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DVT Sets Record April and Year-to-Date Sales & Bookings
Cognex Corporation Posted 06/18/2003
Duluth, GA, June 3, 2003 – DVT Corporation, the global leader in SmartImage Sensor technology, has recorded the highest April sales and bookings levels in the company’s history. These April results follow the company’s all-time sales and bookings records set in the first quarter of 2003, and surpass last year’s record 1st Quarter by 43%. Based on these year-to-date results, DVT is projecting a 50% growth in sales for calendar 2003 – far exceeding the projected growth rate of the machine vision industry.
Commenting on these extraordinary results from the company’s new corporate headquarters, DVT CEO and Chairman, Bob Steinke stated, “DVT has been blessed with a history of industry-leading products and a workforce that is dedicated to the unconditional support of our customers. The results have been nothing short of phenomenal. In fact, this new facility is three times the size of our last office and represents our fifth expansion in eight years.
“DVT is a privately-held company and the majority of our employees are sharing in our financial growth by participating in our stock option program.” Steinke continued. “The company is currently in its 12th consecutive year of revenue growth; has no short-term or long-term debt; and holds a ‘3A1’ rating from Dun & Bradstreet – the highest in our category.”
“I am pleased to announce”, Steinke commented, “that DVT has a Current Ratio of 5, which means that we are extremely liquid and financially strong. This high level of liquidity gives us the capability of doubling our business every year without seeking an outside infusion of cash.”
DVT CFO Emory Berry stated, “In a period of economic downturn, DVT has been able to consistently grow both its top and bottom lines, while at the same time internally funding an aggressive international expansion.” DVT’s organization now includes twenty (20) offices in ten (10) countries and a global distribution network of 130 Automation Solution Providers (ASPs). DVT has increased its workforce by 80% in the past two years, establishing offices in the UK, France, Germany, Sweden, Mexico, Japan, Korea, Singapore and China to better support our ASPs and our growing global customer base.
Concerning the overall strength of the company, DVT Director of Marketing, Bob Settle commented, “As impressive as the financial results have been, we measure ourselves on how well we serve our customers. For example, DVT has supplied over 300,000 copies of its Virtual Tour CD containing more than thirty (30) hours of interactive training, a full working version of FrameWork software, and a product Emulator. The emulator allows a customer (or a prospect) to take a digital image of the product they need to inspect and set up a complete application in the comfort of their office – without having to buy any hardware or stop their manufacturing process.”
DVT is also committed to providing its industry leading free training and technical support on a global basis. In 2002, DVT and its ASP network offered more than 10,000 man-days of classroom training - completely free of charge. The company offers weekly online training classes in seven (7) languages and provides daily technical support and online diagnostics support to customers worldwide.
Steinke concluded by saying, “DVT attributes its success to our company philosophy of ‘Servant Leadership.’ This means putting the needs of our customers ahead of our own needs. Instead of asking ‘What’s in it for me?’ we ask our customers ‘How may I serve you?’ Agape is a Greek term meaning Unconditional Love. DVT’s Agape Support is Unconditional.
We know that there is very little statistical difference between an average company and one that truly excels. That difference at DVT is the passionate execution of this philosophy of ‘Servant Leadership’ on a daily basis.”
DVT is recognized as a global market leader in machine vision products and is the only manufacturer in the industry to provide free classroom, online and CD-based training; free operating software and software upgrades; and free online diagnostics and troubleshooting. For more information about DVT, our products - or Servant Leadership, contact DVT Corporation, 1855 Satellite Blvd., Suite 100, Duluth, Georgia 30097; call (770) 814-7920; or visit our website at www.cognex.com.
Key contacts: Bob Steinke, Chairman & CEO
Emory Berry, CFO
Bob Settle, Director of Marketing
Ph: (770) 814-7920
Fax: (770) 814-7925