CyberOptics Corp. (CYBE, Financial) filed Quarterly Report for the period ended 2012-06-30.
Cyberoptics Corporation has a market cap of $45.6 million; its shares were traded at around $6.11 with a P/E ratio of 19.9 and P/S ratio of 0.8.
Revenue from sales of our stand-alone SMT inspection systems decreased by $1.7 million or 19% to $7.3 million in the three months ended June 30, 2012, down from $9.0 million in the three months ended June 30, 2011, and decreased by $1.5 million or 10% to $12.9 million in the six months ended June 30, 2012, down from $14.4 million in the six months ended June 30, 2011. Sales of stand-alone SMT inspection systems fell below our expectations in the second quarter of 2012 and have decreased in 2012 when compared to the prior year periods, due to continued weakening of the global economy.
Sales of AOI systems increased by $176,000 or 4% to $4.3 million in the three months ended June 30, 2012, from $4.1 million in the three months ended June 30, 2011, and increased by $1.0 million or 16% to $7.4 million in the six months ended June 30, 2012, from $6.3 million in the six months ended June 30, 2011, led by our next-generation QX500 AOI system and our new QX100 and QX100i AOI tabletop systems. We have continued to increase sales of AOI systems by capitalizing on our existing relationships with several of the worlds largest ODMs and by establishing relationships with new AOI customers. The QX family of AOI products is based upon a cost-reduced platform that we believe offers the fastest AOI inspection times currently available. We believe the QX500 will continue to receive favorable market acceptance, particularly with ODMs, where we have an established installed base of SPI systems and where the fast inspection times of the QX500 are required. Our QX100 and QX100i AOI tabletop systems are part of our tiered product strategy and were designed for lower volume production lines that do not require all of the capabilities of our QX500 AOI system. By targeting this segment of the market, we are able to increase our available served market. Revenue from our new AOI tabletop systems totaled $492,000 and $816,000, respectively, in the three and six months ended June 30, 2012. Increased sales of AOI systems in the three and six months ended June 30, 2012 were offset by a reduction in sales of our SPI systems.
Cost of revenue for our semiconductor segment decreased by $28,000 or 6% to $420,000 in the three months ended June 30, 2012 and decreased by $180,000 or 17% to $868,000 in the six months ended June 30, 2012, due to lower sales volume when compared to the same periods of 2011. Gross margin as a percentage of semiconductor sales increased to 74% in the three months ended June 30, 2012 from 73% in the three months ended June 30, 2011, and increased to 73% in the six months ended June 30, 2012, compared to 70% in the six months ended June 30, 2011. The gross margin percentage increase was due to increased sales of higher margin WaferSense products in both the three and six months ended June 30, 2012 when compared to the same periods of 2011, and lower scrap charges in the first half of 2012 when compared to the first half of 2011.
Operating activities provided $2.1 million of cash in the six months ended June 30, 2011. Cash provided by operations included net income of $2.2 million, which included non-cash expenses totaling $1.7 million for depreciation and amortization, deferred taxes, non-cash gains and losses from foreign currency transactions and stock compensation expenses. Changes in operating assets and liabilities using cash included increases in accounts receivable of $2.3 million and inventories of $216,000. Changes in operating assets and liabilities providing cash included decreases in other assets of $213,000, increases in accounts payable of $152,000 and increases in accrued expenses of $287,000. The increase in accounts receivable was due to higher sales levels in the second quarter of 2011, compared to the fourth quarter of 2010. Inventories were slightly higher due to lower than planned sales of solar wafer alignment cameras in the second quarter of 2011. The decrease in other assets was due to reductions in recoverable value added tax and accrued interest. The increase in accounts payable resulted from a conscious effort on our part to extend the timing of vendor payments. Accrued expenses and other liabilities increased due to higher warranty, commission and incentive compensation accruals, resulting from higher sales levels and improved operating results.
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Cyberoptics Corporation has a market cap of $45.6 million; its shares were traded at around $6.11 with a P/E ratio of 19.9 and P/S ratio of 0.8.
Highlight of Business Operations:
Sales of OEM alignment sensors declined from the year-earlier periods due to sluggish SMT, semiconductor and solar market conditions and continued weakening of the global economy. Sales of SMT alignment sensors decreased by $1.8 million or 30% to $4.0 million in the three months ended June 30, 2012, down from $5.8 million in the three months ended June 30, 2011, and decreased by $2.0 million or 20% to $8.2 million in the six months ended June 30, 2012, down from $10.2 million in the six months ended June 30, 2011. Reflecting the continued impact of excess production capacity in the photovoltaic cell market, we recorded no revenue from sales of solar wafer alignment cameras during the three and six months ended June 30, 2012, compared to revenue of $400,000 in the second quarter of 2011 and $2.1 million of revenue in the six months ended June 30, 2011. We do not anticipate any material strengthening in the solar market until 2013. Third quarter sensor sales are forecast to decline on both a sequential quarterly and year-over-year basis as our OEM customers continue to work off their sensor inventories resulting from weak end customer demand and soft global economic conditions. At this time, we believe sales of SMT sensors should start rebounding in the fourth quarter, dependent upon some strengthening of the global economy and the electronics market.Revenue from sales of our stand-alone SMT inspection systems decreased by $1.7 million or 19% to $7.3 million in the three months ended June 30, 2012, down from $9.0 million in the three months ended June 30, 2011, and decreased by $1.5 million or 10% to $12.9 million in the six months ended June 30, 2012, down from $14.4 million in the six months ended June 30, 2011. Sales of stand-alone SMT inspection systems fell below our expectations in the second quarter of 2012 and have decreased in 2012 when compared to the prior year periods, due to continued weakening of the global economy.
Sales of AOI systems increased by $176,000 or 4% to $4.3 million in the three months ended June 30, 2012, from $4.1 million in the three months ended June 30, 2011, and increased by $1.0 million or 16% to $7.4 million in the six months ended June 30, 2012, from $6.3 million in the six months ended June 30, 2011, led by our next-generation QX500 AOI system and our new QX100 and QX100i AOI tabletop systems. We have continued to increase sales of AOI systems by capitalizing on our existing relationships with several of the worlds largest ODMs and by establishing relationships with new AOI customers. The QX family of AOI products is based upon a cost-reduced platform that we believe offers the fastest AOI inspection times currently available. We believe the QX500 will continue to receive favorable market acceptance, particularly with ODMs, where we have an established installed base of SPI systems and where the fast inspection times of the QX500 are required. Our QX100 and QX100i AOI tabletop systems are part of our tiered product strategy and were designed for lower volume production lines that do not require all of the capabilities of our QX500 AOI system. By targeting this segment of the market, we are able to increase our available served market. Revenue from our new AOI tabletop systems totaled $492,000 and $816,000, respectively, in the three and six months ended June 30, 2012. Increased sales of AOI systems in the three and six months ended June 30, 2012 were offset by a reduction in sales of our SPI systems.
Cost of revenue for our semiconductor segment decreased by $28,000 or 6% to $420,000 in the three months ended June 30, 2012 and decreased by $180,000 or 17% to $868,000 in the six months ended June 30, 2012, due to lower sales volume when compared to the same periods of 2011. Gross margin as a percentage of semiconductor sales increased to 74% in the three months ended June 30, 2012 from 73% in the three months ended June 30, 2011, and increased to 73% in the six months ended June 30, 2012, compared to 70% in the six months ended June 30, 2011. The gross margin percentage increase was due to increased sales of higher margin WaferSense products in both the three and six months ended June 30, 2012 when compared to the same periods of 2011, and lower scrap charges in the first half of 2012 when compared to the first half of 2011.
Operating activities provided $2.1 million of cash in the six months ended June 30, 2011. Cash provided by operations included net income of $2.2 million, which included non-cash expenses totaling $1.7 million for depreciation and amortization, deferred taxes, non-cash gains and losses from foreign currency transactions and stock compensation expenses. Changes in operating assets and liabilities using cash included increases in accounts receivable of $2.3 million and inventories of $216,000. Changes in operating assets and liabilities providing cash included decreases in other assets of $213,000, increases in accounts payable of $152,000 and increases in accrued expenses of $287,000. The increase in accounts receivable was due to higher sales levels in the second quarter of 2011, compared to the fourth quarter of 2010. Inventories were slightly higher due to lower than planned sales of solar wafer alignment cameras in the second quarter of 2011. The decrease in other assets was due to reductions in recoverable value added tax and accrued interest. The increase in accounts payable resulted from a conscious effort on our part to extend the timing of vendor payments. Accrued expenses and other liabilities increased due to higher warranty, commission and incentive compensation accruals, resulting from higher sales levels and improved operating results.
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