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Cognex Corporation reports significant growth in both revenue and net income

July 20, 2004

JULY 20--Cognex Corporation (Natick, MA; www.cognex.com ) has announced revenue for the second quarter, ended July 4, 2004, of $54,467,000, and net income of $10,878,000, or $0.23 per diluted share.

JULY 20--Cognex Corporation (Natick, MA; www.cognex.com ) has announced revenue for the second quarter, ended July 4, 2004, of $54,467,000, and net income of $10,878,000, or $0.23 per diluted share. These results compare very favorably with both the comparable quarter in 2003 and with the prior quarter. For the six months ended July 4, 2004, Cognex reported revenue of $102,636,000, a 48% increase over revenue of $69,510,000 reported for the same six-month period a year ago. And, net income for the six months ended July 4, 2004, increased 281% to $19,445,000, or $0.41 per diluted share, from $5,099,000, or $0.12 per diluted share, for the comparable period in 2003.

"I am very pleased with our second-quarter results and the growth we achieved in the first half of 2004," said Robert J. Shillman, Cognex chief executive officer and chairman. "We reported significant increases in revenue for both the quarter and for the first six months of the year over the comparable periods in 2003. Net income increased at an even faster rate than revenue because we kept a tight rein on spending, except in targeted areas such as sales and marketing. And, best of all, net income is once again 20% of revenue, which has been a long-standing goal for the company."

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