Cognex Corporation reports dramatic increases in bookings, revenues, and profits

APRIL 21--Cognex Corporation (Natick, MA) has announced revenue for the first quarter, ended April 4, 2004, of $48,169,000, and net income of $8,567,000, or $0.18 per diluted share.

APRIL 21--Cognex Corporation (Natick, MA) has announced revenue for the first quarter, ended April 4, 2004, of $48,169,000, and net income of $8,567,000, or $0.18 per diluted share. These results compare very favorably with both the comparable quarter in 2003 and with the prior quarter.

"I am overjoyed to report significant increases in revenue and profits for the first quarter of 2004, both year-on-year and sequentially," said Robert J. Shillman, Cognex chief executive officer and chairman. "These increases were driven primarily by strong demand from our customers in the semiconductor industry, whose businesses have recovered from the three-year slump. In addition, despite the turnaround, we continued to keep a tight rein on spending and invested only in those areas that drive revenue, such as in sales and marketing.

Revenue for the first quarter of 2004 increased 46% over the comparable quarter in 2003 and 15% on a sequential basis. The increase, both year-on-year and sequentially, is due to higher sales to OEM customers in the semiconductor industry.

Gross margin was 69% in the first quarter of 2004 compared to 64% in the comparable quarter in 2003 and 68% in the prior quarter. Cost of revenue for the first quarter of 2004 as well as the first and fourth quarters of 2003 includes a benefit of $262,000, $309,000 and $116,000, respectively, relating to an inventory reserve recorded in the fourth quarter of 2001. Excluding this benefit, gross margin would have been 69% in the first quarter of 2004, 63% in the first quarter of 2003, and 68% in the prior quarter. The increase in gross margin, both year-on-year and sequentially, is due to higher sales volume as well as product mix.

For more on this go to www.cognex.com.

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