Despite Soft Quarter, Cyber Optics Anticipates FY1999 Profits

Minneapolis-based CyberOptics Corp. reported revenues of $7.7 million for the first quarter of 1999 (ended March 31), down about 24% from $10.6 million in the year-earlier period. Net income for the current quarter came to $552,000 ($0.11 per diluted share), down 65.5% compared to $1.6 million ($0.28 per diluted share) in the first quarter of 1998.

The company said it still expected to incur a significant one-time charge in the second quarter related to in-process research and design acquired from Kestra, (Skipton, UK) the maker of automated optical inspection systems that CyberOptics acquired earlier this month.

"In the absence of the Kestra transaction, CyberOptics base business is expected to be profitable for the full year, but SMT (global surface mount) operations will continue to be affected by the outlook for persistently weak market conditions," the company said.