Table 1 |
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Revenue |
Net Income |
Net Income per |
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Quarterly Comparisons |
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Current quarter: Q1-12 |
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Prior year's quarter: Q1-11 |
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Change from Q1-11 to Q1-12 | 4% | 5% | 2% | ||||||
Prior quarter: Q4-11 |
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Change from Q4-11 to Q1-12 | (8%) | (25%) | (26%) | ||||||
"Our results for the first quarter of 2012 were very good and exceeded
our own expectations," said Dr.
"We are pleased with our performance during the quarter," said Robert J.
Willett, Chief Executive Officer of
"Based on the current order momentum, we expect to report solid sequential growth in revenue for the second quarter," concluded Mr. Willett.
Details of the Quarter
Statement of Operations Highlights — First Quarter of 2012
Balance Sheet Highlights —
Financial Outlook
Non-GAAP Financial Measures
Analyst Conference Call and Simultaneous Webcast
About
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,
expected areas of growth, research and development activities, 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
Exhibit 1 |
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Statements of Operations | ||||||||||||
(Unaudited) | ||||||||||||
Dollars in thousands, except per share amounts | ||||||||||||
Three-months Ended | ||||||||||||
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|
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2012 | 2011 | 2011 | ||||||||||
Revenue | $ | 77,709 | $ | 84,042 | $ | 74,394 | ||||||
Cost of revenue (1) | 19,058 | 21,204 | 18,383 | |||||||||
Gross margin | 58,651 | 62,838 | 56,011 | |||||||||
Percentage of revenue | 75 | % | 75 | % | 75 | % | ||||||
Research, development, and engineering expenses (1) | 10,361 | 10,350 | 9,482 | |||||||||
Percentage of revenue | 13 | % | 12 | % | 13 | % | ||||||
Selling, general, and administrative expenses (1) | 30,549 | 30,932 | 29,161 | |||||||||
Percentage of revenue | 39 | % | 37 | % | 39 | % | ||||||
Operating income | 17,741 | 21,556 | 17,368 | |||||||||
Percentage of revenue | 23 | % | 26 | % | 23 | % | ||||||
Foreign currency loss | (638 | ) | (424 | ) | (59 | ) | ||||||
Investment and other income | 975 | 556 | 400 | |||||||||
Income before income tax expense | 18,078 | 21,688 | 17,709 | |||||||||
Income tax expense | 3,796 | 2,589 | 4,073 | |||||||||
Net income | $ | 14,282 | $ | 19,099 | $ | 13,636 | ||||||
Percentage of revenue | 18 | % | 23 | % | 18 | % | ||||||
Earnings per weighted-average common and common-equivalent share: | ||||||||||||
|
$ | 0.34 | $ | 0.45 | $ | 0.33 | ||||||
Diluted | $ | 0.33 | $ | 0.44 | $ | 0.32 | ||||||
Weighted-average common and common-equivalent shares outstanding: | ||||||||||||
|
42,570 | 42,144 | 41,336 | |||||||||
Diluted | 43,590 | 42,982 | 42,286 | |||||||||
Cash dividends per common share | $ | 0.10 | $ | 0.10 | $ | 0.08 | ||||||
Cash and investments per common share | $ | 8.98 | $ | 8.47 | $ | 7.62 | ||||||
Book value per common share | $ | 13.75 | $ | 13.10 | $ | 12.18 | ||||||
(1) Amounts include stock option expense, as follows: |
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Cost of revenue | $ | 308 | $ | 142 | $ | 235 | ||||||
Research, development, and engineering | 867 | 536 | 809 | |||||||||
Selling, general, and administrative | 2,139 | 1,561 | 1,308 | |||||||||
Total stock option expense | $ | 3,314 | $ | 2,239 | $ | 2,352 | ||||||
Exhibit 2 |
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Reconciliation of Selected Items from GAAP to Non-GAAP | ||||||||||||
(Unaudited) | ||||||||||||
Dollars in thousands, except per share amounts | ||||||||||||
Three-months Ended | ||||||||||||
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|
|
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2012 | 2011 | 2011 | ||||||||||
Revenue (GAAP) | $ | 77,709 | $ | 84,042 | $ | 74,394 | ||||||
Operating income (GAAP) | $ | 17,741 | $ | 21,556 | $ | 17,368 | ||||||
Stock option expense | 3,314 | 2,239 | 2,352 | |||||||||
Operating income excluding stock option expense (Non-GAAP) | $ | 21,055 | $ | 23,795 | $ | 19,720 | ||||||
Percentage of revenue (Non-GAAP) | 27 | % | 28 | % | 27 | % | ||||||
Income before income tax expense (GAAP) | $ | 18,078 | $ | 21,688 | $ | 17,709 | ||||||
Income tax expense (GAAP) | $ | 3,796 | $ | 2,589 | $ | 4,073 | ||||||
Effective tax rate (GAAP) | 21 | % | 12 | % | 23 | % | ||||||
Tax adjustments: | ||||||||||||
True up of annual tax rate | - | (1,963 | ) | - | ||||||||
Discrete tax events | - | 213 | - | |||||||||
- | (1,750 | ) | - | |||||||||
Income tax expense excluding tax adjustments (Non-GAAP) | $ | 3,796 | $ | 4,339 | $ | 4,073 | ||||||
Effective tax rate (Non-GAAP) | 21 | % | 20 | % | 23 | % | ||||||
Net income excluding tax adjustments (Non-GAAP) | $ | 14,282 | $ | 17,349 | $ | 13,636 | ||||||
Percentage of revenue (Non-GAAP) | 18 | % | 21 | % | 18 | % | ||||||
Net Income (GAAP) | $ | 14,282 | $ | 19,099 | $ | 13,636 | ||||||
Stock option expense, net of tax | 2,227 | 1,525 | 1,561 | |||||||||
Net income excluding stock option expense (Non-GAAP) | $ | 16,509 | $ | 20,624 | $ | 15,197 | ||||||
Percentage of revenue (Non-GAAP) | 21 | % | 25 | % | 20 | % | ||||||
Net income per diluted share (GAAP) | $ | 0.33 | $ | 0.44 | $ | 0.32 | ||||||
Stock option expense per diluted share, net of tax | 0.05 | 0.04 | 0.04 | |||||||||
Net income per diluted share excluding stock option expense (Non-GAAP) | $ | 0.38 | $ | 0.48 | $ | 0.36 | ||||||
Net income per diluted share (GAAP) | $ | 0.33 | $ | 0.44 | $ | 0.32 | ||||||
Tax adjustments per diluted share | - | (0.04 | ) | - | ||||||||
Net income per diluted share excluding tax adjustments (Non-GAAP) | $ | 0.33 | $ | 0.40 | $ | 0.32 | ||||||
Exhibit 3 |
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Balance Sheets | ||||||
(Unaudited) | ||||||
In thousands | ||||||
|
|
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2012 | 2011 | |||||
Assets | ||||||
Cash and investments | $ | 384,733 | $ | 357,440 | ||
Accounts receivable | 45,595 | 48,206 | ||||
Inventories | 27,807 | 28,098 | ||||
Property, plant, and equipment | 32,720 | 31,744 | ||||
Goodwill and intangible assets | 100,054 | 100,939 | ||||
Other assets | 47,072 | 45,454 | ||||
Total assets | $ | 637,981 | $ | 611,881 | ||
Liabilities and Shareholders' Equity | ||||||
Accounts payable and accrued liabilities | $ | 30,772 | $ | 39,388 | ||
Income taxes | 5,943 | 6,055 | ||||
Deferred revenue and customer deposits | 12,473 | 13,458 | ||||
Shareholders' equity | 588,793 | 552,980 | ||||
Total liabilities and shareholders' equity | $ | 637,981 | $ | 611,881 | ||
Exhibit 4 |
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Additional Information Schedule | ||||||||||||
(Unaudited) | ||||||||||||
Dollars in thousands | ||||||||||||
Three-months Ended | ||||||||||||
|
|
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2012 | 2011 | 2011 | ||||||||||
Revenue | $ | 77,709 | $ | 84,042 | $ | 74,394 | ||||||
Revenue by division: | ||||||||||||
Modular Vision Systems Division | 85 | % | 81 | % | 87 | % | ||||||
Surface Inspection Systems Division | 15 | % | 19 | % | 13 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
Revenue by geography: | ||||||||||||
|
36 | % | 35 | % | 36 | % | ||||||
|
33 | % | 31 | % | 32 | % | ||||||
|
18 | % | 17 | % | 17 | % | ||||||
|
13 | % | 17 | % | 15 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
Revenue by market: | ||||||||||||
Factory automation | 76 | % | 75 | % | 70 | % | ||||||
Web and surface inspection | 15 | % | 19 | % | 17 | % | ||||||
Semiconductor and electronics capital equipment | 9 | % | 6 | % | 13 | % | ||||||
Total | 100 | % | 100 | % | 100 | % |
Director of
Investor Relations
susan.conway@cognex.com
Source:
News Provided by Acquire Media