Cognex Corporation Announces First Quarter Results.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)--April 23, 2002 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 first quarter ended March 31, 2002 of $21,780,000, a decrease of 51% from the $44,206,000 reported for the first quarter of 2001 and a decrease of 13% from the $25,170,000 reported for the prior quarter. Cognex Cog·nex A trademark for the drug tacrine hydrochloride. tacrine hydrochloride Cognex Pharmacologic class: Cholinergic (cholinesterase inhibitor) Therapeutic class: reported a loss for the first quarter ended March 31, 2002 of $2,520,000, or $0.06 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 to net income of $4,761,000, or $0.11 per diluted share, in the comparable quarter a year ago and to a loss of $20,335,000, or $0.46 per diluted share, in the prior quarter. Results for the fourth quarter of 2001 include pre-tax charges totaling $27,547,000 for excess inventory and the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . Excluding these charges, the company would have reported a loss of $0.02 per diluted share for the fourth quarter. "Our results for the first quarter of 2002 were down significantly year-on-year due to a worldwide 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. in capital equipment spending by manufacturers, primarily in the semiconductor and electronics industries," said Dr. Robert J. Shillman, Cognex's President, Chief Executive Officer, and Chairman. "However, both the order rate and the number of new customers in this Q1 increased on a sequential basis, leading us to believe that the worst is behind us. Looking forward to the second quarter of 2002, we expect that revenue will increase over the first quarter to between $25 million to $27 million. And, as a result, we expect that our loss will be smaller...in the range of $0.04 to $0.01 per diluted share." Analyst Conference Call and Simultaneous Webcast Cognex Corporation will host an analyst conference call to discuss its results for the first quarter of 2002, as well as the financial outlook, today at 6:00 p.m. eastern. The telephone number to listen to the live conference call is 888-810-0186. A replay of the conference call will begin at approximately 9:00 p.m. eastern today and will be available for one week. To listen to the replay of the conference call, the telephone number is 800-642-1687 (or 706-645-9291 if outside 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 the access code for the replay is 3811267. Internet users Internet user n → internauta m/f Internet user Internet n → internaute m/f can listen to a real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. audio broadcast of the conference call on Cognex's website at http://www.cognex.com. An archive of the webcast will be available on Cognex's website for one week. About Cognex Corporation Cognex Corporation designs, develops, manufacturers, 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 150,000 machine vision systems, representing over $1 billion in cumulative revenue, since the company's founding in 1981. 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 that are manufactured in a continuous fashion, such as metals, paper, nonwovens 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 Forward-Looking Statement 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. 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 involve risks and uncertainties that could cause actual results to differ materially from those projected. 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 filings with the Securities and Exchange Commission.
COGNEX CORPORATION
(In thousands, except per share amounts)
Three Months Ended
March 31, April 1,
Statement of Operations: 2002 2001
(unaudited)
Revenue
Product $ 17,256 $ 39,186
Service 4,524 5,020
21,780 44,206
Cost of revenue
Product 5,829 9,198
Service 2,736 3,594
8,565 12,792
Gross margin
Product 11,427 29,988
Service 1,788 1,426
13,215 31,414
Research, development, and engineering
expenses 6,352 8,182
Selling, general, and administrative
expenses 13,025 18,438
Amortization of goodwill -- 777
Operating income (loss) (6,162) 4,017
Investment and other income 2,561 2,985
Income (loss) before income taxes (3,601) 7,002
Income tax provision (benefit) (1,081) 2,241
Net income (loss) $ (2,520) $ 4,761
Net income (loss) per diluted common
and common equivalent share $ (0.06) $ 0.11
Diluted weighted-average common
and common equivalent shares outstanding 43,971 44,916
March 31, December 31,
Balance Sheet Highlights: 2002 2001
(unaudited)
Cash and investments $293,099 $292,715
Accounts receivable 17,372 17,064
Inventories 21,995 23,078
Working capital 156,518 143,712
Total assets 404,893 406,904
Stockholders' equity 379,004 378,044
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