Cognex Corporation Reports Second 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)--July 23, 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 revenue for the second quarter ended July July: see month. 1, 2001 of $37,379,000, compared to $62,187,000 reported for the second quarter of 2000. Net income for the second quarter ended July 1, 2001 was $2,155,000, or $0.05 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 $17,358,000, or $0.38 per diluted share, reported for the comparable period a year ago. Revenue for the six months ended July 1, 2001 was $81,585,000, compared to $116,682,000 reported for the same six-month period a year ago. For the six months ended July 1, 2001, Cognex Cog·nex A trademark for the drug tacrine hydrochloride. tacrine hydrochloride Cognex Pharmacologic class: Cholinergic (cholinesterase inhibitor) Therapeutic class: reported net income of $6,916,000, or $0.15 per diluted share, compared to $32,770,000, or $0.71 per diluted share, for the comparable period in 2000. Reported results for the second quarter and for the first half of both 2000 and 2001 include the amortization of goodwill. Excluding the amortization of goodwill, net income for the quarter and six months ended July 1, 2001 would have been $0.06 per diluted share and $0.18 per diluted share, respectively, compared to $0.38 per diluted share and $0.72 per diluted share, respectively, in the comparable periods a year ago. "During the second quarter, delays and cutbacks in capital equipment spending by manufacturers, primarily in the semiconductor and electronics industries, continued to negatively impact our business," said Dr. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. Shillman, Cognex's President, Chief Executive Officer, and Chairman. "Although requests by customers to cancel or delay orders have subsided in recent weeks, the volume of business is significantly below the record level achieved in 2000. Based upon the current lower order level as well as our customers' uncertainty as to the timing of a business recovery, we remain negative about the near-term near-term adj. Of, for, or involving a short period of time in the near future. outlook. For the third quarter of 2001, we believe that revenue will decline sequentially by approximately 10%, and earnings will be in the range of $0.03 to $0.05 per share." Dr. Shillman continued, "In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the near-term uncertainty, our aggressive product development schedule, established sales and distribution network, and strong, conservative balance sheet will enable the company to be in an even stronger competitive position when business conditions improve." Analyst Conference Call and Simultaneous Webcast Cognex Corporation will host an analyst conference call to discuss its results for the second quarter of 2001, as well as the financial outlook, today at 5:30 p.m. eastern. The telephone number to listen to the live conference call is 212-346-0260. 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 19239919. 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, 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 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, 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 Six Months Ended
July 1, July 2, July 1, July 2,
Income Statement: 2001 2000 2001 2000
(unaudited) (unaudited)
Revenue $ 37,379 $ 62,187 $ 81,585 $116,682
Cost of revenue 12,251 16,160 25,043 30,078
Gross profit 25,128 46,027 56,542 86,604
Research, development,
and engineering
expenses 7,655 8,083 15,837 15,366
Selling, general,
and administrative
expenses 16,441 14,593 34,879 27,170
Amortization of goodwill 778 553 1,555 644
Income from operations 254 22,798 4,271 43,424
Investment and other income 2,915 2,729 5,900 4,768
Income before provision
for taxes 3,169 25,527 10,171 48,192
Income tax provision 1,014 8,169 3,255 15,422
Net income $ 2,155 $ 17,358 $ 6,916 $ 32,770
Net income per diluted
common and common
equivalent share $ .05 $ .38 $ .15 $ .71
Diluted weighted-average
common and common
equivalent shares
outstanding 45,442 46,159 45,177 45,845
July 1, December 31,
Balance Sheet Highlights: 2001 2000
(unaudited)
Cash and investments $289,287 $277,740
Accounts receivable 23,233 47,031
Inventories 35,211 27,664
Working capital 196,035 167,913
Total assets 430,505 436,141
Stockholders' equity 392,501 383,949
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion