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Cognex Corporation Announces First Quarter Results

Cognex Corporation

NATICK, Mass.--(BUSINESS WIRE)--April 23, 2002--Cognex Corporation (NASDAQ: 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 reported a loss for the first quarter ended March 31, 2002 of $2,520,000, or $0.06 per diluted 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 of intangible 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 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) and the access code for the replay is 3811267.

Internet users can listen to a real-time 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, 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, 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, Japan, Europe, and Southeast Asia. Visit Cognex on-line at http://www.cognex.com

Forward-Looking Statement

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, 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.

Contact:
Cognex Corporation
Susan Conway
(508) 650-3353

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