10-Q Filing

COGNEX CORP CIK: 851205 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-195955`
Period End Date	20120331
Filing Date	20120430
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	cgnx-20120401.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 46 Cash Flow Statement 48 Stockholders Equity 21 Comprehensive Income 14

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Reserves for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.11M	USD	Point-in-time
Reserves for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.24M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.20M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	140.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$38.10M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	140.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	42.22M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	42.84M	shares	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$144.43M	USD	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$159.21M	USD	Point-in-time
Accounts receivable, less reserves of $1,106 and $1,240 in 2012 and 2011, respectively	`AccountsReceivableNetCurrent`	$45.59M	USD	Point-in-time
Accounts receivable, less reserves of $1,106 and $1,240 in 2012 and 2011, respectively	`AccountsReceivableNetCurrent`	$48.21M	USD	Point-in-time
Inventories	`InventoryNet`	$27.81M	USD	Point-in-time
Inventories	`InventoryNet`	$28.10M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$6.71M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$6.88M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$19.63M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.03M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$302.91M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$285.35M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$183.97M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$174.91M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$31.74M	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$32.72M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$15.92M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$15.63M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$18.91M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$17.87M	USD	Point-in-time
Goodwill	`Goodwill`	$82.18M	USD	Point-in-time
Goodwill	`Goodwill`	$82.03M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.03M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.70M	USD	Point-in-time
Total assets	`Assets`	$611.88M	USD	Point-in-time
Total assets	`Assets`	$637.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.34M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$32.29M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$23.43M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$1.01M	USD	Point-in-time
Accrued income taxes	`AccruedIncomeTaxesCurrent`	$1.26M	USD	Point-in-time
Deferred revenue and customer deposits	`DeferredRevenueAndCreditsCurrent`	$12.47M	USD	Point-in-time
Deferred revenue and customer deposits	`DeferredRevenueAndCreditsCurrent`	$13.46M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$44.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.10M	USD	Point-in-time
Reserve for income taxes	`LiabilityForUncertainTaxPositionsNoncurrent`	$4.93M	USD	Point-in-time
Reserve for income taxes	`LiabilityForUncertainTaxPositionsNoncurrent`	$4.80M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.002 par value - Authorized: 140,000 shares, issued: 42,835 and 42,223 shares in 2012 and 2011, respectively	`CommonStockValueOutstanding`	$86.00K	USD	Point-in-time
Common stock, $.002 par value - Authorized: 140,000 shares, issued: 42,835 and 42,223 shares in 2012 and 2011, respectively	`CommonStockValueOutstanding`	$84.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$135.67M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$154.92M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$434.58M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$444.59M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-17.35M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.81M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$552.98M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$588.79M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$637.98M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$611.88M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Product	`SalesRevenueGoodsNet`	$68.88M	USD	1 Quarter
Product	`SalesRevenueGoodsNet`	$71.41M	USD	1 Quarter
Service	`SalesRevenueServicesNet`	$6.30M	USD	1 Quarter
Service	`SalesRevenueServicesNet`	$5.52M	USD	1 Quarter
Total revenue	`SalesRevenueNet`	$77.71M	USD	1 Quarter
Total revenue	`SalesRevenueNet`	$74.39M	USD	1 Quarter
Product	`CostOfGoodsSold`	$15.56M	USD	1 Quarter
Product	`CostOfGoodsSold`	$15.10M	USD	1 Quarter
Service	`CostOfServices`	$3.28M	USD	1 Quarter
Service	`CostOfServices`	$3.50M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$19.06M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$18.38M	USD	1 Quarter
Product	`GrossMarginProducts`	$55.85M	USD	1 Quarter
Product	`GrossMarginProducts`	$53.78M	USD	1 Quarter
Service	`GrossMarginServices`	$2.80M	USD	1 Quarter
Service	`GrossMarginServices`	$2.23M	USD	1 Quarter
Total gross margin	`GrossProfit`	$58.65M	USD	1 Quarter
Total gross margin	`GrossProfit`	$56.01M	USD	1 Quarter
Research, development, and engineering expenses	`ResearchAndDevelopmentExpense`	$9.48M	USD	1 Quarter
Research, development, and engineering expenses	`ResearchAndDevelopmentExpense`	$10.36M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$30.55M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$29.16M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.37M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.74M	USD	1 Quarter
Foreign currency loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-59.00K	USD	1 Quarter
Foreign currency loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-638.00K	USD	1 Quarter
Investment income	`InvestmentIncomeNonoperating`	$972.00K	USD	1 Quarter
Investment income	`InvestmentIncomeNonoperating`	$605.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$3.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-205.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$18.08M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$17.71M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.80M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.07M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.64M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.34	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.33	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	42.57M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	41.34M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	43.59M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	42.29M	shares	1 Quarter
Cash dividends per common share	`CommonStockDividendsPerShareCashPaid`	$0.10	USD	1 Quarter
Cash dividends per common share	`CommonStockDividendsPerShareCashPaid`	$0.08	USD	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$14.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.64M	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$3.31M	USD	1 Quarter
Stock-based compensation expense	`StockOptionPlanExpense`	$2.35M	USD	1 Quarter
Depreciation of property, plant, and equipment	`Depreciation`	$1.30M	USD	1 Quarter
Depreciation of property, plant, and equipment	`Depreciation`	$1.55M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.08M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.04M	USD	1 Quarter
Amortization of discounts or premiums on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-1.83M	USD	1 Quarter
Amortization of discounts or premiums on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-1.46M	USD	1 Quarter
Realized (gain) loss on sale of investments	`GainLossOnSaleOfInvestments`	$-5.00K	USD	1 Quarter
Realized (gain) loss on sale of investments	`GainLossOnSaleOfInvestments`	$94.00K	USD	1 Quarter
Tax effect of stock option exercises	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$2.84M	USD	1 Quarter
Tax effect of stock option exercises	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$880.00K	USD	1 Quarter
Change in deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$472.00K	USD	1 Quarter
Change in deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$179.00K	USD	1 Quarter
Change in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$6.06M	USD	1 Quarter
Change in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-2.31M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.79M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$12.85M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$64.27M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$56.72M	USD	1 Quarter
Maturities and sales of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$37.19M	USD	1 Quarter
Maturities and sales of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$40.09M	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.49M	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.58M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.76M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.02M	USD	1 Quarter
Issuance of common stock under stock option plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$13.10M	USD	1 Quarter
Issuance of common stock under stock option plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$9.52M	USD	1 Quarter
Payment of dividends	`PaymentsOfDividendsCommonStock`	$4.27M	USD	1 Quarter
Payment of dividends	`PaymentsOfDividendsCommonStock`	$3.32M	USD	1 Quarter
Tax effect of stock option exercises	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$880.00K	USD	1 Quarter
Tax effect of stock option exercises	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$2.84M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$11.67M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.08M	USD	1 Quarter
Effect of foreign exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$951.00K	USD	1 Quarter
Effect of foreign exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.70M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.46M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.81M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$33.20M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$37.01M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$41.56M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$38.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$33.20M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$37.01M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$41.56M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$38.10M	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Tax effect of unrealized gain on available-for-sale investments	`OtherComprehensiveIncomeAvailableForSaleSecuritiesTax`	$291.00K	USD	1 Quarter
Tax effect of foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTax`	$206.00K	USD	1 Quarter
Beginning Balance	`StockholdersEquity`	$552.98M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$588.79M	USD	Point-in-time
Beginning Balance, Shares	`CommonStockSharesIssued`	42.22M	shares	Point-in-time
Beginning Balance, Shares	`CommonStockSharesIssued`	42.84M	shares	Point-in-time
Issuance of common stock under stock option plans	`StockIssuedDuringPeriodValueStockOptionsExercised`	$13.10M	USD	1 Quarter
Issuance of common stock under stock option plans, Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	614,000.00	shares	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.31M	USD	1 Quarter
Excess tax benefit from stock option exercises	`AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation`	$2.84M	USD	1 Quarter
Payment of dividends	`DividendsCommonStockCash`	$4.27M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.64M	USD	1 Quarter
Net unrealized gain on available-for-sale investments, net of tax of $291	`OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease`	$-558.00K	USD	1 Quarter
Net unrealized gain on available-for-sale investments, net of tax of $291	`OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease`	$1.22M	USD	1 Quarter
Foreign currency translation adjustment, net of tax of $206	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$5.33M	USD	1 Quarter
Foreign currency translation adjustment, net of tax of $206	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$9.60M	USD	1 Quarter
Ending Balance (unaudited)	`StockholdersEquity`	$552.98M	USD	Point-in-time
Ending Balance (unaudited)	`StockholdersEquity`	$588.79M	USD	Point-in-time
Ending Balance, Shares (unaudited)	`CommonStockSharesIssued`	42.22M	shares	Point-in-time
Ending Balance, Shares (unaudited)	`CommonStockSharesIssued`	42.84M	shares	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$14.28M	USD	1 Quarter
Tax effect of unrealized gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$291.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.64M	USD	1 Quarter
Tax effect of unrealized gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$-53.00K	USD	1 Quarter
Tax benefit of foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$327.00K	USD	1 Quarter
Tax benefit of foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$206.00K	USD	1 Quarter
Net unrealized gain (loss) on available-for-sale investments, net of tax of $291 and ($53) in 2012 and 2011, respectively	`OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease`	$-558.00K	USD	1 Quarter
Net unrealized gain (loss) on available-for-sale investments, net of tax of $291 and ($53) in 2012 and 2011, respectively	`OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecrease`	$1.22M	USD	1 Quarter
Foreign currency translation adjustment, net of tax of $206 and $327 in 2012 and 2011, respectively	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$5.33M	USD	1 Quarter
Foreign currency translation adjustment, net of tax of $206 and $327 in 2012 and 2011, respectively	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$9.60M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$9.05M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$6.55M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$22.68M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$20.83M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.