CyberOptics Reports Strong Third Quarter Operating Results.MINNEAPOLIS--(BUSINESS WIRE)--Oct. 21, 1997--CyberOptics Corporation (Nasdaq National Market: CYBE) today reported net income of $1,487,000 or $.26 per share, compared to the net loss of $356,000 or $.06 per share in the year-earlier period. Third quarter sales rose 84% to $9,249,000. Operating results for the third quarter of 1996 were affected by the severe downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the global surface mount technology (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 ) electronics market. For the first nine months of 1997, net income totaled $2,885,000 or $.51 per share, up 64% from $1,764,000 or $.30 per share in the year-earlier period. Nine-month sales increased 15% to $24,586,000. Dr. 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, president, said this year's third quarter was the Company's strongest three-month period of 1997 by a considerable margin, as well as the fourth consecutive quarter of improved operating results. He attributed the Company's sales and earnings growth to strong demand for SMT process control sensors
See product mix. toward higher-margin 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. products, and continued improvements in manufacturing efficiencies and cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. measures. Case added that the global SMT market remains robust, with demand for process control 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 systems running at strong levels across all customer segments. He noted that this round of SMT market growth, in comparison to the last growth cycle in 1995, is being managed more carefully by OEMs of robotic ro·bot·ic adj. Relating to, characteristic of, or employing robots. pick-and- place equipment as well as manufacturers of printed circuit boards. As a result, he continued, the industry is currently balancing additions to production capacity in line with near-term near-term adj. Of, for, or involving a short period of time in the near future. demand, a factor that could make this SMT growth cycle more sustainable over a longer period of time. Sales of total process control sensors increased 108% in the third quarter in comparison to the year-earlier period. Within this product category, orders for the Laser Lead Locator LOCATOR, civil law. He who leases or lets a thing to hire to another. His duties are, 1st. To deliver to the hirer the thing hired, that he may use it. 2d. To guaranty to the hirer the free enjoyment of it. 3d. sensor were significantly stronger than planned during the quarter, causing a shift in the overall sensor sales mix toward this high-margin product line. Third quarter sales of the new CyberSentry 2000 solder paste inspection system were also strong, rising 57% versus the year-earlier quarter. As a result of these growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. , total sensor sales accounted for 75% of third quarter revenues, up from 62% in this year's second quarter. Reflecting the enriched sensor product mix, together with further improvements in CyberSentry margins and overall manufacturing efficiencies, the Company's gross margin increased to 58% in the third quarter, from 53% in the second quarter and 47% in the third quarter of 1996. Third quarter profitability also benefited from the continued stability of 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. . Sales of general measurement products accounted for 8% of total third quarter sales, compared to 10% of second quarter volume. General measurement sales continued to be affected by a pending changeover (programming) changeover - The time when a new system has been tested successfully and replaces the old system. in the sensor product line and the delayed introduction of a new measurement system. The production 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. at the end of the third quarter totaled $7,100,000, compared to $5,371,000 at the end of this year's second quarter. The Company said the majority of its record quarter-ending backlog is expected to ship in the fourth quarter. The Company said the fourth quarter of 1997 is shaping up as another period of strong sales and earnings growth. SMT 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. are expected to be particularly robust, which should cause the sensors/systems sales mix to return to more historical levels. CyberOptics is a worldwide leader in the field of non- non- word element [L.]not . non- pref. Not: noninvasive. contact process management, based on proprietary laser and vision technologies and software. The Company's measurement and inspection products strengthen the yields, operating efficiencies and quality control of manufacturing that involves high-precision, wet or fragile components as well as high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. processes. The Company operates in the global SMT and general industrial markets. Statements regarding the Company's anticipated performance in 1997 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 electronics industry, competitive products and technologies, and other factors set forth in the Company's filings with the Securities and Exchange Commission. -0-
CyberOptics Corporation
Statements of Income
(In thousands,
except per share amounts) Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1997 1996 1997 1996
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Revenue $9,249 $5,025 $24,586 $21,350
Cost of revenue 3,896 2,644 11,125 10,449
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Gross margin 5,353 2,381 13,461 10,901
Research and development
expenses 1,588 1,474 4,566 4,410
Selling, general and
administrative expenses 2,127 2,009 6,231 5,703
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Income (loss) from
operations 1,638 (1,102) 2,664 788
Interest income 549 593 1,578 1,776
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Income (loss) before
income taxes 2,187 (509) 4,242 2,564
Provision for income taxes 700 (153) 1,357 800
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Net income (loss) $1,487 ($356) $2,885 $1,764
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Net income (loss) per share
(primary and fully diluted) $0.26 ($0.06) $0.51 $0.30
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Weighted average common
and common equivalent
shares outstanding 5,729 5,526 5,712 5,790
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Balance Sheets
Sept. 30, Dec. 31,
1997 1996
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Assets
Cash and cash equivalents $5,456 $3,453
Marketable securities 24,541 21,356
Accounts receivable, net 5,163 5,031
Inventories 4,660 3,768
Other current assets 1,346 1,635
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Total current assets 41,166 35,243
Marketable securities 11,087 12,500
Equipment and furnishings, net 2,317 2,495
Capitalized patent cost, net 95 78
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Total assets $54,665 $50,316
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Liabilities and Stockholders' Equity
Accounts payable $1,230 $1,191
Income taxes payable 1,327 233
Accrued expenses 1,566 1,424
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Total current liabilities 4,123 2,848
Stockholders' equity:
Common stock, no par value, 25,000 shares
authorized, 5,285 and 5,216 shares issued
and outstanding, respectively 37,397 37,209
Retained earnings 13,145 10,259
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Total stockholders' equity 50,542 47,468
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Total liabilities and stockholders' equity $54,665 $50,316
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Backlog Shipment Schedule:
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4th Quarter 1997 6,072
1st Quarter 1998 971
After 1st Quarter 1998 53
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Total backlog 7,096
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CONTACT: CyberOptics Corp., 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. Jack Beagan, V.P. Operations and Acting CFO See Chief Financial Officer. 612/542-5000 or Scott Larson, Controller 612/542-5000 |
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