MINNEAPOLIS -- CyberOptics narrowed its first-quarter net loss despite soft sales of traditional SMT inspection systems.

For the period ended Mar. 31, the net loss shrank 3% from a year ago to $781,000 while the operating loss increased 14% year-over-year to $826,000. Revenue slipped 3% to $9.55 million.

The results were consistent with the AOI/SPI developer's previously announced forecast.

The company had overall backlogs of $6.8 million as of Mar. 31, up 15% sequentially.

SMT inspection demand declined 33% year-over-year, which the company attributes to customers waiting for the firm's new SQ3000 3D AOI. Sales of SMT sensors increased 7% from last year’s first quarter, while sales of semiconductor products were up 18%. LDI’s sales were up significantly year-over-year due to the timing of its late March 2014 acquisition.

"We are confident of achieving steadily improving results over the balance of the year," said chief executive and president Dr. Subodh Kulkarni. "During the second quarter, we expect to book the initial revenues of our 3D AOI inspection system, the SQ3000. We are forecasting the first sales of our 3D-equipped CyberGage scanning system in the second half. Customer interest in this product is high making us believe CyberGage could be a significant contributor to our long term growth.

Kulkarni said remaining engineering on the SQ3000 should be complete in the current quarter and sales should ramp over the balance of the year. "3D AOI is a $60 million market growing at an approximate 40% compound annual growth rate. We believe the differentation enabled by our MRS technology will allow us to gain a growing share of the 3D AOI market over the long term."

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