Cognex Corporation Announces First Quarter Results.NATICK, Mass.--(BUSINESS WIRE)--April 21, 1998--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 5, 1998 of $40,056,000, a 42% increase from the first quarter of 1997 of $28,143,000. Net income for the first quarter ended April 5, 1998 increased 62% to $10,542,000, or $0.24 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, compared with $6,491,000, or $0.15 per diluted share, for the comparable period a year ago. "I am very pleased with our financial results for the first quarter of 1998, especially considering that capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by high-tech manufacturers has been declining and many other companies have reported difficulties this quarter. As a result of the slow capital spending, our customers, who are manufacturers of capital equipment, have recently started to cut back on their orders for our products," said Dr. Robert J. Shillman, Cognex's President, Chief Executive Officer, and Chairman. "Nevertheless, Cognex will continue its aggressive product development schedule and will also continue to invest in the growth of our distribution network to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the large potential for machine vision worldwide." Dr. Shillman continued, "In spite of both the anticipated revenue slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. and our continuing high level of investments in product development and distribution, we anticipate that for 1998 the company will continue to achieve its historic high level of profitability." 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. designs, develops, manufactures, and markets machine vision systems, or computers that can "see." Cognex is the world's leader in the machine vision industry, having shipped to date more than 75,000 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. 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 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. 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. -0-
COGNEX CORPORATION
(In thousands, except per share amounts)
Three Months Ended
April 5, March 30,
Income Statement: 1998 1997
(unaudited)
Revenue $ 40,056 $ 28,143
Cost of revenue 10,927 7,695
Gross margin 29,129 20,448
Research, development and engineering
expenses 6,305 5,179
Selling, general and administrative expenses 9,869 7,419
Income from operations 12,955 7,850
Investment and other income 1,893 1,490
Income before provision for income taxes 14,848 9,340
Provision for income taxes 4,306 2,849
Net income $ 10,542 $ 6,491
Net income per diluted common and common
equivalent share $ .24 $ .15
Diluted weighted-average common and common
equivalent shares outstanding 44,435 43,945
-0-
April 5, December 31,
Balance Sheet Highlights: 1998 1997
(unaudited)
Cash and investments $ 181,214 $ 178,014
Receivables 37,089 28,818
Inventories 9,129 7,784
Working capital 209,980 199,570
Total assets 276,269 261,840
Stockholders' equity 247,485 236,142
-0- CONTACT: Cognex Corporation Susan Conway Susan Conway Mitchell (b. 13 October 1952, Toronto) is a Canadian actress. Filmography Television series
The process by which the corporation communicates with its investors. Manager (508) 650-3000 |
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