Strong Results Posted Across Sensor,
Inspection System and Semiconductor Product Lines
CyberOptics Corporation (Nasdaq: CYBE) today reported record
sales of $25.2 million for the second quarter of 2021 ended June
30, an increase of 58% from $16.0 million in the second quarter of
2020. Net income for the second quarter of 2021 was $3.1 million or
$0.41 per diluted share, up significantly from earnings of $1.6
million or $0.22 per diluted share in the year-earlier quarter.
Dr. Subodh Kulkarni, president and chief executive officer,
said, “CyberOptics’ second quarter sales, which exceeded our
guidance for this period, were driven by strong, double-digit sales
growth from each of our product lines. Our industry-leading 3D
Multi-Reflection Suppression™ (MRS™)-based sensing and inspection
products and semiconductor sensors are enabling CyberOptics to take
optimum advantage of the robust capital spending environment in our
targeted electronics and semiconductor markets. We believe this
market strength will continue into the foreseeable future, making
us optimistic about our performance in coming quarters.”
Sales of 3D and 2D sensors increased 50% year-over-year to $7.1
million in the second quarter of 2021. Sales of 3D MRS sensors,
rose 46% year-over-year to $4.3 million, driven by ongoing demand
for these sensors in high-end electronics and semiconductor
applications. Sensor sales are forecasted to post robust
year-over-year growth in the third quarter of 2021.
Sales of WaferSense® semiconductor sensors increased 53%
year-over-year to a record $5.5 million in the second quarter of
2021. Demand for these yield and process improvement sensors is
being generated in part by the construction of new semiconductor
fabs. Sales of WaferSense products are forecasted to post strong
year-over-year growth in the third quarter of 2021.
Sales of inspection and metrology systems rose 64% in the second
quarter of 2021 to $12.6 million. Within this product category,
second quarter sales of SQ3000™ Multi-Function inspection systems
increased 35% year-over-year to $6.3 million. Second quarter system
sales also benefited from customer acceptances of $2.4 million of
3D MX3000™ memory module inspection systems. Customer acceptances
for $4.9 million of MX3000 systems are expected in this year’s
third quarter. Following the end of the second quarter,
CyberOptics’ existing customer for its 2D MX600 memory module
inspection system placed its first order for a 3D MX3000 system.
This order is expected to become revenue in the first quarter of
2022. Also, in this year’s second quarter, CyberOptics received
three orders totaling $7.9 million from new and existing customers
for SQ3000 systems for mini-LED inspection and metrology. Sales of
inspection and metrology systems are forecasted to grow solidly in
the third quarter of 2021 on a year-over-year basis.
CyberOptics’ backlog at June 30, 2021 totaled a record $45.3
million, up from $32.4 million at March 31, 2021, reflecting strong
order backlogs of 3D MRS sensors, SQ3000 and MX3000 systems, and
semiconductor sensors. The Company is forecasting sales of $25.0 to
$28.0 million for the third quarter of 2021 ending September 30,
compared to $20.8 million in the third quarter of 2020. Its
anticipated that there will be no revenue from MX memory module
systems in the fourth quarter of 2021 due to normal quarterly
variability in the sales of these products. For this reason, sales
in the fourth quarter of 2021 are expected to be lower on a
sequential quarterly basis. However, strong year-over-year sales
growth is anticipated for the fourth quarter of 2021, driven by the
Company’s record backlog and the robust capital spending
environment.
Kulkarni added, “Our advanced technology platforms have
positioned CyberOptics to continue capitalizing upon the attractive
growth opportunities in our electronics and semiconductor markets.
This makes us confident about our prospects going forward.”
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 systems and products
for semiconductor 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.
Second Quarter 2021 Conference Call and
Replay
CyberOptics will review its second quarter operating results in
a conference call at 4:30 P.M. Eastern today. Investors can access
the live call by dialing toll-free 866-248-8441 prior to the start
of the call and providing the conference ID: 9180687. 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: 9180687. The
replay will be available for 30 days.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited) (In
thousands, except per share amounts)
Three Months Ended June
30,
Six
Months Ended June 30,
2021
2020
2021
2020
Revenue
$25,204
$15,996
$42,936
$32,425
Cost of revenue
14,095
8,682
23,448
17,828
Gross margin
11,109
7,314
19,488
14,597
Research and development expenses
2,753
2,182
5,514
4,577
Selling, general and administrative expenses
4,695
3,659
8,583
7,818
Income from operations
3,661
1,473
5,391
2,202
Interest income and other
38
64
60
328
Income before income taxes
3,699
1,537
5,451
2,530
Provision (benefit) for income taxes
590
(96
)
901
53
Net income
$3,109
$1,633
$4,550
$2,477
Net income per share - Basic
$0.43
$0.23
$0.62
$0.35
Net income per share - Diluted
$0.41
$0.22
$0.61
$0.33
Weighted average shares outstanding - Basic
7,299
7,198
7,296
7,177
Weighted average shares outstanding - Diluted
7,517
7,447
7,490
7,407
Condensed Consolidated
Balance Sheets June 30, 2021 Dec. 31, 2020
(Unaudited)
Assets Cash and cash equivalents
$9,567
$8,399
Marketable securities
7,249
8,121
Accounts receivable, net
22,011
14,735
Inventories
23,266
20,271
Other current assets
1,730
1,576
Total current assets
63,823
53,102
Marketable securities
15,230
14,052
Long-term trade notes receivable
271
418
Intangibles and goodwill, net
1,749
1,691
Equipment and leasehold improvements
3,295
3,235
Right-of-use assets (operating leases)
2,334
2,621
Deferred tax assets
4,233
4,597
Total assets
$90,935
$79,716
Liabilities and Stockholders' Equity Accounts
payable
$11,101
$5,118
Accrued expenses
5,119
4,716
Current operating lease liabilities
841
819
Total current liabilities
17,061
10,653
Other liabilities
470
291
Long-term operating lease liabilities
2,813
3,244
Total liabilities
20,344
14,188
Total stockholders' equity
70,591
65,528
Total liabilities and stockholders' equity
$90,935
$79,716
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210728005174/en/
Jeffrey A. Bertelsen, Chief Financial Officer 763-542-5000
Carla Furanna, Vice President of Global Marketing
952-820-5837
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