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CyberOptics Corp. Reports Operating Results (10-Q)

November 08, 2010 | About:
10qk

10qk

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CyberOptics Corp. (CYBE) filed Quarterly Report for the period ended 2010-09-30.

Cyberoptics Corp. has a market cap of $49.54 million; its shares were traded at around $7.2 with a P/E ratio of 42.35 and P/S ratio of 1.83. CYBE is in the portfolios of Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

The global electronics market strengthened significantly in 2010. We experienced particularly strong demand in the second quarter of 2010, as pent-up demand and an improving economy led to significantly increased sales of alignment sensors and our stand alone solder paste inspection and AOI systems. Sales of sensors continued at these strong levels into the third quarter, while systems sales moderated to more normal levels, in part because of the delay in acceptance of a large order. We nevertheless believe that improving market conditions, the efficiencies in operations we have implemented, and the new products we have introduced and anticipate introducing in the next year, will lead to improved operating results in future periods. For the quarter ending September 30, 2010, we generated a profit of $0.14 per share on revenue of $14.1 million, a significant improvement when compared to the quarter ending September 30, 2009. In addition, we are forecasting a profit of $0.07 to $0.11 per share in the fourth quarter of 2010 on revenue of $13.0-$14.0 million, compared to the fourth quarter of 2009 when we incurred a loss of $0.24 per share on revenue of $9.0 million.

Our revenues increased by 65% to $14.1 million in the three months ended September 30, 2010 from $8.6 million in the three months ended September 30, 2009, and increased by 138% to $43.0 million in the nine months ended September 30, 2010 from $18.0 million in the nine months ended September 30, 2009. The following table sets forth revenues by product line for the three and nine month periods ended September 30, 2010 and 2009:

Revenue from sales of our OEM alignment sensors increased by $4.3 million or 165% in the three months ended September 30, 2010 to $6.9 million, up from $2.6 million in the three months ended September 30, 2009, and increased by 253% to $18.5 million in the nine months ended September 30, 2010, up from $5.2 million in the nine months ended September 30, 2009. Revenue from sales of our stand alone SMT inspection systems products increased by $294,000 or 6% to $5.5 million in the three months ended September 30, 2010, up from $5.2 million in the three months ended September 30, 2009 and increased by 88% to $20.2 million in the nine months ended September 30, 2010, up from $10.7 million in the nine months ended September 30, 2009.

Export revenue from OEM alignment sensors and SMT inspection systems totaled $11.8 million or 95% of electronic assembly revenue in the three months ended September 30, 2010, compared to $6.9 million or 88% of electronic assembly revenue in the three months ended September 30, 2009. Export revenue from electronic assembly OEM alignment sensors and SMT inspection systems totaled $35.4 million or 91% of electronic assembly revenue in the nine months ended September 30, 2010, compared to $13.6 million or 85% of electronic assembly revenue in the nine months ended September 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.

Revenues from semiconductor products increased by 128% to $1.8 million in the three months ended September 30, 2010 from $784,000 in the three months ended September 30, 2009, and increased by 101% to $4.3 million in the nine months ended September 30, 2010 from $2.1 million in the nine months ended September 30, 2009. Revenues from semiconductor products in the three months ended September 30, 2010 also represented a sequential 38% increase from $1.3 million in the three months ended June 30, 2010. The increase in revenue was due to improving conditions in the market for semiconductor fabrication equipment, coupled with favorable market acceptance of our new WaferSense products.

Export revenue from semiconductor products totaled $679,000 or 38% of revenue in the three months ended September 30, 2010, compared to $308,000 or 39% of revenue in the three months ended September 30, 2009. Export revenue from semiconductor products totaled $1,545,000 or 36% of revenue in the nine months ended September 30, 2010, compared to $636,000 or 30% of revenue in the nine months ended September 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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