Record Quarter-Ending Order Backlog of $24.8
Million
CyberOptics Corporation (Nasdaq: CYBE) today
reported sales of $16.4 million for the first quarter of 2020 ended
March 31, an increase of 10% from $15.0 million in the first
quarter of 2019. Net income for the first quarter of 2020 was
$844,000 or $0.11 per diluted share, up significantly from $495,000
or $0.07 per diluted share in the year-earlier quarter.
Dr. Subodh Kulkarni, president and chief executive officer,
commented, “CyberOptics’ first quarter results were at the high end
of our previously-issued guidance for this period. Our performance
was generated by robust sales of 3D Multi-Reflection Suppression™
(MRS™) enabled SQ3000™ Multi-Function systems and 3D MRS sensors.
We also recognized revenue from sales of both 2D and 3D MX memory
module inspection systems. Having ended the first quarter with a
record backlog, we believe the second quarter of 2020 should be
another strong period for CyberOptics.”
He continued, “The Covid-19 pandemic has had a minimal impact on
our business thus far, despite the resulting difficulties with
global travel and shipping. We are closely monitoring this health
crisis and its impact on our business in coming months.”
Kulkarni added, “We are encouraged to report that we currently
have six customers for our MRS-based sensors, including our 3D
NanoResolution sensor, for advanced packaging inspection
applications. These customers are at various stages of integrating
our sensors into their inspection systems. Some have started
demonstrating their systems to end-customers, and we believe these
relationships will start contributing to revenue in a more
significant way in 2021. Interest among additional potential
customers also remains strong. We believe our 3D NanoResolution MRS
sensor has positioned CyberOptics to capitalize upon numerous,
extremely promising growth opportunities.”
Sales of sensors and inspection and metrology systems based on
3D MRS technology increased 66% year-over-year to $7.2 million in
the first quarter of 2020. As of March 31, 2020, 150 customers have
purchased our 3D MRS sensor and system products since their
introduction. These MRS-based products, combined with semiconductor
sensors, accounted for 68% of total revenue in the first quarter of
2020, compared to 57% of total revenue in the year-earlier
period.
Sales of inspection and metrology systems totaled $8.4 million
in the first quarter of 2020, up 18% year-over-year from the first
quarter of 2019. Driving this increase was sales of SQ3000
Multi-Function systems, which rose 34% year-over-year to $3.3
million in the first quarter of 2020. In addition, CyberOptics
recognized revenue of $1.4 million from the sale of memory module
inspection systems, including the first sale of its 3D MX3000™
system to a new customer. Consistent with its belief that the
market for memory module inspection systems represents an
attractive, long-term opportunity, CyberOptics received orders
valued at $4.4 million for 2D MX600™ systems in this year’s first
quarter. These orders are scheduled to ship in the second half of
2020.
Also during the first quarter, CyberOptics received an order
valued at approximately $1.2 million for its SQ3000 Multi-Function
systems that will be used to scale-up production of micro LED-based
technology, a market CyberOptics views as a significant growth
opportunity. The systems are expected to result in revenue in this
year’s second quarter. The Company anticipates additional orders
related to the micro LED market as 2020 progresses. Demand for the
Company’s SQ3000 Multi-Function systems is forecasted to continue
at a robust level in this year’s second quarter.
Sales of 3D and 2D sensors increased 10% year-over-year to $4.1
million in the first quarter of 2020. Within this category, sales
of 3D MRS-enabled sensors totaled $3.1 million in the first quarter
of 2020, up 76% year-over-year from the year-earlier quarter.
Demand for the Company’s 3D sensors is expected to remain strong in
the second quarter of 2020.
Sales of semiconductor sensors in the first quarter of 2020 came
to $3.9 million, down modestly on a year-over-year basis. The order
backlog of semiconductor sensors remains strong, although a
sequential sales decline is forecasted for the second quarter.
CyberOptics ended the first quarter of 2020 with an order
backlog of $24.8 million, up significantly from $17.7 million at
the end of the fourth quarter of 2019. The Company is forecasting
sales of $15.5 to $17.5 million for the second quarter of 2020
ending June 30.
About CyberOptics CyberOptics Corporation
(www.cyberoptics.com) is a leading global developer and
manufacturer of high-precision 3D sensing technology solutions.
CyberOptics’ sensors are used for inspection and metrology in the
SMT and semiconductor markets to significantly improve yields and
productivity. By leveraging its leading edge technologies, the
Company has strategically established itself as a global leader in
high precision 3D sensors, allowing CyberOptics to further increase
its penetration of key vertical markets. Headquartered in
Minneapolis, Minnesota, CyberOptics conducts worldwide operations
through its facilities in North America, Asia and Europe.
Statements regarding the Company’s
anticipated performance are forward-looking and therefore involve
risks and uncertainties, including but not limited to: a possible
world-wide recession or depression resulting from the economic
consequences of the Covid-19 pandemic; the negative effect on our
revenue and operating results of the Covid-19 crises on our
customers and suppliers and the global supply chain; market
conditions in the global SMT and semiconductor capital equipment
industries; trade relations between the United States and other
countries; the timing of orders and shipments of our products,
particularly our 3D MRS-enabled SQ3000 Multi-Function systems and
MX systems for memory module inspection; 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 to meet customer orders;
unanticipated product development challenges; the effect of world
events on our sales, the majority of which are from foreign
customers; rapid changes in technology in the electronics and
semiconductor markets; product introductions and pricing by our
competitors; the success of our 3D technology initiatives; the
market acceptance of our SQ3000 Multi-Function inspection and
measurement systems and products for semiconductor advanced
packaging inspection and metrology; costly and time consuming
litigation with third parties related to intellectual property
infringement; the negative impact on our customers and suppliers
due to past and future terrorist threats and attacks and any acts
of war; and other factors set forth in the Company’s filings with
the Securities and Exchange Commission.
First Quarter 2020 Conference Call and
Replay
CyberOptics will review its first quarter operating results in a
conference call at 4:30 PM Eastern today. Investors can access the
live call by dialing toll-free 888-220-8474 prior to the start of
the call and providing the conference ID: 8372887. A webcast of the
live conference call, which will be archived for 30 days, can be
heard by visiting the investor relations section of the CyberOptics
website, www.cyberoptics.com. A replay of the conference call,
available one hour after the call, can be accessed by dialing
888-203-1112 and providing conference ID: 8372887. The replay will
be available for 30 days.
CyberOptics Corporation Consolidated
Statements of Operations (Unaudited) (In thousands, except per
share amounts)
Three Months Ended March 31,
2020
2019
Revenue
$16,429
$14,976
Cost of revenue
9,146
7,950
Gross margin
7,283
7,026
Research and development expenses
2,395
2,293
Selling, general and administrative expenses
4,159
4,163
Income from operations
729
570
Interest income and other
264
59
Income before income taxes
993
629
Provision for income taxes
149
134
Net income
$844
$495
Net income per share - Basic
$0.12
$0.07
Net income per share - Diluted
$0.11
$0.07
Weighted average shares outstanding - Basic
7,157
7,100
Weighted average shares outstanding - Diluted
7,367
7,322
Condensed Consolidated Balance Sheets
March 31, 2020
Dec. 31, 2019
(Unaudited)
Assets Cash and cash equivalents
$6,069
$5,836
Marketable securities
7,593
8,295
Accounts receivable, net
14,327
16,059
Inventories
17,050
15,580
Other current assets
1,629
1,579
Total current assets
46,668
47,349
Marketable securities
15,187
12,168
Long-term trade notes receivable
876
962
Intangibles and goodwill, net
1,646
1,676
Equipment and leasehold improvements
3,063
3,341
Right-of-use assets (operating leases)
2,850
2,111
Deferred tax assets
4,892
4,992
Total assets
$75,182
$72,599
Liabilities and Stockholders' Equity Accounts payable
$8,192
$7,023
Accrued expenses
3,107
3,071
Current operating lease liabilities
736
688
Total current liabilities
12,035
10,782
Other liabilities
354
352
Long-term operating lease liabilities
3,758
3,141
Total liabilities
16,147
14,275
Total stockholders' equity
59,035
58,324
Total liabilities and stockholders' equity
$75,182
$72,599
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200423005071/en/
Jeffrey A. Bertelsen, Chief Financial Officer 763-542-5000
Carla Furanna, Head of Global Marketing 952-820-5837
CyberOptics (NASDAQ:CYBE)
Historical Stock Chart
From Jun 2024 to Jul 2024
CyberOptics (NASDAQ:CYBE)
Historical Stock Chart
From Jul 2023 to Jul 2024