CyberOptics Reports Strong Second Quarter Sales And Higher Than Forecasted Earnings; Announces 500,000 Share Repurchase Plan.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 strong operating results for the second quarter of 2006 ended June June: see month. 30. --Consolidated sales totaled $14,551,000, an increase of 73% from $8,429,000 in the year-earlier period but down slightly from $14,718,000 in this year's first quarter. Second quarter sales were at the high end of the previously-issued sales guidance for this period. --Operating income came to $2,469,000, up significantly from $26,000 in last year's second quarter and also up 34% from $1,842,000 in the first quarter of 2006. --Net income came to $1,907,000 or $0.21 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, up significantly from $202,000 or $0.02 per diluted share in the year-earlier period and up 31% from $1,456,000 or $0.16 per diluted share in this year's first quarter. This year's second quarter earnings, which were reduced by approximately $0.03 per diluted share of stock compensation expenses, exceeded the previously issued financial guidance for this period. Earnings in the second quarter and for the first six months of 2006 were taxed at an approximate 34% effective rate, reflecting the reduction of the valuation allowance on deferred tax assets that occurred in the fourth quarter of 2005. Earnings in the second quarter of 2005 were taxed at an effective rate of 26%. --CyberOptics ended the second 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 $48,584,000, up from $43,547,000 at the end of this year's first quarter and also up from $41,140,000 at the end of 2005. CyberOptics also announced that its board of directors has approved the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 500,000 shares of its common stock in the open market for a one year period commencing July July: see month. 31, 2006. Kathleen Kathleen may refer to: People with the given name Kathleen:
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) ) system. In addition to increased sales of electronic assembly sensors to OEMs of robotic ro·bot·ic adj. Relating to, characteristic of, or employing robots. pick-and-place equipment, our 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. operation also received another solid contribution from DEK DEK - Data Encryption Key International, which has embedded Inserted into. See embedded system. our fiducial/inspection camera into its industry-leading line of 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. screen printers." Iverson continued: "Since its introduction earlier this year, sales of the Flex Ultra have exceeded our expectations, driven by the significantly enhanced features of this next-generation AOI system. During the second quarter, we received an order, primarily for Flex Ultra systems, totaling nearly $900,000 from a large Asian original design manufacturer that is the world's leading producer of smart phones and PDAs. Systems worth $260,000 were delivered in the second quarter, with the balance scheduled for completion in the third quarter. We also received a $400,000 order for SE 300 solder paste inspection systems from a new memory DRAM or module customer for delivery in the third quarter. We believe most of the world's memory module producers are now CyberOptics' customers, many of which are standardizing on our inspection systems. Second quarter order bookings totaled $14,165,000, compared to $16,008,000 in this year's first quarter. As a result, we ended the second quarter with an 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. of $7,805,000, compared to $8,191,000 at the beginning of this period. Since the majority of this backlog is scheduled to ship in the third quarter and given our outlook for new orders, we believe the third quarter should be another good period for CyberOptics." Steven K. Case, Ph.D., chairman and founder, added: "The new sensor, system and semiconductor 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 strength of our targeted capital equipment markets. We are particularly encouraged by the strong market reception accorded our new, state-of-the-art Flex Ultra inspection system. As the next generation of CyberOptics' line of AOI inspection systems, Flex Ultra 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 at higher production speeds with greater resolution and reliability than prior AOI models. The robust demand for this product also reinforces our conviction that quality inspections of miniaturized components on today's surface mount technology circuit boards are becoming an increasingly important consideration for manufacturers of electronic products. This trend plays directly into CyberOptics' technological strengths." CyberOptics is forecasting earnings of $0.16 to $0.19 per diluted share on sales of $14.0 to $15.0 million for the third quarter ending September 30. This guidance incorporates stock compensation expenses of approximately $0.02 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 (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; 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. 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 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 August 2, 2006 by dialing 303-590-3000 and providing the 11066405 confirmation code.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited)
(In thousands, except Three Months Ended Six Months Ended
per share amounts) June 30, June 30,
2006 2005 2006 2005
----------------------------------------------------------------------
Revenue $14,551 $8,429 $29,269 $19,718
Cost of revenue 6,438 3,558 13,521 8,468
----------------------------------------------------------------------
Gross margin 8,113 4,871 15,748 11,250
Research and
development expenses 1,907 1,678 3,940 3,387
Selling, general and
administrative
expenses 3,565 2,960 7,118 6,110
Amortization of
intangibles 172 207 379 414
----------------------------------------------------------------------
Income from
operations 2,469 26 4,311 1,339
Interest income and
other 418 246 812 403
----------------------------------------------------------------------
Income before
income taxes 2,887 272 5,123 1,742
Provision for income
taxes 980 70 1,760 420
----------------------------------------------------------------------
Net income $1,907 $202 $3,363 $1,322
======================================================================
Net income per share
- Basic $0.21 $0.02 $0.38 $0.15
Net income per share
- Diluted $0.21 $0.02 $0.37 $0.15
======================================================================
Weighted average
shares outstanding -
Basic 8,997 8,859 8,962 8,853
Weighted average
shares outstanding -
Diluted 9,100 8,980 9,072 8,988
======================================================================
Condensed Consolidated Balance Sheets
June 30, Dec. 31,
2006 2005
(Unaudited)
----------------------------------------------------------------------
Assets
Cash and cash
equivalents $32,934 $19,592
Marketable securities 12,238 15,607
Accounts receivable,
net 8,533 9,775
Inventories 8,703 7,512
Other current assets 828 924
Deferred tax assets 1,942 1,942
----------------------------------------------------------------------
Total current
assets 65,178 55,352
Marketable securities 3,412 5,941
Intangible and other
assets, net 6,353 6,593
Fixed assets, net 1,722 1,378
Deferred tax assets 3,858 3,763
----------------------------------------------------------------------
Total assets $80,523 $73,027
======================================================================
Liabilities and Stockholders' Equity
Accounts payable $3,217 $2,633
Accrued expenses 5,821 4,204
----------------------------------------------------------------------
Total current
liabilities 9,038 6,837
----------------------------------------------------------------------
Total stockholders'
equity 71,485 66,190
----------------------------------------------------------------------
Total liabilities
and stockholders'
equity $80,523 $73,027
======================================================================
Backlog Schedule:
------------------------------------------------------------------
3rd Quarter 2006 $7,559
4th Quarter 2006
and thereafter 246
----------------------------------------------------------------------
Total backlog $7,805
======================================================================
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