cybe-20220331.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

	FORM 10-Q

	(Check One)
þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

o TRANSITION PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT

For the transition period from ______ to ______

	COMMISSION FILE NO. (0-16577)

CYBEROPTICS CORPORATION
(Exact name of registrant as specified in its charter)


Minnesota		41-1472057
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

5900 Golden Hills Drive
MINNEAPOLIS, MINNESOTA		55416
(Address of principal executive offices)		(Zip Code)

	(763) 542-5000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	CYBE	NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☑	Smaller Reporting Company	☑
		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. At April 30, 2022, there were 7,403,683 shares of the registrant’s Common Stock, no par value, issued and outstanding.

PART I. FINANCIAL INFORMATION

ITEM 1. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

CYBEROPTICS CORPORATION

(Unaudited)


(In thousands, except share information)	March 31, 2022			December 31, 2021
ASSETS
Cash and cash equivalents	$	10,226		$	13,684
Marketable securities	9,079			7,327
Accounts receivable, less allowances of $385 at March 31, 2022 and $355 at December 31, 2021	22,271			19,821
Inventories	30,048			27,602
Prepaid expenses	779			808
Other current assets	1,297			864
Total current assets	73,700			70,106

Marketable securities, long-term	18,918			17,281
Equipment and leasehold improvements, net	3,269			3,174
Intangible assets, net	351			375
Goodwill	1,366			1,366
Right-of-use assets (operating leases)	1,916			2,052
Deferred tax assets	3,746			3,668
Total assets	$	103,266		$	98,022

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	12,346		$	10,275
Advance customer payments	1,089			599
Accrued expenses	3,600			4,418
Current operating lease liabilities	878			864
Total current liabilities	17,913			16,156

Other liabilities	187			177
Long-term operating lease liabilities	2,152			2,369
Reserve for income taxes	214			214
Total liabilities	20,466			18,916

Commitments and contingencies

Stockholders’ equity:
Preferred stock, no par value, 5,000,000 shares authorized, none outstanding	—			—
Common stock, no par value, 25,000,000 shares authorized, 7,402,683 shares issued and outstanding at March 31, 2022 and 7,391,906 shares issued and outstanding at December 31, 2021	39,587			39,052
Accumulated other comprehensive loss	(1,942		)	(1,510		)
Retained earnings	45,155			41,564
Total stockholders’ equity	82,800			79,106
Total liabilities and stockholders’ equity	$	103,266		$	98,022

SEE THE ACCOMPANYING NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME

CYBEROPTICS CORPORATION

(Unaudited)


	Three Months Ended March 31,
(In thousands, except per share amounts)	2022		2021
Revenues	$	24,246	$	17,732
Cost of revenues		12,652		9,353

Gross margin		11,594		8,379

Research and development expenses		2,929		2,761
Selling, general and administrative expenses		4,701		3,888

Income from operations		3,964		1,730

Interest income and other		85		22

Income before income taxes		4,049		1,752

Income tax expense		458		311

Net income	$	3,591	$	1,441

Net income per share – Basic	$	0.49	$	0.20
Net income per share – Diluted	$	0.47	$	0.19

Weighted average shares outstanding – Basic		7,393		7,293
Weighted average shares outstanding – Diluted		7,581		7,463

SEE THE ACCOMPANYING NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CYBEROPTICS CORPORATION

(Unaudited)


	Three Months Ended March 31,
(In thousands)	2022			2021
Net income	$	3,591		$	1,441

Other comprehensive loss before income taxes:
Foreign currency translation adjustments		(71	)		(147	)

Unrealized losses on available-for-sale debt securities		(457	)		(72	)

Total other comprehensive loss before income taxes		(528	)		(219	)

Income tax be

SEC Form 10-Q filed by CyberOptics Corporation