[October 27, 2014] |
|
Cognex Reports Best Quarter in the Company's History
NATICK, Mass. --(Business Wire)--
Cognex
Corporation (NASDAQ: CGNX) today announced record revenue, net
income and earnings per share for the third quarter of 2014. Selected
financial data for the quarter and nine months that ended September 28,
2014 is compared to the second quarter of 2014, the third quarter of
2013 and the first nine months of 2013 in Table 1 below. A
reconciliation of certain financial measures from GAAP to non-GAAP is
shown in Exhibit 2 of this news release.
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Table 1
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Revenue
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Net Income
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Net Income per
Diluted Share
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Quarterly Comparisons
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Current quarter: Q3-14
|
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$169,356,000
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$50,400,000
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$0.57
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Prior year's quarter: Q3-13
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$90,788,000
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$20,727,000
|
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$0.23
|
Change from Q3-13 to Q3-14
|
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87%
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143%
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144%
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Prior quarter: Q2-14
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$108,802,000
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$25,948,000
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$0.29
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Change from Q2-14 to Q3-14
|
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56%
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94%
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94%
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Year-to-Date Comparisons
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Nine months ended Sept. 28, 2014
|
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$369,087,000
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$94,854,000
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$1.06
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Nine months ended Sept. 29, 2013
|
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$258,190,000
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$53,130,000
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$0.59
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Change from first nine months of 2013 to first nine months of 2014
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43%
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79%
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79%
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"What a spectacular quarter!" exclaimed Dr.
Robert J. Shillman, Chairman of Cognex. "Cognex reported
record-breaking financial results with the highest quarterly revenue,
net income and earnings per share in our 33-year history. We were also
fabulously profitable, as operating margin expanded to 35%, despite the
significant investments we made during the quarter. This achievement
reflects the substantial leverage that we have in our business model."
"We are proud of our outstanding performance in the third quarter.
Thanks to significant revenue from our largest customer, we were able to
turn a very strong quarter into a truly remarkable one," said Robert
J. Willett, Chief Executive Officer of Cognex. "During the quarter
we once again saw the benefit of our engineering investments with the
introduction of a number of exciting new products. We expect that our
continued investment in innovation will fuel future profitable growth.
This is a very exciting time to be at Cognex."
Details of the Quarter
Statement of Operations Highlights - Third Quarter of 2014
-
Revenue increased 87% over Q3 2013 and 56% over Q2 2014. Growth came
from the factory automation market, where revenue increased 103%
year-on-year and 75% sequentially to set a new quarterly record of
$146 million. A notable contributor to factory automation in Q3 2014
was $65 million of revenue from a single customer.
-
Gross margin was 74% in Q3 2014 compared to 76% in both Q2 2014 and Q3
2013. The decrease both year-on-year and sequentially was due to
volume pricing and support of the large customer referenced above.
-
Research, Development & Engineering (RD&E) expenses increased 52% over
Q3 2013 and 36% over Q2 2014. The increase, both year-on-year and
sequentially, was due to Cognex's investment in engineering personnel,
a higher bonus accrual, and higher outside services, materials and
supplies related to new product development.
-
Selling, General & Administrative (SG&A) expenses increased 39% over
Q3 2013 and 22% over Q2 2014. The increase, both year-on-year and
sequentially, was due to investments in Cognex's sales and support
organization, higher commissions related to the sales force increase
and revenue growth, higher marketing activities and sales
demonstration equipment, and an increased bonus accrual.
-
The tax rate was 18% in Q3 2014 compared to 13% in Q3 2013 and 17% in
Q2 2014. Excluding discrete tax items, the tax rate was 19% in each
period (tax adjustments are summarized in Exhibit 2).
Balance Sheet Highlights - September 28, 2014
-
Cognex's financial position as of September 28, 2014 continues to be
very strong, with no debt and $497 million in cash and investments.
Cognex spent $8 million in the third quarter to repurchase 192,000
shares of its common stock at an average price of $42.38 per share.
Cognex repurchased these shares to offset the potential dilution from
2014 employee stock options awards that the company believes are
instrumental in its ability to recruit, retain and motivate our
high-caliber employees. The company intends to continue to repurchase
shares of its common stock in the fourth quarter of 2014, subject to
market conditions and other relevant factors.
-
Accounts receivable as of September 28, 2014 increased by $47 million,
or 89%, from the end of 2013 due to the substantial revenue increase
in Q3 2014.
Financial Outlook for Q4 2014
-
Revenue for Q4 2014 is expected to be between $111 million and $114
million. This range represents an increase of 16% to 19% over the
revenue reported for Q4 2013. The decline on a sequential basis is due
to more than $60 million of revenue from the large customer recognized
during Q3 that will not repeat in Q4.
-
Gross margin is expected to be similar to Q3 2014. It will reflect a
revenue mix that contains a higher proportion of service revenue and
surface inspection products, both of which have lower margins than our
modular vision systems.
-
Operating expenses are expected to decrease by approximately 15% from
Q3 2014 due to certain growth investments and expenses made during Q3
that will not repeat in Q4.
-
The effective tax rate is expected to be 19% 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 results over multiple periods using the
same methodology that management employs in its budgeting process and
in its review of operating results. In particular, non-GAAP
presentations exclude the following: (1) stock option expense for the
purpose of calculating non-GAAP adjusted operating income, non-GAAP
adjusted net income and non-GAAP adjusted net income per share
(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 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.
-
The tax effect of items identified in the reconciliation is estimated
by applying the effective tax rate to the pre-tax amount. However, if
a specific tax rate or tax treatment is required because of the nature
of the item and/or the tax jurisdiction where the item was recorded,
the tax effect is estimated by applying the relevant specific tax rate
or tax treatment rather than the effective tax rate.
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 Thursday, October 30,
2014. 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 1645256.
-
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,
emerging markets, future product mix, research and development
activities, investments, stock repurchases, 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 reliance on revenue from the automotive or consumer
electronics 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) the loss of a large customer; (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; (20) information security breaches or
business system disruptions; and (21) the other risks detailed in Cognex
reports filed with the SEC, including its Form 10-K for the fiscal year
ended December 31, 2013. 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.
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Exhibit 1
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COGNEX CORPORATION
|
Statements of Operations
|
(Unaudited)
|
Dollars in thousands, except per share amounts
|
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Three-months Ended
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Nine-months Ended
|
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Sept. 28,
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Jun. 29,
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Sept. 29,
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Sept. 28,
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Sept. 29,
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2014
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2014
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2013
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2014
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2013
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Revenue
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$
|
169,356
|
|
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$
|
108,802
|
|
|
|
$
|
90,788
|
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|
|
|
$
|
369,087
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$
|
258,190
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Cost of revenue (1)
|
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44,327
|
|
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25,790
|
|
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|
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21,348
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|
|
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|
91,201
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61,921
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Gross margin
|
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125,029
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83,012
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|
69,440
|
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277,886
|
|
|
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|
196,269
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Percentage of revenue
|
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74
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%
|
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|
76
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%
|
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|
76
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%
|
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|
75
|
%
|
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|
|
76
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%
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Research, development, and engineering expenses (1)
|
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18,542
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|
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13,622
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|
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12,184
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|
|
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44,666
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|
|
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|
35,392
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|
Percentage of revenue
|
|
|
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|
11
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%
|
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|
13
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%
|
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13
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%
|
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|
12
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%
|
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|
14
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%
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Selling, general, and administrative expenses (1)
|
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47,059
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38,668
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33,877
|
|
|
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|
120,627
|
|
|
|
|
99,344
|
|
Percentage of revenue
|
|
|
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|
28
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%
|
|
|
|
36
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%
|
|
|
|
37
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%
|
|
|
|
|
33
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%
|
|
|
|
38
|
%
|
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|
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|
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Operating income
|
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59,428
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|
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30,722
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|
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|
23,379
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|
|
|
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|
112,593
|
|
|
|
|
61,533
|
|
Percentage of revenue
|
|
|
|
|
35
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%
|
|
|
|
28
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%
|
|
|
|
26
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%
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|
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31
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%
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24
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%
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Foreign currency gain (loss)
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716
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(96
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)
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(442
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)
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510
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(303
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)
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Investment and other income
|
|
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|
978
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|
|
726
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|
|
|
771
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|
|
|
|
|
2,218
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|
|
|
|
1,797
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|
|
|
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Income before income tax expense
|
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61,122
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|
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31,352
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|
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23,708
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|
|
|
|
|
115,321
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|
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|
63,027
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Income tax expense
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|
10,722
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|
5,404
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2,981
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|
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|
|
20,467
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9,897
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Net income
|
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$
|
50,400
|
|
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$
|
25,948
|
|
|
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$
|
20,727
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$
|
94,854
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$
|
53,130
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Percentage of revenue
|
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30
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%
|
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|
24
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%
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|
|
23
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%
|
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|
|
|
26
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%
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|
|
21
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%
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Earnings per weighted-average common and common-equivalent share:
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Basic
|
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$
|
0.58
|
|
|
|
$
|
0.30
|
|
|
|
$
|
0.24
|
|
|
|
|
$
|
1.09
|
|
|
|
$
|
0.61
|
|
Diluted
|
|
|
|
$
|
0.57
|
|
|
|
$
|
0.29
|
|
|
|
$
|
0.23
|
|
|
|
|
$
|
1.06
|
|
|
|
$
|
0.59
|
|
|
|
|
|
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|
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|
|
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Weighted-average common and common-equivalent shares outstanding:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
86,963
|
|
|
|
|
86,782
|
|
|
|
|
87,339
|
|
|
|
|
|
86,875
|
|
|
|
|
87,578
|
|
Diluted
|
|
|
|
|
89,167
|
|
|
|
|
88,965
|
|
|
|
|
89,359
|
|
|
|
|
|
89,145
|
|
|
|
|
89,450
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|
Cash dividends per common share
|
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|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cash and investments per common share
|
|
|
|
$
|
5.71
|
|
|
|
$
|
5.39
|
|
|
|
$
|
5.08
|
|
|
|
|
$
|
5.71
|
|
|
|
$
|
5.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Book value per common share
|
|
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$
|
8.43
|
|
|
|
$
|
7.87
|
|
|
|
$
|
7.31
|
|
|
|
|
$
|
8.43
|
|
|
|
$
|
7.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(1)Amounts include stock option expense, as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
$
|
273
|
|
|
|
$
|
312
|
|
|
|
$
|
193
|
|
|
|
|
$
|
933
|
|
|
|
$
|
707
|
|
Research, development, and engineering
|
|
|
|
|
856
|
|
|
|
|
988
|
|
|
|
|
546
|
|
|
|
|
|
2,900
|
|
|
|
|
2,009
|
|
Selling, general, and administrative
|
|
|
|
|
2,169
|
|
|
|
|
2,656
|
|
|
|
|
1,481
|
|
|
|
|
|
7,425
|
|
|
|
|
5,583
|
|
Total stock option expense
|
|
|
|
$
|
3,298
|
|
|
|
$
|
3,956
|
|
|
|
$
|
2,220
|
|
|
|
|
$
|
11,258
|
|
|
|
$
|
8,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 2
|
COGNEX CORPORATION
|
Reconciliation of Selected Items from GAAP to Non-GAAP
|
(Unaudited)
|
Dollars in thousands, except per share amounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-months Ended
|
|
|
|
Nine-months Ended
|
|
|
|
|
Sept. 28,
|
|
|
Jun. 29,
|
|
|
Sept. 29,
|
|
|
|
Sept. 28,
|
|
|
Sept. 29,
|
|
|
|
|
2014
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
Adjustment for stock option expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (GAAP)
|
|
|
|
$
|
59,428
|
|
|
|
$
|
30,722
|
|
|
|
$
|
23,379
|
|
|
|
|
$
|
112,593
|
|
|
|
$
|
61,533
|
|
Stock option expense
|
|
|
|
|
3,298
|
|
|
|
|
3,956
|
|
|
|
|
2,220
|
|
|
|
|
|
11,258
|
|
|
|
|
8,299
|
|
Operating income (Non-GAAP)
|
|
|
|
$
|
62,726
|
|
|
|
$
|
34,678
|
|
|
|
$
|
25,599
|
|
|
|
|
$
|
123,851
|
|
|
|
$
|
69,832
|
|
Percentage of revenue (Non-GAAP)
|
|
|
|
|
37
|
%
|
|
|
|
32
|
%
|
|
|
|
28
|
%
|
|
|
|
|
34
|
%
|
|
|
|
27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP)
|
|
|
|
$
|
50,400
|
|
|
|
$
|
25,948
|
|
|
|
$
|
20,727
|
|
|
|
|
$
|
94,854
|
|
|
|
$
|
53,130
|
|
Stock option expense
|
|
|
|
|
3,298
|
|
|
|
|
3,956
|
|
|
|
|
2,220
|
|
|
|
|
|
11,258
|
|
|
|
|
8,299
|
|
Tax effect on stock options
|
|
|
|
|
(1,098
|
)
|
|
|
|
(1,266
|
)
|
|
|
|
(721
|
)
|
|
|
|
|
(3,670
|
)
|
|
|
|
(2,725
|
)
|
Net income (Non-GAAP)
|
|
|
|
$
|
52,600
|
|
|
|
$
|
28,638
|
|
|
|
$
|
22,226
|
|
|
|
|
$
|
102,442
|
|
|
|
$
|
58,704
|
|
Percentage of revenue (Non-GAAP)
|
|
|
|
|
31
|
%
|
|
|
|
26
|
%
|
|
|
|
24
|
%
|
|
|
|
|
28
|
%
|
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted share (GAAP)
|
|
|
|
$
|
0.57
|
|
|
|
$
|
0.29
|
|
|
|
$
|
0.23
|
|
|
|
|
$
|
1.06
|
|
|
|
$
|
0.59
|
|
Stock option expense per diluted share
|
|
|
|
|
0.03
|
|
|
|
|
0.04
|
|
|
|
|
0.03
|
|
|
|
|
|
0.13
|
|
|
|
|
0.10
|
|
Tax effect on stock options
|
|
|
|
|
(0.01
|
)
|
|
|
|
(0.01
|
)
|
|
|
|
(0.01
|
)
|
|
|
|
|
(0.04
|
)
|
|
|
|
(0.03
|
)
|
Net income per diluted share excluding stock option expense
(Non-GAAP)
|
|
|
|
$
|
0.59
|
|
|
|
$
|
0.32
|
|
|
|
$
|
0.25
|
|
|
|
|
$
|
1.15
|
|
|
|
$
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclusion of tax adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense (GAAP)
|
|
|
|
$
|
61,122
|
|
|
|
$
|
31,352
|
|
|
|
$
|
23,708
|
|
|
|
|
$
|
115,321
|
|
|
|
$
|
63,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (GAAP)
|
|
|
|
$
|
10,722
|
|
|
|
$
|
5,404
|
|
|
|
$
|
2,981
|
|
|
|
|
$
|
20,467
|
|
|
|
$
|
9,897
|
|
Effective tax rate (GAAP)
|
|
|
|
|
18
|
%
|
|
|
|
17
|
%
|
|
|
|
13
|
%
|
|
|
|
|
18
|
%
|
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discrete tax events
|
|
|
|
|
(891
|
)
|
|
|
|
(553
|
)
|
|
|
|
(1,523
|
)
|
|
|
|
|
(1,444
|
)
|
|
|
|
(2,078
|
)
|
|
|
|
|
|
(891
|
)
|
|
|
|
(553
|
)
|
|
|
|
(1,523
|
)
|
|
|
|
|
(1,444
|
)
|
|
|
|
(2,078
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense excluding tax adjustments (Non-GAAP)
|
|
|
|
$
|
11,613
|
|
|
|
$
|
5,957
|
|
|
|
$
|
4,504
|
|
|
|
|
$
|
21,911
|
|
|
|
$
|
11,975
|
|
Effective tax rate (Non-GAAP)
|
|
|
|
|
19
|
%
|
|
|
|
19
|
%
|
|
|
|
19
|
%
|
|
|
|
|
19
|
%
|
|
|
|
19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 3
|
COGNEX CORPORATION
|
Balance Sheets
|
(Unaudited)
|
In thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 28,
|
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and investments
|
|
|
|
$
|
497,220
|
|
|
|
$
|
455,121
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
99,949
|
|
|
|
|
53,015
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
|
31,210
|
|
|
|
|
25,694
|
|
|
|
|
|
|
|
|
|
Property, plant, and equipment
|
|
|
|
|
39,318
|
|
|
|
|
37,136
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets
|
|
|
|
|
93,478
|
|
|
|
|
96,412
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
55,227
|
|
|
|
|
42,321
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$
|
816,402
|
|
|
|
$
|
709,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
$
|
52,805
|
|
|
|
$
|
43,818
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
|
5,392
|
|
|
|
|
6,028
|
|
|
|
|
|
|
|
|
|
Deferred revenue and customer deposits
|
|
|
|
|
24,253
|
|
|
|
|
15,941
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
733,952
|
|
|
|
|
643,912
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
|
$
|
816,402
|
|
|
|
$
|
709,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COGNEX CORPORATION
|
Additional Information Schedule
|
(Unaudited)
|
Dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-months Ended
|
|
|
|
Nine-months Ended
|
|
|
|
|
Sept. 28,
|
|
|
Jun. 29,
|
|
|
Sept. 29,
|
|
|
|
Sept. 28,
|
|
|
Sept. 29,
|
|
|
|
|
2014
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
169,356
|
|
|
|
$
|
108,802
|
|
|
|
$
|
90,788
|
|
|
|
|
$
|
369,087
|
|
|
|
$
|
258,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Modular Vision Systems Division
|
|
|
|
|
91
|
%
|
|
|
|
85
|
%
|
|
|
|
86
|
%
|
|
|
|
|
89
|
%
|
|
|
|
86
|
%
|
Surface Inspection Systems Division
|
|
|
|
|
9
|
%
|
|
|
|
15
|
%
|
|
|
|
14
|
%
|
|
|
|
|
11
|
%
|
|
|
|
14
|
%
|
Total
|
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe (1)
|
|
|
|
|
57
|
%
|
|
|
|
31
|
%
|
|
|
|
31
|
%
|
|
|
|
|
44
|
%
|
|
|
|
31
|
%
|
Americas
|
|
|
|
|
23
|
%
|
|
|
|
36
|
%
|
|
|
|
37
|
%
|
|
|
|
|
32
|
%
|
|
|
|
36
|
%
|
Asia
|
|
|
|
|
12
|
%
|
|
|
|
22
|
%
|
|
|
|
22
|
%
|
|
|
|
|
15
|
%
|
|
|
|
22
|
%
|
Japan
|
|
|
|
|
8
|
%
|
|
|
|
11
|
%
|
|
|
|
10
|
%
|
|
|
|
|
9
|
%
|
|
|
|
11
|
%
|
Total
|
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by market:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Factory automation
|
|
|
|
|
86
|
%
|
|
|
|
77
|
%
|
|
|
|
80
|
%
|
|
|
|
|
83
|
%
|
|
|
|
78
|
%
|
Web and surface inspection
|
|
|
|
|
9
|
%
|
|
|
|
15
|
%
|
|
|
|
14
|
%
|
|
|
|
|
11
|
%
|
|
|
|
14
|
%
|
Semiconductor and electronics capital equipment
|
|
|
|
|
5
|
%
|
|
|
|
8
|
%
|
|
|
|
6
|
%
|
|
|
|
|
6
|
%
|
|
|
|
8
|
%
|
Total
|
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) In Q3 2014, the company's Europe region included $65 million of
revenue from a single customer.
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|