COGNEX CORPORATION REPORTS RECORD FINANCIAL RESULTS FOR FIRST QUARTER.NATICK Natick (nā`tĭk), town (1990 pop. 30,510), Middlesex co., E Mass., a residential and industrial suburb of Boston, on Lake Cochituate; founded as a Native American village by John Eliot 1651, settled by colonial Americans 1718, inc. 1781. , Mass.--(BUSINESS WIRE)--April 18, 1995--Cognex Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CGNX) today announced revenue for the first quarter ended April 2, 1995 of $19,437,000, a 51% increase from the first quarter of 1994 of $12,838,000, and the highest revenue recorded in a single quarter in the company's history. Net income for the first quarter ended April 2, 1995 increased 84% to $5,873,000, or $0.29 per share, also a company record, compared to $3,197,000 for the comparable period a year ago. The first quarter of 1995 represented the 32nd consecutive quarter of profitability for the company. "We are extremely pleased with our first quarter results. In addition to our strong OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business, we are also experiencing growth in the end-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. marketplace, with revenue from end-user customers growing by 41% over last year's first quarter. U.S. revenue increased 44% over the first quarter of 1994. In addition, our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. continue to be strong, with revenue from Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). increasing by
41% and revenue from Japan increasing by 62% over the same period a year
ago. And, we recently shipped our 25,000th machine vision system,"
said Dr. Robert Robert, Henry Martyn 1837-1923.American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. Shillman, President, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Chairman of Cognex Corporation Cognex Corporation is an American corporation that manufactures commercial machine vision systems. Cognex is the world leader in its field, holding an array of patents and employing academic experts. . Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can "see," which are used to automate To turn a set of manual steps into an operation that goes by itself. See automation. a wide range of manufacturing processes where vision is required. Having shipped more than 25,000 machine vision systems to date, Cognex Cog·nex A trademark for the drug tacrine hydrochloride. tacrine hydrochloride Cognex Pharmacologic class: Cholinergic (cholinesterase inhibitor) Therapeutic class: is the world's leader in the machine vision industry. In addition to its headquarters in Natick, Massachusetts Natick (Pronunciation IPA: /ˈneɪtɪk/) is a town in Middlesex County, Massachusetts, United States. Natick is located near the center of the MetroWest region of Massachusetts, with a population of 32,170 at the , the company has offices throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe, and in Japan and Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). .
COGNEX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Three Months Ended
April 2, April 3,
1995 1994
(unaudited)
Revenue $19,437 $12,838 Cost of revenue 3,952 2,810 Gross margin 15,485 10,028 Research, development and engineering expenses 2,716 2,481 Selling, general and administrative expenses 5,071 3,307 Income from operations 7,698 4,240 Interest income 632 393 Income before provision for income taxes 8,330 4,633 Provision for income taxes 2,457 1,436 Net income $ 5,873 $ 3,197 Net income per share $ .29 $ .17 Weighted average common shares outstanding 20,392 18,473
-0-
COGNEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
ASSETS
April 2, December 31,
1995 1994
(unaudited)
Current Assets:
Cash and investments $ 85,658 $ 81,495
Accounts receivable 11,699 9,151
Inventories 5,462 4,439
Prepaid expenses and other
current assets 3,128 2,658
Total current assets 105,947 97,743
Property, plant and equipment, net 14,767 14,503
Other assets 565 593
$121,279 $112,839
LIABILITIES AND STOCKHOLDERS' EQUITY
April 2, December 31,
1995 1994
(unaudited)
Current Liabilities:
Deferred revenue and customer
deposits $ 1,044 $ 1,138
Accrued expenses and other
liabilities 8,910 8,093
Total current liabilities 9,954 9,231
Stockholders' equity:
Common stock, $.002 par value -
Authorized: 25,000,000 shares,
issued: 18,876,488 and 18,751,935
shares in 1995 and 1994, respectively 38 38
Additional paid-in capital 55,314 53,633
Cumulative translation adjustment 110 (53)
Retained earnings 56,355 50,482
Treasury stock, at cost,
30,878 shares in 1995 and 1994. (492) (492)
Total stockholders' equity 111,325 103,608
$ 121,279 $ 112,839
CONTACT: John J. Rogers, Jr. Vice President and Chief Financial Officer Cognex Corporation 508/650-3000 |
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