2013 Q3 Form 10-Q Financial Statement

#000119312513413434 Filed on October 28, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $90.79M $80.08M
YoY Change 13.38% -3.99%
Cost Of Revenue $21.35M $19.51M
YoY Change 9.44% 0.55%
Gross Profit $69.44M $60.57M
YoY Change 14.64% -5.36%
Gross Profit Margin 76.49% 75.64%
Selling, General & Admin $33.88M $28.77M
YoY Change 17.77% -2.49%
% of Gross Profit 48.79% 47.49%
Research & Development $12.18M $10.00M
YoY Change 21.82% -4.74%
% of Gross Profit 17.55% 16.51%
Depreciation & Amortization $2.800M $2.700M
YoY Change 3.7% 12.5%
% of Gross Profit 4.03% 4.46%
Operating Expenses $46.06M $38.77M
YoY Change 18.81% -3.08%
Operating Profit $23.38M $21.80M
YoY Change 7.23% -9.15%
Interest Expense $500.0K $1.800M
YoY Change -72.22% 100.0%
% of Operating Profit 2.14% 8.26%
Other Income/Expense, Net -$166.0K -$131.0K
YoY Change 26.72% 31.0%
Pretax Income $23.71M $22.09M
YoY Change 7.34% -10.94%
Income Tax $2.981M $4.281M
% Of Pretax Income 12.57% 19.38%
Net Earnings $20.73M $17.81M
YoY Change 16.41% -6.78%
Net Earnings / Revenue 22.83% 22.24%
Basic Earnings Per Share $0.24 $0.21
Diluted Earnings Per Share $0.23 $0.20
COMMON SHARES
Basic Shares Outstanding 87.34M shares 85.82M shares
Diluted Shares Outstanding 89.36M shares 87.26M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $217.0M $156.0M
YoY Change 39.09% -36.24%
Cash & Equivalents $30.45M $54.16M
Short-Term Investments $186.6M $101.9M
Other Short-Term Assets $25.60M $30.40M
YoY Change -15.79% 8.19%
Inventory $27.63M $25.00M
Prepaid Expenses
Receivables $48.83M $44.76M
Other Receivables $0.00 $0.00
Total Short-Term Assets $319.1M $250.2M
YoY Change 27.51% -26.9%
LONG-TERM ASSETS
Property, Plant & Equipment $35.57M $34.34M
YoY Change 3.56% 12.24%
Goodwill $81.69M $81.69M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $226.7M $124.7M
YoY Change 81.8% 14.72%
Other Assets $2.316M $2.785M
YoY Change -16.84% -83.99%
Total Long-Term Assets $373.7M $411.9M
YoY Change -9.28% 58.18%
TOTAL ASSETS
Total Short-Term Assets $319.1M $250.2M
Total Long-Term Assets $373.7M $411.9M
Total Assets $692.8M $662.1M
YoY Change 4.63% 9.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.457M $7.567M
YoY Change -1.45% 9.67%
Accrued Expenses $31.37M $28.92M
YoY Change 8.47% 3.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $50.64M $51.82M
YoY Change -2.29% -8.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.400M $5.100M
YoY Change -13.73% -10.53%
Total Long-Term Liabilities $4.400M $5.100M
YoY Change -13.73% -10.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.64M $51.82M
Total Long-Term Liabilities $4.400M $5.100M
Total Liabilities $55.00M $55.20M
YoY Change -0.36% -11.54%
SHAREHOLDERS EQUITY
Retained Earnings $461.5M $472.7M
YoY Change -2.37%
Common Stock $206.2M $161.3M
YoY Change 27.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $637.7M $605.4M
YoY Change
Total Liabilities & Shareholders Equity $692.8M $662.1M
YoY Change 4.63% 9.86%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $20.73M $17.81M
YoY Change 16.41% -6.78%
Depreciation, Depletion And Amortization $2.800M $2.700M
YoY Change 3.7% 12.5%
Cash From Operating Activities $20.20M $27.30M
YoY Change -26.01% 0.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.900M -$2.800M
YoY Change -32.14% 40.0%
Acquisitions
YoY Change
Other Investing Activities -$34.40M $153.3M
YoY Change -122.44% -626.8%
Cash From Investing Activities -$36.20M $150.5M
YoY Change -124.05% -582.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.600M -3.800M
YoY Change -31.58% -142.22%
NET CHANGE
Cash From Operating Activities 20.20M 27.30M
Cash From Investing Activities -36.20M 150.5M
Cash From Financing Activities -2.600M -3.800M
Net Change In Cash -18.60M 174.0M
YoY Change -110.69% 3311.76%
FREE CASH FLOW
Cash From Operating Activities $20.20M $27.30M
Capital Expenditures -$1.900M -$2.800M
Free Cash Flow $22.10M $30.10M
YoY Change -26.58% 2.73%

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ForeignCurrencyTransactionGainLossBeforeTax
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182000
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OtherNonoperatingIncomeExpense
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ProductWarrantyAccrualWarrantiesIssued
2027000
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StockIssuedDuringPeriodValueStockOptionsExercised
25990000
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ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
64000
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ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
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GainLossOnSaleOfInvestments
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PaymentsToAcquireInvestments
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63027000
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8299000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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6584000
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ProductWarrantyAccrualPayments
1535000
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SalesRevenueNet
258190000
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PaymentsToAcquirePropertyPlantAndEquipment
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25990000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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CostOfGoodsAndServicesSold
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NetCashProvidedByUsedInInvestingActivities
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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121000
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6584000
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2880000
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IncomeTaxExpenseBenefit
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EffectOfExchangeRateOnCashAndCashEquivalents
349000
cgnx Maximum Investment In Limited Partnership
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cgnx Opened Tax Years By Major Tax Jurisdiction
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cgnx Increase Decrease Interest And Penalties
IncreaseDecreaseInterestAndPenalties
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cgnx Derivative Instrument Maximum Maturity Period
DerivativeInstrumentMaximumMaturityPeriod
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cgnx Other Comprehensive Income Loss Reclassification Adjustment For Realized Gain Loss On Sale Of Securities Included In Net Income Net Of Tax
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cgnx Increase Decrease In Liability Net Of Deferred Tax Benefit For Uncertain Tax Positions
IncreaseDecreaseInLiabilityNetOfDeferredTaxBenefitForUncertainTaxPositions
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cgnx Effective Income Tax Rate Continuing Operations Prior To Discrete Tax Event
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cgnx Share Based Compensation Arrangement By Share Based Payment Award Options Vested Fair Value
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9428000
cgnx Maximum Decrease In Income Tax Expense Due To Release In Reserves
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550000
cgnx Shares Based Compensation Arrangement By Shares Based Payment Award Options Exercisable Intrinsic Value
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cgnx Minimum Decrease In Income Tax Expense Due To Release In Reserves
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450000
cgnx Income Tax Examination Years Under Examinations
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cgnx Gross Margin Services
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10941000
cgnx Adjustment To Additional Paid In Capital Tax Benefit For Research And Development Credits As Result Of Stock Option Accounting
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cgnx Reserve For Income Taxes To Be Recorded In Additional Paid In Capital
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cgnx Gross Margin Products
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185328000
cgnx Income Tax Examination Years Under Examination Other Entities
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cgnx Investment Expiration Date
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ContributionMadeToPartnershipDuringPeriod
0
cgnx Number Of Categories Of Guarantees
NumberOfCategoriesOfGuarantees
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.020 pure
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WeightedAverageNumberOfDilutedSharesOutstanding
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.44 pure
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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1666000 shares
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y7M6D
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.012 pure
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
74809000
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.01 pure
us-gaap Common Stock Dividends Per Share Cash Paid
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0.160
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us-gaap Sales Revenue Goods Net
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us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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us-gaap Gain Loss On Sale Of Investments
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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us-gaap Research And Development Expense
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cgnx Other Comprehensive Income Loss Reclassification Adjustment For Realized Gain Loss On Sale Of Securities Included In Net Income Net Of Tax
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cgnx Effective Income Tax Rate Continuing Operations Prior To Discrete Tax Event
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cgnx Shares Based Compensation Arrangement By Shares Based Payment Award Options Exercisable Intrinsic Value
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cgnx Gross Margin Services
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cgnx Gross Margin Products
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173239000
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8927000
CY2013Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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CY2011Q4 us-gaap Stock Repurchase Program Authorized Amount
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80000000
CY2009Q3 cgnx Number Of Respondents With Whom Settlement Was Reached
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CY2008Q2 us-gaap Stock Repurchase Program Authorized Amount
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50000000
CY2009Q4 cgnx Number Of Respondents With Whom Settlement Was Reached
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2012Q3 us-gaap Earnings Per Share Diluted
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CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.44 pure
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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1434000 shares
CY2012Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2012Q3 us-gaap Earnings Per Share Basic
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CY2012Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y7M6D
CY2012Q3 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2012Q3 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012Q3 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.055
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CY2012Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2012Q3 us-gaap Comprehensive Income Net Of Tax
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CY2012Q3 us-gaap Gross Profit
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342000
CY2012Q3 us-gaap Sales Revenue Goods Net
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CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2012Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2012Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2012Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2012Q3 us-gaap Cost Of Services
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3643000
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19506000
CY2012Q3 us-gaap Cost Of Goods Sold
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15863000
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CY2012Q3 us-gaap Research And Development Expense
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CY2012Q3 us-gaap Income Tax Expense Benefit
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CY2012Q3 cgnx Other Comprehensive Income Loss Reclassification Adjustment For Realized Gain Loss On Sale Of Securities Included In Net Income Net Of Tax
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340000
CY2012Q3 cgnx Effective Income Tax Rate Continuing Operations Prior To Discrete Tax Event
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CY2012Q3 cgnx Shares Based Compensation Arrangement By Shares Based Payment Award Options Exercisable Intrinsic Value
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1436000
CY2012Q3 cgnx Gross Margin Services
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3996000
CY2012Q3 cgnx Gross Margin Products
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56574000
CY2012Q3 cgnx Income Tax Reconciliation Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2012Q3 cgnx Share Based Compensation Arrangement By Share Based Payment Award Options Vested Fair Value
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242000
CY2013Q2 us-gaap Stock Repurchased During Period Shares
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CY2013Q2 us-gaap Stock Repurchased During Period Value
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11891000
CY2013Q2 cgnx Distributions Received
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CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.020 pure
CY2013Q3 us-gaap Earnings Per Share Diluted
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0.23
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.42 pure
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2020000 shares
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2013Q3 us-gaap Earnings Per Share Basic
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CY2013Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M24D
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2013Q3 us-gaap Gross Profit
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69440000
CY2013Q3 us-gaap Available For Sale Securities Gross Realized Gains
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32000
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87339000 shares
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.01 pure
CY2013Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
291000 shares
CY2013Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.000
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
76653 shares
CY2013Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2 pure
CY2013Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-442000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
23117000
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
83464000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-166000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2390000
CY2013Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
764000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
23379000
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
7324000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
23708000
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1626000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
20727000
CY2013Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
721000
CY2013Q3 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
937000
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
90788000
CY2013Q3 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
267000
CY2013Q3 us-gaap Cost Of Services
CostOfServices
3216000
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
21348000
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
18132000
CY2013Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
8109000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
152000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12184000
CY2013Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
12000
CY2013Q3 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
302000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2220000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
33877000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2981000
CY2013Q3 cgnx Increase Decrease Interest And Penalties
IncreaseDecreaseInterestAndPenalties
911000
CY2013Q3 cgnx Other Comprehensive Income Loss Reclassification Adjustment For Realized Gain Loss On Sale Of Securities Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentForRealizedGainLossOnSaleOfSecuritiesIncludedInNetIncomeNetOfTax
20000
CY2013Q3 cgnx Effective Income Tax Rate Continuing Operations Prior To Discrete Tax Event
EffectiveIncomeTaxRateContinuingOperationsPriorToDiscreteTaxEvent
0.19 pure
CY2013Q3 cgnx Shares Based Compensation Arrangement By Shares Based Payment Award Options Exercisable Intrinsic Value
SharesBasedCompensationArrangementBySharesBasedPaymentAwardOptionsExercisableIntrinsicValue
14422000
CY2013Q3 cgnx Gross Margin Services
GrossMarginServices
4108000
CY2013Q3 cgnx Gross Margin Products
GrossMarginProducts
65332000
CY2013Q3 cgnx Income Tax Reconciliation Reductions Resulting From Lapse Of Applicable Statute Of Limitations
IncomeTaxReconciliationReductionsResultingFromLapseOfApplicableStatuteOfLimitations
-1790000
CY2013Q3 cgnx Share Based Compensation Arrangement By Share Based Payment Award Options Vested Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedFairValue
197000
CY2013Q3 cgnx Income Tax Expense Benefit On Uncertain Tax Position
IncomeTaxExpenseBenefitOnUncertainTaxPosition
1597000
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure

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