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Cognex Corporation designs, develops, manufactures, and markets a range of products that incorporate sophisticated machine vision technology that gives them the ability to “see.” Cognex products include barcode readers, machine vision sensors, and machine vision systems that are used in factories, warehouses, and distribution centers around the world to guide, gauge, inspect, identify, and assure the quality of items during the manufacturing and distribution process. Cognex is the world’s leader in the machine vision industry, having shipped more than 1 million vision-based products, representing over $4 billion in cumulative revenue, since the company’s founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has regional offices and distributors located throughout the Americas, Europe, and Asia.

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Cognex Corporation Announces Fourth Quarter Results

POSTED 01/26/2007

 

NATICK, Mass. -- Cognex Corporation (NASDAQ: CGNX) today announced its financial results for the fourth quarter and year ended December 31, 2006. Revenue, net income and earnings per share are compared to the fourth quarter of 2005, to the third quarter of 2006, and to the year ended December 31, 2005 (which includes 8 months of results for DVT Corporation acquired on May 9, 2005) in the table below. 

 

 

Revenue

 

Net Income

 

Earnings per Diluted Share

Quarterly Comparisons

 

 

 

 

 

 

Current quarter: Q4-06

 

$58,796,000 

 

$9,562,000 

 

$0.21 

Prior years quarter: Q4-05

 

$60,818,000 

 

$11,750,000 

 

$0.24 

Change from Q4-05 to Q4-06

 

(3%)

 

(19%)

 

(13%)

Prior quarter: Q3-06

 

$58,005,000 

 

$10,116,000 

 

$0.22 

Change from Q3-06 to Q4-06

 

1%

 



 

(5%)

 

(5%)

 

 

 

 

 

 

 

Year to Date Comparisons

 

 

 

 

 

 

Year ended December 31, 2006

 

$238,915,000 

 

$39,912,000 

 

$0.86 

Year ended December 31, 2005

 

$216,875,000 

 

$35,702,000 

 

$0.74 

Change from 2005 to 2006

 

10%

 

12%

 

15%

Beginning in 2006, Cognex has included stock option expense in its results (Exhibit 2 shows the effect of stock option expensing on certain line items in the P&L as reported under GAAP). For comparative purposes, the company’s results are shown in the table below excluding stock option expense: 

 

 

Revenue

 

Net Income

 

Earnings per Diluted Share