CyberOptics Reports Full-Year 2004 and Fourth Quarter Sales and Earnings

Business Wire, Feb 15, 2005

CyberOptics Corporation


Consolidated Statements of Operations (Unaudited)
(In thousands, except per share
 amounts)                         Three Months Ended     Year Ended
                                       Dec. 31,            Dec. 31,
                                    2004      2003     2004      2003
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Revenue                           $11,228   $11,189  $58,037  $35,636
Cost of revenue                     4,954     4,803   23,910   17,109
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     Gross margin                   6,274     6,386   34,127   18,527
Research and development expenses   1,904     1,860    7,623    7,183
Selling, general and
 administrative expenses            3,351     3,002   13,102   11,809
Restructuring and severance costs     -         609      169    1,242
Gain from technology transfer and
 license                              -         -        -       (645)
Amortization of intangibles           220       278      908    1,752
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     Income (loss) from operations    799       637   12,325   (2,814)
Interest income and other              97       271      343      391
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     Income (loss) before income
      taxes                           896       908   12,668   (2,423)
Provision  for income taxes           102        12    2,042      214
----------------------------------------------------------------------
     Net income (loss)               $794      $896  $10,626  ($2,637)
======================================================================
Net income (loss) per share -
 Basic                              $0.09     $0.11    $1.23   ($0.32)
Net income (loss) per share -
 Diluted                            $0.09     $0.11    $1.18   ($0.32)
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Weighted average shares
 outstanding - Basic                8,821     8,286    8,629    8,223
Weighted average shares
 outstanding - Diluted              9,003     8,412    9,003    8,223
======================================================================

Condensed Consolidated Balance Sheets
                                                    Dec. 31,  Dec. 31,
                                                      2004      2003
                                                  (Unaudited)
----------------------------------------------------------------------
Assets
Cash and cash equivalents                            $25,416  $11,354
Marketable securities                                  5,537    9,066
Accounts receivable, net                               7,424    7,773
Inventories                                            7,178    4,522
Income tax receivable                                    -        -
Other current assets                                     511      422
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     Total current assets                             46,066   33,137

Marketable securities                                  9,331    4,402
Intangible and other assets, net                       8,706    9,054
Fixed assets, net                                        993    1,333
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     Total assets                                    $65,096  $47,926
======================================================================

Liabilities and Stockholders' Equity
Accounts payable                                      $1,543   $3,101
Accrued expenses                                       5,602    3,073
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     Total current liabilities                         7,145    6,174

----------------------------------------------------------------------
Total stockholders' equity                            57,951   41,752
----------------------------------------------------------------------
     Total liabilities and stockholders' equity      $65,096  $47,926
======================================================================


Backlog Schedule:
     -------------------------------------------------------
     1st Quarter 2005                                 $3,553
     2nd Quarter 2005 and thereafter                     136
------------------------------------------------------------
       Total backlog                                  $3,689