2014 Q1 Form 10-Q Financial Statement

#000085120514000005 Filed on April 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $90.93M $80.89M
YoY Change 12.41%
Cost Of Revenue $21.08M $19.42M
YoY Change 8.55%
Gross Profit $69.85M $61.47M
YoY Change 13.63%
Gross Profit Margin 76.81% 75.99%
Selling, General & Admin $34.90M $32.17M
YoY Change 8.5%
% of Gross Profit 49.97% 52.33%
Research & Development $12.50M $11.32M
YoY Change 10.43%
% of Gross Profit 17.9% 18.42%
Depreciation & Amortization $1.990M $1.828M
YoY Change 8.86%
% of Gross Profit 2.85% 2.97%
Operating Expenses $47.40M $43.49M
YoY Change 9.0%
Operating Profit $22.44M $17.98M
YoY Change 24.82%
Interest Expense $700.0K $500.0K
YoY Change 40.0%
% of Operating Profit 3.12% 2.78%
Other Income/Expense, Net -$273.0K $117.0K
YoY Change -333.33%
Pretax Income $22.85M $18.55M
YoY Change 23.14%
Income Tax $4.341M $2.970M
% Of Pretax Income 19.0% 16.01%
Net Earnings $18.51M $15.58M
YoY Change 18.76%
Net Earnings / Revenue 20.35% 19.26%
Basic Earnings Per Share $0.21 $0.18
Diluted Earnings Per Share $0.21 $0.18
COMMON SHARES
Basic Shares Outstanding 86.88M shares 86.52M shares
Diluted Shares Outstanding 89.26M shares 88.26M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.24M $168.2M
YoY Change -49.91%
Cash & Equivalents $42.46M $42.76M
Short-Term Investments $41.78M $125.4M
Other Short-Term Assets $25.30M $20.10M
YoY Change 25.87%
Inventory $28.43M $26.06M
Prepaid Expenses
Receivables $51.95M $42.78M
Other Receivables $0.00 $0.00
Total Short-Term Assets $189.9M $257.1M
YoY Change -26.14%
LONG-TERM ASSETS
Property, Plant & Equipment $37.83M $34.65M
YoY Change 9.18%
Goodwill $81.69M $81.69M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $379.9M $245.5M
YoY Change 54.75%
Other Assets $2.110M $2.532M
YoY Change -16.67%
Total Long-Term Assets $527.6M $395.4M
YoY Change 33.43%
TOTAL ASSETS
Total Short-Term Assets $189.9M $257.1M
Total Long-Term Assets $527.6M $395.4M
Total Assets $717.5M $652.5M
YoY Change 9.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.671M $6.815M
YoY Change 41.91%
Accrued Expenses $26.14M $24.26M
YoY Change 7.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.53M $47.11M
YoY Change 11.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.900M $6.000M
YoY Change -35.0%
Total Long-Term Liabilities $3.900M $6.000M
YoY Change -35.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.53M $47.11M
Total Long-Term Liabilities $3.900M $6.000M
Total Liabilities $56.50M $53.10M
YoY Change 6.4%
SHAREHOLDERS EQUITY
Retained Earnings $466.4M $452.0M
YoY Change 3.16%
Common Stock $223.6M $179.2M
YoY Change 24.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $661.0M $599.5M
YoY Change
Total Liabilities & Shareholders Equity $717.5M $652.5M
YoY Change 9.96%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $18.51M $15.58M
YoY Change 18.76%
Depreciation, Depletion And Amortization $1.990M $1.828M
YoY Change 8.86%
Cash From Operating Activities $17.46M $18.79M
YoY Change -7.07%
INVESTING ACTIVITIES
Capital Expenditures $2.685M $1.908M
YoY Change 40.72%
Acquisitions
YoY Change
Other Investing Activities -$7.000M -$28.40M
YoY Change -75.35%
Cash From Investing Activities -$9.666M -$30.35M
YoY Change -68.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.29M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$6.171M $10.54M
YoY Change -158.53%
NET CHANGE
Cash From Operating Activities $17.46M $18.79M
Cash From Investing Activities -$9.666M -$30.35M
Cash From Financing Activities -$6.171M $10.54M
Net Change In Cash $1.624M -$1.020M
YoY Change -259.22%
FREE CASH FLOW
Cash From Operating Activities $17.46M $18.79M
Capital Expenditures $2.685M $1.908M
Free Cash Flow $14.78M $16.88M
YoY Change -12.47%

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42000 USD
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0 USD
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1908000 USD
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2685000 USD
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9168000 USD
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48248000 USD
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CY2014Q1 us-gaap Product Warranty Accrual
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8000 USD
CY2014Q1 us-gaap Product Warranty Accrual Payments
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CY2014Q1 us-gaap Product Warranty Accrual Warranties Issued
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759000 USD
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462131000 USD
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CY2014Q1 us-gaap Sales Revenue Services Net
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6220000 USD
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34900000 USD
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CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
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13.59
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
73000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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18.02
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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1206000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.07
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.34
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98435000 USD
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6138000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6875000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.65
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.80
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
6130000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
92123000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
18.93
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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15.02
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
39.31
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CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y10M12D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M24D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y5M6D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y2M2D
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5951000 USD
CY2013Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
3298000 USD
CY2014Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
4004000 USD
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86522000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q1 cgnx Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses Accumulated In Investments
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLossesAccumulatedInInvestments
293000 USD
CY2013Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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2
CY2013Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2
CY2014Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
415000 USD
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2380000 shares
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1738000 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88260000 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89259000 shares
CY2014Q1 cgnx Available For Sale Securities Continuous Unrealized Loss Positiongreater Than12 Months Aggregate Losses Accumulated In Investments
AvailableForSaleSecuritiesContinuousUnrealizedLossPositiongreaterThan12MonthsAggregateLossesAccumulatedInInvestments
27000 USD
CY2014Q1 cgnx Available For Sale Securities Debt Maturities After Five Years Before Eight Years Fair Value
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3886000 USD
CY2014Q1 cgnx Available For Sale Securities Debt Maturities After Four Years Before Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFourYearsBeforeFiveYearsFairValue
50723000 USD
CY2014Q1 cgnx Available For Sale Securities Debt Maturities After One Year Before Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneYearBeforeTwoYearsFairValue
118522000 USD
CY2014Q1 cgnx Available For Sale Securities Debt Maturities After Three Years Before Four Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterThreeYearsBeforeFourYearsFairValue
33381000 USD
CY2014Q1 cgnx Available For Sale Securities Debt Maturities After Two Years Before Three Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTwoYearsBeforeThreeYearsFairValue
171448000 USD
CY2014Q1 cgnx Availableforsale Securities Accumulated Unrealized Gainbefore Tax
AvailableforsaleSecuritiesAccumulatedUnrealizedGainbeforeTax
981000 USD
CY2014Q1 cgnx Availableforsale Securities Accumulated Unrealized Lossbefore Tax
AvailableforsaleSecuritiesAccumulatedUnrealizedLossbeforeTax
320000 USD
CY2014Q1 cgnx Cash Cash Equivalents Short Term And Long Term Investments
CashCashEquivalentsShortTermAndLongTermInvestments
464156000 USD
CY2013Q4 cgnx Cash Cash Equivalents Short Term And Long Term Investments
CashCashEquivalentsShortTermAndLongTermInvestments
455121000 USD
CY2014Q1 cgnx Contribution Made To Partnership During Period
ContributionMadeToPartnershipDuringPeriod
0 USD
CY2014Q1 cgnx Contribution To Limited Partnership
ContributionToLimitedPartnership
19886000 USD
CY2014Q1 cgnx Distributions From Partnership During Period
DistributionsFromPartnershipDuringPeriod
0 USD
CY2013Q4 cgnx Employee Service Share Based Compensation Recognized Period Costs Capitalized Amount
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0 USD
CY2014Q1 cgnx Employee Service Share Based Compensation Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationRecognizedPeriodCostsCapitalizedAmount
0 USD
CY2014Q1 cgnx Employee Service Sharebased Compensation Nonvested Awards Compensation Notyet Recognized Periodfor Recognition
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P1Y7M6D
CY2014Q1 cgnx Estimated Forfeiture Rate For Unvested Options For All Non Senior Management
EstimatedForfeitureRateForUnvestedOptionsForAllNonSeniorManagement
0.12
CY2014Q1 cgnx Estimated Forfeiture Rate For Unvested Options For Senior Management
EstimatedForfeitureRateForUnvestedOptionsForSeniorManagement
0.11
CY2013Q1 cgnx Gross Margin Products
GrossMarginProducts
58208000 USD
CY2014Q1 cgnx Gross Margin Products
GrossMarginProducts
66283000 USD
CY2014Q1 cgnx Gross Margin Services
GrossMarginServices
3562000 USD
CY2013Q1 cgnx Gross Margin Services
GrossMarginServices
3261000 USD
CY2014Q1 cgnx Income Tax Examination Years Under Examination Other Entities
IncomeTaxExaminationYearsUnderExaminationOtherEntities
2009 through 2013
CY2014Q1 cgnx Increase Decrease In Liability Net Of Deferred Tax Benefit For Uncertain Tax Positions
IncreaseDecreaseInLiabilityNetOfDeferredTaxBenefitForUncertainTaxPositions
175000 USD
CY2014Q1 cgnx Increase Decrease Interest And Penalties
IncreaseDecreaseInterestAndPenalties
40000 USD
CY2014Q1 cgnx Investment Expiration Date
InvestmentExpirationDate
2015-12-31
CY2014Q1 cgnx Liability For Uncertain Tax Positions
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4967000 USD
CY2014Q1 cgnx Maximum Decrease In Income Tax Expense Due To Release In Reserves
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800000 USD
CY2014Q1 cgnx Maximum Investment In Limited Partnership
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20500000 USD
CY2014Q1 cgnx Minimum Decrease In Income Tax Expense Due To Release In Reserves
MinimumDecreaseInIncomeTaxExpenseDueToReleaseInReserves
700000 USD
CY2014Q1 cgnx Number Of Categories Of Guarantees
NumberOfCategoriesOfGuarantees
3 Category
CY2010Q3 cgnx Number Of Companys Patents Found Invalid
NumberOfCompanysPatentsFoundInvalid
2 Patents
CY2014Q1 cgnx Number Of Groups Within Employee Population
NumberOfGroupsWithinEmployeePopulation
2 group
CY2009Q3 cgnx Number Of Respondents With Whom Settlement Was Reached
NumberOfRespondentsWithWhomSettlementWasReached
2 Respondent
CY2009Q4 cgnx Number Of Respondents With Whom Settlement Was Reached
NumberOfRespondentsWithWhomSettlementWasReached
5 Respondent
CY2014Q1 cgnx Opened Tax Years By Major Tax Jurisdiction
OpenedTaxYearsByMajorTaxJurisdiction
2012 through 2013
CY2014Q1 cgnx Percentage Of Stock Options Granted To All Other Employees Expected To Vest
PercentageOfStockOptionsGrantedToAllOtherEmployeesExpectedToVest
0.70
CY2014Q1 cgnx Percentage Of Stock Options Granted To Senior Management Expected To Vest
PercentageOfStockOptionsGrantedToSeniorManagementExpectedToVest
0.72
CY2013Q1 cgnx Reduction In Compensation Expense Due To Revised Estimated Forfeiture Rates
ReductionInCompensationExpenseDueToRevisedEstimatedForfeitureRates
300000 USD
CY2014Q1 cgnx Reduction In Compensation Expense Due To Revised Estimated Forfeiture Rates
ReductionInCompensationExpenseDueToRevisedEstimatedForfeitureRates
288000 USD
CY2014Q1 cgnx Remaining Amount Of Commitment
RemainingAmountOfCommitment
614000 USD
CY2014Q1 cgnx Reserve For Income Taxes To Be Recorded In Additional Paid In Capital
ReserveForIncomeTaxesToBeRecordedInAdditionalPaidInCapital
451000 USD
CY2014Q1 cgnx Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableAggregateIntrinsicValue
48212000 USD
CY2014Q1 cgnx Share Based Compensation Arrangement By Share Based Payment Award Options Vested Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedFairValue
8361000 USD
CY2013Q1 cgnx Share Based Compensation Arrangement By Share Based Payment Award Options Vested Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedFairValue
6932000 USD
CY2014Q1 cgnx Shares Based Compensation Arrangement By Shares Based Payment Award Options Exercisable Intrinsic Value
SharesBasedCompensationArrangementBySharesBasedPaymentAwardOptionsExercisableIntrinsicValue
8933000 USD
CY2013Q1 cgnx Shares Based Compensation Arrangement By Shares Based Payment Award Options Exercisable Intrinsic Value
SharesBasedCompensationArrangementBySharesBasedPaymentAwardOptionsExercisableIntrinsicValue
7193000 USD
CY2014Q1 cgnx Unrecognizedtaxbenefitshownasareductiontononcurrentdeferredtaxassets
Unrecognizedtaxbenefitshownasareductiontononcurrentdeferredtaxassets
1028000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-30
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000851205
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
86840001 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
COGNEX CORP

Files In Submission

Name View Source Status
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