CyberOptics Corporation (Nasdaq: CYBE) today reported sales of $16.4 million for the first quarter of 2020 ended March 31, an increase of 10% from $15.0 million in the first quarter of 2019. Net income for the first quarter of 2020 was $844,000 or $0.11 per diluted share, up significantly from $495,000 or $0.07 per diluted share in the year-earlier quarter.
Dr. Subodh Kulkarni, president and chief executive officer, commented, "CyberOptics’ first quarter results were at the high end of our previously-issued guidance for this period. Our performance was generated by robust sales of 3D Multi-Reflection Suppression™ (MRS™) enabled SQ3000™ Multi-Function systems and 3D MRS sensors. We also recognized revenue from sales of both 2D and 3D MX memory module inspection systems. Having ended the first quarter with a record backlog, we believe the second quarter of 2020 should be another strong period for CyberOptics."
He continued, "The Covid-19 pandemic has had a minimal impact on our business thus far, despite the resulting difficulties with global travel and shipping. We are closely monitoring this health crisis and its impact on our business in coming months."
Kulkarni added, "We are encouraged to report that we currently have six customers for our MRS-based sensors, including our 3D NanoResolution sensor, for advanced packaging inspection applications. These customers are at various stages of integrating our sensors into their inspection systems. Some have started demonstrating their systems to end-customers, and we believe these relationships will start contributing to revenue in a more significant way in 2021. Interest among additional potential customers also remains strong. We believe our 3D NanoResolution MRS sensor has positioned CyberOptics to capitalize upon numerous, extremely promising growth opportunities."
Source Business wire
CyberOptics Corp. engages in designing, developing, and manufacturing of precision sensing technology solutions. Its products include metrology and three-dimensional scanning; surface mount technology (SMT); multi-reflection suppression (MRS); and semiconductor processes. The company was founded by Steven K. Case in 1984 and is headquartered in Minneapolis, MN.
Dr. Subodh Kulkarni, president and chief executive officer, commented, "CyberOptics’ first quarter results were at the high end of our previously-issued guidance for this period. Our performance was generated by robust sales of 3D Multi-Reflection Suppression™ (MRS™) enabled SQ3000™ Multi-Function systems and 3D MRS sensors. We also recognized revenue from sales of both 2D and 3D MX memory module inspection systems. Having ended the first quarter with a record backlog, we believe the second quarter of 2020 should be another strong period for CyberOptics."
He continued, "The Covid-19 pandemic has had a minimal impact on our business thus far, despite the resulting difficulties with global travel and shipping. We are closely monitoring this health crisis and its impact on our business in coming months."
Kulkarni added, "We are encouraged to report that we currently have six customers for our MRS-based sensors, including our 3D NanoResolution sensor, for advanced packaging inspection applications. These customers are at various stages of integrating our sensors into their inspection systems. Some have started demonstrating their systems to end-customers, and we believe these relationships will start contributing to revenue in a more significant way in 2021. Interest among additional potential customers also remains strong. We believe our 3D NanoResolution MRS sensor has positioned CyberOptics to capitalize upon numerous, extremely promising growth opportunities."
Source Business wire
CyberOptics Corp. engages in designing, developing, and manufacturing of precision sensing technology solutions. Its products include metrology and three-dimensional scanning; surface mount technology (SMT); multi-reflection suppression (MRS); and semiconductor processes. The company was founded by Steven K. Case in 1984 and is headquartered in Minneapolis, MN.