected to exceed the March 31 level. CyberOptics Corporation is an optical technology leader that enables the global electronics industry to meet the rigorous quality demands of virtually any electronic application requiring quality printed circuit boards. Through customer-focused product development and strategic acquisitions, CyberOptics provides a growing range of inspection, alignment and measurement solutions 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 2000 are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and therefore involve risks and uncertainties, including but not limited to: the current scrutiny by regulatory bodies of accounting treatment of acquired in-process R&D, market conditions in the global electronics industry, competitive technologies, the commercial success of the KS 100 and other new products, and other factors set forth in the Company's filings with the Securities and Exchange Commission Live Webcast Investors can listen to the CyberOptics conference call over the 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 through Investor Broadcast Networks' Vcall website, located at http://www.vcall.com. To listen to the live call, please go to the web site at least fifteen minutes early to register, 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. For those who cannot listen to the live broadcast, a replay will be available shortly after the teleconference at this website.
CyberOptics Corporation
Consolidated Statements of Operations
(In thousands, except per share amounts) 3 Months Ended March 31,
2000 1999
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Revenue $13,509 $7,705
Cost of revenue 5,195 3,536
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Gross margin 8,314 4,169
Research and development expenses 2,396 1,752
Selling, general and administrative expenses 3,620 2,165
Amortization of goodwill and other intangibles 426
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Income from operations 1,872 252
Interest income and other 341 530
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Income before income taxes 2,213 782
Provision for income taxes 880 230
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Net income $1,333 $552
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Net income per share - Basic $0.26 $0.11
Net income per share - Diluted $0.24 $0.11
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Weighted average shares outstanding - Basic 5,049 4,955
Weighted average shares outstanding - Diluted 5,550 5,039
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Condensed Consolidated Balance Sheets
March 31, Dec. 31,
2000 1999
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Assets
Cash and cash equivalents $9,550 $10,196
Marketable securities 12,745 8,509
Accounts receivable, net 6,597 7,762
Inventories 5,365 4,997
Other current assets 1,728 1,756
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Total current assets 35,985 33,220
Marketable securities 4,730 4,396
Intangible and other assets, net 10,432 11,143
Fixed assets, net 3,240 2,705
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Total assets $54,387 $51,464
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Liabilities and Stockholders' Equity
Accounts payable $1,966 $1,886
Accrued expenses 3,743 3,074
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Total current liabilities 5,709 4,960
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Total stockholders' equity 48,678 46,504
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Total liabilities and stockholders' equity $54,387 $51,464
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Backlog Shipment Schedule:
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2nd Quarter 2000 9,403
3rd Quarter 2000 and thereafter 864
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Total backlog 10,267
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