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Cognex Corp. Announces Third Quarter Results
October 18, 2002 |Estimated reading time: 1 minute
Natick, Mass. -- Cognex Corp. announced revenue for the third quarter ended September 29, 2002, of $31.8 million, compared to $33.9 million reported for the third quarter of 2001.
Net income for the third quarter ended September 29, 2002 was $781,000, or 2 cents per diluted share, compared to $2.3 million, or 5 cents per diluted share, reported for the comparable quarter a year ago. Reported results for the third quarter of 2002 include a benefit totaling $1.2 million in cost of revenue relating to an inventory reserve recorded in the fourth quarter of 2001. Excluding this benefit, the company would have reported net income of $53,000, or nothing per diluted share, for the third quarter of 2002.
Revenue for the nine months ended September 29, 2002 was $80.2 million, compared to $115.6 million reported for the same nine-month period a year ago. For the nine months ended September 29, 2002, Cognex reported a net loss of $6.5 million, or 15 cents per diluted share, compared to net income of $9.2 million, or 20 cents per diluted share, for the comparable period in 2001. Excluding the inventory benefit described above, as well as a similar benefit and investment losses in the second quarter of 2002, the net loss for the first nine months of 2002 would have been $3.9 million, or 9 cents per diluted share.
Cognex Corp. designs, develops, manufacturers and markets machine vision systems, or computers that can "see." For more information, visit www.cognex.com.