Receives First Order for 3D Memory Module
Inspection System
CyberOptics Corporation (Nasdaq: CYBE) today reported sales of
$16.9 million for the fourth quarter of 2019 ended December 31,
down from $18.1 million in the fourth quarter of 2018 but up 36%
sequentially from $12.4 million in the third quarter of 2019. Net
income for the fourth quarter of 2019 was $168,000 or $0.02 per
diluted share, compared to $1.2 million or $0.16 per diluted share
in the year-earlier quarter.
For full-year 2019, sales totaled $59.3 million, down 8% from
$64.7 million in 2018. CyberOptics reported net income of $774,000
or $0.11 per diluted share in 2019, compared to earnings of $2.8
million or $0.39 per diluted share in 2018.
Dr. Subodh Kulkarni, president and chief executive officer,
commented: “CyberOptics’ fourth quarter sales came in well ahead of
our internal forecast. This performance was driven by strong sales
of 3D MRS-enabled SQ3000 automated optical inspection (AOI) systems
and increased shipments of legacy alignment sensors. The quarterly
sequential improvement in our fourth quarter operating results also
is reflective of the recovery that has begun in the surface mount
technology (SMT) and semiconductor capital equipment markets. We
are confident that our line-up of 3D MRS-enabled products and
expanding family of semiconductor sensors has positioned us to take
full advantage of the promising opportunities available to us in
our markets. As such, we believe CyberOptics’ future is very
promising.”
He continued: “During the fourth quarter, we received our first
purchase order for our new 3D MRS-enabled MX3000 memory module
inspection system. This order, which is expected to become revenue
in the first quarter of 2020, was from a new memory customer. As a
result, two of the world’s three largest memory manufacturers now
use either our 2D MX600 or 3D MX3000 memory module inspection
systems. We believe the potential market opportunity for the MX3000
system is significant. In addition, interest among potential
customers continues at a high level for our MRS-based
NanoResolution sensor for wafer-level and advanced packaging
inspection and metrology applications. We believe our
NanoResolution sensor will enable CyberOptics to capitalize upon a
variety of extremely promising, long-term growth
opportunities.”
Sales of sensors and inspection and metrology systems based on
3D MRS technology rose 48% year-over-year in the fourth quarter of
2019 to $9.0 million. These MRS-based products, combined with our
semiconductor sensors, accounted for 72% of total revenue in the
fourth quarter of 2019, up from 51% in the year-earlier period.
Sales of legacy sensors and systems, excluding 2D MX600 sales, fell
39% year-over-year in the fourth quarter of 2019.
Sales of inspection and metrology systems in the fourth quarter
of 2019 totaled $10.2 million, increases of 83% on a quarterly
sequential basis and 11% on a year-over-year basis. These increases
were driven by sales of SQ3000 systems, which rose to $7.1 million
in the fourth quarter of 2019, reflecting increases of over 100% on
a quarterly sequential basis and 91% on a year-over-year basis.
Sales of semiconductor sensors in the fourth quarter of 2019
totaled $3.0 million, down 17% on a quarterly sequential basis and
virtually unchanged on a year-over-year basis. Orders for
semiconductor sensors were strong in the fourth quarter, resulting
in a quarter-ending backlog of $1.5 million or double the level at
the end of the third quarter of 2019. As a result, we are
forecasting strong sales of semiconductor sensors in the first
quarter of 2020.
To further strengthen its position in the semiconductor market,
CyberOptics expanded its family of semiconductor sensors with two
product launches in the fourth quarter. The In-Line Particle Sensor
detects particle contaminants in gas and vacuum lines in
semiconductor process equipment, which is particularly relevant for
EUV lithography tools where the ability to monitor particles
in-line can significantly improve EUV lithography tool yield and
productivity. The WaferSense Auto Resistance Sensor enables
real-time resistance measurements of plating cell contacts in
semiconductor Electrochemical Deposition (ECD) applications. Both
products facilitate semiconductor tool set-up and diagnostics.
Sales of 3D and 2D sensors in the fourth quarter of 2019 totaled
$3.7 million, up 15% on a quarterly sequential basis, but down 37%
on a year-over-year basis. Sales of 3D MRS-enabled sensors totaled
$1.9 million in the fourth quarter of 2019 up 50% on a quarterly
sequential basis, but down 19% on a year-over-year basis. The
company believes that demand for its 3D sensors will continue to
strengthen in 2020 as the year progresses.
CyberOptics ended the fourth quarter of 2019 with an order
backlog of $17.7 million, up significantly from $14.4 million at
the end of the third quarter and $13.6 million at the end of 2018.
The order backlog at December 31, 2019 and September 30, 2019
includes a significant order for 3D MRS sensors from an existing
OEM customer that are scheduled for delivery in the next 18 months.
CyberOptics is forecasting sales of $15.0 to $16.5 million in the
first quarter of 2020 ending March 31. The coronavirus has made
shipping and international travel difficult throughout Asia. As of
today, the impact on our business has been minimal. However, we are
closely monitoring the situation and will provide a further update
if the impact should change significantly in the future.
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: 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 AOI systems; 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 pandemics (including the current coronavirus outbreak) and
the corresponding negative effects on our revenue and operating
results; and other factors set forth in the Company’s filings with
the Securities and Exchange Commission.
Fourth Quarter Conference Call and
Replay
CyberOptics will review its fourth quarter operating results in
a conference call at 4:30 PM Eastern today. Investors can access
the live call by dialing toll-free 800-347-6311 prior to the start
of the call and providing the conference ID: 6708209. 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 call,
available one hour after the call, can be accessed by dialing
888-203-1112 and providing conference ID: 6708209. 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,
2019
2018
2019
2018
Revenue
$16,852
$18,063
$59,263
$64,720
Cost of revenue
9,671
10,371
32,961
36,109
Gross margin
7,181
7,692
26,302
28,611
Research and development expenses
2,412
2,234
9,362
8,819
Selling, general and administrative expenses
4,225
3,985
16,004
16,433
Income from operations
544
1,473
936
3,359
Interest income and other
(82)
28
224
220
Income before income taxes
462
1,501
1,160
3,579
Provision for income taxes
294
308
386
752
Net income
$168
$1,193
$774
$2,827
Net income per share - Basic
$0.02
$0.17
$0.11
$0.40
Net income per share - Diluted
$0.02
$0.16
$0.11
$0.39
Weighted average shares outstanding - Basic
7,128
7,074
7,113
7,028
Weighted average shares outstanding - Diluted
7,315
7,303
7,262
7,208
Condensed Consolidated Balance Sheets
Dec. 31, 2019
Dec. 31, 2018
(Unaudited)
Assets Cash and cash equivalents
$5,836
$9,248
Marketable securities
8,295
5,771
Accounts receivable, net
16,059
15,859
Inventories
15,580
16,163
Other current assets
1,579
2,096
Total current assets
47,349
49,137
Marketable securities
12,168
10,322
Long-term trade notes receivable
962
-
Intangibles and goodwill, net
1,676
1,699
Equipment and leasehold improvements
3,341
2,861
Right-of-use assets (operating leases)
2,111
-
Other assets
-
259
Deferred tax assets
4,992
5,422
Total assets
$72,599
$69,700
Liabilities and Stockholders' Equity Accounts payable
$7,023
$8,513
Accrued expenses
3,071
4,204
Current operating lease liabilities
688
-
Total current liabilities
10,782
12,717
Other liabilities
352
772
Long-term operating lease liabilities
3,141
-
Total liabilities
14,275
13,489
Total stockholders' equity
58,324
56,211
Total liabilities and stockholders' equity
$72,599
$69,700
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version on businesswire.com: https://www.businesswire.com/news/home/20200219005712/en/
Jeffrey A. Bertelsen, Chief Financial Officer 763-542-5000
Carla Furanna, Head of Global Marketing 952-820-5837
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