CyberOptics Reports Strong First Quarter Operating Results With Increased Orders and Backlog.MINNEAPOLIS Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. -- CyberOptics Corporation (Nasdaq:CYBE) today reported significantly improved and above-expectation sales, 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. and net income as well as an increased order 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. for the first quarter of 2006 ended March 31. --Consolidated sales totaled $14,718,000, an increase of 21% from $12,122,000 in the fourth quarter of 2005 and also up 30% from $11,289,000 in the first quarter of 2005. First quarter sales exceeded the previously-issued guidance for this period. --Operating income came to $1,842,000, an increase of 52% from $1,212,000 in the fourth quarter of 2005 and 40% from $1,313,000 in last year's first quarter. --Net income, based on an effective income tax rate of 35%, came to $1,456,000 or $0.16 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, which also exceeded the financial guidance for this period. First quarter earnings were reduced by approximately $0.02 per diluted share of stock compensation expenses. Earnings in the fourth quarter of 2005 were $5,202,000 or $0.58 per diluted share, which included a non-cash income tax benefit of $3,672,000 from the reduction of the valuation allowance on deferred tax assets. As a result of this reduction, pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings started being fully taxed in this year's first quarter. Earnings in the first quarter of 2005 came to $1,120,000 or $0.12 per diluted share, which were taxed at an effective rate of 24%. Kathleen Kathleen may refer to: People with the given name Kathleen:
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, Ph.D., chairman and founder, added: "The new products that we have introduced over the past year have positioned CyberOptics to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. upon the strengthening conditions in our targeted capital equipment markets. Consistent with our ongoing emphasis on R&D, development is currently underway on a number of important next-generation 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. and system products, 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." CyberOptics ended the first quarter of 2006 with 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 of $43,547,000, up from $41,140,000 at the end of 2005 and $41,687,000 at the end of the first quarter of 2005. CyberOptics is forecasting earnings of $0.11 to $0.15 per diluted share on sales of $13.5 to $14.5 million for the second quarter ending June 30. This guidance incorporates stock compensation expenses of approximately $0.03 per diluted share. About CyberOptics Founded in 1984, CyberOptics is a recognized leader in process yield and through-put improvement solutions for the global electronic assembly and semiconductor capital equipment markets. Headquartered in Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. , CyberOptics conducts operations in 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. , Asia and Europe. Statements regarding the Company's anticipated performance are forward-looking and therefore involve risks and uncertainties, including but not limited to: market conditions in the global 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 and semiconductor capital equipment industries; the level of orders from our OEM customers; the availability of parts required for meeting customer orders; the effect of world events on our sales, 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. First Quarter Conference Call and Replay CyberOptics will review its first quarter operating results in a conference call at 4:30 pm Eastern today. Investors can access a live webcast of the conference call by visiting the investor relations Investor relations The process by which the corporation communicates with its investors. section of the CyberOptics website, www.cyberoptics.com. The webcast will be archived for 30 days. A replay of the conference call can be heard through May 3, 2006 by dialing 303-590-3000 and providing the 11058548 confirmation code.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts) Three Months
Ended March 31,
2006 2005
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Revenue $14,718 $11,289
Cost of revenue 7,083 4,910
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Gross margin 7,635 6,379
Research and development expenses 2,033 1,709
Selling, general and administrative expenses 3,553 3,150
Amortization of intangibles 207 207
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Income from operations 1,842 1,313
Interest income and other 394 157
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Income before income taxes 2,236 1,470
Provision for income taxes 780 350
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Net income $1,456 $1,120
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Net income per share - Basic $0.16 $0.13
Net income per share - Diluted $0.16 $0.12
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Weighted average shares outstanding - Basic 8,929 8,859
Weighted average shares outstanding - Diluted 9,046 9,007
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Condensed Consolidated Balance Sheets
March 31, Dec. 31,
2006 2005
(Unaudited)
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Assets
Cash and cash equivalents $23,476 $19,592
Marketable securities 14,144 15,607
Accounts receivable, net 11,117 9,775
Inventories 8,275 7,512
Other current assets 899 924
Deferred tax assets 1,942 1,942
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Total current assets 59,853 55,352
Marketable securities 5,927 5,941
Intangible and other assets, net 6,399 6,593
Fixed assets, net 1,573 1,378
Deferred tax assets 3,763 3,763
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Total assets $77,515 $73,027
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Liabilities and Stockholders' Equity
Accounts payable $3,508 $2,633
Accrued expenses 5,465 4,204
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Total current liabilities 8,973 6,837
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Total stockholders' equity 68,542 66,190
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Total liabilities and stockholders' equity $77,515 $73,027
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Backlog Schedule:
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2nd Quarter 2006 $7,897
3rd Quarter 2006 and thereafter 294
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Total backlog $8,191
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