CyberOptics Reports Second Quarter Operating Results.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--July 23, 2001 CyberOptics Corporation (Nasdaq:CYBE) today reported consolidated revenues of $11,308,000 for the second quarter of 2001 ended June June: see month. 30, down from $14,694,000 in the year-earlier period and $16,663,000 in this year's first quarter. The Company reported a consolidated net loss of $354,000 or $0.04 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, compared to net income of $1,980,000 or $0.24 per diluted share in the second quarter of 2000 and $1,312,000 or $0.16 per diluted share in the first quarter of 2001. 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 for the current quarter would have been $0.02 per diluted share, compared to $0.28 in last year's second quarter and $0.21 in this year's first quarter. The second quarter net loss was consistent with the amount forecasted in the guidance reported on June 21, 2001, when the Company reduced its second quarter sales and earnings estimates. For the first six months of 2001, consolidated revenues totaled $27,971,000, compared to $28,192,000 in the same period of 2000. Net income came to $958,000 or $0.12 per diluted share for the current period, versus $3,171,000 or $0.38 per diluted share in the first half of 2000. 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: "Our second quarter operating results reflect further deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in the global electronic assembly capital equipment market. The reduction in orders for electronic assembly sensors
adj. Of, for, or involving a short period of time in the near future. indications from our electronic assembly sensor customers, CyberOptics' operating results are expected to weaken further in this year's third quarter ending September September: see month. 30. Limited order visibility prevents us from forecasting the ultimate duration of weak conditions in the electronic assembly and semiconductor capital equipment markets." Steven M. Quist, president and chief executive officer, added: "Rigorous cost control measures, including the previously announced workforce and salary reductions, have lowered CyberOptics' cost structure and limited our second quarter net loss. Despite the difficult market environment, we are continuing to develop several important new electronic assembly and semiconductor sensor products. We expect to introduce the first of these sensors in the second half. These new products, combined with those introduced in 2000, are positioning CyberOptics for a resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of highly profitable growth during the next phase of expansion in our targeted markets." OEM Solutions Electronic Assembly Sensors. Sales of electronic assembly sensors to OEMs of robotic ro·bot·ic adj. Relating to, characteristic of, or employing robots. electronic assembly equipment declined 40% in the second quarter of 2001 versus the year-earlier period and by 41% from this year's first quarter. In a recent development, a major OEM customer notified the Company to suspend sensor shipments during the first two months of this year's third quarter as it works off excess sensor inventory. The Company believes this suspension of scheduled shipments could continue beyond August. A second OEM sensor customer has also reduced its forecasted requirements for the balance of the year. As a result of these developments, sales of electronic assembly sensors are expected to weaken further in this year's third quarter. Semiconductor Products. Second 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 semiconductor 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, remained relatively stable with the two prior quarters. Sales increased 16% in this year's second quarter in comparison to the year-earlier period and increased 2% from this year's first quarter. Third quarter sales are expected to remain at or near the second quarter level. End-User Inspection Systems Sales of End-User 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 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, increased 15% in the second quarter in comparison to the year-earlier level, reflecting the positive impact of new solder paste inspection 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. (AOI) systems introduced in late 2000. 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. declined 26% from this year's first quarter. Third quarter sales of inspection systems are currently expected to remain at or near the second quarter level. Due to the continuing impact of weak market conditions, the Company anticipates third quarter revenues of approximately $8 million and a net loss of approximately $0.22 to $0.28 per diluted share. 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 2001 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: market conditions in the global SMT and semiconductor capital equipment industries, the level of orders from our OEM 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, 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 and other factors set forth in the Company's filings with the Securities and Exchange Commission Conference Call The Company will review its second quarter operating results in a conference call at 4:30 pm Eastern this afternoon. 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 is also available at 719-457-0820 and providing the 771692 confirmation code. This replay will be available through July July: see month. 31.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
----------------------------------------------------------------------
Revenue $11,308 $14,694 $27,971 $28,192
Cost of revenue 5,126 5,318 12,100 10,512
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Gross margin 6,182 9,376 15,871 17,680
Research and development expenses 2,221 2,495 4,450 4,891
Selling, general and
administrative expenses 3,850 3,488 9,028 7,108
Non-recurring Charges 250 250
Amortization of goodwill and other
intangibles 585 434 1,167 860
----------------------------------------------------------------------
Income (Loss) from operations (724) 2,959 976 4,821
Interest income and other 465 221 792 565
----------------------------------------------------------------------
Income (Loss) before cumulative
effect of change in accounting
principle and income taxes (259) 3,180 1,768 5,386
Provision for income taxes 95 1,200 810 2,080
----------------------------------------------------------------------
Income (Loss) before cumulative
effect of change in accounting
principle (354) 1,980 958 3,306
Cumulative effect of change in
accounting principle, net of tax (135)
----------------------------------------------------------------------
Net income (loss) ($354) $1,980 $958 $3,171
======================================================================
Net income per share - Basic ($0.04) $0.26 $0.12 $0.42
Net income per share - Diluted ($0.04) $0.24 $0.12 $0.38
======================================================================
Weighted average shares
outstanding - Basic 7,989 7,674 7,975 7,625
Weighted average shares
outstanding - Diluted 7,989 8,391 8,269 8,345
======================================================================
Condensed Consolidated Balance Sheets
June 30, 2001 Dec. 31, 2000
(Unaudited)
---------------------------------------------------------------------
Assets
Cash and cash equivalents $15,928 $13,097
Marketable securities 4,996 6,650
Accounts receivable, net 6,745 12,470
Inventories 9,977 9,497
Other current assets 1,616 1,710
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Total current assets 39,262 43,424
Marketable securities 10,950 8,538
Intangible and other assets, net 11,205 12,911
Fixed assets, net and other 3,792 3,944
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Total assets $65,209 $68,817
=====================================================================
Liabilities and Stockholders' Equity
Accounts payable $995 $3,433
Accrued expenses 2,778 5,456
---------------------------------------------------------------------
Total current liabilities 3,773 8,889
Deferred Tax Liabilities 145 145
---------------------------------------------------------------------
Total stockholders' equity 61,291 59,783
---------------------------------------------------------------------
Total liabilities and stockholders' equity $65,209 $68,817
=====================================================================
Backlog Shipment Schedule:
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3rd Quarter 2001 4,087
4th Quarter 2001 and thereafter 230
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Total backlog 4,317
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