CyberOptics Reports Significantly Improved Second Quarter Results.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--July 30, 2003 CyberOptics Corporation (Nasdaq:CYBE) today reported consolidated revenues of $7,508,000 for the second quarter of 2003 ended June June: see month. 30, an increase of 27% from $5,912,000 in the year-earlier quarter and also up 17% from $6,425,000 in this year's first quarter. CyberOptics reported a net loss of $1,258,000 or $0.15 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 in this year's second quarter. The lower than anticipated second quarter loss represented a significant improvement from the reported net loss of $3,292,000 or $0.40 per share in the second quarter of 2002, which included restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and other charges totaling $1,450,000. CyberOptics' net loss for the current quarter was also below the net loss of $1,482,000 or $0.18 per share in this year's first quarter, which included a gain of $645,000 for a technology transfer and licensing agreement, as well as a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $170,000 related to further consolidation of semiconductor operations. For the first six months of 2003, CyberOptics reported sales of $13,933,000, an increase of 33% from $10,444,000 in the first half of 2002. The Company's net loss for this year's first half came to $2,740,000 or $0.34 per share, compared to the reported net loss of $6,494,000 or $0.80 per share a year ago, which included restructuring and other charges totaling $2,297,000. Kathleen Kathleen may refer to: People with the given name Kathleen:
adj. Relating to, characteristic of, or employing robots. pick-and-place equipment, which are used in the production of surface mount circuit boards. We believe this increased sales volume reflects growing demand for the automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. assembly equipment of our 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, who, in turn, are placing orders for our LaserAlign sensors at higher rates. New product introductions for one of our large OEM customers also contributed to the increased electronic assembly 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. sales. The SARS epidemic epidemic, outbreak of disease that affects a much greater number of people than is usual for the locality or that spreads to regions where it is ordinarily not present. , by impeding im·pede tr.v. im·ped·ed, im·ped·ing, im·pedes To retard or obstruct the progress of. See Synonyms at hinder1. [Latin imped travel to current and potential Asian customers, affected second quarter sales 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 inspection systems, which were virtually unchanged from this year's first quarter." Iverson continued: "The strengthening in our business that started in the second quarter is currently expected to continue during the third quarter ending September September: see month. 30. Our 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. and bookings for electronic assembly sensor sales are up, which we expect to be reflected in our sales for the third quarter. In addition, order bookings for SMT inspection systems have started to increase in the aftermath of the SARS epidemic, causing us to anticipate improved 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. in this year's third quarter. As a result, we are forecasting a third quarter net loss of $0.02 to $0.07 per share on revenues of $8.5 to $9.2 million, which would represent further sequential and year-over-year improvements in our operating results." Sales of electronic assembly sensors to OEMs of robotic assembly equipment increased 137% in the second quarter from the year-earlier level and by 41% from this year's first quarter. 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, decreased 6% in this year's second quarter from the prior year's level and were virtually unchanged from this year's first 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 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, were down 18% in the second quarter from the year-earlier level but increased 4% from the level posted in this year's first quarter. CyberOptics' net loss for 2003 also reflects the absence of an income tax benefit for the second quarter and six months ended June 30, 2003. The tax benefits recorded in the second quarter and first half of 2002 ended June 30 were approximately $1.9 million and $4.0 million, respectively. As previously reported, CyberOptics will not record any income tax benefits until its valuation allowance on deferred taxes is eliminated. Due to workforce reductions and other cost control actions taken during the past year, second quarter operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were down 19% on a year-over-year basis. 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 declined to $19,868,000 from $20,977,000 at March 31, 2003 and $21,818,000 at December 31, 2002. The Company does not anticipate a significant change in cash and marketable securities during the third quarter of 2003. About CyberOptics 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 fabrication (fab´rikā´sh  n),n the construction or making of a restoration. equipment markets. Statements regarding the Company's anticipated performance in 2003 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 timing and commercial success of new product introductions, the effect of world events on our sales, including the impact of SARS on the Asian electronic market, 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 Second Quarter Conference Call and Replay CyberOptics will review its second quarter operating results in a conference call at 4:30 pm Eastern today. Investors can listen to this conference call at www.cyberoptics.com (Company Information). Listeners should go to this web site 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. A replay of the conference call will be available through August 6 by dialing 303-590-3000 and providing the 544984 confirmation code.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited)
(In thousands, except per
share amounts) Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
----------------------------------------------------------------------
Revenue $7,508 $5,912 $13,933 $10,444
Cost of revenue 3,681 3,772 7,206 6,705
----------------------------------------------------------------------
Gross margin 3,827 2,140 6,727 3,739
Research and development expenses 1,860 2,261 3,600 4,575
Selling, general and
administrative expenses 2,886 3,582 5,668 7,266
Restructuring and severance costs - 800 170 1,647
Gain from technology transfer and
license - - (645) -
Amortization of intangibles 281 281 561 560
----------------------------------------------------------------------
Income (loss) from operations (1,200) (4,784) (2,627) (10,309)
Interest income and other 71 (388) 76 (165)
----------------------------------------------------------------------
Income (loss) before income
taxes (1,129) (5,172) (2,551) (10,474)
Provision (benefit) for income
taxes 129 (1,880) 189 (3,980)
----------------------------------------------------------------------
Net income (loss) ($1,258)($3,292) ($2,740) ($6,494)
======================================================================
Net income (loss) per share -
Basic ($0.15) ($0.40) ($0.34) ($0.80)
Net income (loss) per share -
Diluted ($0.15) ($0.40) ($0.34) ($0.80)
======================================================================
Weighted average shares
outstanding - Basic 8,180 8,142 8,185 8,134
Weighted average shares
outstanding - Diluted 8,180 8,142 8,185 8,134
======================================================================
Condensed Consolidated Balance
Sheets
June 30, Dec. 31,
2003 2002
(Unaudited)
----------------------------------------------------------------------
Assets
Cash and cash equivalents $7,395 $11,009
Marketable securities 6,316 4,086
Accounts receivable, net 4,890 3,836
Inventories 5,285 7,065
Income tax receivable 2,618 2,560
Other current assets 396 577
----------------------------------------------------------------------
Total current assets 26,900 29,133
Marketable securities 6,157 5,723
Intangible and other assets, net 9,925 10,717
Fixed assets, net 1,770 2,354
----------------------------------------------------------------------
Total assets $44,752 $47,927
======================================================================
Liabilities and Stockholders' Equity
Accounts payable $1,307 $1,251
Accrued expenses 2,444 2,614
----------------------------------------------------------------------
Total current liabilities 3,751 3,865
----------------------------------------------------------------------
Total stockholders' equity 41,001 44,062
----------------------------------------------------------------------
Total liabilities and stockholders' equity $44,752 $47,927
======================================================================
Backlog Shipment Schedule:
--------------------------------------------------------
3rd Quarter 2003 $4,815
4th Quarter 2003 and thereafter 325
-------------------------------------------------------------
Total backlog $5,140
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