UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
Commission File Number:
| (State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
| Emerging growth company |
| ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Item 2.02. Results of Operations and Financial Condition
On February 17, 2022, CyberOptics Corporation published a press release providing information regarding its results of operations and financial condition for the quarter ended December 31, 2021.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99 Press Release dated February 17, 2022.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CyberOptics Corporation | ||
| By: | /s/ Jeffrey A. Bertelsen | |
| Jeffrey A. Bertelsen | ||
| Chief Financial Officer | ||
| Dated: February 17, 2022 | ||
Exhibit 99.1
CyberOptics Reports Strong Fourth Quarter and Record 2021 Sales and Earnings
Operating Results Paced by Robust Sales of WaferSense® and 3D MRS™-Based Sensor Products
Minneapolis, MN—February 17, 2022—CyberOptics Corporation (Nasdaq: CYBE) today reported sales of $22.1 million for the fourth quarter of 2021 ended December 31, an increase of 31% from $16.9 million in the fourth quarter of 2020. Net income for the fourth quarter of 2021, which benefitted from a gross margin percentage of almost 50%, came to $3.4 million or $0.45 per diluted share, an increase of 132% from earnings of $1.5 million or $0.20 per diluted share in the year-earlier quarter.
CyberOptics reported record sales and earnings in 2021. For the full-year, sales totaled $92.8 million, an increase of 32% from $70.1 million in 2020. Net income in 2021 was $12.8 million or $1.69 per diluted share, up significantly from $5.7 million or $0.77 per diluted share in 2020. CyberOptics record operating results were driven by sales of its 3D Multi-Reflection Suppression™ (MRS™)-based sensors and inspection and metrology system products and WaferSense semiconductor sensors. These products accounted for 78% of total sales in 2021, compared to 67% in 2020.
Dr. Subodh Kulkarni, president and chief executive officer, commented, “Our strong fourth quarter sales demonstrate that CyberOptics is continuing to penetrate and gain traction in our targeted surface mount technology (SMT) and semiconductor capital equipment markets. The competitive advantages of our advanced sensor and inspection and metrology system products are enabling us to capitalize upon strong growth opportunities in these markets. Demand for our MRS-based products and WaferSense sensors is expected to remain strong for some time, making us optimistic about CyberOptics’ outlook for the first quarter of 2022. We also see the full year shaping up as another period of strong operating results.”
Sales of 3D and 2D sensors increased 40% year-over-year to $7.0 million in the fourth quarter of 2021. Within this category, sales of 3D MRS sensors rose 41% year-over-year to $5.0 million in the fourth quarter, driven by demand for these sensors for high-end electronics and semiconductor inspection and metrology applications. Sales of 3D and 2D sensors are forecasted to post strong year-over-year growth in the first quarter of 2022.
Sales of semiconductor sensors, principally our WaferSense line of sensors, increased 62% year-over-year to $6.0 million in the fourth quarter of 2021. Ongoing demand for semiconductor capital equipment is driving the sales growth of these yield and process improvement sensors. Sales of semiconductor sensors are forecasted to record strong year-over-year growth in the first quarter of 2022.
Sales of inspection and metrology systems rose 11% year-over-year in the fourth quarter of 2021 to $9.1 million. Within this product category, fourth quarter sales of SQ3000™ Multi-Function inspection and metrology systems increased 15% year-over-year to $4.7 million. Of total SQ3000 sales, $1.1 million was generated by sales of systems for mini-LED inspection and metrology. SQ3000 sales related to mini-LED applications totaled $8.0 million for the full year, up from $4.6 million in 2020, and the mini-LED backlog at December 31, 2021 stood at $1.4 million. Additional orders are anticipated in 2022.
Fourth quarter system sales also benefited from customer acceptances of nearly $1.0 million for 3D MX3000™ Final Vision Inspection systems and sensor kits for memory modules. Additional MX3000 orders of $1.5 million were received earlier in the first quarter of 2022, bringing our current backlog of 2D and 3D MX products to $5.0 million. These orders are presently scheduled to be recognized as revenue primarily in the second and third quarters of 2022. Sales of inspection and metrology systems are forecasted to post strong year-over-year growth in the first quarter of 2022.
CyberOptics’ backlog at December 31, 2021 totaled a record $47.3 million, up from $44.2 million at the end of the third quarter of 2021 and $23.0 million at the end of 2020. The company is forecasting sales of $22.0 to $24.0 million for the first quarter of 2022 ending March 31, compared to $17.7 million in the first quarter of 2021. CyberOptics expects to report strong operating results in the first quarter of 2022, based on the continuation of favorable market conditions and shipments from its order backlog of 3D MRS based sensor and system products.
About CyberOptics
CyberOptics Corporation (www.cyberoptics.com) is a leading global developer and manufacturer of high-precision 3D sensing technology solutions. CyberOptics’ sensors are used for inspection and metrology in the SMT and semiconductor markets to significantly improve yields and productivity. By leveraging its leading edge technologies, the Company has strategically established itself as a global leader in high precision 3D sensors, allowing CyberOptics to further increase its penetration of key vertical markets. Headquartered in Minneapolis, Minnesota, CyberOptics conducts worldwide operations through its facilities in North America, Asia and Europe.
|
Statements regarding the Company’s anticipated performance are forward-looking and therefore involve risks and uncertainties, including but not limited to: a possible world-wide recession or depression resulting from the economic consequences of the COVID-19 pandemic; the negative effect on our revenue and operating results of the COVID-19 crisis on our customers and suppliers and the global supply chain; market conditions in the global SMT and semiconductor capital equipment industries; trade relations between the United States and China and other countries; the timing of orders and shipments of our products, particularly our 3D MRS SQ3000 Multi-Function systems and MX systems for memory module inspection; increasing price competition and price pressure on our product sales, particularly our inspection and metrology systems; the level of orders from our OEM customers; the availability of parts required to meet customer orders; unanticipated product development challenges; the effect of world events on our sales, the majority of which are from foreign customers; rapid changes in technology in the electronics and semiconductor markets; product introductions and pricing by our competitors; the success of our 3D technology initiatives; the market acceptance of our SQ3000 Multi-Function systems and products for semiconductor inspection and metrology; costly and time consuming litigation with third parties related to intellectual property infringement; the negative impact on our customers and suppliers due to past and future terrorist threats and attacks and any acts of war; the impact of the MX3000 orders on our consolidated gross margin percentage in any future period; risks related to cancellation or renegotiation of orders we have received; and other factors set forth in the Company’s filings with the Securities and Exchange Commission. |
# # #
For additional information, contact:
Jeffrey A. Bertelsen, Chief Financial Officer
763-542-5000
Carla Furanna, Vice President of Global Marketing
952-820-5837
Fourth Quarter 2021 Conference Call and Replay
CyberOptics will review its fourth quarter operating results in a conference call at 4:30 P.M. Eastern today. Investors can access the live call by dialing toll-free 888-220-8451 prior to the start of the call and providing the conference ID: 5210085. A webcast of the live conference call, which will be archived for 30 days, can be heard by visiting the investor relations section of the CyberOptics website, www.cyberoptics.com. A replay of the conference call, available one hour after the call, can be accessed by dialing 888-203-1112 and providing conference ID: 5210085. The replay will be available for 30 days.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(In thousands, except per share amounts) |
|
Three Months Ended Dec. 31, |
|
|
Twelve Months Ended Dec. 31, |
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Revenue |
|
$ |
22,076 |
|
|
$ |
16,872 |
|
|
$ |
92,774 |
|
|
$ |
70,117 |
|
Cost of revenue |
|
|
11,127 |
|
|
|
8,947 |
|
|
|
49,608 |
|
|
|
38,900 |
|
Gross margin |
|
|
10,949 |
|
|
|
7,925 |
|
|
|
43,166 |
|
|
|
31,217 |
|
Research and development expenses |
|
|
2,695 |
|
|
|
2,592 |
|
|
|
10,857 |
|
|
|
9,572 |
|
Selling, general and administrative expenses |
|
|
4,478 |
|
|
|
3,748 |
|
|
|
17,973 |
|
|
|
15,648 |
|
Income from operations |
|
|
3,776 |
|
|
|
1,585 |
|
|
|
14,336 |
|
|
|
5,997 |
|
Interest income and other, net |
|
|
(44 |
) |
|
|
31 |
|
|
|
159 |
|
|
|
357 |
|
Income before income taxes |
|
|
3,732 |
|
|
|
1,616 |
|
|
|
14,495 |
|
|
|
6,354 |
|
Provision for income taxes |
|
|
329 |
|
|
|
150 |
|
|
|
1,744 |
|
|
|
612 |
|
Net income |
|
$ |
3,403 |
|
|
$ |
1,466 |
|
|
$ |
12,751 |
|
|
$ |
5,742 |
|
Net income per share - Basic |
|
$ |
0.46 |
|
|
$ |
0.20 |
|
|
$ |
1.74 |
|
|
$ |
0.80 |
|
Net income per share - Diluted |
|
$ |
0.45 |
|
|
$ |
0.20 |
|
|
$ |
1.69 |
|
|
$ |
0.77 |
|
Weighted average shares outstanding - Basic |
|
|
7,364 |
|
|
|
7,264 |
|
|
|
7,320 |
|
|
|
7,215 |
|
Weighted average shares outstanding - Diluted |
|
|
7,587 |
|
|
|
7,480 |
|
|
|
7,537 |
|
|
|
7,454 |
|
Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
||
|
|
Dec. 31, 2021 (Unaudited) |
|
|
Dec. 31, 2020 |
|
||
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
13,684 |
|
|
$ |
8,399 |
|
Marketable securities |
|
|
7,327 |
|
|
|
8,121 |
|
Accounts receivable, net |
|
|
19,821 |
|
|
|
14,735 |
|
Inventories |
|
|
27,602 |
|
|
|
20,271 |
|
Other current assets |
|
|
1,672 |
|
|
|
1,576 |
|
Total current assets |
|
|
70,106 |
|
|
|
53,102 |
|
|
|
|
|
|
|
|
|
|
Marketable securities |
|
|
17,281 |
|
|
|
14,052 |
|
Long-term trade notes receivable |
|
|
— |
|
|
|
418 |
|
Intangibles and goodwill, net |
|
|
1,741 |
|
|
|
1,691 |
|
Equipment and leasehold improvements |
|
|
3,174 |
|
|
|
3,235 |
|
Right-of-use assets (operating leases) |
|
|
2,052 |
|
|
|
2,621 |
|
Deferred tax assets |
|
|
3,668 |
|
|
|
4,597 |
|
Total assets |
|
$ |
98,022 |
|
|
$ |
79,716 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
10,275 |
|
|
$ |
5,118 |
|
Accrued expenses |
|
|
5,017 |
|
|
|
4,716 |
|
Current operating lease liabilities |
|
|
864 |
|
|
|
819 |
|
Total current liabilities |
|
|
16,156 |
|
|
|
10,653 |
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
391 |
|
|
|
291 |
|
Long-term operating lease liabilities |
|
|
2,369 |
|
|
|
3,244 |
|
Total liabilities |
|
|
18,916 |
|
|
|
14,188 |
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
79,106 |
|
|
|
65,528 |
|
Total liabilities and stockholders’ equity |
|
$ |
98,022 |
|
|
$ |
79,716 |
|
Cover |
Feb. 17, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Feb. 17, 2022 |
| Entity File Number | 0-16577 |
| Entity Registrant Name | CyberOptics Corporation |
| Entity Central Index Key | 0000768411 |
| Entity Tax Identification Number | 41-1472057 |
| Entity Incorporation, State or Country Code | MN |
| Entity Address, Address Line One | 5900 Golden Hills Drive |
| Entity Address, City or Town | Minneapolis |
| Entity Address, State or Province | MN |
| Entity Address, Postal Zip Code | 55416 |
| City Area Code | 763 |
| Local Phone Number | 542-5000 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, no par value |
| Trading Symbol | CYBE |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
| Entity Information, Former Legal or Registered Name | Not applicable |
-8?20$3;8T.P6BP^0"X99K>]9!:G
M