CyberOptics Corporation (CYBE) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $6.09 million, or $ 0.85 a share in the quarter, against a net loss of $0.03 million, or $0.31 a share in the last year period. Revenue during the quarter grew 18.09 percent to $13.46 million from $11.39 million in the previous year period. Gross margin for the quarter expanded 513 basis points over the previous year period to 47.01 percent. Total expenses were 95.26 percent of quarterly revenues, down from 99.66 percent for the same period last year. This has led to an improvement of 440 basis points in operating margin to 4.74 percent.
Operating income for the quarter was $0.64 million, compared with $0.04 million in the previous year period.
Dr. Subodh Kulkarni, president and chief executive officer, commented: "Our solidly improved operating metrics in this year’s fourth quarter, which were consistent with our previously-issued guidance, capped a strong 2016 for CyberOptics as we made strong inroads in our targeted markets with our 3D MRS technology platform. This disruptive technology has enabled CyberOptics to capitalize upon the growing demand for high-precision inspection solutions in the consumer electronics, semiconductor and 3D sensing markets. We also benefited from the strongly growing acceptance of our WaferSense/ReticleSense product line in the semiconductor capital equipment market. In addition, we are making significant progress with a research initiative aimed at applying our 3D MRS technology to front-end semiconductor inspection, which could have a major impact on our long-term performance. In all, we believe that our advanced technologies and product portfolios have positioned CyberOptics to perform strongly in 2017 and beyond."
For the first-quarter 2017, CyberOptics Corporation expects revenue to be in the range of $11.50 million to $12.50 million.
Working capital increases sharply
CyberOptics Corporation has recorded an increase in the working capital over the last year. It stood at $30.79 million as at Dec. 31, 2016, up 28.79 percent or $6.88 million from $23.91 million on Dec. 31, 2015. Current ratio was at 3.99 as on Dec. 31, 2016, up from 3.91 on Dec. 31, 2015.
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