Cognex Corp. Q4 income, revenue sinks
Cognex Corp. in Natick reported its fourth quarter financial results, posting a decrease in net income of 19 percent and a drop in revenue of 3 percent from the same quarter in 2005.
In 2006, Cognex reported revenue of $58,796,000, down from $60,818,000 posted in Q4 '05. Net income dropped to $9,562,000 from $11,750,000 recorded at the same time last year. Earnings per diluted share also dropped, falling from $0.24 a share in 2005 to $0.21 a share in Q4 '06.
Stating he was "disappointed" with the level of fourth quarter business, Cognex chairman and CEO Dr. Robert Shillman said that declines in several key industries will not be able to offset the company's forecasted Q1 '07 revenues in the factory automation market. Declines in both the semiconductor and electronic industries will hurt the maker of machine vision systems.
"Going forward, we hope to kick-off a number of new sales and marketing initiatives in early 2007 that should help grow revenue outside of that cyclical market as the year progresses," said Shillman.
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