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CyberOptics Reports Third Quarter Operating Results, Announces Stock Repurchase Plan
November 1, 2002 |Estimated reading time: 1 minute
Minneapolis -- CyberOptics Corp. has reported operating results for the third quarter of 2002 ended September 30.
Consolidated revenues increased 21 percent to $7.47 million from $6.18 million in the year-earlier quarter and were also up 26 percent from $5.9 million in this year's second quarter.
The company reported a net loss of $5.39 million or 66 cents per diluted share, which included a $4 million (50 cents per diluted share) non-cash charge to establish a valuation allowance against deferred tax assets. This compares to a net loss of $1.94 million or 24 cents per share in the third quarter of 2001 and $3.29 million or 40 cents per share in this year's second quarter.
Excluding the non-cash charge for establishing a valuation allowance on deferred taxes and restructuring charges related to workforce reductions in prior quarters, CyberOptics' third quarter net loss came to $1.31 million or 16 cents per share, a significant improvement from the net losses of $1.8 million or 23 cents per share in the year-earlier period and $2.79 million or 34 cents per share in this year's second quarter.
CyberOptics is forecasting revenues of approximately $7 million for the fourth quarter of 2002 ending December 31. The net loss for this period is forecasted at 17 cents to 22 cents per diluted share, reflecting a pre-tax loss consistent with the third quarter level and the reduction of income tax benefits. CyberOptics will provide financial guidance for 2003 when operating results for this year's fourth quarter are released in February.
It was also announced that the Board of Directors has approved the repurchase of up to 1 million shares of CyberOptics' common stock. The shares will be repurchased from time to time in the open market or through negotiated transactions. CyberOptics had approximately 8.2 million shares outstanding at the end of this year's third quarter. The company, which views its stock as a value at current price levels, said the repurchased shares will be used for employee compensation plans and other corporate purposes.
CyberOptics Corp., a recognized worldwide leader in optical technology, designs and manufactures a growing range of yield and throughput enhancement tools for the SMT electronic assembly equipment and semiconductor fabrication equipment markets. For more information, visit www.cyberoptics.com.