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CyberOptics Corp. Reports Operating Results (10-Q)

August 09, 2010 | About:
10qk

10qk

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CyberOptics Corp. (CYBE) filed Quarterly Report for the period ended 2010-06-30.

Cyberoptics Corp. has a market cap of $63.93 million; its shares were traded at around $9.34 with and P/S ratio of 2.36. CYBE is in the portfolios of Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

The global electronics market is starting to strengthen. We are seeing significant demand from manufacturers of SMT assembly equipment who purchase our alignment sensor products, and for our stand alone solder paste inspection and AOI systems, particularly from large original design manufacturers in Asia. We believe that these improving market conditions, the efficiencies in operations we have implemented, and the new products we have introduced and anticipate introducing in 2010, will lead to improved operating results and a return to profitability for the coming year. For the quarter ending June 30, 2010, we generated a profit of $0.14 per share on revenue of $16.5 million, a significant improvement when compared to the quarter ending June 30, 2009. In addition, we are forecasting a profit of $0.14 to $0.19 per share in the third quarter of 2010 on revenue of $15.0-$16.0 million.

Our revenues increased by 219% to $16.5 million in the three months ended June 30, 2010 from $5.2 million in the three months ended June 30, 2009, and increased by 202% to $28.8 million in the six months ended June 30, 2010 from $9.5 million in the six months ended June 30, 2009. The following table sets forth revenues by product line for the three and six month periods ended June 30, 2010 and 2009:

Revenue from sales of our OEM alignment sensors increased by $5.3 million or 439% in the three months ended June 30, 2010 to $6.5 million, up from $1.2 million in the three months ended June 30, 2009, and increased by 339% to $11.6 million in the six months ended June 30, 2010, up from $2.6 million in the six months ended June 30, 2009. Revenue from sales of our stand alone SMT inspection systems products increased by $5.4 million or 163% to $8.7 million in the three months ended June 30, 2010, up from $3.3 million in the three months ended June 30, 2009 and increased by 165% to $14.8 million in the six months ended June 30, 2010, up from $5.6 million in the six months ended June 30, 2009.

Export revenue from OEM alignment sensors and SMT inspection systems totaled $13.8 million or 91% of electronic assembly revenue in the three months ended June 30, 2010, compared to $3.8 million or 85% of electronic assembly revenue in the three months ended June 30, 2009. Export revenue from electronic assembly OEM alignment sensors and SMT inspection systems totaled $23.6 million or 90% of electronic assembly revenue in the six months ended June 30, 2010, compared to $6.7 million or 82% of electronic assembly revenue in the six months ended June 30, 2009. Sales to international customers continue to be significant, as manufacturing of electronic components has migrated offshore, particularly to China and other areas of Asia.

Our wafer mapper and frame grabber products are relatively mature. We anticipate that future growth in our semiconductor revenues, exclusive of changes related to capital procurement cycles will come from our new WaferSense products, a family of wireless, wafer like precision measurement tools for in-situ setup, calibration and process optimization in semiconductor processing equipment. We have recently introduced, or will be introducing, several new additions to the WaferSense product line, including additional leveling sensors, along with new gapping, teaching, vibration and particle sensors. WaferSense revenue increased to $693,000 in the three months ended June 30, 2010 from $305,000 in the three months ended June 30, 2009 and increased by 122% to $1.2 million in the six months ended June 30, 2010 from $535,000 in the six months ended June 30, 2009.

Export revenue from semiconductor products totaled $500,000 or 39% of revenue in the three months ended June 30, 2010, compared to $120,000 or 18% of revenue in the three months ended June 30, 2009. Export revenue from semiconductor products totaled $865,000 or 35% of revenue in the six months ended June 30, 2010, compared to $328,000 or 25% of revenue in the six months ended June 30, 2009. The increase in the percentage of sales coming from exports for our semiconductor products reflects proportionately higher WaferSense revenue, as these products tend to have a higher concentration of international sales.

Read the The complete Report

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10qk
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