CyberOptics Reports Third Quarter Operating Results.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Oct. 25, 2001 CyberOptics Corporation (Nasdaq:CYBE) today reported consolidated revenues of $6,189,000 for the third quarter of 2001 ended September September: see month. 30, down from $16,277,000 in the third quarter of fiscal 2000. The Company reported a net loss of $1,949,000 or $0.24 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 for the current quarter, compared to net income of $2,814,000 or $0.33 per diluted share in the year-earlier period. The third quarter loss includes a previously-announced income tax benefit of approximately $500,000 and $169,000 of costs related to a third quarter workforce reduction affecting approximately 10% of the Company's worldwide employment. The benefit to the income tax provision reflects the impact of tax strategies related to export sales implemented in the third quarter. Excluding goodwill and intangibles amortization, the third quarter net loss would have been $0.19 per diluted share, compared to earnings of $0.37 in last year's third quarter. For the first nine months of 2001, consolidated revenues totaled $34,160,000, compared to $44,470,000 in the same period of 2000. The nine-month net loss came to $991,000 or $0.12 per diluted share, versus net income of $5,985,000 or $0.71 per diluted share in the comparable period of 2000. Excluding goodwill and intangibles amortization, the Company would have reported net income of $0.05 per diluted share in the first nine months of 2001, compared to $0.84 per diluted share in the same period last year. 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, president and chief executive officer, commented: "All aspects of our business have been affected by the dramatic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. for electronic assembly and semiconductor capital equipment. Following a substantial decline in sales of electronic assembly sensors
tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. sales of
semiconductor sensors and end-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. inspection systems in the third
quarter. Although we believe overall market conditions could be starting
to stabilize stabilizeSee peg. , we currently have no clear visibility about the timing of a sustainable recovery." Quist continued: "Reflecting our difficult outlook, we are committed to maintaining aggressive cost control efforts, which have included two workforce reductions totaling nearly 20% of our total employment. These workforce reductions have been particularly painful in that we were forced to lay off many valued and highly skilled employees. We also implemented an across the board salary reduction, eliminated bonuses, implemented selective hiring practices and significantly tightened control over discretionary spending. In addition, we closed our U.S. facilities for one week in early July July: see month. and plan a second one-week shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down in late December December: see month. ." Sales of electronic assembly sensors to OEMs of robotic ro·bot·ic adj. Relating to, characteristic of, or employing robots. assembly equipment declined 80% in the third quarter of 2001 versus the year-earlier period and by 62% from this year's second quarter. Third quarter sales of semiconductor products, principally wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. mapping sensors for OEMs of wafer-handling equipment and frame grabber A device that accepts standard TV signals and digitizes the current video frame into a single, bitmapped still image. Frame grabbers can be stand-alone devices that plug into a port on the computer or a function built into the video capture board or display adapter. products, were down 40% from the year-earlier period and by 36% from this year's second quarter. Sales of end-user inspection systems, including 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 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, were virtually unchanged from the year-earlier level and were down by 18% from this year's second quarter. Quist added: "With our significant 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 , we plan to continue R&D investment in new products at relatively high levels. We are making enhancements to our automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. optical and solder paste inspection systems. In addition, we are investing in new-generation electronic assembly and semiconductor sensors, with the goals of expanding our customer base and increasing the content of CyberOptics sensors on the robotic assembly equipment of 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. By managing this company from a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. perspective, we are confident that CyberOptics will emerge from this difficult period as a company that is strongly positioned for renewed growth and profitability." Cash and marketable securities were approximately $31,400,000 at September 30, 2001, compared to approximately $31,900,000 at June June: see month. 30, 2001 and $28,300,000 at December 31, 2000. Increased cash balances during the first nine months of 2001 are primarily the result of cash generated from operations. Due to the continuing impact of weak market conditions, the Company anticipates a fourth quarter net loss of $0.35 to $0.41 per diluted share on a revenue decline of approximately 25% from the third quarter level. 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 (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 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 2001 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, the current scrutiny by regulatory bodies of accounting treatment of acquired in-process R&D 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 this afternoon. 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 is also available at 719-457-0820 and providing the 496534 confirmation code. This replay will be available through November 1.
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
----------------------------------------------------------------------
Revenue $6,189 $16,277 $34,160 $44,470
Cost of revenue 3,691 6,021 15,791 16,534
----------------------------------------------------------------------
Gross margin 2,498 10,256 18,369 27,936
Research and development expenses 2,023 2,036 6,473 6,927
Selling, general and administrative
expenses 3,924 3,808 12,952 10,916
Non-recurring Charges 169 - 419 -
Amortization of goodwill and other
intangibles 592 450 1,759 1,310
----------------------------------------------------------------------
Income (Loss) from operations (4,210) 3,962 (3,234) 8,783
Interest income and other 311 375 1,103 938
----------------------------------------------------------------------
Income (Loss) before cumulative
effect of change in accounting
principle and income taxes (3,899) 4,337 (2,131) 9,721
Provision (Benefit) for income taxes (1,950) 1,523 (1,140) 3,601
----------------------------------------------------------------------
Income (Loss) before cumulative
effect of change in accounting
principle (1,949) 2,814 (991) 6,120
Cumulative effect of change in
accounting principle, net of tax - - - (135)
----------------------------------------------------------------------
Net income (Loss) ($1,949) $2,814 ($991) $5,985
======================================================================
Net income (loss) per share - Basic ($0.24) $0.36 ($0.12) $0.78
Net income (loss) per share - Diluted($0.24) $0.33 ($0.12) $0.71
======================================================================
Weighted average shares outstanding
- Basic 8,052 7,890 8,000 7,716
Weighted average shares outstanding
- Diluted 8,052 8,576 8,000 8,429
======================================================================
Condensed Consolidated Balance Sheets
Sept. 30, Dec. 31,
2001 2000
(Unaudited)
----------------------------------------------------------------------
Assets
Cash and cash equivalents $16,404 $13,097
Marketable securities 3,789 6,650
Accounts receivable, net 3,677 12,470
Inventories 9,723 9,497
Income taxes recoverable 2,243 -
Other current assets 1,736 1,710
----------------------------------------------------------------------
Total current assets 37,572 43,424
Marketable securities 11,230 8,538
Intangible and other assets, net 11,948 12,911
Fixed assets, net and other 3,774 3,944
----------------------------------------------------------------------
Total assets $64,524 $68,817
======================================================================
Liabilities and Stockholders' Equity
Accounts payable $1,775 $3,433
Accrued expenses 2,642 5,456
----------------------------------------------------------------------
Total current liabilities 4,417 8,889
Deferred Tax Liabilities 145 145
----------------------------------------------------------------------
Total stockholders' equity 59,962 59,783
----------------------------------------------------------------------
Total liabilities and stockholders' equity $64,524 $68,817
======================================================================
Backlog Shipment Schedule:
------------------------------------------------------------
4th Quarter 2001 $2,512
1st Quarter 2002 and thereafter 183
------------------------------------------------------------
Total backlog $2,695
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