Cognex Reports Top Revenue, Earnings, Bookings, Backlog

NATICK, Mass., July 18 -- Cognex Corp., a developer of machine vision systems, reported its best quarter to date with this year's second quarter ended on July 2, in part because of a key acquisition of a machine vision systems provider in England, the company said.
Revenue for the second three months of 2000 was $62.2 million, 76 percent more than the $35.3 million reported for the same 1999 period. Net income for the second quarter was $17.3 million, or $0.38 per diluted share, 180 percent better than 1999's second quarter net income of $6.2 million, or $0.14 per diluted share.
This has been another spectacular quarter for Cognex. We acquired Image Industries, a UK-based manufacturer of vision sensors. This acquisition immediately established Cognex as the leading vision supplier to end-users in the United Kingdom as well as added experienced development and sales engineers to our talent pool, said Dr. Robert J. Shillman, president, CEO and chairman of Cognex. And, we continued to break new records in our business. Not only did we exceed the records for revenue and earnings set only last quarter, we also had record bookings in the quarter, and we ended the period with a record backlog.