CyberOptics' Financial Picture Continues to Improve
MINNEAPOLIS -- CyberOptics today reported improved year-over-year operating results for the third-quarter, with revenues up significantly and a narrower net loss.
Revenues increased 34% to $11.7 million in quarter ended Sept. 30, boosted in part by the mid-March acquisition of Laser Design, which contributed $1.3 million in revenue. The operating loss narrowed to $514,000, from $961,000 in the year-earlier period, while the net loss was $448,000, down from a loss of $774,000.
In a statement, president and chief executive Dr. Subodh Kulkarni said “This represents CyberOptics’ fourth consecutive quarter of improved year-over-year operating results and allows us to reaffirm our previously-reported 2014 goal of organic double-digit sales growth and a significantly reduced net loss. CyberOptics’ progress throughout 2014 also makes us confident of attaining our longer-term goal of sustainable profitable growth.”
The firm said it expects double-digit growth in the fourth quarter and for losses to continue shrink.
SMT sensors sales increased 42% from a year ago on solid demand from OEM customers. Inspection systems sales rose 4% year-over-year and sales of semiconductor products, principally the WaferSense product line, were up 8%.
The company is undergoing a repositioning to leverage its prospects in the 3D inspection sector. “Since 3D inspection is the high-growth segment of the electronics assembly, semiconductor and industrial markets, we are strategically repositioning CyberOptics as a developer and manufacturer of high-precision 3D sensors," Kulkarni said. "Toward this end, development of our breakthrough Multi-Reflection Suppression (MRS) 3D technology continued in the third quarter. This sensor technology will be deployed in our new 3D AOI system, which is designed to expand CyberOptics’ presence in the smartphone and tablet markets as well as other high-precision applications.
As previously reported by CIRCUITS ASSEMBLY, CyberOptics expects to formally launch a new 3D AOI system in the first quarter 2015. The company added that initial sales of its recently introduced conformal coating inspection system are expected in the fourth quarter.
