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): September 18, 2013
CyberOptics Corporation
(Exact name of registrant as specified in its charter)
| Minnesota | (0-16577) | 41-1472057 |
| (State or other jurisdiction of incorporation or organization) |
Commission File No. |
(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)
| (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)) |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(c) Effective as of the close of business on Wednesday, September 18, 2013, the Board of Directors of CyberOptics Corporation appointed Dr. Subodh Kulkarni as its executive Chairman. Kathleen P. Iverson will continue as the President and Chief Executive Officer of CyberOptics.
Dr. Kulkarni, a current member of the Board of Directors and lead director prior to his appointment as Executive Chairman, has been Chief Executive Officer since January 2013 of Prism Computational Sciences, a developer of software tools for scientific and commercial applications in simulation of hot gases and plasma used in many applications, including the semiconductor industry. He was Chief Technology Officer and Senior Vice President, OEM/Emerging Business, of Imation Corp from 2009 until 2012; was Vice President, Global Commercial Business, R&D and Manufacturing of Imation from 2007 through 2009; and held various other executive management positions with Imation since 2004. Prior to joining Imation, Dr. Kulkarni held various research management positions with 3M Corporation, and prior to that, with IBM.
Dr. Kulkarni will receive $15,000 per month for his services as executive Chairman.
Item 9.01. Financial Statements and Exhibits
99.1 Press Release dated September 18, 2013
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: September 18, 2013
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CYBEROPTICS APPOINTS DR. SUBODH KULKARNI AS EXECUTIVE CHAIRMAN
Minneapolis, MN―September 18, 2013. CyberOptics Corporation (Nasdaq: CYBE), a world leader in intelligent inspection and sensing solutions for the electronics assembly market, announced today the appointment of Dr. Subodh Kulkarni as its Executive Chairman. Dr. Kulkarni, a PhD in Chemical Engineering, is a director of CyberOptics and the principal owner and Chief Executive Officer of Prism Computational Sciences, a developer of software tools for control of high energy plasma used in many scientific applications, including the semiconductor industry.
Kathleen Iverson, the President and Chief Executive Officer of CyberOptics noted that “as the former Chief Technology Officer and Senior Vice President for Emerging Business of Imation Corporation, Subodh has deep knowledge of our technology and markets as well as a wealth of experience in successfully directing product strategy and the commercialization of new products. We are extremely fortunate to have the assistance of someone with his level of management and technological expertise.”
“CyberOptics has a unique position as the developer of the first products for noncontact inspection of circuit boards during fabrication using surface mount technology, and remains a technical leader in this market,” indicated Dr. Kulkarni. “I look forward to expanding my role to help CyberOptics make full use of its resources to expand its market share in surface mount inspection, as well as to apply its technologies in new applications.”
About CyberOptics
Founded in 1984, CyberOptics Corporation is a leading provider of sensors and inspection systems that provide process yield and through-put improvement solutions for the global electronic assembly and semiconductor capital equipment markets. Our products are deployed on production lines that manufacture surface mount technology circuit boards and semiconductor process equipment. By increasing productivity and product quality, our sensors and inspection systems enable electronics manufacturers to strengthen their competitive positions in highly price-sensitive markets. Headquartered in Minneapolis, Minnesota, we conduct worldwide operations through 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; 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 for meeting customer orders; the effect of world events on our sales, the majority of which are from foreign customers; product introductions and pricing by our competitors; the level of revenue and profitability or loss we achieve in the remainder of 2013; success of anticipated new OEM and end-user opportunities; 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
Richard G. Cinquina
Equity Market Partners
904/415-1415