NATICK, MA, April 20, 2004—Cognex Corporation (NASDAQ: CGNX) today 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 Dr. Robert J.
Shillman, Cognex’s 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. Bottom line…our first quarter results have given us a great start to 2004, and we believe that 2004 will bean excellent year for Cognex.”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 Original Equipment Manufacturer (OEM) customers in the semiconductor industry.
About Cognex Corporation
Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can "see." Cognex is the world's leader in the machine vision industry, having shipped more than 200,000 vision systems, representing over $1.5 billion in cumulative revenue, since the company's founding in 1981. Cognex's Modular Vision Systems Division, headquartered in Natick, Massachusetts, specializes in machine vision systems that are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex's Surface Inspection Systems Division, headquartered in Alameda, California, specializes in machine vision systems that are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, papers and plastics.
In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices located throughout North America, Japan, Europe, and Southeast Asia. Visit Cognex on-line at www.cognex.com .
