CyberOptics Reports Fourth Quarter Operating Results
CyberOptics Corporation (Nasdaq: CYBE) today reported sales of
For full-year 2020, CyberOptics reported record sales of
Dr. Subodh Kulkarni, president and chief executive officer, said, “CyberOptics’ fourth quarter sales were at the upper end of our previously issued guidance for this period. Our performance benefited from higher sales of Multi-Reflection Suppression™(MRS™) 3D sensors and WaferSense® semiconductor products as well as customer acceptances for
He continued, “The capital spending outlook among customers in our markets is positive at this time. This environment bodes well for sales of our 3D MRS sensor and system products during the coming year.”
Sales of inspection and metrology systems fell
Customer demonstrations are continuing for the new WX3000 metrology and inspection system that incorporates CyberOptics 3D NanoResolution MRS™ sensor. The NanoResolution sensor and WX system have positioned CyberOptics to capitalize upon long term growth opportunities in its markets.
Sales of 3D and 2D sensors increased
Sales of semiconductor sensors increased
CyberOptics’ backlog at December 31, 2020 was
Kulkarni added, “We currently see 2021 shaping up as another good year for CyberOptics. We are confident that our 3D MRS sensor and system products will enable us to continue building leadership positions in our targeted markets.”
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 crisis 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 China and other countries; the timing of orders and shipments of our products, particularly our 3D MRS 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; the impact of the MX3000 orders on our consolidated gross margin percentage in any future period; risks related to cancellation or renegotiation of orders we have received; and other factors set forth in the Company’s filings with the Securities and Exchange Commission. |
Fourth Quarter 2020 Conference Call and Replay
CyberOptics will review its fourth quarter operating results in a conference call at 4:30 P.M. Eastern today. Investors can access the live call by dialing toll-free 800-437-2398 prior to the start of the call and providing the conference ID: 1739750. 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: 1739750. The replay will be available for 30 days.
CyberOptics Corporation | |||||||
Consolidated Statements of Operations (Unaudited) | |||||||
(In thousands, except per share amounts) | Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||
2020 |
2019 |
2020 |
2019 |
||||
Revenue |
|
|
|
|
|
||
Cost of revenue | 8,947 |
9,671 |
|
38,900 |
32,961 |
||
Gross margin | 7,925 |
7,181 |
|
31,217 |
26,302 |
||
Research and development expenses | 2,592 |
2,412 |
|
9,572 |
9,362 |
||
Selling, general and administrative expenses | 3,748 |
4,225 |
|
15,648 |
16,004 |
||
Income from operations | 1,585 |
544 |
|
5,997 |
936 |
||
Interest income and other | 31 |
(82 |
) |
357 |
224 |
||
Income before income taxes | 1,616 |
462 |
|
6,354 |
1,160 |
||
Provision for income taxes | 150 |
294 |
|
612 |
386 |
||
Net income |
|
|
|
|
|
||
Net income per share - Basic |
|
|
|
|
|
||
Net income per share - Diluted |
|
|
|
|
|
||
Weighted average shares outstanding - Basic | 7,264 |
7,128 |
|
7,215 |
7,113 |
||
Weighted average shares outstanding - Diluted | 7,480 |
7,315 |
|
7,454 |
7,262 |
||
Condensed Consolidated Balance Sheets | |||||||
(In thousands) | December 31, 2020 | December 31, 2019 | |||||
(Unaudited) | |||||||
Assets | |||||||
Cash and cash equivalents |
|
|
|
||||
Marketable securities | 8,121 |
8,295 |
|
||||
Accounts receivable, net | 14,735 |
16,059 |
|
||||
Inventories | 20,271 |
15,580 |
|
||||
Other current assets | 1,576 |
1,579 |
|
||||
Total current assets | 53,102 |
47,349 |
|
||||
Marketable securities | 14,052 |
12,168 |
|
||||
Equipment and leasehold improvements, net | 3,235 |
3,341 |
|
||||
Intangibles and goodwill, net | 1,691 |
1,676 |
|
||||
Right-of-use assets (operating leases) | 2,621 |
2,111 |
|
||||
Trade notes receivable - long term | 418 |
962 |
|
||||
Deferred tax assets | 4,597 |
4,992 |
|
||||
Total assets |
|
|
|
||||
Liabilities and Stockholders' Equity | |||||||
Accounts payable |
|
|
|
||||
Accrued expenses | 4,716 |
3,071 |
|
||||
Current operating lease liabilities | 819 |
688 |
|
||||
Total current liabilities | 10,653 |
10,782 |
|
||||
Other liabilities | 291 |
352 |
|
||||
Long-term operating lease liabilities | 3,244 |
3,141 |
|
||||
Total liabilities | 14,188 |
14,275 |
|
||||
Total stockholders' equity | 65,528 |
58,324 |
|
||||
Total liabilities and stockholders' equity |
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210218005695/en/