Monday, Cognex Corp. (CGNX), a provider of machine vision products, reported that its net income for the third-quarter declined sharply from the prior year quarter as revenue decreased 35%.
Cognex recorded net income of of $4.50 million or $0.11 per share, compared to $11.33 million or $0.27 per share in the year-ago quarter.
Income from continuing operations fell to $4.50 million or $0.11 per share from $11.33 million or $0.16 per share in the same quarter last year.
Excluding charges, income from continuing operations was $0.03 per share compared to $0.18 per share in the third quarter of 2008. Revenues for the quarter decreased 35% to $41.18 million from $63.26 million in the prior-year quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share, on revenues of $38.18 million for the quarter. Analysts estimates typically exclude special items.
Net loss for the nine months were $5.33 million or $0.13 per share versus a profit of $25.46 million or $0.68 per share in the prior year period. For the nine months Cognex recorded revenue to the tune of $124.43 million versus $190.86 million in the prior year period. Looking ahead, Robert Shillman, Chairman and Chief Executive Officer said, "While business conditions remain challenging, the number of projects that we are chasing has increased, and we expect that this will lead to higher revenue on a sequential basis in the fourth quarter of 2009. Offsetting this higher revenue will be higher operating expenses, which are expected to increase by 7% to 10% primarily due to savings from mandatory shutdown days in Q3-09 that will not repeat in Q4-09."
Cognex said it is not providing revenue or earnings per share expectations for the fourth quarter of 2009, yet the company expects that revenue will increase on a sequential basis but net income will decrease on a sequential basis as current quarter included a benefit from tax adjustments of $3.59million and savings from mandatory shutdown days that will not repeat in the fourth quarter.
CGNX closed Monday's regular trading at $16.13 up $0.04 or 0.25% on a volume of 0.170 million shares on the Nasdaq.
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