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CyberOptics Corp. Reports Operating Results (10-Q)

November 05, 2009 | About:
10qk

10qk

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CyberOptics Corp. (CYBE) filed Quarterly Report for the period ended 2009-09-30.

CyberOptics Corporation is a leading provider of sensors and inspection systems that provide process yield and through-put improvement solutions for the global electronic assembly and semiconductor capital equipment markets. The Company's products are deployed on production lines that manufacture surface mount technology circuit boards and semiconductor process equipment. By increasing productivity and product quality our sensors and inspection systems enable electronics manufacturers to strengthen their competitive positions in highly price-sensitive markets. Headquartered in Minneapolis Minnesota they conduct worldwide operations through facilities in North America Asia and Europe. Cyberoptics Corp. has a market cap of $41.1 million; its shares were traded at around $6.04 with and P/S ratio of 0.9.

Highlight of Business Operations:

Our results were favorably impacted in 2006 and 2007 as the worldwide demand for cell phones, laptops and other consumer electronics remained strong, driving the need for increased production of printed circuit boards and memory modules, and thereby increasing demand for our electronic assembly and semiconductor products. After peaking in the third quarter of 2007, our revenue declined sequentially each quarter through the first quarter of 2009, as our results were negatively impacted by reduced levels of capital spending for electronics manufacturing capacity brought about by the deepening weakness in the global economy. New orders dropped off sharply late in the fourth quarter of 2008 as the global economy fell into a severe recession. Our results for the nine months ended September 30, 2009 continued to be adversely affected by ongoing weakness in the global electronics market. Revenues were $8.6 million in the quarter ended September 30, 2009, down 26% from $11.6 million in the same period last year. We lost $1.7 million from operations in the quarter ended September 30, 2009, approximately the same amount as the quarter ended September 30, 2008 when $650,000 of extra costs where incurred to transition our systems related product development and manufacturing to Singapore.

Our revenues decreased by 26% to $8.6 million in the three months ended September 30, 2009 from $11.6 million in the three months ended September 30, 2008, and decreased by 53% to $18.0 million in the nine months ended September 30, 2009 from $38.8 million in the nine months ended September 30, 2008. The following table sets forth revenues by product line for the three and nine month periods ended September 30, 2009 and 2008:

Revenues from our electronic assembly OEM sensors decreased by 43% to $2.6 million in the three months ended September 30, 2009 from $4.5 million in the three months ended September 30, 2008 and decreased by 70% to $5.2 million in the nine months ended September 30, 2009 from $17.3 million in the nine months ended September 30, 2008. Revenues from our SMT systems products, decreased by 11% to $5.2 million in the three months ended September 30, 2009 from $5.8 million in the three months ended September 30, 2008 and decreased by 39% to $10.7 million in the nine months ended September 30, 2009 from $17.5 million in the nine months ended September 30, 2008.

Export revenue from electronic assembly sensors and SMT systems totaled $6.9 million or 88% of revenue in the three months ended September 30, 2009, compared to $9.1 million or 88% of revenue in the three months ended September 30, 2008. Export revenue from electronic assembly sensors and SMT systems totaled $13.6 million or 85% of revenue in the nine months ended September 30, 2009, compared to $31.5 million or 91% of revenue in the nine months ended September 30, 2008. 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 decreased by 38% to $784,000 in the three months ended September 30, 2009 from $1.2 million in the three months ended September 30, 2008 and decreased by 47% to $2.1 million in the nine months ended September 30, 2009 from $4.0 million in the nine months ended September 30, 2008. The decrease in revenue was due to severe weakness in the global economy, difficult conditions in the market for semiconductor fabrication equipment and declining revenue from our older wafer mapper and frame grabber products.

Export revenue from semiconductor products totaled $308,000 or 39% of revenue in the three months ended September 30, 2009, compared to $651,000 or 52% of revenue in the three months ended September 30, 2008. Export revenue from semiconductor products totaled $636,000 or 30% of revenue in the nine months ended September 30, 2009, compared to $1.8 million or 45% of revenue in the nine months ended September 30, 2008.

Read the The complete Report

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