CyberOptics Reports Record Second Quarter Revenues and Earnings.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--July 20, 2000 CyberOptics Corporation (Nasdaq NMS See NetWare Management System. : CYBE) today reported record operating results for the second quarter of 2000 ended June June: see month. 30: -- Consolidated revenues increased 67% to $14,692,000, from $8,811,000 in the second quarter of 1999. Sales for the current three-month period were the highest for any quarter in the Company's history. -- Consolidated net income came to $1,979,000 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, a significant improvement from the net loss of $210,000 or $0.03 per diluted share in the second quarter of 1999, excluding non-recurring charges related to the acquisitions of Kestra, Ltd. and HAMA Sensors
that period. Including the non-recurring charges brought last year's second quarter net loss to $7,249,000 or $0.97 per diluted share. -- Excluding goodwill and intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. amortization, earnings per share amounted to $0.28 in this year's second quarter. All per share amounts have been adjusted to reflect the three-for-two stock split, in the form of a dividend, paid June 15, 2000 to shareholders of record June 1, 2000. For the first six months of 2000, consolidated revenues totaled $28,201,000, an increase of 71% from $16,516,000 a year ago. Consolidated net income came to $3,312,000 or $0.40 per diluted share, up substantially from $342,000 or $0.05 per diluted share in the first half of 1999, excluding the non-recurring charges. Including the non-recurring charges resulted in a consolidated net loss of $6,699,000 or $0.90 per diluted share in the first half of 1999. 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: "Each of CyberOptics' three product groups performed at or above planned levels in this year's second quarter. Sales of 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 Sensors group have been particularly robust throughout the first half of 2000, reflecting continuing strong demand for LaserAlign sensors by OEMs of 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. SMT assembly equipment. As we previously reported, CyberOptics received an $8,000,000 order in the second quarter for SMT sensors for shipment in this year's third and fourth quarters. This reorder re·or·der v. re·or·dered, re·or·der·ing, re·or·ders v.tr. 1. To order (the same goods) again. 2. To straighten out or put in order again. 3. To rearrange. v. was larger than expected and constitutes the largest single order in our history. Based on customer indications and order inflows, we believe that customer demand for our SMT and semiconductor products should continue at high levels going forward. As a result, we remain confident that 2000 should be a year of record and strongly improved operating results." Steven M. Quist, president and chief executive officer, added: "Our strong performance during the first half of 2000 indicates that ongoing efforts to focus CyberOptics' resources and technology on its best long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. opportunities are generating the intended results. To optimize optimize - optimisation our participation in our targeted markets, we have been developing and introducing a range of important new products for the SMT assembly equipment and semiconductor fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. equipment markets. The positive impact of these new products is expected to grow steadily in the third and fourth quarters, which makes us optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about CyberOptics' future prospects." Sales of SMT Sensors increased 81% in the second quarter of 2000 versus the year-earlier quarter. Sales of SMT Systems, primarily the SE 200 (Sentry) 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, rose 16% in the second quarter from the year-earlier level, driven by demand from new and current EMS Ems, town, Germany Ems or Bad Ems (bät ĕms), town (1994 pop. 10,130), Rhineland-Palatinate, W Germany, on the Lahn River. customers that view solder paste inspection as a cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. means for strengthening product quality for their 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. During the second quarter, the Company received initial orders for its new KS 100 post-placement and SE 300 solder paste inspection systems. Initial KS 100 revenues are anticipated in this year's third quarter, while initial SE 300 revenues are expected in the fourth quarter. Sales of the Semiconductor product group increased 107% in the second quarter versus the year-earlier period, which included two industrial measurement systems that were subsequently divested. The Company expects to complete the sale of its remaining industrial measurement system in this year's third quarter. The HAMA Sensors subsidiary, which was acquired to establish a position in the semiconductor capital equipment market, accounted for most of the group's sales in the first and second quarters of 2000. 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. totaled $16,539,000 at June 30, 2000, up from $10,267,000 at March 31, 2000, reflecting the larger than anticipated reorder from an SMT 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. customer as well as increased orders from other sensor and system customers. 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 electronic assembly equipment and semiconductor fabrication 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. bodies of accounting treatment of acquired in-process R&D, market conditions in the global electronics industry, competitive technologies, the commercial success of 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. ====================================================================== -0-
CyberOptics Corporation
Statements of Income
(In thousands, except per
share amounts) Three Months Six Months
Ended June 30, Ended June 30,
2000 1999 2000 1999
----------------------------------------------------------------------
Revenue $14,692 $8,811 $28,201 $16,516
Cost of revenue 5,318 3,905 10,513 7,442
----------------------------------------------------------------------
Gross margin 9,374 4,906 17,688 9,074
Research and
development expenses 2,495 2,469 4,891 4,221
Selling, general and
administrative expenses 3,488 2,396 7,108 4,554
Acquired in-process research
and development - 7,301 - 7,301
Amortization of goodwill and
other intangibles 434 353 860 359
----------------------------------------------------------------------
Income (loss)
from operations 2,957 (7,613) 4,829 (7,361)
Interest income and other 222 310 563 840
----------------------------------------------------------------------
Income (loss)
before income taxes 3,179 (7,303) 5,392 (6,521)
Provision for income taxes 1,200 (54) 2,080 178
----------------------------------------------------------------------
Net income (loss) $1,979 ($7,249) $3,312 ($6,699)
======================================================================
Net income (loss)
per share - Basic $0.26 ($0.97) $0.43 ($0.90)
Net income (loss)
per share - Diluted $0.24 ($0.97) $0.40 ($0.90)
======================================================================
Weighted average shares
outstanding - Basic 7,674 7,452 7,625 7,445
Weighted average shares
outstanding - Diluted 8,391 7,452 8,345 7,445
======================================================================
Condensed Balance Sheets
June 30, Dec. 31,
2000 1999
----------------------------------------------------------------------
Assets
Cash and cash equivalents $11,336 $10,196
Marketable securities 11,071 8,509
Accounts receivable, net 8,768 7,762
Inventories 6,467 4,997
Other current assets 1,892 1,756
----------------------------------------------------------------------
Total current assets 39,534 33,220
Marketable securities 6,729 4,396
Intangible assets, net and other 9,835 11,143
Fixed assets, net 3,315 2,705
----------------------------------------------------------------------
Total assets $59,413 $51,464
======================================================================
Liabilities and Stockholders' Equity
Accounts payable $2,309 $1,886
Accrued expenses 4,939 3,074
----------------------------------------------------------------------
Total current liabilities 7,248 4,960
----------------------------------------------------------------------
Total stockholders' equity 52,165 46,504
----------------------------------------------------------------------
Total liabilities and
stockholders' equity $59,413 $51,464
======================================================================
Backlog Shipment Schedule:
-----------------------------------------------------------
3rd Quarter 2000 11,060
4th Quarter 2000 and other 5,479
-----------------------------------------------------------
Total backlog $16,539
===========================================================
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion