CyberOptics Corporation revised earnings guidance for the fourth quarter ended December 31, 2013. For the quarter, the company reported that it expects to report sales of $8.2 million to $8.6 million exceeding the previously issued sales guidance of $7.0 to $8.0 million for this period due primarily to above-plan sales of SMT inspection systems. Sales in the fourth quarter of 2012 totaled $5.8 million. The company anticipates a fourth quarter operating loss of $2.2 to $2.7 million, which includes a restructuring charge of approximately $1.0 million, primarily related to the workforce reduction announced in November.

The company also reported that they are forecasting double-digit sales growth in 2014 and 2015, and the positive sales outlook, combined with lower operating expenses, should result in a reduced operating loss for the coming year.

The company also announced that its board of directors has appointed Dr. Subodh Kulkarni as its Chief Executive Officer and President effective as of the February 1, 2014 retirement of Kathleen Iverson. Dr. Kulkarni, a PhD in Chemical Engineering and the former Chief Technology Officer and Senior Vice President of the OEM/Emerging Business of Imation Corp., has been a member of the CyberOptics Board since 2009 and Executive Chairman since September 2014. He had earlier agreed to accept the role as interim CEO when Ms. Iverson announced her retirement, but has now agreed to lead the company on a more permanent basis.