CyberOptics Corporation (Nasdaq: CYBE) today reported consolidated sales of $6.7 million for the first quarter of 2013 ended March 31, down from $11.3 million in the year-earlier period, reflecting our previously forecasted impact of weak conditions in the SMT capital equipment market. The operating loss for the quarter was $2.0 million versus operating income of $92,000 in the first quarter of 2012. CyberOptics posted a net loss of $2.1 million or $0.31 per share in the first quarter, compared to earnings of $92,000 or $0.01 per diluted share in the year-earlier period.

Kathleen P. Iverson, chief executive officer and chair, commented: “Although the SMT market downturn continued to adversely affect our performance, CyberOptics’ first quarter sales increased 16% from last year’s fourth quarter, driven by a 23% increase in sales of inspection systems and a 55% gain in sales of WaferSense products for the semiconductor market. Consistent with prior statements, we believe that the electronics market bottomed out during the first quarter, and our sequential sales growth and recent bookings indicate that our targeted markets are now strengthening. As activity levels in China and the Americas continue to strengthen and order bookings post further gains, we expect to report improved operating results over the balance of the year. For the second quarter of 2013 ending June 30, we are forecasting sales of $9.0 to $10.0 million and a net loss of $0.15 to $0.20 per share.”

She continued: “We booked the initial sales of our recently introduced QX600 automated optical inspection (AOI) system in the first quarter. Later in this year’s second quarter, we expect to introduce the next-generation SE600 solder paste inspection (SPI) system. These important next-generation systems are engineered with significantly improved resolution, performance and usability required for accurately inspecting the smallest circuit board components used in smart phones and tablets and other applications requiring higher resolution due to smaller component sizes. During the first quarter, we also realized the initial sales of our new SE500Ultra SPI system, which offers a 30% increase in inspection speed for high-volume production runs.”

Iverson added: “Recent product introductions mark our first steps toward strengthening our competitive position and gaining market share in our current markets, particularly in the mobile computing and high performance segments where much of the industry’s growth is occurring. We also intend to expand our technology into adjacent targeted markets that require high precision optical 3D inspection. To achieve our growth objectives, we have taken a number of key steps. We have: implemented a functional organization focused on our systems business, which has included centralizing our R&D operation under a single leader to sharpen our focus and effectiveness on enhanced and next generation system products; consolidated sales and product marketing under one leader to focus on systems growth opportunities; earmarked expenditures to expand our marketing organization; and committed resources to developing innovative new products with ease of use and inspection performance that exceed the metrics of current and foreseeable competitive products. With cash and marketable securities of $27.4 million at the end of the first quarter, we believe we have the resources required to attain our growth objectives over the next several years.”

About CyberOptics
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. Our products are deployed on production lines that manufacture surface mount technology circuit boards and semiconductor process equipment. By increasing productivity and product quality, our sensors and inspection systems enable electronics manufacturers to strengthen their competitive positions in highly price-sensitive markets. Headquartered in Minneapolis, Minnesota, we conduct worldwide operations through facilities in North America, Asia and Europe.