CyberOptics Reports Strong Fourth Quarter and Full-Year 2006 Operating Results.MINNEAPOLIS -- CyberOptics Corporation (Nasdaq:CYBE) today reported operating results for the fourth quarter of 2006 ended December 31: * Consolidated sales totaled $13,745,000, an increase of 13% from $12,122,000 in the year-earlier period and down modestly from $14,075,000 in this year's third quarter. Fourth quarter sales exceeded the previously issued guidance for this period. * 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 $1,043,000, compared to $1,212,000 in the fourth quarter of 2005 and $1,767,000 in this year's third quarter. * Net income came to $1,282,000 or $0.14 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, reflecting stock compensation expense of $0.01 per diluted share and an effective income tax rate of approximately 20% that resulted from the federal R&D tax credit signed into law in the fourth quarter of 2006 and made retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a for the full year. Fourth quarter net income, which also exceeded the financial guidance for this period, was down from $5,202,000 or $0.58 per diluted share in the fourth quarter of 2005, which included a non-cash income tax benefit of $3,672,000 from the reduction in the valuation allowance on deferred tax assets. In the third quarter of 2006, CyberOptics reported net income of $1,745,000 or $0.19 per diluted share, which included $0.01 per diluted share of stock compensation expense and a $232,000 income tax benefit related to the reduction in the accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for prior years income taxes. * CyberOptics ended the fourth 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 $49,007,000. During this period, cash totaling nearly $2.5 million was used to acquire approximately 204,000 shares of CyberOptics common stock under the existing stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. authorization. Approximately 290,000 remaining common shares can be repurchased under this authorization. Cash and marketable securities totaled $49,664,000 at the end of this year's third quarter and $41,140,000 at the end of 2005. For full-year 2006, consolidated sales rose 35% to $57,089,000. Operating income increased 129% to $7,121,000. Net income came to $6,390,000 or $0.70 per diluted share, which included stock compensation expense of $0.07 per diluted share. In 2005, net income was $7,150,000 or $0.79 per diluted share, which included the previously mentioned non-cash income tax benefit generated by the reduction in the valuation allowance on deferred tax assets. Kathleen P. Iverson, president and chief executive officer, commented: "CyberOptics posted strong operating results in 2006 due to robust sales of both electronic assembly sensors and 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 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 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. In the fourth quarter, sales of electronic assembly sensors exceeded planned levels due to renewed ordering activity on the part of one of our major 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 this period, demand also remained strong for our inspection systems, which continued penetrating manufacturers of memory modules." Iverson continued: "We ended the fourth quarter of 2006 with an order backlog of $6,876,000, up from $6,552,000 at the beginning of quarter, making us believe the electronic assembly market remains relatively strong at this time. As a result, we are forecasting earnings of $0.10 to $0.13 per diluted share on sales of $13.0 to $14.0 million for the first quarter of 2007 ending March 31. This guidance reflects increased R&D investment in our systems business and an effective income tax rate of approximately 34%." Steven K. Case, Ph.D., chairman and founder, added: "Based on our belief that the inspection systems portion of our business will be a primary growth driver going forward, we are devoting the largest portion of our R&D budget toward the development of both new-generation and upgraded inspection systems. During the second half of 2006, we introduced several significant upgrades to our Flex Ultra AOI system, which inspects for missing or misplaced mis·place tr.v. mis·placed, mis·plac·ing, mis·plac·es 1. a. To put into a wrong place: misplace punctuation in a sentence. b. circuit board components, solder solder (sŏd`ər), metal alloy used in the molten state as a metallic binder. The type of solder to be used is determined by the metals to be united. Soft solders are commonly composed of lead and tin and have low melting points. Hard solders (i. joint quality and other defects. These upgrades include improvements in inspection resolution and speed, rework re·work tr.v. re·worked, re·work·ing, re·works 1. To work over again; revise. 2. To subject to a repeated or new process. n. capabilities and ease of programming. Also during this period, we significantly upgraded our SE 300 Ultra solder paste inspection system, enabling it to inspect the solder pads of the smallest electronic components at higher production speeds. Additional new system products and upgrades are anticipated in coming periods." Case continued: "We also fully intend to maintain and expand our industry-leading position in electronic assembly sensors. Toward this end, we have started shipping our fifth-generation LaserAlign[R] sensor for the new pick-and-place platform of Juki Automation Systems, a long-time OEM partner. This sensor operates at significantly faster component placement speeds and can align ultra small, state-of-the-art 01005 electronic components. By having this new sensor incorporated into Juki's next-generation platform, we believe Juki will remain a significant CyberOptics customer well into the future." About CyberOptics Founded in 1984, CyberOptics Corporation is a leading provider of sensors and inspection systems that provide process yield and through-put improvement solutions for the global electronic assembly and semiconductor capital equipment markets. Our products are deployed on production lines that manufacture surface mount technology circuit boards and semiconductor process equipment. By increasing productivity and product quality, our sensors and inspection systems enable electronics manufacturers to strengthen their competitive positions in highly price-sensitive 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. , we conduct worldwide operations through facilities 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; increasing price competition and price pressure on our product sales, particularly our SMT systems, 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. Fourth Quarter Conference Call and Replay CyberOptics will review its fourth 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 February 21 by dialing 303-590-3000 and providing the 11083388 confirmation code. [TABLE OMITTED] |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion