Cognex Corporation Announces 1999 Results; Machine Vision Company Reports Record Revenue for Fourth Quarter of 1999.Business/Technology Editors 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)--Jan. 27, 2000 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. (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 year ended December December: see month. 31, 1999 of $152,125,000, a 25% increase from 1998's revenue of $121,844,000. Cognex Cog·nex A trademark for the drug tacrine hydrochloride. tacrine hydrochloride Cognex Pharmacologic class: Cholinergic (cholinesterase inhibitor) Therapeutic class: reported net income for the year ended December 31, 1999 of $30,445,000, or $0.69 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, a 51% increase over the $20,203,000, or $0.47 per diluted share, reported in 1998. Reported results for 1998 include a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of $2,100,000 for in-process R& associated with certain machine vision technologies purchased in 1998. Excluding this charge, net income for 1999 increased by 40%, or $0.19 per diluted share, from 1998. For the fourth quarter of 1999, Cognex reported the highest quarterly revenue in the company's 19-year history. Revenue for the quarter increased 93% to $48,323,000 from $25,093,000 for the same period a year ago. Net income for 1999's fourth quarter increased by 456% to $12,186,000, or $0.27 per diluted share, compared with net income of $2,193,000, or $0.05 per diluted share, for the fourth quarter of 1998. &uot;We are very pleased to report significant increases in revenues and profits for both the fourth quarter and full year of 1999,&uot; said Dr. Robert J. Shillman, Cognex's President, Chief Executive Officer, and Chairman. &uot;In addition to setting a new record for quarterly revenue in the fourth quarter, we also achieved other exciting milestones in 1999. The order rate for 1999 was the highest experienced by the company. And, we ended the year with a record backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of $36.8 million, a 114% increase over 1998's ending backlog of $17.2 million.&uot; Dr. Shillman continued, &uot;In recent weeks, the level of customer demand, primarily from our core 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 customers who make capital equipment for the semiconductor industry, has accelerated. Based upon those order trends continuing, and on our current expectations for increasing demand for our end-user products, we now project that for the year 2000, our revenue will exceed $200 million and that our earnings per share will exceed $1.20.&uot; Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can &uot;see.&uot; Cognex is the world's leader in the machine vision industry, having shipped to date more than 100,000 machine vision systems. Cognex's Modular Vision Systems Division, headquartered 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 , specializes in machine vision systems which are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex's Surface Inspection Systems Division, headquartered in Alameda, California Alameda is a city in Alameda County, California, United States. It is located on a small island of the same name next to Oakland, California in the San Francisco Bay. An additional part of the city is Bay Farm Island, which is adjacent to the Oakland International Airport. , specializes in machine vision systems which are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, paper, and plastics. In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices located throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Japan, Europe, and Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . Visit Cognex on-line at http://www.cognex.com. Certain statements made in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These statements are based on the company's current expectations and estimates as to prospective events and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or which may or may not be in the company's control and as to which there can be no firm assurances given. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. The company wishes to caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Further discussions of risk factors are also available in the company's registration statements filed with the Securities and Exchange Commission.
COGNEX CORPORATION
(In thousands, except per share amounts)
Quarter Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
Income Statement: 1999 1998 1999 1998
Revenue $48,323 $25,093 $152,125 $121,844
Cost of revenue 13,602 8,618 45,221 37,296
Gross margin 34,721 16,475 106,904 84,548
Research, development,
and engineering expenses 6,951 5,967 27,669 24,662
Selling, general, and
administrative expenses 12,248 9,774 43,655 37,973
Charge for acquired
in-process technology 2,100
Income from operations 15,522 734 35,580 19,813
Investment and other income 1,998 1,888 7,300 7,489
Income before provision
for taxes 17,520 2,622 42,880 27,302
Income tax provision 5,334 429 12,435 7,099
Net income $12,186 $2,193 $30,445 $20,203
Net income per diluted
common and common
equivalent share $.27 $.05 $.69 $.47
Diluted weighted-average
common and common equivalent
shares outstanding 44,481 41,762 43,986 43,203
December 31, December 31,
Balance Sheet Highlights: 1999 1998
Cash and investments $220,521 $158,458
Receivables 29,396 25,932
Inventories 10,872 10,812
Working capital 234,901 184,363
Total assets 314,822 247,928
Stockholders' equity 276,624 222,875
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