CyberOptics Corp. warns of expected loss in second quarter
Gregory A. Patterson
Star Tribune
Friday, June 22, 2001
CyberOptics Corp. said continued deterioration in the global semiconductor equipment business did worse damage to its second-quarter financial performance than it
originally had warned.
As a result, on Thursday the Golden Valley-based semiconductor equipment maker revised downward its estimates for performance in the second quarter ending June
30. In a news release, CyberOptics said it now expects to report a second-quarter net loss of 5 cents to 8 cents per diluted share and revenue of $11 million to $11.5
million.
CyberOptics officials could not be reached for comment.
In April the company said it expected lower second-quarter net earnings of 2 cents to 7 cents per share, compared with earnings of 24 cents per share a year ago.
In conjunction with the earlier earnings warning, CyberOptics announced plans to lay off 10 percent of its work force and cut the salaries of its remaining employees. It
didn't say Thursday whether any more layoffs or salary cuts are planned.
The company said that one of its customers, a major original-equipment manufacturer, recently instructed it to suspend shipments of electronic assembly sensors
during July and August because it needs to work off excess inventory.
Second-quarter sales of the semiconductor products group -- primarily wafer-mapping sensors and frame-grabber products -- are expected to remain relatively even
with the levels posted in the two preceding quarters.
"Our reduced guidance reflects further weakening in the global electronic assembly capital equipment market," company President and CEO Steven Quist said in a
prepared statement. "During the second quarter, order rates for electronic assembly sensors have declined more rapidly than anticipated and are expected to be
significantly below the first-quarter level."
CyberOptics shares closed Thursday at $14.15, up 21 cents, or 1.5 percent. The company said it plans to report second-quarter earnings in the fourth week of July.
-- Dow Jones News Service contributed to this report.
-- Gregory A. Patterson is at gpatterson@startribune.com .
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