UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 2, 2019

 

CyberOptics Corporation

(Exact name of registrant as specified in its charter)

     
  Commission File Number: 0-16577  
     

 

     
Minnesota   41-1472057
(State or other jurisdiction of incorporation)   (IRS Employer Identification No.)
     

5900 Golden Hills Drive 
Minneapolis MN 55416
(Address of principal executive offices, including zip code) 

 

(763) 542-5000

(Registrant’s telephone number, including area code)

 

Not applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

☐   Emerging growth company
   
☐   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

 

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value CYBE NASDAQ Stock Market LLC

 

 

 

Item 2.02. Results of Operations and Financial Condition

 

On July 2, 2019, CyberOptics Corporation (the “Company”) issued a press release (the “Press Release”) providing preliminary information regarding its sales (i.e., revenues) for the second quarter ended June 30, 2019. In the Press Release, the Company provided a forecast that its sales would be in the range of $15.0 million to $15.2 million for the second quarter of 2019. A copy of the Press Release is provided as Exhibit 99 to this Current Report on Form 8-K.

 

Item 9.01. Financial Statements and Exhibits.

 

Exhibit 99. Press Release dated July 2, 2019.

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  CyberOptics Corporation  
       
  By   /s/ Jeffrey A. Bertelsen  
    Jeffrey A. Bertelsen  
    Chief Financial Officer  

 

Dated:   July 2, 2019

 

 

Exhibit 99

 

CyberOptics Reports Impact of Weak Market Conditions on 2019 Revenue Outlook

Revises 2019 Second Quarter Revenue Guidance

 

Minneapolis, MN—July 2, 2019—CyberOptics Corporation (Nasdaq CYBE) today announced that its second quarter and full-year 2019 operating results will be materially affected by the cyclical, industry-wide slowdown in demand for SMT and semiconductor capital equipment and continued uncertainty in the global trade environment.

 

Orders for SMT and semiconductor products started to weaken during the second quarter. Despite strong year-over-year sales of 3D MRS-enabled SQ3000 AOI inspection systems, CyberOptics is now forecasting sales of $15.0-$15.2 million for the second quarter ending June 30, which would be at the low end of its previously-issued guidance of $15.0-$16.5 million for this period. Second quarter operating results will include sales of $1.1 million for MX600 memory module inspection systems.

 

The impact of weakness in the SMT and semiconductor markets is causing CyberOptics to forecast sales of $12.0 to $13.5 million for the quarter ending September 30, 2019. The company said it expects sluggish market conditions to persist in the fourth quarter of 2019 before strengthening in early 2020.

 

CyberOptics will issue its second quarter earnings release on Wednesday, July 24, and a conference call with investors will be held that day at 4:30 PM Eastern.

 

About CyberOptics

CyberOptics Corporation (www.cyberoptics.com) is a leading global developer and manufacturer of high-precision 3D sensing technology solutions. CyberOptics’ sensors are used in SMT, semiconductor and metrology markets to significantly improve yields and productivity. By leveraging its leading edge technologies, the company has strategically established itself as a global leader in high precision 3D sensors, allowing CyberOptics to further increase its penetration of key vertical markets. Headquartered in Minneapolis, Minnesota, CyberOptics conducts worldwide operations through its facilities in North America, Asia and Europe.

 

Statements regarding the company’s anticipated performance are forward-looking and therefore involve risks and uncertainties, including but not limited to: market conditions in the global SMT and semiconductor capital equipment industries; the timing of orders and shipments of our products, particularly our 3D MRS-enabled AOI systems; increasing price competition and price pressure on our product sales, particularly our SMT systems; the level of orders from our OEM customers; the availability of parts required to meet customer orders; unanticipated product development challenges; the effect of world events on our sales, the majority of which are from foreign customers; rapid changes in technology in the electronics and semiconductor markets; product introductions and pricing by our competitors; the success of our 3D technology initiatives; the market acceptance of our SQ3000 3D CMM system, products for semiconductor mid-end and advanced packaging inspection applications and CyberGage360 product; costly and time consuming litigation with third parties related to intellectual property infringement; and other factors set forth in the company’s filings with the Securities and Exchange Commission.

 

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For additional information, contact:

Jeffrey A. Bertelsen, Chief Financial Officer

763/542-5000

Carla Furanna, Head of Global Marketing

952-820-5837