|[January 13, 2014]
CyberOptics Issues Preliminary Fourth Quarter 2013 Operating Results and 2014 Outlook
MINNEAPOLIS --(Business Wire)--
CyberOptics Corporation (Nasdaq: CYBE) today reported that it expects to
report sales of $8.2 to $8.6 million for the fourth quarter of 2013
ended December 31, exceeding the previously issued sales guidance of
$7.0 to $8.0 million for this period due primarily to above-plan sales
of SMT inspection systems. Sales in the fourth quarter of 2012 totaled
The company anticipates a fourth quarter operating loss of $2.2 to $2.7
million, which includes a restructuring charge of approximately $1.0
million, primarily related to the workforce reduction announced in
November. The company ended 2013 with approximately $23.0 million of
cash and marketable securities and completed its previously announced
$3.0 million share repurchase during the fourth quarter of 2013.
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 February 1, 2014 retirement of
Kathleen Iverson. Dr. Kulkarni, a PhD in Chemical Engineering and the
former Chief Technology Officer and Senior Vice President of the
OEM/Emerging Business of Imation Corp. (News - Alert), has ben a member of the
CyberOptics Board since 2009 and Executive Chairman since September
2014. He had earlier agreed to accept the role as interim CEO when Ms.
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 February 24, 2014.
Founded in 1984, 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 is repositioning itself as a developer and manufacturer of
high-precision, proprietary 3D sensors for the electronics and general
metrology markets. Headquartered in Minneapolis, Minnesota, we conduct
worldwide operations through facilities in North America, Asia and
Statements regarding the Company's anticipated performance are
forward-looking and therefore involve risks and uncertainties, including
but not limited to: market conditions in the global SMT and
semiconductor capital equipment industries; increasing price competition
and price pressure on our product sales, particularly our SMT systems;
the level of orders from our OEM customers; the availability of parts
required for meeting customer orders; the effect of world events on our
sales, the majority of which are from foreign customers; product
introductions and pricing by our competitors; expectations regarding
revenue, profit or loss for the balance of 2013, 2014 and 2015; success
of 3D technology initiatives; and other factors set forth in the
Company's filings with the Securities and Exchange Commission.
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