Cognex Corporation Reports Record Revenue and Earnings for the Full Year of 2000.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. 22, 2001 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 record revenue for the year ended December December: see month. 31, 2000 of $250,726,000, a 65% increase over 1999's revenue of $152,125,000. Cognex Cog·nex A trademark for the drug tacrine hydrochloride. tacrine hydrochloride Cognex Pharmacologic class: Cholinergic (cholinesterase inhibitor) Therapeutic class: reported record net income for the year ended December 31, 2000 of $68,148,000, or $1.49 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 124% increase over the $30,445,000, or $0.69 per diluted share, reported in 1999. For the fourth quarter of 2000, Cognex reported revenue of $66,084,000, a 37% increase over the $48,323,000 reported for the same period a year ago. Net income increased by 31% to $15,987,000, or $0.36 per diluted share, compared with net income of $12,186,000, or $0.27 per diluted share, for the fourth quarter of 1999. Reported results for 2000 include the amortization of goodwill related to the acquisitions of Image Industries as well as the machine vision businesses of Komatsu, Ltd. and Honeywell. Excluding the amortization of goodwill, net income for the quarter and for the year ended December 31, 2000 would have been $0.37 per diluted share and $1.52 per diluted share, respectively. "This was a fabulous year for Cognex," said Dr. Robert J. Shillman, Cognex's President, Chief Executive Officer, and Chairman. "In addition to setting new records for revenue and profits, the order rate for the year was the highest ever experienced by the company. Also, we introduced In-Sight, an innovative, low-cost vision sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. that has proven to be the most successful product launch of our 20-year history." Dr. Shillman continued, "In the fourth quarter of 2000, the order rate slowed considerably from the record pace experienced earlier in the year. As a result, we ended the year with a 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 $41,797,000, which is up from the $36,788,000 backlog reported at the end of 1999 but down from the record backlog set at the end of the third quarter of 2000. For the first quarter of 2001, we expect to report revenue in the range of $50 million to $53 million, and earnings in the range of $0.17 to $0.19 per share. And, although we have no visibility for customer demand beyond the first quarter of 2001, we are planning conservatively for the entire year based upon both the slower order trends we are currently experiencing as well as the softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. of the U.S. economy that's being reported on a daily basis." Analyst Conference Call and Simultaneous Webcast Cognex Corporation will host an analyst conference call to discuss its results for the fourth quarter and full year of 2000, as well as the financial outlook, today at 5:30 p.m. eastern. The telephone number to listen to the live conference call is 212-896-6074. A replay of the conference call will begin at approximately 7:30 p.m. eastern today and will be available for one week. To listen to the replay of the conference call, the telephone number is 800-633-8284 (or 858-812-6440 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 17573593. 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 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, 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 100,000 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, also known as web inspection 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. 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 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)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
Income Statement: 2000 1999 2000 1999
(unaudited)
Revenue $ 66,084 $ 48,323 $250,726 $152,125
Cost of revenue 16,340 13,602 63,820 45,221
Gross profit 49,744 34,721 186,906 106,904
Research, development, and
engineering expenses 9,710 6,922 33,341 27,536
Selling, general, and
administrative expenses 18,602 12,187 61,915 43,523
Amortization of goodwill 765 90 1,964 265
Income from operations 20,667 15,522 89,686 35,580
Investment and other income 2,843 1,998 10,532 7,300
Income before provision
for taxes 23,510 17,520 100,218 42,880
Income tax provision 7,523 5,334 32,070 12,435
Net income $ 15,987 $ 12,186 $ 68,148 $ 30,445
Net income per diluted
common and common
equivalent share $ .36 $ .27 $ 1.49 $ .69
Diluted weighted-average
common and common
equivalent shares
outstanding 44,919 44,481 45,698 43,986
December 31, December 31,
Balance Sheet Highlights: 2000 1999
Cash and investments $277,740 $220,521
Accounts receivable 47,031 28,742
Inventories 27,664 10,872
Working capital 167,913 125,935
Total assets 436,141 314,822
Stockholders' equity 383,949 276,624
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