CyberOptics reports first quarter operating results

CyberOptics Corporation reported operating results for the first quarter of 2007 ended March 31.

• Consolidated sales totaled $13,741,000 for the first quarter of 2007 ended March 31, down from $14,718,000 in the year-earlier period and virtually unchanged from $13,745,000 in the fourth quarter of 2006. First quarter sales were consistent with the previously issued guidance for this period.
• Operating income came to $1,174,000, down from $1,842,000 in the year-earlier period but up from $1,043,000 in the fourth quarter of 2006.
• Net income came to $1,153,000 or $0.13 per diluted share, compared to $1,456,000 or $0.16 in the first quarter of 2006 and $1,282,000 or $0.14 per diluted share in last year's fourth quarter when earnings were taxed at an effective rate of 20% due to the impact of federal R&D tax credits that took effect in the fourth quarter. First quarter earnings were at the upper end of the forecasted financial guidance for this period.
• CyberOptics ended the first quarter of 2007 with cash and marketable securities of $49,115,000 up from $49,007,000 at the beginning of the year.

Kathleen P. Iverson, president and chief executive officer, commented: "We are encouraged that CyberOptics is continuing to post very solid operating results, even though we faced a difficult comparison with last year's first quarter when we shipped one of the largest orders in our history for SE 300 solder paste inspection systems. Although we had no similarly sized shipment in this year's first quarter, inspection systems sales continued at robust levels, with sales of our Flex Ultra(TM) automated optical inspection (AOI) system being particularly strong. Sales of electronic assembly sensors remained comparable with the prior two quarters after peaking earlier in 2006."