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Cognex Corporation Reports Record Results for Third Quarter of 2000
Cognex Corporation Posted 10/17/2000
Machine Vision Company Reports Record Revenue, Earnings, Bookings and Backlog
NATICK, MA, October 16, 2000-Cognex Corporation (NASDAQ: CGNX) today announced revenue for the third quarter ended October 1, 2000 of $67,960,000, a 66% increase over the $41,046,000 reported for the third quarter of 1999. Net income for the third quarter ended October 1, 2000 increased 116% to $19,391,000, or $0.42 per diluted share, from $8,966,000, or $0.20 per diluted share, for the comparable period a year ago. Revenue, net income, and earnings per share for the quarter represent the highest results ever recorded in a single quarter in the company's 19-year history.
Revenue for the nine months ended October 1, 2000 was $184,642,000, compared to $103,802,000 for the same nine-month period a year ago. For the nine months ended October 1, 2000, Cognex reported net income of $52,161,000, or $1.14 per diluted share, compared to $18,259,000, or $0.42 per diluted share, for the same nine-month period in 1999.
Excluding the amortization of goodwill related to the acquisitions of Image Industries and the machine vision business of Komatsu, Ltd. in the first half of 2000, net income for the quarter and nine months ended October 1, 2000 would have been $0.43 per diluted share and $1.16 per diluted share, respectively.
"The third quarter was a fabulous quarter for Cognex. We exceeded the records for revenue and earnings set only last quarter; we received a record level of orders from our customers; and we ended the quarter with a record backlog," said Dr. Robert J. Shillman, Cognex's President, Chief Executive Officer, and Chairman. "Looking forward to the remainder of this year, we expect to report record results for both the fourth quarter of 2000 and the full year; we are currently projecting revenue for fiscal year 2000 of between $255 million to $260 million and earnings of approximately $1.60 per share."
Analyst Conference Call and Simultaneous Webcast
Cognex Corporation will host an analyst conference call to discuss its third quarter of 2000 results, as well as the financial outlook, today at 5:30 p.m. eastern. The telephone number to listen to the live conference call is 212-896-6019. 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) and the access code for the replay is 16497393.
Internet users can listen to a real-time 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, 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, 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, Japan, Europe, and Southeast Asia. Visit Cognex on-line at http://www.cognex.com.
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 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. a. The company wishes to caution readers not to place undue reliance upon any
Investor Relations Manager