COGNEX CORPORATION REPORTS RECORD FINANCIAL RESULTS FOR SECOND QUARTER; Machine Vision Company Exceeds $23 Million in Revenue and $7 Million in Profit for 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)--July 19, 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 second quarter ended July July: see month. 2, 1995 of $23,722,000, a 59% increase from the second quarter of 1994 of $14,950,000. Net income for the second quarter ended July 2, 1995 increased 97% to $7,241,000 from $3,680,000 for the comparable period a year ago. Earnings per share increased to $0.35 compared to $0.20 per share for the second quarter of 1994. Revenue, net income, and earnings per share for the quarter represent the highest results ever recorded in a single quarter in the company's history. Revenue for the six months ended July 2, 1995 was $43,159,000 compared with $27,788,000 for the same six-month period in 1994. For the six months ended July 2, 1995, Cognex Cog·nex A trademark for the drug tacrine hydrochloride. tacrine hydrochloride Cognex Pharmacologic class: Cholinergic (cholinesterase inhibitor) Therapeutic class: reported net income of $13,114,000, or $0.64 per share, compared with $6,877,000, or $0.37 per share, for the same six-month period in 1994. "In addition to producing superb financial results this quarter, we introduced the Checkpoint (programming) checkpoint - Saving the current state of a program and its data, including intermediate results, to disk or other non-volatile storage, so that if interrupted the program could be restarted at the point at which the last checkpoint occurred. 800, which is a high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" model of our easy-to-use machine vision system. We also introduced the Cognex 5600, which is a high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. , highly flexible PC plug-in An auxiliary program that works with a major software package to enhance its capability. For example, plug-ins are widely used in image editing programs such as Photoshop to add a filter for some special effect. vision system. These two new systems are already generating sales from customers with a variety of complex applications, such as inspection of bottles, cans, and electrical connectors," 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. . "Due to our growth rate, we are hiring additional people and require more office space. Therefore, we purchased an 83,000 square-foot office building adjacent to our corporate headquarters in Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. and began work on a
planned 50,000 square-foot addition to our headquarters during the
second quarter which, together, should provide ample space to meet our
future growth and hiring expectations."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 30,000 machine vision systems to date, Cognex is the world's leader in the machine vision industry. In addition to its corporate 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 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). , and in
Japan and Singapore.CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts)
Three Months Ended Six Months Ended
July 2, July 3, July 2, July 3,
1995 1994 1995 1994
(unaudited) (unaudited)
Revenue $ 23,722 $ 14,950 $ 43,159 $ 27,788 Cost of revenue 5,236 3,334 9,188 6,144 Gross margin 18,486 11,616 33,971 21,644 Research, development and engineering expenses 3,073 2,471 5,789 4,952 Selling, general and administrative expenses 5,810 4,150 10,881 7,457 Income from operations 9,603 4,995 17,301 9,235 Interest income 668 338 1,300 731 Income before provision for income taxes 10,271 5,333 18,601 9,966 Provision for income taxes 3,030 1,653 5,487 3,089 Net income $ 7,241 $ 3,680 $ 13,114 $ 6,877 Net income per share $ .35 $ .20 $ .64 $ .37 Weighted average common shares outstanding 20,630 18,318 20,545 18,386 -0- CONSOLIDATED BALANCE SHEETS (dollars in thousands)
ASSETS
July 2, December 31,
1995 1994
(unaudited)
Current assets:
Cash and investments $ 82,886 $ 81,495 Accounts receivable 16,148 9,151 Inventories 5,403 4,439
Prepaid expenses and other
current assets 6,143 2,658
Total current assets 110,580 97,743 Property, plant and equipment, net 20,513 14,503 Other assets 542 593
$ 131,635 $ 112,839
LIABILITIES AND STOCKHOLDERS' EQUITY
July 2, December 31,
1995 1994
(unaudited)
Current liabilities:
Deferred revenue and
customer deposits $ 1,046 $ 1,138
Accrued expenses and
other liabilities 8,967 8,093
Total current liabilities 10,013 9,231 Stockholders' equity: Common stock, $.002 par value - Authorized: 60,000,000 shares, issued: 19,073,897 and 18,751,935 shares in 1995 and 1994, respectively 38 38 Additional paid-in capital 58,551 53,633 Cumulative translation adjustment 143 (53) Retained earnings 63,596 50,482
Treasury stock, at cost,
37,488 and 30,878 shares
in 1995 and 1994,
respectively (706) (492)
Total stockholders' equity 121,622 103,608
$ 131,635 $ 112,839
CONTACT: John J. Rogers, Jr. Vice President and Chief Financial Officer Cognex Corporation 508/650-3000 |
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