cybe-20210331.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, 2021

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, 2021, there were 7,299,376 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, 2021			December 31, 2020
ASSETS
Cash and cash equivalents	$	10,031		$	8,399
Marketable securities	8,680			8,121
Accounts receivable, less allowances of $332 at March 31, 2021 and $302 at December 31, 2020	15,914			14,735
Inventories	20,662			20,271
Prepaid expenses	901			686
Other current assets	754			890
Total current assets	56,942			53,102

Marketable securities, long-term	13,587			14,052
Equipment and leasehold improvements, net	3,446			3,235
Intangible assets, net	303			325
Goodwill	1,366			1,366
Right-of-use assets (operating leases)	2,469			2,621
Trade notes receivable, long-term	333			418
Deferred tax assets	4,488			4,597
Total assets	$	82,934		$	79,716

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	7,784		$	5,118
Advance customer payments	687			823
Accrued expenses	3,103			3,893
Current operating lease liabilities	827			819
Total current liabilities	12,401			10,653

Other liabilities	143			134
Long-term operating lease liabilities	3,025			3,244
Reserve for income taxes	209			157
Total liabilities	15,778			14,188

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, 7,299,376 shares issued and outstanding at March 31, 2021 and 7,294,617 shares issued and outstanding at December 31, 2020	38,208			37,817
Accumulated other comprehensive loss	(1,306		)	(1,102		)
Retained earnings	30,254			28,813
Total stockholders’ equity	67,156			65,528
Total liabilities and stockholders’ equity	$	82,934		$	79,716

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)	2021		2020
Revenues	$	17,732	$	16,429
Cost of revenues		9,353		9,146

Gross margin		8,379		7,283

Research and development expenses		2,761		2,395
Selling, general and administrative expenses		3,888		4,159

Income from operations		1,730		729

Interest income and other		22		264

Income before income taxes		1,752		993

Income tax expense		311		149

Net income	$	1,441	$	844

Net income per share – Basic	$	0.20	$	0.12
Net income per share – Diluted	$	0.19	$	0.11

Weighted average shares outstanding – Basic		7,293		7,157
Weighted average shares outstanding – Diluted		7,463		7,367

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)	2021			2020
Net income	$	1,441		$	844

Other comprehensive loss before income taxes:
Foreign currency translation adjustments		(147	)		(600	)

Unrealized gains (losses) on available-for-sale securities		(72	)		140

Total other comprehensive loss before income taxes		(219	)		(460	)

Income tax provision		15			(30	)

Total other comprehensive loss after income taxes		(204	)		(490	)

Total comprehensive income	$	1,237		$	354

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

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

CYBEROPTICS CORPORATION

(Unaudited)


	Three Months Ended March 31,
(In thousands)	2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,441	$	844
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	634		664
Non-cash operating lease expense	152		137
Provision (recovery) for doubtful accounts	30		(23		)
Deferred taxes	122		64
Foreign currency transaction losses (gains)	6		(381		)
Share-based compensation	334		272
Unrealized (gain) loss on available-for-sale equity security

SEC Form 10-Q filed by CyberOptics Corporation