CyberOptics Names Kulkarni CEO, Raises Guidance PDF Print E-mail
Written by Mike Buetow   
Tuesday, 14 January 2014 09:06

MINNEAPOLIS -- CyberOptics received a double dose of good news as its board settled on a permanent CEO and raised its outlook for the just-completed fourth quarter. The AOI equipment maker expects sales of $8.2 million to $8.6 million for the fourth quarter ended Dec. 31, exceeding previous sales guidance of $7 million to $8 million.

The company cited greater-than-expected demand for SMT inspection systems.

Sales in the fourth quarter of 2012 totaled $5.8 million.

The company anticipates a fourth-quarter operating loss of $2.2 million to $2.7 million, which includes a restructuring charge of approximately $1 million, primarily related to the workforce reduction announced in November.

The company ended 2013 with approximately $23 million of cash and marketable securities and completed its previously announced $3 million share repurchase during the fourth quarter.

CyberOptics also announced that its board of directors has completed interviews and has appointed Dr. Subodh Kulkarni as its chief executive officer and president effective as of the Feb. 1 retirement of Kathleen Iverson.

Dr. Kulkarni, a Ph.D. in chemical engineering and the former chief technology officer and senior vice president of the OEM/Emerging Business of Imation, has been a member of the CyberOptics board since 2009 and executive chairman since September 2013. He had earlier agreed to accept the role as interim CEO when Iverson announced her retirement, but has now agreed to lead the company on a more permanent basis.

“The level of my enthusiasm for the prospects of CyberOptics has increased exponentially with my increased involvement,” said Dr. Kulkarni. “With a long-established position in the SMT inspection market, and exciting new technology on the horizon, I look forward to bringing positive news as the year unfolds. We are forecasting double-digit sales growth in 2014 and 2015, and the positive sales outlook, combined with lower operating expenses, should result in a reduced operating loss for the coming year.”

CyberOptics will issue final, audited operating results for the fourth quarter and full-year 2013 during the week of Feb. 24.

Last Updated on Tuesday, 14 January 2014 17:32
 

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