[February 10, 2016] |
|
Cognex Reports Fourth Quarter and Full Year 2015 Results
Cognex
Corporation (NASDAQ: CGNX) today announced its financial results for
the fourth quarter and year ended December 31, 2015. In Table 1 below,
selected financial data for the quarter and year are compared to the
third quarter of 2015, the fourth quarter of 2014 and the year ended
December 31, 2014. A reconciliation of certain financial measures from
GAAP to non-GAAP is shown in Exhibit 2 of this news release.
|
Table 1*
|
|
|
|
|
|
|
|
|
|
Revenue from Continuing Operations
|
|
Net Income from Continuing Operations
|
|
Net Income from Continuing Operations
per Diluted Share
|
Quarterly Comparisons
|
|
|
|
|
|
|
Current quarter: Q4-15
|
|
$97,768,000
|
|
$18,854,000
|
|
$0.22
|
Prior year's quarter: Q4-14
|
|
$98,501,000
|
|
$22,669,000
|
|
$0.26
|
Change from Q4-14 to Q4-15
|
|
(1%)
|
|
(17%)
|
|
(15%)
|
Prior quarter: Q3-15
|
|
$107,587,000
|
|
$25,822,000
|
|
$0.29
|
Change from Q3-15 to Q4-15
|
|
(9%)
|
|
(27%)
|
|
(24%)
|
Year-to-Date Comparisons
|
|
|
|
|
|
|
Year ended December 31, 2015
|
|
$450,557,000
|
|
$107,664,000
|
|
$1.22
|
Year ended December 31, 2014
|
|
$426,449,000
|
|
$110,841,000
|
|
$1.24
|
Change from 2014 to 2015
|
|
6%
|
|
(3%)
|
|
(2%)
|
*Table 1 does not include the financial results of the company's Surface
Inspection Systems Division (SISD), which was sold on July 6, 2015, or
the related after-tax gain reported from that transaction.
"We set a new record for Cognex revenue in 2015," said Dr.
Robert J. Shillman, Chairman of Cognex. "We were also highly
profitable, reporting an operating margin of 27% and a net margin of
24%, all from continuing operations. Many companies would applaud these
results, but we do not because revenue growth slowed to only 6%
year-on-year and we were less profitable than in the previous year."
"2014 was a tremendous year for Cognex and that strong momentum
continued into the first half of 2015," said Robert
J. Willett, Chief Executive Officer of Cognex. "However, the order
rate slowed during the second half of 2015. Despite that, we remain very
positive about the long-term potential for machine vision and continue
to invest in technology and sales."
Details of the Quarter
Statement of Operations Highlights - Fourth Quarter of 2015
-
Revenue for Q4 2015 decreased 1% from Q4 2014 and 9% from Q3 2015.
Business trends slowed substantially in Q4 2015 as the industrial
markets that Cognex serves deteriorated across most major geographic
regions. In constant currency, revenue increased 4% year-on-year and
decreased 9% sequentially.
-
Gross margin was 76% for both Q4 2015 and Q3 2015, and 78% for Q4
2014. Gross margin decreased year-on-year due to the impact of
currency exchange rate fluctuations on reported revenue. A significant
amount of revenue is denominated in euros, while inventories are
predominantly purchased in U.S. dollars.
-
Research, Development & Engineering (RD&E) expenses increased 23% from
Q4 2014 and 3% from Q3 2015. RD&E increased, both year-on-year and
sequentially, due to Cognex's continued investment in long-term growth
initiatives such as engineering resources and new product development.
In constant currency, RD&E increased 26% year-on-year and 3%
sequentially.
-
Selling, General & Administrative (SG&A) expenses were flat with Q4
2014 and increased 5% from Q3 2015. SG&A was flat year-on-year as
Cognex's investment in its sales and support organization was offset
by the impact of foreign exchange rates on the company's international
operations and lower commissions. SG&A increased on a sequential basis
due to higher personnel-related costs. In constant currency, SG&A
increased 4% year-on-year and 6% sequentially.
-
Investment and other income was $2,059,000 in Q4 2015, $655,000 in Q4
2014 and $818,000 in Q3 2015. The increase, both year-on-year and
sequentially, was due to an adjustment of the estimated liability for
contingent consideration and a higher average invested balance.
-
The tax rate was 13% in Q4 2015 and Q4 2014, and 12% in Q3 2015.
Excluding discrete tax items, the rate was 17% in Q4 2015 and Q3 2015,
and 16% in Q4 2014 (tax adjustments are summarized in Exhibit 2).
-
On July 6, 2015, Cognex sold its Surface Inspection Systems Division
(SISD) in order to focus its efforts on discrete manufacturing, where
the company sees stronger long-term growth and profitability. SISD's
financial results have been restated as "Net Income from Discontinued
Operations." During 2015, Cognex reported an after-tax gain from the
sale of SISD of $78.2 million (the pre-tax gain was $125 million),
which is also included in "Net Income from Discontinued Operations."
Balance Sheet Highlights - December 31, 2015
-
Cognex's financial position as of December 31, 2015, was very strong,
with $621.5 million in cash and investments and no debt. During 2015,
Cognex spent $126.4 million to repurchase its common stock (3.2
million shares were repurchased at an average price of $39.41 per
share) and paid out $18.1 million in dividends to shareholders. The
company intends to continue to repurchase shares of its common stock
in 2016, subject to market conditions and other relevant factors.
-
Inventory increased by $8.1 million, or 28%, from the end of 2014 due
to strategic purchases and new product introductions.
-
The assets and liabilities of SISD, which was sold on July 6, 2015,
were reported as "Held for Sale" at December 31, 2014.
Financial Outlook - Q1 2016
-
Cognex expects revenue for Q1 2016 to be between $91 million and $94
million. This range represents a decrease of between 7% and 10%
compared to Q1 2015, due mainly to weaker spending in the industrial
markets that the company serves and, to a lesser degree, a negative
impact from currency exchange rates.
-
Gross margin is expected to be in the mid-70% range.
-
Operating expenses are expected to increase by approximately 5% from
$57 million in Q1 2015 due primarily to Cognex's investments in
engineering.
-
The effective tax rate is expected to be 18% before discrete tax items.
Non-GAAP Financial Measures
-
Exhibit 2 of this news release includes a reconciliation of certain
financial measures from GAAP to non-GAAP. Cognex believes these
non-GAAP financial measures are helpful because they allow investors
to more accurately compare Cognex results over multiple periods using
the same methodology that management employs in its budgeting process
and in its review of Cognex's operating results. In particular,
non-GAAP presentations exclude the following: (1) stock option expense
for the purpose of calculating non-GAAP adjusted operating income
(because these expenses have no current effect on cash or the future
uses of cash, and they fluctuate as a result of changes in Cognex's
stock price), and (2) certain one-time discrete events, such as tax
adjustments. Cognex also uses results on a constant-currency basis as
one measure to evaluate performance. Constant-currency information
compares results between periods as if the exchange rates had remained
constant period-over-period. Cognex does not intend for non-GAAP
financial measures to be considered in isolation, nor as a substitute
for financial information provided in accordance with GAAP.
Analyst Conference Call and Simultaneous Webcast
-
Cognex will host a conference call today at 5:00 p.m. Eastern Time
(ET). The telephone number is (866) 256-9239 (or (703) 639-1213 if
outside the United States). A replay will begin at 8:00 p.m. ET today
and will run continuously until 11:59 p.m. ET on Saturday, February
13, 2016. The telephone number for the replay is (888) 266-2081 (or
(703) 925-2533 if outside the United States). The access code for both
the live call and the replay is 1668074.
-
Internet users can listen to a real-time audio broadcast of the
conference call or an archived recording on the Cognex Investor
Relations website: http://www.cognex.com/Investor.
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 1 million
vision-based products, representing over $4 billion in cumulative
revenue, since the company's founding in 1981. Headquartered in Natick,
Massachusetts, USA, Cognex has regional offices and distributors located
throughout the Americas, Europe and Asia. For details visit Cognex
online at http://www.cognex.com.
Certain statements made in this news 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 and other
statements of a similar sense. 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, new product initiatives, future
stock repurchases, investments, 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) the loss of a large customer; (2) current and
future conditions in the global economy; (3) the reliance on revenue
from the consumer electronics or automotive industries; (4) the
inability to penetrate new markets; (5) the inability to achieve
significant international revenue; (6) fluctuations in foreign currency
exchange rates and the use of derivative instruments; (7) information
security breaches or business system disruptions; (8) the inability to
attract and retain skilled employees; (9) the reliance upon key
suppliers to manufacture and deliver critical components for our
products; (10) the failure to effectively manage product transitions or
accurately forecast customer demand; (11) the inability to design and
manufacture high-quality products; (12) the technological obsolescence
of current products and the inability to develop new products; (13) the
failure to properly manage the distribution of products and services;
(14) the inability to protect our proprietary technology and
intellectual property; (15) our involvement in time-consuming and costly
litigation; (16) the impact of competitive pressures; (17) the
challenges in integrating and achieving expected results from acquired
businesses; (18) potential impairment charges with respect to our
investments or for acquired intangible assets or goodwill; (19) exposure
to additional tax liabilities; 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, 2015. 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
|
|
COGNEX CORPORATION
|
Statements of Operations
|
(Unaudited)
|
Dollars in thousands, except per share amounts
|
|
|
|
Three-months Ended
|
|
Twelve-months Ended
|
|
|
December 31, 2015
|
|
October 4, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
97,768
|
|
|
$
|
107,587
|
|
|
$
|
98,501
|
|
|
$
|
450,557
|
|
|
$
|
426,449
|
|
Cost of revenue (1)
|
|
|
23,400
|
|
|
|
26,319
|
|
|
|
21,612
|
|
|
|
102,571
|
|
|
|
94,067
|
|
Gross margin
|
|
|
74,368
|
|
|
|
81,268
|
|
|
|
76,889
|
|
|
|
347,986
|
|
|
|
332,382
|
|
Percentage of revenue
|
|
|
76
|
%
|
|
|
76
|
%
|
|
|
78
|
%
|
|
|
77
|
%
|
|
|
78
|
%
|
Research, development, and engineering expenses (1)
|
|
|
17,526
|
|
|
|
16,977
|
|
|
|
14,206
|
|
|
|
69,791
|
|
|
|
55,831
|
|
Percentage of revenue
|
|
|
18
|
%
|
|
|
16
|
%
|
|
|
14
|
%
|
|
|
15
|
%
|
|
|
13
|
%
|
Selling, general, and administrative expenses (1)
|
|
|
37,694
|
|
|
|
35,806
|
|
|
|
37,596
|
|
|
|
156,674
|
|
|
|
148,699
|
|
Percentage of revenue
|
|
|
39
|
%
|
|
|
33
|
%
|
|
|
38
|
%
|
|
|
35
|
%
|
|
|
35
|
%
|
Operating income
|
|
|
19,148
|
|
|
|
28,485
|
|
|
|
25,087
|
|
|
|
121,521
|
|
|
|
127,852
|
|
Percentage of revenue
|
|
|
20
|
%
|
|
|
26
|
%
|
|
|
25
|
%
|
|
|
27
|
%
|
|
|
30
|
%
|
Foreign currency gain (loss)
|
|
|
542
|
|
|
|
(40
|
)
|
|
|
421
|
|
|
|
1,122
|
|
|
|
1,031
|
|
Investment and other income
|
|
|
2,059
|
|
|
|
818
|
|
|
|
655
|
|
|
|
4,319
|
|
|
|
2,873
|
|
Income from continuing operations before income tax expense
|
|
|
21,749
|
|
|
|
29,263
|
|
|
|
26,163
|
|
|
|
126,962
|
|
|
|
131,756
|
|
Income tax expense on continuing operations
|
|
|
2,895
|
|
|
|
3,441
|
|
|
|
3,494
|
|
|
|
19,298
|
|
|
|
20,915
|
|
Net income from continuing operations
|
|
|
18,854
|
|
|
|
25,822
|
|
|
|
22,669
|
|
|
|
107,664
|
|
|
|
110,841
|
|
Percentage of revenue
|
|
|
19
|
%
|
|
|
24
|
%
|
|
|
23
|
%
|
|
|
24
|
%
|
|
|
26
|
%
|
Net income (loss) from discontinued operations (1)
|
|
|
(108
|
)
|
|
|
78,290
|
|
|
|
3,962
|
|
|
|
79,410
|
|
|
|
10,644
|
|
Net income
|
|
$
|
18,746
|
|
|
$
|
104,112
|
|
|
$
|
26,631
|
|
|
$
|
187,074
|
|
|
$
|
121,485
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per weighted-average common and common-equivalent
share:
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
$
|
0.22
|
|
|
$
|
0.30
|
|
|
$
|
0.26
|
|
|
$
|
1.25
|
|
|
$
|
1.28
|
|
Net income from discontinued operations
|
|
|
-
|
|
|
|
0.91
|
|
|
|
0.05
|
|
|
|
0.92
|
|
|
|
0.12
|
|
Net income
|
|
$
|
0.22
|
|
|
$
|
1.21
|
|
|
$
|
0.31
|
|
|
$
|
2.17
|
|
|
$
|
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per weighted-average common and common-equivalent
share:
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
$
|
0.22
|
|
|
$
|
0.29
|
|
|
$
|
0.26
|
|
|
$
|
1.22
|
|
|
$
|
1.24
|
|
Net income from discontinued operations
|
|
|
-
|
|
|
|
0.90
|
|
|
|
0.04
|
|
|
|
0.91
|
|
|
|
0.12
|
|
Net income
|
|
$
|
0.22
|
|
|
$
|
1.19
|
|
|
$
|
0.30
|
|
|
$
|
2.13
|
|
|
$
|
1.36
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common and common-equivalent shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
84,850
|
|
|
|
86,303
|
|
|
|
86,811
|
|
|
|
86,296
|
|
|
|
86,858
|
|
Diluted
|
|
|
86,212
|
|
|
|
87,776
|
|
|
|
88,849
|
|
|
|
87,991
|
|
|
|
89,071
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per common share
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
-
|
|
|
$
|
0.21
|
|
|
$
|
-
|
|
Cash and investments per common share
|
|
$
|
7.32
|
|
|
$
|
6.99
|
|
|
$
|
6.32
|
|
|
$
|
7.32
|
|
|
$
|
6.32
|
|
Book value per common share
|
|
$
|
9.73
|
|
|
$
|
9.58
|
|
|
$
|
8.51
|
|
|
$
|
9.73
|
|
|
$
|
8.51
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts include stock option expense, as follows:
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
348
|
|
|
$
|
351
|
|
|
$
|
250
|
|
|
$
|
1,515
|
|
|
$
|
1,116
|
|
Research, development, and engineering
|
|
|
1,097
|
|
|
|
1,130
|
|
|
|
906
|
|
|
|
5,194
|
|
|
|
3,709
|
|
Selling, general, and administrative
|
|
|
2,759
|
|
|
|
2,906
|
|
|
|
2,431
|
|
|
|
13,032
|
|
|
|
9,234
|
|
Discontinued operations
|
|
|
-
|
|
|
|
1,106
|
|
|
|
313
|
|
|
|
1,533
|
|
|
|
1,099
|
|
Total stock option expense
|
|
$
|
4,204
|
|
|
$
|
5,493
|
|
|
$
|
3,900
|
|
|
$
|
21,274
|
|
|
$
|
15,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 2
|
|
COGNEX CORPORATION
|
Reconciliation of Selected Items from GAAP to Non-GAAP
|
(Unaudited)
|
Dollars in thousands
|
|
|
|
Three-months Ended
|
|
|
Twelve-months Ended
|
|
|
December 31, 2015
|
|
October 4, 2015
|
|
December 31, 2014
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for stock option expense
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (GAAP)
|
|
$
|
19,148
|
|
|
$
|
28,485
|
|
|
$
|
25,087
|
|
|
|
$
|
121,521
|
|
|
$
|
127,852
|
|
Stock option expense related to continuing operations
|
|
|
4,204
|
|
|
|
4,387
|
|
|
|
3,587
|
|
|
|
|
19,741
|
|
|
|
14,059
|
|
Operating income (Non-GAAP)
|
|
$
|
23,352
|
|
|
$
|
32,872
|
|
|
$
|
28,674
|
|
|
|
$
|
141,262
|
|
|
$
|
141,911
|
|
Percentage of revenue (Non-GAAP)
|
|
|
24
|
%
|
|
|
31
|
%
|
|
|
29
|
%
|
|
|
|
31
|
%
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclusion of tax adjustments
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income tax expense (GAAP)
|
|
$
|
21,749
|
|
|
$
|
29,263
|
|
|
$
|
26,163
|
|
|
|
$
|
126,962
|
|
|
$
|
131,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (GAAP)
|
|
$
|
2,895
|
|
|
$
|
3,441
|
|
|
$
|
3,494
|
|
|
|
$
|
19,298
|
|
|
$
|
20,915
|
|
Effective tax rate (GAAP)
|
|
|
13
|
%
|
|
|
12
|
%
|
|
|
13
|
%
|
|
|
|
15
|
%
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Discrete tax events
|
|
|
(910
|
)
|
|
|
(1,604
|
)
|
|
|
(645
|
)
|
|
|
|
(2,925
|
)
|
|
|
(1,932
|
)
|
Income tax expense excluding tax adjustments (Non-GAAP)
|
|
$
|
3,805
|
|
|
$
|
5,045
|
|
|
$
|
4,139
|
|
|
|
$
|
22,223
|
|
|
$
|
22,847
|
|
Effective tax rate (Non-GAAP)
|
|
|
17
|
%
|
|
|
17
|
%
|
|
|
16
|
%
|
|
|
|
17
|
%
|
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations excluding tax adjustments
(Non-GAAP)
|
|
$
|
17,944
|
|
|
$
|
24,218
|
|
|
$
|
22,024
|
|
|
|
$
|
104,739
|
|
|
$
|
108,909
|
|
Percentage of revenue (Non-GAAP)
|
|
|
18
|
%
|
|
|
23
|
%
|
|
|
22
|
%
|
|
|
|
23
|
%
|
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency impact on revenue and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change from
|
|
Impact of
|
|
Change from
|
|
|
|
|
|
|
|
Q4 2014
|
|
Currency
|
|
Q4 2014
|
|
|
|
|
|
|
|
(GAAP)
|
|
in Q4 2015
|
|
(Non-GAAP)
|
|
|
|
|
|
Revenue
|
|
|
-1
|
%
|
|
|
-5
|
%
|
|
|
4
|
%
|
|
|
|
|
|
Research, development, and engineering expenses
|
|
|
23
|
%
|
|
|
-3
|
%
|
|
|
26
|
%
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
|
0
|
%
|
|
|
-4
|
%
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change from
|
|
Impact of
|
|
Change from
|
|
|
|
|
|
|
|
Q3 2015
|
|
Currency
|
|
Q3 2015
|
|
|
|
|
|
|
|
(GAAP)
|
|
in Q4 2015
|
|
(Non-GAAP)
|
|
|
|
|
|
Revenue
|
|
|
-9
|
%
|
|
|
0
|
%
|
|
|
-9
|
%
|
|
|
|
|
|
Research, development, and engineering expenses
|
|
|
3
|
%
|
|
|
0
|
%
|
|
|
3
|
%
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
|
5
|
%
|
|
|
-1
|
%
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 3
|
|
COGNEX CORPORATION
|
Balance Sheets
|
(Unaudited)
|
Dollars in thousands
|
|
|
|
December 31, 2015
|
|
December 31, 2014
|
Assets
|
|
|
|
|
Cash and investments
|
|
$
|
621,531
|
|
$
|
546,995
|
Accounts receivable
|
|
|
42,846
|
|
|
40,053
|
Inventories
|
|
|
37,334
|
|
|
29,223
|
Property, plant, and equipment
|
|
|
53,285
|
|
|
45,963
|
Goodwill and intangible assets
|
|
|
87,763
|
|
|
87,058
|
Held for sale assets
|
|
|
-
|
|
|
29,814
|
Other assets
|
|
|
44,997
|
|
|
42,628
|
|
|
|
|
|
Total assets
|
|
$
|
887,756
|
|
$
|
821,734
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
41,132
|
|
$
|
52,837
|
Deferred revenue and customer deposits
|
|
|
11,571
|
|
|
14,598
|
Income taxes
|
|
|
6,134
|
|
|
5,671
|
Held for sale liabilities
|
|
|
-
|
|
|
12,191
|
Other liabilities
|
|
|
3,252
|
|
|
-
|
Shareholders' equity
|
|
|
825,667
|
|
|
736,437
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
887,756
|
|
$
|
821,734
|
|
|
|
|
|
|
|
|
Exhibit 4
|
|
COGNEX CORPORATION
|
Additional Information Schedule
|
(Unaudited)
|
Dollars in thousands
|
|
|
|
Three-months Ended
|
|
|
Twelve-months Ended
|
|
|
December 31, 2015
|
|
October 4, 2015
|
|
December 31, 2014
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
97,768
|
|
|
$
|
107,587
|
|
|
$
|
98,501
|
|
|
|
$
|
450,557
|
|
|
$
|
426,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by geography:
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
|
35
|
%
|
|
|
41
|
%
|
|
|
39
|
%
|
|
|
|
44
|
%
|
|
|
46
|
%
|
Americas
|
|
|
38
|
%
|
|
|
32
|
%
|
|
|
38
|
%
|
|
|
|
31
|
%
|
|
|
32
|
%
|
Asia
|
|
|
20
|
%
|
|
|
21
|
%
|
|
|
16
|
%
|
|
|
|
19
|
%
|
|
|
14
|
%
|
Japan
|
|
|
7
|
%
|
|
|
6
|
%
|
|
|
7
|
%
|
|
|
|
6
|
%
|
|
|
8
|
%
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by market:
|
|
|
|
|
|
|
|
|
|
|
|
Factory automation
|
|
|
95
|
%
|
|
|
95
|
%
|
|
|
95
|
%
|
|
|
|
95
|
%
|
|
|
94
|
%
|
Semiconductor and electronics capital equipment
|
|
|
5
|
%
|
|
|
5
|
%
|
|
|
5
|
%
|
|
|
|
5
|
%
|
|
|
6
|
%
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
100
|
%
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160210006386/en/
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