NATICK, MA, July 19, 2004—Cognex Corporation (NASDAQ: CGNX) today 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 Dr. Robert J.
Shillman, Cognex’s 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 longstanding goal for the company.”Dr.
Shillman continued, “Customer demand is strong, and we expect continued growth in revenue and net income through the remainder of this year.”
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 corporateheadquarters 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 .