CYBEROPTICS CORP

CIK:0000768411|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenues	$ 27,569,000	$ 25,204,000	$ 51,815,000	$ 42,936,000
Cost of revenues	14,159,000	14,095,000	26,811,000	23,448,000
Gross margin	13,410,000	11,109,000	25,004,000	19,488,000
Research and development expenses	3,069,000	2,753,000	5,998,000	5,514,000
Selling, general and administrative expenses	5,359,000	4,695,000	10,060,000	8,583,000
Income from operations	4,982,000	3,661,000	8,946,000	5,391,000
Interest income and other	39,000	38,000	124,000	60,000
Income before income taxes	5,021,000	3,699,000	9,070,000	5,451,000
Income tax expense	632,000	590,000	1,090,000	901,000
Net income	$ 4,389,000	$ 3,109,000	$ 7,980,000	$ 4,550,000
Net income per share – Basic	$ 0.59	$ 0.43	$ 1.08	$ 0.62
Net income per share – Diluted	$ 0.58	$ 0.41	$ 1.05	$ 0.61
Weighted average shares outstanding – Basic	7,404	7,299	7,398	7,296
Weighted average shares outstanding – Diluted	7,603	7,517	7,592	7,490

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 7,980,000	$ 4,550,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,147,000	1,292,000
Non-cash operating lease expense	300,000	287,000
Provision for doubtful accounts	122,000	174,000
Deferred taxes	286,000	388,000
Foreign currency transaction (gains) losses	(195,000)	16,000
Share-based compensation	726,000	671,000
Unrealized loss (gain) on available-for-sale equity security	12,000	(12,000)
Changes in operating assets and liabilities:
Accounts receivable	(8,351,000)	(7,303,000)
Inventories	(2,710,000)	(3,493,000)
Prepaid expenses and other assets	(1,194,000)	(117,000)
Accounts payable	2,714,000	6,024,000
Advance customer payments and other	79,000	133,000
Accrued expenses	(597,000)	456,000
Operating leases	(429,000)	(409,000)
Net cash provided by (used in) operating activities	(110,000)	2,657,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of available-for-sale marketable securities	5,098,000	6,083,000
Proceeds from sales of available-for-sale marketable securities	0	225,000
Purchases of available-for-sale marketable securities	(9,086,000)	(6,775,000)
Additions to equipment and leasehold improvements	(908,000)	(936,000)
Additions to patents	(72,000)	(159,000)
Net cash used in investing activities	(4,968,000)	(1,562,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	239,000	67,000
Tax payments for shares withheld related to stock option exercises	(1,000)	0
Net cash provided by financing activities	238,000	67,000
Effects of exchange rate changes on cash and cash equivalents	32,000	6,000
Net (decrease) increase in cash and cash equivalents	(4,808,000)	1,168,000
Cash and cash equivalents – beginning of period	13,684,000	8,399,000
Cash and cash equivalents – end of period	$ 8,876,000	$ 9,567,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 8,876	$ 13,684
Marketable securities	11,794	7,327
Accounts receivable, less allowances of $435 at June 30, 2022 and $355 at December 31, 2021	28,050	19,821
Inventories	29,645	27,602
Prepaid expenses	697	808
Other current assets	2,219	864
Total current assets	81,281	70,106
Marketable securities, long-term	16,081	17,281
Equipment and leasehold improvements, net	3,281	3,174
Intangible assets, net	342	375
Goodwill	1,366	1,366
Right-of-use assets (operating leases)	1,752	2,052
Deferred tax assets	3,509	3,668
Total assets	107,612	98,022
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	12,894	10,275
Advance customer payments	713	599
Accrued expenses	3,778	4,418
Current operating lease liabilities	870	864
Total current liabilities	18,255	16,156
Other liabilities	155	177
Long-term operating lease liabilities	1,934	2,369
Reserve for income taxes	213	214
Total liabilities	20,557	18,916
Commitments and contingencies
Stockholders’ equity:
Preferred stock, no par value, 5,000,000 shares authorized, none outstanding	0	0
Common stock, no par value, 25,000,000 shares authorized, 7,413,983 shares issued and outstanding at June 30, 2022 and 7,391,906 shares issued and outstanding at December 31, 2021	40,016	39,052
Accumulated other comprehensive loss	(2,505)	(1,510)
Retained earnings	49,544	41,564
Total stockholders’ equity	87,055	79,106
Total liabilities and stockholders’ equity	$ 107,612	$ 98,022