Cognex Corporation Reports Record Revenue for Second 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 16, 1997-- Machine Vision Company Exceeds $36 Million in Revenue for Quarter 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 second quarter ended June June: see month. 29, 1997 of $36,271,000, a 4% increase from the second quarter of 1996 of $34,949,000, and the highest revenue ever recorded in a single quarter in the company's history. Net income for the second quarter ended June 29, 1997 was $9,372,000, or $0.21 per share, compared to $10,134,000, or $0.23 per share, for the comparable period a year ago. Revenue for the six months ended June 29, 1997 was $64,414,000 compared with $69,836,000 for the same six-month period a year ago. For the six months ended June 29, 1997, Cognex Cog·nex A trademark for the drug tacrine hydrochloride. tacrine hydrochloride Cognex Pharmacologic class: Cholinergic (cholinesterase inhibitor) Therapeutic class: reported net income of $15,863,000, or $0.36 per share, compared to $20,963,000, or $0.48 per share, for the comparable period a year ago. "We are very excited about achieving record-breaking revenue during the second quarter of 1997," said Dr. Robert J. Shillman, Cognex's President, Chief Executive Officer, and Chairman. "This is our first year-over-year increase in quarterly revenue since the second quarter of 1996, representing a turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. from a 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 the semiconductor and electronics industries that impacted our business over the past few quarters. Demand from our key 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 is very strong; during the second quarter of 1997, the order rate for our OEM business was at the highest level ever experienced in the history of the company." 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. Cognex is the world's leader in the machine vision industry, having shipped to date more than 60,000 machine vision systems. In addition to its 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 regional offices located 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. , 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. . Cognex also has a wholly-owned subsidiary, Isys Controls, based 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. , which specializes in automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. , high-speed surface inspection. Visit Cognex on-line at http://www.cognex.com
COGNEX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 29, June 30, June 29, June 30,
1997 1996 1997 1996
(unaudited) (unaudited)
Revenue $36,271 $34,949 $64,414 $69,836
Cost of revenue 9,940 9,591 17,635 18,797
Gross margin 26,331 25,358 46,779 51,039
Research, development and
engineering expenses 5,346 4,794 10,525 9,560
Selling, general and
administrative expenses 8,916 6,874 16,335 13,219
Income from operations 12,069 13,690 19,919 28,260
Investment income 1,244 1,166 2,577 1,958
Other income 172 166 329 385
Income before provision for
income taxes 13,485 15,022 22,825 30,603
Provision for income taxes 4,113 4,888 6,962 9,640
Net income $ 9,372 $10,134 $15,863 $20,963
Net income per share $ .21 $ .23 $ .36 $ .48
Weighted-average common shares
outstanding 44,539 43,866 44,267 43,966
-0-
COGNEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
ASSETS
June 29, December 31,
1997 1996
(unaudited)
Current assets:
Cash and investments $141,498 $134,000
Accounts receivable 26,022 18,809
Revenue in excess of billings 5,693 3,379
Inventories 6,645 7,013
Prepaid expenses and other current assets 8,990 6,187
Total current assets 188,848 169,388
Property, plant and equipment, net 30,932 28,331
Other assets 3,212 3,534
$222,992 $201,253
LIABILITIES AND STOCKHOLDERS' EQUITY
June 29, December 31,
1997 1996
(unaudited)
Current liabilities:
Deferred revenue and customer deposits $4,734 $3,883
Accrued expenses and other
current liabilities 14,155 12,688
Total current liabilities 18,889 16,571
Other liabilities 1,779 1,993
Stockholders' equity:
Common stock, $.002 par value -
Authorized: 120,000,000 shares,
issued: 41,327,754 and 40,914,166
shares in 1997 and 1996, respectively 83 82
Additional paid-in capital 81,601 77,569
Cumulative translation adjustment 62 95
Retained earnings 121,695 105,832
Treasury stock, at cost, 92,018 and
80,918 shares, in 1997 and 1996,
respectively (1,117) (889)
Total stockholders' equity 202,324 182,689
$222,992 $201,253
CONTACT: Cognex Corporation Susan Conway Susan Conway Mitchell (b. 13 October 1952, Toronto) is a Canadian actress. Filmography Television series
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