Cognex announces fourth-quarter results

FEBRUARY 15, 2008--Cognex (Natick, MA, USA) has announced its financial results for the fourth quarter and year ended December 31, 2007.

FEBRUARY 15, 2008--Cognex (Natick, MA, USA) has announced its financial results for the fourth quarter and year ended December 31, 2007. The fourth quarter of 2007 was a very good quarter for Cognex," said Robert J. Shillman, chairman and chief executive officer of Cognex. "I am pleased to say that revenue and earnings per share, excluding stock-option expense, were at the highest level since the Internet bubble burst seven years ago. In addition, we set two new records for quarterly revenue--first in the surface-inspection market, where we had revenue of $12 million in the fourth quarter, and second in the factory-automation market, where revenue was $40 million and which now represents our largest market," Shillman continued.

Revenue for the fourth quarter of 2007 increased 12% from the fourth quarter of 2006, and 19% from the prior quarter due to higher sales to the factory-automation and surface-inspection markets, both of which set new records for quarterly revenue. The increase in factory automation and surface inspection was offset somewhat by a decline in the semiconductor and electronics capital equipment market, which has been in a cyclical slowdown since early 2006. Gross margin was 73% in the fourth quarter of 2007, 72% in the fourth quarter of 2006, and 73% in the prior quarter. The increase in gross margin year-on-year is primarily due to the higher sales volume in the fourth quarter of 2007.

Cognex reported foreign currency gains of $367,000 in the fourth quarter of 2007, $374,000 in the fourth quarter of 2006, and $353,000 in the prior quarter. The company recognizes foreign currency gains and losses on the revaluation and settlement of accounts receivable and payable balances that are reported in one currency and collected or paid in another.

For the first quarter of 2008, Cognex expects revenue to be between $58 million and $61 million. Although this range is lower than the revenue reported for the fourth quarter of 2007, it represents a significant increase as compared to the first quarter of 2007.

For more information, visit www.cognex.com.

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