Cyberoptics Report Financials

CyberOptics Corporation has reported sales of $15.0 million for the second quarter of 2019 ended June 30, down 5% from $15.9 million in the second quarter of 2018. Second quarter earnings totaled $464,000, compared to earnings of $740,000 in last year’s second quarter.

Dr. Subodh Kulkarni, president and chief executive officer, commented: “As we reported on July 2, 2019, CyberOptics’ second quarter operating results were affected by the cyclical, industry-wide slowdown in demand for surface mount technology (SMT) and semiconductor capital equipment as well as the uncertainty surrounding the global trade environment. We expect sluggish market conditions to persist during the second half of 2019. Despite near-term headwinds, investment in research and development will continue as we further strengthen CyberOptics ability to capitalize on strong growth opportunities for our 3D multi-reflection suppression (MRS)-enabled sensors and systems, and WaferSense products. Our confidence in CyberOptics’ future is undiminished.”

Sales of sensors, inspection and metrology systems based on 3D MRS technology totaled $6.0 million in the second quarter of 2019, up 38% from $4.3 million in the year-earlier period. These products together with our semiconductor sensors, primarily consisting of our WaferSense products, accounted for 60% of total second quarter revenue, up from 52% in the year-earlier period.

Sales of inspection and metrology systems increased 49% year-over-year in the second quarter of 2019 to $9.9 million, paced by a 75% increase in year-over-year sales of SQ3000 3D automated optical inspection (AOI) systems to $4.6 million. The competitive advantages of its 3D MRS technology have strongly positioned CyberOptics in the growing market for 3D inspection. CyberOptics received customer acceptances totaling $1.1 million in the second quarter for MX600 memory module inspection systems. Sales of inspection and metrology systems are forecasted to decline in the third quarter of 2019 on both a sequential and year-over-year basis.

Sales of high-precision 3D and 2D sensors fell 62% year-over-year in the second quarter of 2019 to $2.0 million, with sales of 3D MRS-enabled sensors down 30% year-over-year to $1.1 million. Although sensor sales are forecasted to rebound modestly in the third quarter of 2019 on a sequential basis, soft market conditions are expected to persist, resulting in lower year-over-year sales.

Sales of semiconductor sensors fell 21% year-over-year in the second quarter of 2019 to $3.1 million. Sales of semiconductor sensors are forecasted to be flat to down slightly in the third quarter of 2019 on both a sequential and year-over-year basis.

CyberOptics ended the second quarter of 2019 with an order backlog of $13.0 million, up from $11.6 million at the end of the first quarter. The June 30, 2019 backlog includes a large order for 3D MRS sensors from an existing OEM which are primarily scheduled for delivery in periods after 2019. As previously announced on July 2, 2019, the company is forecasting sales of $12.0 to $13.5 million for the third quarter of 2019 ending September 30.

For more information: www.cyberoptics.com

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