-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UKrw+QQpca1Gowbra4aij4gUwAi8mRWU0G+XqajMhAT84anAP4j4HPNVyDXdUoWA UqXw7dTljh80DVXPaA97VQ== 0000950135-95-002348.txt : 19951124 0000950135-95-002348.hdr.sgml : 19951124 ACCESSION NUMBER: 0000950135-95-002348 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951001 FILED AS OF DATE: 19951113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COGNEX CORP CENTRAL INDEX KEY: 0000851205 STANDARD INDUSTRIAL CLASSIFICATION: 3845 IRS NUMBER: 042713778 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17869 FILM NUMBER: 95589606 BUSINESS ADDRESS: STREET 1: ONE VISION DR CITY: NATICK STATE: MA ZIP: 01760 BUSINESS PHONE: 5086503000 MAIL ADDRESS: STREET 1: ONE VISION DRIVE CITY: NATICK STATE: MA ZIP: 01760 10-Q 1 COGNEX CORPORATION 1 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) /X/ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended October 1, 1995 or / / Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to ------ ------ Commission File Number 0-17869 COGNEX CORPORATION -------------------------------------------------------- (Exact name of registrant as specified in its charter) Massachusetts 04-2713778 --------------------------------- --------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Vision Drive Natick, Massachusetts 01760-2059 (508) 650-3000 -------------------------------------------------------- (Address, including zip code, and telephone number, including area code, of principal executive offices) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --------- ---------- As of October 29, 1995, there were 19,386,023 shares of Common Stock, $.002 par value, of the registrant outstanding. Total number of pages: 11 ================================================================================ 2 INDEX PART I FINANCIAL INFORMATION ITEM 1. Financial Statements Consolidated Statements of Income for the three and nine months ended October 1, 1995 and October 2, 1994 Consolidated Balance Sheets as of October 1, 1995 and December 31, 1994 Consolidated Statement of Stockholders' Equity for the nine months ended October 1, 1995 Consolidated Statements of Cash Flows for the nine months ended October 1, 1995 and October 2, 1994 Notes to Consolidated Financial Statements ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations PART II OTHER INFORMATION ITEM 1. Legal Proceedings ITEM 2. Changes in Securities ITEM 3. Defaults Upon Senior Securities ITEM 4. Submission of Matters to a Vote of Security Holders ITEM 5. Other Information ITEM 6. Exhibits and Reports on Form 8-K Signatures 3 PART I: FINANCIAL INFORMATION ITEM 1: FINANCIAL STATEMENTS COGNEX CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts)
THREE MONTHS ENDED NINE MONTHS ENDED OCTOBER 1, OCTOBER 2, OCTOBER 1, OCTOBER 2, 1995 1994 1995 1994 ---------- ---------- ---------- ---------- (UNAUDITED) (UNAUDITED) Revenue.......................................... $29,784 $16,592 $72,943 $44,380 Cost of revenue.................................. 6,535 3,831 15,723 9,975 ------- ------- ------- ------- Gross margin..................................... 23,249 12,761 57,220 34,405 Research, development and engineering expenses... 3,495 2,552 9,284 7,504 Selling, general and administrative expenses..... 6,335 4,334 17,216 11,791 Charge for acquired in-process technology........ 10,189 10,189 ------- ------- ------- ------- Income from operations........................... 3,230 5,875 20,531 15,110 Interest income.................................. 598 343 1,898 1,074 ------- ------- ------- ------- Income before provision for income taxes......... 3,828 6,218 22,429 16,184 Provision for income taxes....................... 4,461 1,928 9,948 5,017 ------- ------- ------- ------- Net income/(loss)................................ $ (633) $ 4,290 $12,481 $11,167 ======= ======= ======= ======= Net income/(loss) per share...................... $ (.03) $ .23 $ .60 $ .61 ======= ======= ======= ======= Weighted average common shares outstanding....... 19,096 18,419 20,788 18,396 ======= ======= ======= =======
The accompanying notes are an integral part of these consolidated financial statements. 1 4 COGNEX CORPORATION CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
OCTOBER 1, DECEMBER 31, 1995 1994 ---------- ------------ (UNAUDITED) ASSETS Current assets: Cash and cash equivalents............................................. $ 22,739 $ 56,326 Investments........................................................... 62,957 25,169 Accounts receivable, less reserves of approximately $689 and $684 in 1995 and 1994, respectively........................................ 20,004 9,151 Inventories........................................................... 9,038 4,439 Deferred income taxes................................................. 1,700 1,463 Prepaid expenses and other............................................ 6,445 1,195 -------- -------- Total current assets.............................................. 122,883 97,743 Property, plant and equipment, net......................................... 20,912 14,503 Other assets............................................................... 4,111 593 -------- -------- $147,906 $112,839 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable...................................................... $ 2,361 $ 1,284 Accrued expenses...................................................... 9,155 5,135 Accrued income taxes.................................................. 2,280 1,674 Customer deposits..................................................... 825 744 Deferred revenue...................................................... 354 394 -------- -------- Total current liabilities......................................... 14,975 9,231 Other liabilities.......................................................... 1,865 Deferred income taxes...................................................... 1,089 Stockholders' equity: Common stock, $.002 par value - Authorized: 60,000,000 shares, issued: 19,356,587 and 18,751,935 shares in 1995 and 1994, respectively.............................. 39 38 Additional paid-in capital............................................ 67,634 53,633 Cumulative translation adjustment..................................... 47 (53) Retained earnings..................................................... 62,963 50,482 Treasury stock, at cost, 37,488 and 30,878 shares in 1995 and 1994, respectively....................................................... (706) (492) -------- -------- Total stockholders' equity........................................ 129,977 103,608 -------- -------- $147,906 $112,839 ======== ========
The accompanying notes are an integral part of these consolidated financial statements. 2 5 COGNEX CORPORATION CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Dollars in thousands)
COMMON STOCK TREASURY STOCK --------------- -------------- NUMBER $.002 ADDITIONAL CUMULATIVE NUMBER TOTAL OF PAR PAID-IN TRANSLATION RETAINED OF STOCKHOLDERS' SHARES VALUE CAPITAL ADJUSTMENT EARNINGS SHARES COST EQUITY ------ ----- ------- ---------- -------- ------ ---- ------ Balance at December 31, 1994.......... 18,751,935 $ 38 $ 53,633 $ (53) $ 50,482 30,878 $(492) $ 103,608 Common stock issued to acquire Acumen, Inc...................... 96,140 4,170 4,170 Issuance of stock under stock option and stock purchase plans.. 508,512 1 3,514 3,515 Tax benefit from the exercise of stock options.................... 6,317 6,317 Common stock received for payment of stock option exercises........ 6,610 (214) (214) Translation adjustment............. 100 100 Net income......................... 12,481 12,481 ---------- ----- -------- ------ -------- ------ ----- --------- Balance at October 1, 1995 19,356,587 $ 39 $ 67,634 $ 47 $ 62,963 37,488 $(706) $ 129,977 (unaudited)......................... ========== ===== ======== ====== ======== ====== ===== =========
The accompanying notes are an integral part of these consolidated financial statements. 3 6 COGNEX CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands)
NINE MONTHS ENDED OCTOBER 1, OCTOBER 2, 1995 1994 ---------- ---------- (UNAUDITED) Cash flows from operating activities: Net income............................................................. $ 12,481 $ 11,167 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization........................................ 2,206 1,200 Loss on disposition of property, plant and equipment................. 56 Charge for acquired in-process technology............................ 10,189 Tax benefit from the exercise of stock options....................... 6,317 1,092 Change in deferred income tax provision.............................. (49) Change in other current assets and current liabilities............... (15,776) (1,991) -------- -------- Net cash provided by operating activities.............................. 15,424 11,468 -------- -------- Cash flows from investing activities: Purchase of investments................................................ (60,919) (17,649) Maturities of investments.............................................. 23,131 13,209 Purchase of property, plant and equipment.............................. (8,436) (11,795) Purchase of Acumen, Inc., net of cash acquired......................... (6,146) Increase in other assets............................................... (46) (391) -------- -------- Net cash used in investing activities.................................. (52,416) (16,626) -------- -------- Cash flows from financing activities: Issuance of stock under stock option and stock purchase plans.......... 3,301 1,147 -------- -------- Net cash provided by financing activities.............................. 3,301 1,147 -------- -------- Effect of exchange rate changes on cash..................................... 104 (85) -------- -------- Net decrease in cash and cash equivalents................................... (33,587) (4,096) Cash and cash equivalents at beginning of period............................ 56,326 21,833 -------- -------- Cash and cash equivalents at end of period.................................. $ 22,739 $ 17,737 ======== ======== Supplemental disclosure of noncash investing and financing activities: Retirement of fully-depreciated property, plant and equipment.......... $ 3,049 Purchase of Acumen, Inc. Fair value of tangible assets acquired............................... $ 1,226 Liabilities assumed.................................................. (1,122) Acquired technology.................................................. 12,558 Goodwill and other intangible assets................................. 1,288 Issuance of stock and stock options.................................. (5,498) Other liabilities.................................................... (2,106) -------- Cash paid to acquire Acumen, Inc. ................................... $ (6,346) ========
The accompanying notes are an integral part of these consolidated financial statements. 4 7 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation As permitted by the rules of the Securities and Exchange Commission applicable to quarterly reports on Form 10-Q, these notes are condensed and do not contain all disclosures required by generally accepted accounting principles. Reference should be made to the financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 1994, as filed with the Securities and Exchange Commission on March 27, 1995. In the opinion of the management of Cognex Corporation, the accompanying financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position at October 1, 1995 and December 31, 1994, and the results of its operations and changes in stockholders' equity and cash flows for the nine months ended October 1, 1995 and October 2, 1994. The results disclosed in the Consolidated Statement of Income for the nine months ended October 1, 1995 are not necessarily indicative of the results to be expected for the full year. INVENTORIES Inventories consist of the following:
(In thousands) OCTOBER 1, DECEMBER 31, 1995 1994 ---------- ------------ (UNAUDITED) Raw materials.................................... $ 4,299 $ 2,476 Work-in-process.................................. 3,766 1,604 Finished goods................................... 973 359 -------- -------- $ 9,038 $ 4,439 ======== ========
PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following:
(In thousands) OCTOBER 1, DECEMBER 31, 1995 1994 ---------- ------------ (UNAUDITED) Land............................................. $ 1,500 $ 800 Building......................................... 12,613 7,836 Building improvements............................ 1,397 1,107 Computer hardware and software................... 8,279 8,772 Furniture and fixtures........................... 1,408 1,298 Leasehold improvements........................... 258 250 -------- -------- 25,455 20,063 Less: accumulated depreciation and amortization.. (4,543) (5,560) -------- -------- $ 20,912 $ 14,503 ======== ========
5 8 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NET INCOME/(LOSS) PER SHARE Net income per share is calculated based on the weighted average number of common and dilutive common equivalent shares outstanding during the period. Primary and fully diluted net income per share are not materially different for each of the periods presented. Dilutive common equivalent shares consist of stock options, calculated using the treasury stock method. Net loss per share is calculated based on the weighted average number of common shares outstanding during the period. Common equivalent shares of 1,946,397 have not been included in the loss period, as such amounts would be antidilutive. ACQUISITION OF ACUMEN, INC. On July 21, 1995, the Company acquired all of the outstanding shares of Acumen, Inc., a privately-held developer of machine vision systems for semiconductor wafer identification. The purchase price of $14 million includes $8.5 million in cash, 96,140 shares of Cognex stock valued at $4.2 million, and stock options valued at $1.3 million. The acquisition is accounted for under the purchase method of accounting. Accordingly, Acumen's results of operations have been included in the Company's consolidated results of operations since the date of acquisition. The purchase price was allocated among the identifiable assets of Acumen. After allocating the purchase price to the net tangible assets and to deferred compensation costs, which are amortized over eight years, acquired technology was valued using a risk-adjusted cash flow model, under which future cash flows were discounted taking into account risks related to existing markets, the technology's life expectancy, future target markets and potential changes thereto, and the competitive outlook for the technology. This analysis resulted in an allocation of $2.4 million to completed technology, to be amortized over five years, and $10.2 million to in-process technology which was charged to expense in the third quarter ended October 1, 1995. Goodwill associated with the purchase is being amortized over five years. The in-process technology acquired on July 21, 1995 had not reached technological feasibility in accordance with Statement of Financial Accounting Standards (SFAS) No. 86, "Accounting for Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed," and had no alternative future use. Accordingly, the in-process technology was expensed immediately. The following summarized, pro forma results of operations assume the acquisition took place at the beginning of the respective periods and exclude the $10.2 million charge for acquired in-process technology.
(In thousands, except per share amounts) THREE MONTHS ENDED NINE MONTHS ENDED OCTOBER 1, OCTOBER 2, OCTOBER 1, OCTOBER 2, 1995 1994 1995 1994 ---------- ---------- ---------- ---------- (UNAUDITED) (UNAUDITED) Revenue................................. $30,080 $16,994 $75,972 $45,816 Net income.............................. 9,636 4,144 23,141 10,795 Net income per share.................... .46 .22 1.11 .58
6 9 COGNEX CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The pro forma results of operations is intended to provide information about the continuing impact of the acquisition by showing how it might have affected historical financial statements if it had been consummated at an earlier date. This information is not necessarily indicative of future operations or the actual results that would have occurred had the acquisition been consummated at the beginning of the period presented. 7 10 ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Revenue for the three-month and nine-month periods ended October 1, 1995 increased 80% and 64% to $29,784,000 and $72,943,000, respectively, over the comparable periods in 1994. Contributing to the revenue increase, each of the Company's major geographic areas, the United States, Japan, and Europe, grew in excess of 50% over the three-month and nine-month periods in 1994. International revenue amounted to $17,589,000 and $42,829,000 for the three-month and nine-month periods ended October 1, 1995 compared to $11,097,000 and $27,262,000 for the same periods in 1994, an increase of 59% and 57%, respectively. Domestic revenue increased 122% and 76% for the three-month and nine-month periods in 1995 over the comparable periods in 1994. The increase in worldwide revenue is due primarily to the growth in sales to existing customers, that is, those customers that have been with the Company for three or more years. Sales to existing customers represented 78% and 81% of revenue for the three-month and nine-month periods in 1995 and increased 66% and 60%, respectively, over the comparable periods in 1994. The combined sales of the Cognex 2000 and 3000 Series vision systems increased $2,134,000 and $4,230,000, yet decreased as a percentage of revenue to 23% for the three-month and nine-month periods ended October 1, 1995 from 28% for the comparable periods in 1994. Sales of the Cognex 4000 Series vision system increased $3,085,000 and $8,352,000, yet declined as a percentage of revenue to 37% and 38% for the three-month and nine-month periods in 1995 from 47% and 44% for the comparable periods in 1994. Sales of the Cognex 5000 Series vision system increased $4,628,000 and $9,539,000, and grew to 27% of revenue for the three-month and nine-month periods in 1995 from 21% and 23% for the comparable periods in 1994. The decline in sales as a percentage of revenue of the Cognex 2000, 3000, and 4000 products and the increase in sales as a percentage of revenue of the Cognex 5000 products is a result of the higher revenue growth associated with newer products. Gross margin as a percentage of revenue remained relatively consistent for the three-month and nine-month periods ended October 1, 1995 compared to the same periods in 1994, representing 78% of revenue for the three-month and nine-month periods in 1995 and 77% and 78% of revenue for the comparable periods in 1994. Research, development and engineering expenses increased to $3,495,000 and $9,284,000 for the three-month and nine-month periods ended October 1, 1995 from $2,552,000 and $7,504,000 for the comparable periods in 1994. Expenses as a percentage of revenue were 12% and 13% for the periods in 1995 compared to 15% and 17% for the same periods in 1994. The increase in aggregate costs is due primarily to higher personnel-related costs to support the Company's investment in the research and development of new and existing products. The decrease in expenses as a percentage of revenue is due to higher than anticipated revenue growth outpacing the investment in research and development. Selling, general and administrative expenses increased to $6,335,000 and $17,216,000 for the three-month and nine-month periods ended October 1, 1995 from $4,334,000 and $11,791,000 for the comparable periods in 1994. Expenses as a percentage of revenue were 21% and 24% for the periods in 1995 compared to 26% and 27% for the same periods in 1994. The increase in aggregate costs is primarily due to higher personnel-related costs, both domestically and internationally, to support the Company's worldwide sales effort, in addition to costs related to fluctuations in foreign currency exchange rates. On July 21, 1995, the Company acquired Acumen, Inc. for approximately $14,000,000. $10,189,000 of the purchase price was allocated to in-process technology which was charged to expense in the third quarter of 1995 (see Notes to Consolidated Financial Statements). This charge is not deductible for tax purposes. The Company expects to invest considerable additional development efforts related to the in-process technology to add or improve functionality, increase hardware 8 11 performance, and conform and integrate the technology to the Company's product standards. These expenditures are expected to be paid out through 1996 with anticipated funding from cash flow generated from operations and are not expected to significantly impact the planned level of research and development expenditures. Interest income increased to $598,000 and $1,898,000 for the three-month and nine-month periods ended October 1, 1995 from $343,000 and $1,074,000 for the comparable periods in 1994. The increase in interest income is due primarily to a larger investment base. The Company's effective tax rate, excluding the impact of a $10,189,000 charge for acquired in-process technology which had no associated tax benefit, was 31.8% and 30.5% for the three-month and nine-month periods ended October 1, 1995 compared to 31.0% for the same periods in 1994. The increase in the three-month effective tax rate is primarily due to an adjustment in the third quarter of 1995 in the year-to-date rate. The decrease in the nine-month effective tax rate is primarily due to a reduction in state income taxes. LIQUIDITY AND CAPITAL RESOURCES The Company's working capital and other cash requirements during the nine-month period ended October 1, 1995 were met through cash flow generated from operations. Working capital at October 1, 1995 was $107,908,000, an increase of $19,396,000 from the working capital balance at December 31, 1994. Cash and investments increased $4,201,000 from December 31, 1994 primarily as a result of $15,424,000 of cash generated from operations and $3,301,000 of proceeds from the issuance of stock under stock option and stock purchase plans, offset by the purchase for $5,300,000 in cash of an office building adjacent to the Company's corporate headquarters and $6,346,000 in cash paid to acquire Acumen, Inc. At October 1, 1995, the Company had no outstanding short-term or long-term debt. The Company has a $1,000,000 unsecured demand line of credit with a bank, which is available through November 15, 1995. There have been no borrowings under the line of credit. The Company intends to extend the bank line of credit through November 15, 1996. Capital requirements consist primarily of expenditures for computer hardware and software equipment, along with expenditures related to the expansion of the Company's office space to accommodate anticipated growth. Capital expenditures in the nine-month period ended October 1, 1995 were $8,436,000, all of which were funded out of current operations. Included in these capital expenditures was the purchase of an 83,000 square-foot office building adjacent to the Company's corporate headquarters for $5,300,000 in cash. The building is occupied with tenants who have lease commitments that extend over the next several years. The Company will oversee these lease commitments until it is ready to take occupancy. Also in 1995, the Company began work on a planned 50,000 square-foot addition to its headquarters building. Future cash requirements related to the addition are anticipated to approximate between $5,000,000 and $6,000,000 and are expected to be paid out through the first quarter of 1997. On July 21, 1995, the Company acquired Acumen, Inc. for approximately $14,000,000. The purchase price includes $8,452,000 in cash, $6,346,000 of which was paid out on the closing date, with the remaining balance to be paid out through the year 2000. The Company believes that the existing cash and investment balances, together with cash generated from operations, will be sufficient to meet the Company's working capital and capital expenditure requirements through 1995. 9 12 PART II: OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit 11 - Computation of Per Share Earnings Exhibit 27 - Financial Data Schedule (electronic filing only) (b) Reports on Form 8-K None 10 13 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DATE: November 13, 1995 COGNEX CORPORATION /s/ Robert J. Shillman -------------------------------------------- Robert J. Shillman President, Chief Executive Officer, and Chairman (principal executive officer) /s/ John J. Rogers, Jr. -------------------------------------------- John J. Rogers, Jr. Vice President, Chief Financial Officer, and Treasurer (principal financial and accounting officer) 11 EX-11 2 COMPUTATION OF PER SHARE EARNINGS 1 EXHIBIT 11 COGNEX CORPORATION COMPUTATION OF PER SHARE EARNINGS Weighted average common and common share equivalents were computed as follows:
THREE MONTHS ENDED NINE MONTHS ENDED OCTOBER 1, OCTOBER 2, OCTOBER 1, OCTOBER 2, 1995 1994 1995 1994 ---------- ---------- ---------- ---------- (UNAUDITED) (UNAUDITED) Weighted average common shares outstanding.............. 19,096,029 17,227,222 18,974,977 17,161,174 Weighted average options outstanding.................... 3,744,414 3,723,904 3,800,911 3,770,232 Shares assumed to be purchased.......................... (1,798,017) (2,532,478) (1,987,846) (2,535,173) ---------- ---------- ---------- ---------- Primary weighted average common and common share equivalents outstanding............................... 21,042,426 18,418,648 20,788,042 18,396,233 Dilutive effect of weighted average shares.............. 1,832 242 223,938 1,055 ---------- ---------- ---------- ---------- Fully diluted weighted average common and common share equivalents outstanding............................... 21,044,258 18,418,890 21,011,980 18,397,288 ========== ========== ========== ==========
EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM 10-Q OF COGNEX CORPORATION FOR THE QUARTER ENDED OCTOBER 1, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-Q. 3-MOS DEC-31-1995 JUL-03-1995 OCT-01-1995 22,739,000 62,957,000 20,693,000 689,000 9,038,000 122,883,000 25,455,000 4,543,000 147,906,000 14,975,000 0 39,000 0 0 129,938,000 147,906,000 29,784,000 29,784,000 6,535,000 6,535,000 0 0 0 3,828,000 4,461,000 (633,000) 0 0 0 (633,000) (.03) (.03)
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