Cognex Reports Record Results for Fiscal Year 2011

Cognex Reports Record Results for Fiscal Year 2011 | Bild: © blackred

Table 1

Revenue

Net Income

Net Income perDiluted Share

Quarterly Comparisons

Yearly Comparisons

?Cognex had another outstanding year in 2011,? said Dr. Robert J. Shillman, Chairman of Cognex. ?We set new records for annual revenue, net income and earnings per share. Growth was driven by sales of our machine vision products in both the factory automation and surface inspection markets; in fact, we set new records for annual revenue in each of those markets. And we were highly profitable in 2011, reporting operating margins of 27% and net margins of 22%, even with the significant investments we made in new product development and expansion of our sales team.?

?We ended 2011 on a very good note,? said Robert J. Willett, Chief Executive Officer of Cognex. ?Our continued strong execution in factory automation resulted in record quarterly revenue from that market in the fourth quarter. Growth was strongest in the Americas, in particular from automotive and ID products customers, and in China. We also set a new quarterly revenue record in the surface inspection market, substantially exceeding the prior record. Much of that growth came from the paper industry.?

?We believe that Cognex is well positioned as we enter 2012 to deliver on our strategic initiatives,? continued Mr. Willett. ?However, that fact may not be obvious in our first quarter revenue outlook for 2012. We?ve detailed the primary reasons why in the Financial Outlook section of this press release.?

Details of the Quarter

Statement of Operations Highlights ? Fourth Quarter of 2011

Balance Sheet Highlights ? December 31, 2011

Financial Outlook

Non-GAAP Financial Measures

Analyst Conference Call and Simultaneous Webcast

About Cognex Corporation

Cognex Corporation designs, develops, manufactures and markets a range of products that incorporate sophisticated machine vision technology that gives them the ability to ?see.? Cognex products include barcode readers, machine vision sensors and machine vision systems that are used in factories, warehouses and distribution centers around the world to guide, gauge, inspect, identify and assure the quality of items during the manufacturing and distribution process. Cognex is the world's leader in the machine vision industry, having shipped more than 700,000 vision-based products, representing over $3 billion in cumulative revenue, since the company's founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has regional offices and distributors located throughout North America, Japan, Europe, Asia and Latin America. For details visit Cognex online at http://www.cognex.com.

Certain statements made in this press release, which do not relate solely to historical matters, are forward-looking statements. These statements can be identified by use of the words ?expects,? ?anticipates,? ?estimates,? ?believes,? ?projects,? ?intends,? ?plans,? ?will,? ?may,? ?shall,? ?could,? ?should,? and similar words. These forward-looking statements, which include statements regarding business and market trends, future financial performance, customer order rates, growth in particular markets, and strategic plans, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) current and future conditions in the global economy; (2) the cyclicality of the semiconductor and electronics industries; (3) the inability to penetrate new markets; (4) the inability to achieve significant international revenue; (5) fluctuations in foreign currency exchange rates; (6) the loss of a large customer; (7) the inability to attract and retain skilled employees; (8) the reliance upon key suppliers to manufacture and deliver critical components for Cognex products; (9) the failure to effectively manage product transitions or accurately forecast customer demand; (10) the inability to design and manufacture high-quality products; (11) the technological obsolescence of current products and the inability to develop new products; (12) the failure to properly manage the distribution of products and services; (13) the inability to protect Cognex proprietary technology and intellectual property; (14) involvement in time-consuming and costly litigation; (15) the impact of competitive pressures; (16) the challenges in integrating and achieving expected results from acquired businesses; (17) potential impairment charges with respect to Cognex?s investments or for acquired intangible assets or goodwill; (18) exposure to additional tax liabilities; (19) information security breaches or business systems disruptions; and (20) the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2011. You should not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Cognex disclaims any obligation to update forward-looking statements after the date of such statements.

Exhibit 1

Percentage of revenue

Exhibit 2

Exhibit 3

Exhibit 4