[July 28, 2014] |
|
Cognex Reports Record Revenue, Net Income and Earnings for the Second Quarter of 2014
NATICK, Mass. --(Business Wire)--
Cognex
Corporation (NASDAQ: CGNX) today announced record revenue, net
income and earnings per share for the second quarter of 2014. Selected
financial data for the quarter and six months ended June 29, 2014 is
compared to the first quarter of 2014, the second quarter of 2013 and
the first six months of 2013 in Table 1 below. A reconciliation of
certain financial measures from GAAP to non-GAAP is shown in Exhibit 2
of this news release.
|
Table 1
|
|
|
|
|
Revenue
|
|
|
Net Income
|
|
|
Net Income per Diluted Share*
|
Quarterly Comparisons
|
|
|
|
|
|
|
|
|
|
Current quarter: Q2-14
|
|
|
$108,802,000
|
|
|
$25,948,000
|
|
|
$0.29
|
Prior year's quarter: Q2-13
|
|
|
$86,510,000
|
|
|
$16,820,000
|
|
|
$0.19
|
Change from Q2-13 to Q2-14
|
|
|
26%
|
|
|
54%
|
|
|
54%
|
Prior quarter: Q1-14
|
|
|
$90,929,000
|
|
|
$18,506,000
|
|
|
$0.21
|
Change from Q1-14 to Q2-14
|
|
|
20%
|
|
|
40%
|
|
|
41%
|
Year-to-Date Comparisons
|
|
|
|
|
|
|
|
|
|
Six months ended June 29, 2014
|
|
|
$199,731,000
|
|
|
$44,454,000
|
|
|
$0.50
|
Six months ended June 30, 2013
|
|
|
$167,402,000
|
|
|
$32,403,000
|
|
|
$0.37
|
Change from first six months of 2013 to first six months of 2014
|
|
|
19%
|
|
|
37%
|
|
|
36%
|
*Adjusted for the two-for-one stock split effective September 16,
2013.
|
|
"What a quarter!" exclaimed Dr.
Robert J. Shillman, Chairman of Cognex. "Our record-breaking
financial results were above our expectations. We were highly profitable
and delivered record earnings per share even with continued investments
in engineering and sales to drive future growth."
"Our second quarter performance was outstanding," said Robert
J. Willett, Chief Executive Officer of Cognex. "The strong upward
momentum in our business is driven by past investments we made in our
technology and sales team. It's gratifying to see our hard work deliver
these great financial results. Even more exciting is the substantial
growth that we expect to report for Q3."
Details of the Quarter
Statement of Operations Highlights - Second Quarter of 2014
-
Revenue increased 26% over Q2 2013 and 20% over Q1 2014. All three
markets served by Cognex contributed to this growth. The largest
contributor in absolute dollars came from the factory automation
market, which set a new quarterly revenue record. A particular
highlight was strong performance in Europe following a lackluster year
in 2013. Surface inspection also set a new revenue record, helped by
the recognition of previously deferred revenue. And, revenue from the
semiconductor and electronics capital equipment market increased both
year-on-year and sequentially.
-
Gross margin was 76% in Q2 2014 compared to 77% in Q1 2014 and 76% in
Q2 2013. Gross margin decreased on a sequential basis due to product
mix: surface inspection systems represented a higher percentage of
revenue in Q2 2014 than in Q1 2014.
-
Research, Development & Engineering (RD&E) expenses increased 15% over
Q2 2013 and 9% over Q1 2014. The increase, both year-on-year and
sequentially, was due to Cognex's investment in new product
development. Stock option expense contributed to the year-on-year
increase, and a higher bonus accrual contributed to the sequential
increase.
-
Selling, General & Administrative (SG&A) expenses increased 16% over
Q2 2013 and 11% over Q1 2014. The increase year-on-year was due to
several factors, including investments made to grow Cognex's sales
force and legal fees related to the company's patent lawsuit against
Microscan Systems, Inc. (the lawsuit was decided in Cognex's favor).
Other factors that contributed to the increase included incremental
support capabilities and higher stock option expense and commissions.
The sequential increase was due to the legal fees for the Microscan
lawsuit, a higher bonus accrual, higher travel expenses and
incremental support capabilities.
-
The tax rate was 17% in Q2 2014 compared to 19% in Q1 2014 and Q2
2013. Excluding discrete tax items, the tax rate was 19% in each
period (tax adjustments are summarized in Exhibit 2).
Balance Sheet Highlights - June 29, 2014
-
Cognex's financial position as of June 29, 2014, continues to be very
strong, with no debt and $468,000,000 in cash and investments. Cognex
spent $13,000,000 in the second quarter to repurchase 360,000 shares
of its common stock at an average price of $35.33 per share. Cognex
repurchased these shares to offset the potential dilution from 2014
employee stock options awards which the company believes are
instrumental in its ability to recruit, retain and motivate our high
caliber employees. The company intends to continue to repurchase
shares of its common stock in the second half of 2014, subject to
market conditions and other relevant factors.
-
The increases as of June 29, 2014 in accounts receivable, deferred
costs (which are included in other assets on the balance sheet in
Exhibit 3) and deferred revenue are due to the company's progress in
fulfilling certain purchase orders during Q2 2014 that are expected to
be recognized as revenue primarily in Q3 2014.
Financial Outlook for Q3 2014
-
Revenue for Q3 2014 is expected to be between $165 million and $170
million, which includes expected revenue in excess of $60 million from
a major customer. This range represents an increase of more than 50%
over the revenue reported for Q2 2014.
-
Gross margin is expected to be in the mid-70% range, slightly lower
than in recent quarters.
-
Operating expenses are expected to increase by approximately 25% over
Q2 2014. Cognex intends to make further investments in growth areas,
some of which are not expected to repeat in Q4. Operating expenses for
Q4 2014 are expected to be approximately 10% higher than in Q2 2014.
-
The effective tax rate is expected to be 19% before discrete tax items.
Non-GAAP Financial Measures
-
Exhibit 2 of this news release includes a reconciliation of certain
financial measures from GAAP to non-GAAP. Cognex believes these
non-GAAP financial measures are helpful because they allow investors
to more accurately compare results over multiple periods using the
same methodology that management employs in its budgeting process and
in its review of operating results. In particular, non-GAAP
presentations exclude the following: (1) stock option expense for the
purpose of calculating non-GAAP adjusted operating income, non-GAAP
adjusted net income and non-GAAP adjusted net income per share
(because these expenses have no current effect on cash or the future
uses of cash, and they fluctuate as a result of changes in Cognex's
stock price), and (2) certain one-time discrete events, such as tax
adjustments. Cognex does not intend for non-GAAP financial measures to
be considered in isolation, nor as a substitute for financial
information provided in accordance with GAAP.
-
The tax effect of items identified in the reconciliation is estimated
by applying the effective tax rate to the pre-tax amount. However, if
a specific tax rate or tax treatment is required because of the nature
of the item and/or the tax jurisdiction where the item was recorded,
the tax effect is estimated by applying the relevant specific tax rate
or tax treatment rather than the effective tax rate.
Analyst Conference Call and Simultaneous Webcast
-
Cognex will host a conference call today at 5:00 p.m. Eastern Time
(ET). The telephone number is (866) 256-9239 (or (703) 639-1213 if
outside the United States). A replay will begin at 8:00 p.m. ET today
and will run continuously until 11:59 p.m. ET on Thursday, July 31,
2014. The telephone number for the replay is (888) 266-2081 (or (703)
925-2533 if outside the United States). The access code for both the
live call and the replay is 1640787.
-
Internet users can listen to a real-time audio broadcast of the
conference call or an archived recording on the Cognex Investor
Relations website: http://www.cognex.com/Investor.
About Cognex Corporation
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 975,000
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. For details visit Cognex
online at http://www.cognex.com.
Certain statements made in this news release, which do not relate
solely to historical matters, are forward-looking statements. These
statements can be identified by use of the words "expects,"
"anticipates," "estimates," "believes," "projects," "intends," "plans,"
"will," "may," "shall," "could," "should," and similar words and other
statements of a similar sense. These forward-looking statements, which
include statements regarding business and market trends, future
financial performance, customer order rates, the timing of certain
revenue recognition, expected areas of growth, emerging markets, future
product mix, research and development activities, investments, stock
repurchases, and strategic plans, involve known and unknown risks and
uncertainties that could cause actual results to differ materially from
those projected. Such risks and uncertainties include:
(1) current and future conditions in the global economy; (2) the
cyclicality of the semiconductor and electronics industries; (3) the
reliance on revenue from the automotive or consumer electronics
industries; (4) the inability to penetrate new markets; (5) the
inability to achieve significant international revenue; (6) fluctuations
in foreign currency exchange rates and the use of derivative
instruments; (7) the loss of a large customer; (8) the inability to
attract and retain skilled employees; (9) the reliance upon key
suppliers to manufacture and deliver critical components for our
products; (10) the failure to effectively manage product transitions or
accurately forecast customer demand; (11) the inability to design and
manufacture high-quality products; (12) the technological obsolescence
of current products and the inability to develop new products; (13) the
failure to properly manage the distribution of products and services;
(14) the inability to protect our proprietary technology and
intellectual property; (15) our involvement in time-consuming and costly
litigation; (16) the impact of competitive pressures; (17) the
challenges in integrating and achieving expected results from acquired
businesses; (18) potential impairment charges with respect to our
investments or for acquired intangible assets or goodwill; (19) exposure
to additional tax liabilities; (20) information security breaches or
business system disruptions; and (21) the other risks detailed in Cognex
reports filed with the SEC, including its Form 10-K for the fiscal year
ended December 31, 2013. You should not place undue reliance upon any
such forward-looking statements, which speak only as of the date made.
Cognex disclaims any obligation to update forward-looking statements
after the date of such statements.
|
Exhibit 1
|
COGNEX CORPORATION
|
Statements of Operations
|
(Unaudited)
|
Dollars in thousands, except per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-months Ended
|
|
Six-months Ended
|
|
|
June 29,
|
|
March 30,
|
|
June 30,
|
|
June 29,
|
|
June 30,
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
108,802
|
|
|
$
|
90,929
|
|
|
$
|
86,510
|
|
|
$
|
199,731
|
|
|
$
|
167,402
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue (1)
|
|
|
25,790
|
|
|
|
21,084
|
|
|
|
21,150
|
|
|
|
46,874
|
|
|
|
40,573
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
83,012
|
|
|
|
69,845
|
|
|
|
65,360
|
|
|
|
152,857
|
|
|
|
126,829
|
|
Percentage of revenue
|
|
|
76
|
%
|
|
|
77
|
%
|
|
|
76
|
%
|
|
|
77
|
%
|
|
|
76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Research, development, and engineering expenses (1)
|
|
|
13,622
|
|
|
|
12,502
|
|
|
|
11,887
|
|
|
|
26,124
|
|
|
|
23,208
|
|
Percentage of revenue
|
|
|
13
|
%
|
|
|
14
|
%
|
|
|
14
|
%
|
|
|
13
|
%
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses (1)
|
|
|
38,668
|
|
|
|
34,900
|
|
|
|
33,300
|
|
|
|
73,568
|
|
|
|
65,467
|
|
Percentage of revenue
|
|
|
36
|
%
|
|
|
38
|
%
|
|
|
38
|
%
|
|
|
37
|
%
|
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
30,722
|
|
|
|
22,443
|
|
|
|
20,173
|
|
|
|
53,165
|
|
|
|
38,154
|
|
Percentage of revenue
|
|
|
28
|
%
|
|
|
25
|
%
|
|
|
23
|
%
|
|
|
27
|
%
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency gain (loss)
|
|
|
(96
|
)
|
|
|
(110
|
)
|
|
|
76
|
|
|
|
(206
|
)
|
|
|
139
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment and other income
|
|
|
726
|
|
|
|
514
|
|
|
|
517
|
|
|
|
1,240
|
|
|
|
1,026
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense
|
|
|
31,352
|
|
|
|
22,847
|
|
|
|
20,766
|
|
|
|
54,199
|
|
|
|
39,319
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
5,404
|
|
|
|
4,341
|
|
|
|
3,946
|
|
|
|
9,745
|
|
|
|
6,916
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
25,948
|
|
|
$
|
18,506
|
|
|
$
|
16,820
|
|
|
$
|
44,454
|
|
|
$
|
32,403
|
|
Percentage of revenue
|
|
|
24
|
%
|
|
|
20
|
%
|
|
|
19
|
%
|
|
|
22
|
%
|
|
|
19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per weighted-average common and common-equivalent share (2):
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.30
|
|
|
$
|
0.21
|
|
|
$
|
0.19
|
|
|
$
|
0.51
|
|
|
$
|
0.37
|
|
Diluted
|
|
$
|
0.29
|
|
|
$
|
0.21
|
|
|
$
|
0.19
|
|
|
$
|
0.50
|
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common and common-equivalent shares outstanding (2):
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
86,782
|
|
|
|
86,879
|
|
|
|
87,044
|
|
|
|
86,830
|
|
|
|
86,784
|
|
Diluted
|
|
|
88,965
|
|
|
|
89,259
|
|
|
|
88,714
|
|
|
|
89,112
|
|
|
|
88,502
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per common share (2)
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and investments per common share (2)
|
|
$
|
5.39
|
|
|
$
|
5.34
|
|
|
$
|
4.90
|
|
|
$
|
5.39
|
|
|
$
|
4.90
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share (2)
|
|
$
|
7.87
|
|
|
$
|
7.61
|
|
|
$
|
7.07
|
|
|
$
|
7.87
|
|
|
$
|
7.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts include stock option expense, as follows:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
312
|
|
|
$
|
348
|
|
|
$
|
224
|
|
|
$
|
660
|
|
|
$
|
514
|
|
Research, development, and engineering
|
|
|
988
|
|
|
|
1,056
|
|
|
|
650
|
|
|
|
2,044
|
|
|
|
1,463
|
|
Selling, general, and administrative
|
|
|
2,656
|
|
|
|
2,600
|
|
|
|
1,907
|
|
|
|
5,256
|
|
|
|
4,102
|
|
Total stock option expense
|
|
$
|
3,956
|
|
|
$
|
4,004
|
|
|
$
|
2,781
|
|
|
$
|
7,960
|
|
|
$
|
6,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Prior year's share and per share amounts have been adjusted to
reflect the 2-for-1 stock split of the Company's common stock that
occurred in Q3 of 2013.
|
|
Exhibit 2
|
COGNEX CORPORATION
|
Reconciliation of Selected Items from GAAP to Non-GAAP
|
(Unaudited)
|
Dollars in thousands, except per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-months Ended
|
|
Six-months Ended
|
|
|
|
|
|
June 29,
|
|
March 30,
|
|
June 30,
|
|
June 29,
|
|
June 30,
|
|
|
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
Adjustment for stock option expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (GAAP)
|
|
$
|
30,722
|
|
|
$
|
22,443
|
|
|
$
|
20,173
|
|
|
$
|
53,165
|
|
|
$
|
38,154
|
|
|
|
|
Stock option expense
|
|
|
3,956
|
|
|
|
4,004
|
|
|
|
2,781
|
|
|
|
7,960
|
|
|
|
6,079
|
|
|
|
|
Operating income (Non-GAAP)
|
|
$
|
34,678
|
|
|
$
|
26,447
|
|
|
$
|
22,954
|
|
|
$
|
61,125
|
|
|
$
|
44,233
|
|
|
|
|
Percentage of revenue (Non-GAAP)
|
|
|
32
|
%
|
|
|
29
|
%
|
|
|
27
|
%
|
|
|
31
|
%
|
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP)
|
|
$
|
25,948
|
|
|
$
|
18,506
|
|
|
$
|
16,820
|
|
|
$
|
44,454
|
|
|
$
|
32,403
|
|
|
|
|
Stock option expense
|
|
|
3,956
|
|
|
|
4,004
|
|
|
|
2,781
|
|
|
|
7,960
|
|
|
|
6,079
|
|
|
|
|
Tax effect on stock options
|
|
|
(1,266
|
)
|
|
|
(1,306
|
)
|
|
|
(910
|
)
|
|
|
(2,572
|
)
|
|
|
(2,004
|
)
|
|
|
|
Net income (Non-GAAP)
|
|
$
|
28,638
|
|
|
$
|
21,204
|
|
|
$
|
18,691
|
|
|
$
|
49,842
|
|
|
$
|
36,478
|
|
|
|
|
Percentage of revenue (Non-GAAP)
|
|
|
26
|
%
|
|
|
23
|
%
|
|
|
22
|
%
|
|
|
25
|
%
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted share (GAAP) (1)
|
|
$
|
0.29
|
|
|
$
|
0.21
|
|
|
$
|
0.19
|
|
|
$
|
0.50
|
|
|
$
|
0.37
|
|
|
|
|
Stock option expense per diluted share
|
|
|
0.04
|
|
|
|
0.04
|
|
|
|
0.03
|
|
|
|
0.09
|
|
|
|
0.07
|
|
|
|
|
Tax effect on stock options
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
(0.03
|
)
|
|
|
(0.03
|
)
|
|
|
|
Net income per diluted share excluding stock option expense
(Non-GAAP)
|
|
$
|
0.32
|
|
|
$
|
0.24
|
|
|
$
|
0.21
|
|
|
$
|
0.56
|
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Prior year's per share amounts have been adjusted to reflect the
2-for-1 stock split of the Company's common stock that occurred in
Q3 of 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclusion of tax adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense (GAAP)
|
|
$
|
31,352
|
|
|
$
|
22,847
|
|
|
$
|
20,766
|
|
|
$
|
54,199
|
|
|
$
|
39,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (GAAP)
|
|
$
|
5,404
|
|
|
$
|
4,341
|
|
|
$
|
3,946
|
|
|
$
|
9,745
|
|
|
$
|
6,916
|
|
|
|
|
Effective tax rate (GAAP)
|
|
|
17
|
%
|
|
|
19
|
%
|
|
|
19
|
%
|
|
|
18
|
%
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discrete tax events
|
|
|
(553
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(553
|
)
|
|
|
(555
|
)
|
|
|
|
|
|
|
(553
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(553
|
)
|
|
|
(555
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense excluding tax adjustments (Non-GAAP)
|
|
$
|
5,957
|
|
|
$
|
4,341
|
|
|
$
|
3,946
|
|
|
$
|
10,298
|
|
|
$
|
7,471
|
|
|
|
|
Effective tax rate (Non-GAAP)
|
|
|
19
|
%
|
|
|
19
|
%
|
|
|
19
|
%
|
|
|
19
|
%
|
|
|
19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 3
|
COGNEX CORPORATION
|
Balance Sheets
|
(Unaudited)
|
In thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 29,
|
|
December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and investments
|
|
$
|
467,574
|
|
$
|
455,121
|
|
|
|
|
|
Accounts receivable
|
|
|
69,780
|
|
|
53,015
|
|
|
|
|
|
Inventories
|
|
|
30,737
|
|
|
25,694
|
|
|
|
|
|
Property, plant, and equipment
|
|
|
38,321
|
|
|
37,136
|
|
|
|
|
|
Goodwill and intangible assets
|
|
|
94,581
|
|
|
96,412
|
|
|
|
|
|
Other assets
|
|
|
59,463
|
|
|
42,321
|
|
|
|
|
|
Total assets
|
|
$
|
760,456
|
|
$
|
709,699
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
48,250
|
|
$
|
43,818
|
|
|
|
|
|
Income taxes
|
|
|
4,372
|
|
|
6,028
|
|
|
|
|
|
Deferred revenue and customer deposits
|
|
|
25,327
|
|
|
15,941
|
|
|
|
|
|
Shareholders' equity
|
|
|
682,507
|
|
|
643,912
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
760,456
|
|
$
|
709,699
|
|
|
|
|
|
|
Exhibit 4
|
COGNEX CORPORATION
|
Additional Information Schedule
|
(Unaudited)
|
Dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-months Ended
|
|
Six-months Ended
|
|
|
June 29,
|
|
March 30,
|
|
June 30,
|
|
June 29,
|
|
June 30,
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
108,802
|
|
|
$
|
90,929
|
|
|
$
|
86,510
|
|
|
$
|
199,731
|
|
|
$
|
167,402
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by division:
|
|
|
|
|
|
|
|
|
|
|
Modular Vision Systems Division
|
|
|
85
|
%
|
|
|
90
|
%
|
|
|
86
|
%
|
|
|
87
|
%
|
|
|
86
|
%
|
Surface Inspection Systems Division
|
|
|
15
|
%
|
|
|
10
|
%
|
|
|
14
|
%
|
|
|
13
|
%
|
|
|
14
|
%
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by geography:
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
36
|
%
|
|
|
42
|
%
|
|
|
35
|
%
|
|
|
39
|
%
|
|
|
35
|
%
|
Europe
|
|
|
31
|
%
|
|
|
33
|
%
|
|
|
31
|
%
|
|
|
32
|
%
|
|
|
31
|
%
|
Asia
|
|
|
22
|
%
|
|
|
15
|
%
|
|
|
21
|
%
|
|
|
18
|
%
|
|
|
22
|
%
|
Japan
|
|
|
11
|
%
|
|
|
10
|
%
|
|
|
13
|
%
|
|
|
11
|
%
|
|
|
12
|
%
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by market:
|
|
|
|
|
|
|
|
|
|
|
Factory automation
|
|
|
77
|
%
|
|
|
83
|
%
|
|
|
78
|
%
|
|
|
80
|
%
|
|
|
78
|
%
|
Web and surface inspection
|
|
|
15
|
%
|
|
|
10
|
%
|
|
|
14
|
%
|
|
|
13
|
%
|
|
|
14
|
%
|
Semiconductor and electronics capital equipment
|
|
|
8
|
%
|
|
|
7
|
%
|
|
|
8
|
%
|
|
|
7
|
%
|
|
|
8
|
%
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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