CyberOptics Reports Third Quarter Operating Results; Announces Stock Repurchase Plan.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Oct. 29, 2002 CyberOptics Corporation (Nasdaq:CYBE) today reported operating results for the third quarter of 2002 ended September September: see month. 30: -- Consolidated revenues increased 21% to $7,476,000 from $6,189,000 in the year-earlier quarter and were also up 26% from $5,912,000 in this year's second quarter. -- The Company reported a net loss of $5,395,000 or $0.66 per diluted share, which included a $4,076,000 ($0.50 per diluted share) non-cash charge to establish a valuation allowance against deferred tax assets. This compares to a net loss of $1,949,000 or $0.24 per share in the third quarter of 2001 and $3,292,000 or $0.40 per share in this years second quarter. -- Excluding the non-cash charge for establishing a valuation allowance on deferred taxes and restructuring charges related to workforce reductions in prior quarters, CyberOptics' third quarter net loss came to $1,319,000 or $0.16 per share, a significant improvement from the net losses of $1,848,000 or $0.23 per share in the year-earlier period and $2,796,000 or $0.34 per share in this years second quarter. 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. M. Quist, chief executive officer, commented: "Reflecting further strengthening of most aspects of our business, the sequential quarterly improvement in CyberOptics' operating results has continued through the first nine months of 2002. Third quarter sales exceeded our previously-reported guidance, while our net loss excluding charges for valuation allowances on our deferred tax assets was better than our forecasted range. Sales of 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 sensors
adj. Relating to, characteristic of, or employing robots. assembly equipment for the 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 were restocking their 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. inventories in response to new production needs. Sales of OEM products to the semiconductor market remained stable between the second and third quarters but were up 31% from last year's third quarter." Quist continued: "We are particularly encouraged by the performance of our SMT inspection systems product line. Reflecting third quarter orders exceeding $4.0 million, primarily for 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. systems, 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. rose 24% from this year's second quarter and by 30% from last year's third quarter. This significant order volume was generated by a range of new customers, including Asian electronic manufacturing services and consumer electronic companies, in addition to customers serving the automotive, aerospace and industrial markets. A substantial portion of these orders were recorded as revenue in the third quarter, with the balance scheduled for shipment in this year's fourth quarter and early 2003. Additional inspection system orders are anticipated in the fourth quarter, based on indications from existing and prospective customers. The strong surge in systems orders that we have experienced is validating val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. our belief that inspection systems will be one of CyberOptics' primary growth drivers going forward." Kathleen Kathleen may refer to: People with the given name Kathleen:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and recently named chief executive officer effective January January: see month. 1, 2003, added: "Our strong focus on the inspection systems market has included the establishment of a sales office in Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). . Opened last year, this operation was instrumental in winning most of our third quarter orders from Asian electronics companies. We plan to build upon this success by establishing a presence in the rapidly growing electronics market of the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China in 2003. Investment in new manufacturing capacity is continuing in Asia, and CyberOptics' is determined to win its share of these investment dollars. For this reason, we believe the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. will account for a steadily growing proportion of CyberOptics' overall inspection system business in coming years." CyberOptics ended the third quarter with cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments of $18,787,000, compared to $19,546,000 at the end of this year's second quarter. The significantly reduced rate of cash utilization in comparison to prior quarters reflects the positive impact of the higher third quarter sales volume as well as aggressive cost reduction actions taken earlier in the year. The valuation allowance (a non-cash accounting charge) was established against deferred tax assets due to the recent losses experienced during CyberOptics' cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. 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. , which has resulted in an inability to carry these assets on the balance sheet under accounting guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . When the Company returns to profitability and has achieved consistent earnings, the valuation allowance will be reassessed and could be eliminated, resulting in the recognition of the deferred tax assets and a significant income tax benefit at that time. The Company expects to have a reduced tax benefit at an effective rate of approximately 25% in the fourth quarter of 2002. Starting in the first quarter of 2003 and until the valuation allowance is eliminated, CyberOptics will not record any tax provision (either a benefit on losses or tax expense on earnings). As a result, pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income and net income will be equivalent. CyberOptics is forecasting revenues of approximately $7.0 million for the fourth quarter of 2002 ending December December: see month. 31. The net loss for this period is forecasted at $0.17 to $0.22 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 a pre-tax loss consistent with the third quarter level and the reduction of income tax benefits. CyberOptics will provide financial guidance for 2003 when operating results for this year's fourth quarter are released in February February: see month. . It was also announced that the 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 1,000,000 shares of CyberOptics' common stock. The shares will be repurchased from time to time in the open market or through negotiated transactions. CyberOptics had approximately 8.2 million shares outstanding at the end of this year's third quarter. The Company, which views its stock as a value at current price levels, said the repurchased shares will be used for employee compensation plans and other corporate purposes. 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 2002 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, 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. Conference Call The Company will review its third quarter operating results in a conference call at 4:30 pm Eastern today. Investors can listen to this conference call at www.cyberoptics.com or www.vcall.com. Listeners should go to one of these web sites 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. The conference call will be archived for 30 days on the Vcall site. A replay of the conference call will be available through November 5 at 719-457-0820 and providing the 509485.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
2002 2001 2002 2001
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Revenue $7,476 $6,189 $17,920 $34,160
Cost of revenue 4,163 3,691 10,868 15,791
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Gross margin 3,313 2,498 7,052 18,369
Research and development expenses 1,725 2,023 6,300 6,473
Selling, general and
administrative expenses 3,028 3,924 10,292 12,952
Restructuring and severance costs - 169 1,647 419
Amortization of goodwill and other
intangibles 281 592 843 1,759
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Income (Loss) from operations(1,721) (4,210) (12,030) (3,234)
Interest income and other (343) 311 (508) 1,103
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Income (Loss) before income
taxes (2,064) (3,899) (12,538) (2,131)
Provision (benefit) for income
taxes 3,331 (1,950) (649) (1,140)
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Net income (loss) ($5,395) ($1,949) ($11,889) ($991)
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Net income per share - Basic ($0.66) ($0.24) ($1.46) ($0.12)
Net income per share - Diluted ($0.66) ($0.24) ($1.46) ($0.12)
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Weighted average shares
outstanding - Basic 8,195 8,052 8,155 8,000
Weighted average shares
outstanding - Diluted 8,195 8,052 8,155 8,000
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Condensed Consolidated Balance Sheets
Sept. 30, Dec. 31,
2002 2001
(Unaudited)
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Assets
Cash and cash equivalents $5,790 $12,323
Marketable securities 7,294 8,407
Accounts receivable, net 6,321 2,740
Inventories 7,996 9,667
Income tax receivable 2,453 2,076
Other current assets 811 738
Deferred tax assets - 1,684
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Total current assets 30,665 37,635
Marketable securities 5,703 7,830
Intangible and other assets, net 10,969 11,512
Fixed assets, net and other 2,555 3,375
Deferred tax assets - 829
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Total assets $49,892 $61,181
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Liabilities and Stockholders' Equity
Accounts payable $1,609 $1,787
Accrued expenses 2,807 2,356
----------------------------------------------------------------------
Total current liabilities 4,416 4,143
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Total stockholders' equity 45,476 57,038
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Total liabilities and stockholders' equity $49,892 $61,181
======================================================================
Backlog Shipment Schedule:
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4th Quarter 2002 $4,129
1st Quarter 2003 and thereafter 143
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Total backlog $4,272
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