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Report No. : |
347431 |
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Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
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Name : |
COGNEX CORPORATION |
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Registered Office : |
One Vision Drive, Natick, MA 01760 |
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Country : |
United State |
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Financials (as on) : |
October 2015 (Three Months Ended) |
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Date of Incorporation : |
07.01.1981 |
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Legal Form : |
Public Company (Nasdaq = CGNX) |
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Line of Business : |
Subject provides machine vision products that capture and analyze visual
information to automate tasks primarily in manufacturing processes. |
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No. of Employee : |
1,322 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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United State |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATE ECONOMIC OVERVIEW
The US has
the most technologically powerful economy in the world, with a per capita GDP
of $54,800. US firms are at or near the forefront in technological advances,
especially in computers, pharmaceuticals, and medical, aerospace, and military
equipment; however, their advantage has narrowed since the end of World War II.
Based on a comparison of GDP measured at Purchasing Power Parity conversion
rates, the US economy in 2014, having stood as the largest in the world for
more than a century, slipped into second place behind China, which has more
than tripled the US growth rate for each year of the past four decades.
In the
US, private individuals and business firms make most of the decisions, and the
federal and state governments buy needed goods and services predominantly in
the private marketplace. US business firms enjoy greater flexibility than their
counterparts in Western Europe and Japan in decisions to expand capital plant,
to lay off surplus workers, and to develop new products. At the same time, they
face higher barriers to enter their rivals' home markets than foreign firms
face entering US markets.
Long-term
problems for the US include stagnation of wages for lower-income families,
inadequate investment in deteriorating infrastructure, rapidly rising medical
and pension costs of an aging population, energy shortages, and sizable current
account and budget deficits.
The
onrush of technology has been a driving factor in the gradual development of a
"two-tier" labor market in which those at the bottom lack the
education and the professional/technical skills of those at the top and, more
and more, fail to get comparable pay raises, health insurance coverage, and
other benefits. But the globalization of trade, and especially the rise of
low-wage producers such as China, has put additional downward pressure on wages
and upward pressure on the return to capital. Since 1975, practically all the
gains in household income have gone to the top 20% of households. Since 1996,
dividends and capital gains have grown faster than wages or any other category
of after-tax income.
Imported
oil accounts for nearly 55% of US consumption and oil has a major impact on the
overall health of the economy. Crude oil prices doubled between 2001 and 2006,
the year home prices peaked; higher gasoline prices ate into consumers' budgets
and many individuals fell behind in their mortgage payments. Oil prices climbed
another 50% between 2006 and 2008, and bank foreclosures more than doubled in
the same period. Besides dampening the housing market, soaring oil prices
caused a drop in the value of the dollar and a deterioration in the US
merchandise trade deficit, which peaked at $840 billion in 2008.
The
sub-prime mortgage crisis, falling home prices, investment bank failures, tight
credit, and the global economic downturn pushed the United States into a
recession by mid-2008. GDP contracted until the third quarter of 2009, making
this the deepest and longest downturn since the Great Depression. To help
stabilize financial markets, the US Congress established a $700 billion
Troubled Asset Relief Program (TARP) in October 2008. The government used some
of these funds to purchase equity in US banks and industrial corporations, much
of which had been returned to the government by early 2011. In January 2009 the
US Congress passed and President Barack OBAMA signed a bill providing an
additional $787 billion fiscal stimulus to be used over 10 years - two-thirds
on additional spending and one-third on tax cuts - to create jobs and to help
the economy recover. In 2010 and 2011, the federal budget deficit reached
nearly 9% of GDP. In 2012, the federal government reduced the growth of
spending and the deficit shrank to 7.6% of GDP.
Wars in
Iraq and Afghanistan required major shifts in national resources from civilian
to military purposes and contributed to the growth of the budget deficit and
public debt. Through 2014, the direct costs of the wars totaled more than $1.5
trillion, according to US Government figures. US revenues from taxes and other
sources are lower, as a percentage of GDP, than those of most other countries.
In March
2010, President OBAMA signed into law the Patient Protection and Affordable
Care Act, a health insurance reform that was designed to extend coverage to an
additional 32 million American citizens by 2016, through private health
insurance for the general population and Medicaid for the impoverished. Total
spending on health care - public plus private - rose from 9.0% of GDP in 1980
to 17.9% in 2010.
In July
2010, the president signed the DODD-FRANK Wall Street Reform and Consumer
Protection Act, a law designed to promote financial stability by protecting
consumers from financial abuses, ending taxpayer bailouts of financial firms,
dealing with troubled banks that are "too big to fail," and improving
accountability and transparency in the financial system - in particular, by
requiring certain financial derivatives to be traded in markets that are
subject to government regulation and oversight.
In
December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85
billion per month of mortgage-backed and Treasury securities in an effort to
hold down long-term interest rates, and to keep short term rates near zero
until unemployment dropped below 6.5% or inflation rose above 2.5%. In late
2013, the Fed announced that it would begin scaling back long-term bond
purchases to $75 billion per month in January 2014 and reduce them further as
conditions warranted; the Fed ended the purchases during the summer of 2014. In
2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by
mid-2015, the lowest rate of joblessness since before the global recession
began; inflation stood at 1.7%, and public debt as a share of GDP continued to
decline, following several years of increase.
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Source
: CIA |
Company name: COGNEX CORPORATION
Address: One Vision
Drive, Natick, MA 01760 - USA
Telephone: +1
508-650-3000
Fax: +1 508-650-3333
Website: www.cognex.com
Corporate ID#: 042713778
State: Massachusetts
Judicial form: Public Company (Nasdaq =
CGNX)
Date incorporated: January
7, 1981
Stock value: 140,000,000
shares common (none issued)
at USD 0.002= par value
400,000 shares preferred (none issued)
at USD 0.01= par value
Name of manager: Robert
WILLETT
Business:
Cognex Corporation provides machine vision products that capture and
analyze visual information to automate tasks primarily in manufacturing
processes.
It operates in two divisions, Modular Vision Systems and Surface
Inspection Systems.
The Modular Vision Systems division develops, manufactures, and markets
modular vision systems that are used to automate the manufacture of discrete
items, such as cellular phones, aspirin bottles, and automobile wheels by
locating, identifying, inspecting, and measuring them during the manufacturing
and distributing process.
The Surface Inspection Systems division develops, manufactures, and
markets surface inspection vision systems that are used to inspect the surfaces
of materials processed in a continuous fashion, including metals, papers,
nonwoven, plastics, and glass.
The company serves customers in factory automation, semiconductor and
electronics capital equipment, and surface inspection markets.
Cognex Corporation sells its products through direct sales force, as
well as through a network of integration and distribution partners worldwide.
The company was founded in 1981 and is headquartered in Natick,
Massachusetts.
EIN: 04-2713778
Staff: 1,322
Operations & branches:
At the headquarters, we find
the corporate office, on lease.
The Company maintains
several branches in the U.S. and worldwide.
Shareholders:
The Company is listed with
the Nasdaq under symbol CGNX.
As of 12-31-2012, 96% of the
stock was held by institutional and mutual fund owners, including:
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Brown Capital Management, Inc. |
6.80% |
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Vanguard Group, Inc. (The) |
6.34% |
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Wells Fargo & Company |
4.32% |
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Harding Loevner LLC |
4.03% |
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Wellington Management Company, LLP |
3.32% |
Management:
Robert WILLETT is the President, Director and CEO
Robert Willett has been the Chief Executive Officer of Cognex Corp.,
since March 16, 2011. Mr. Willett has been President and Chief Operating
Officer of Cognex Corp. since January 2010. He has been President of Modular
Vision Systems Division (MVSD) of Cognex Corp., since June 2008. He oversees
the largest operating division at Cognex which generates nearly 90% of Cognex
Corp's annual revenue. At Danaher Corporation, he served as Group Vice
President of Business Development and Innovation for the Product Identification
business group. He served as the President of Videojet Technologies Inc. He
joined Videojet, a Chicago-based company, in January 2003. He served as the
Chief Executive Officer of Willett International Limited from 1998 to 2003.
While leading Willett, his primary achievements were to grow the business in a
static market, through product innovation and developing new direct sales
companies in Japan, Turkey, Ukraine, Korea, Singapore, and Thailand.
Before Willett in January 1997, he served as Commercial Manager of
Strategic and Financial Planning of Lever Brothers in New York City. He served
as an Assistant Marketing Manager of Pfizer Inc.'s world headquarters in New
York and the Senior Research Associate at Optima Group.
Mr. Willett has been Director of Cognex Corp. since April 27, 2011.
Mr. Willett holds a Bachelor of Arts degree from Brown University and a
Masters in Business Administration from Yale University.
Robert J. SHILLMAN is Executive Chairman and Director
Richard A. MORIN is the CFO
Other Directors include Jeffrey MILLER, Robert J. SHILLMAN, Patrick
ALIAS, Anthony SLIN, RUEBEN WASSERMAN, Bruce ROBINSON and Robert J. WILLETT.
Subsidiaries
And partnership:
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Cognex Asia, Inc. (formerly Cognex China, Inc.) |
Delaware |
100% |
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Cognex Canada, Inc. |
Delaware |
100% |
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Cognex Canada Technology, Inc. |
California |
100% |
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Cognex Europe, B.V. |
Netherlands |
100% |
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Cognex Europe, Inc. |
Delaware |
100% |
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Cognex Foreign Sales Corporation |
Barbados |
100% |
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Cognex Germany, Inc. |
Massachusetts |
100% |
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Cognex Germany Aachen GmbH |
Germany |
100% |
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Cognex Goruntu Sistemleri Satis ve Ticaret Limited Sirketi |
Turkey |
100% |
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Cognex Hungary Kft. |
Hungary |
100% |
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Cognex International, Inc. |
Delaware |
100% |
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Cognex Ireland Ltd. |
Ireland |
100% |
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Cognex K.K. |
Japan |
100% |
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Cognex Korea, Inc. |
Delaware |
100% |
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Cognex, Ltd. |
Ireland |
100% |
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Cognex Representacao Comercial E Participacoes Ltda. |
Brazil |
100% |
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Cognex Sensors India Private Limited |
India |
100% |
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Cognex Service, Inc |
Delaware |
100% |
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Cognex Service Ltd. |
Ireland |
100% |
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Cognex Singapore, Inc. |
Delaware |
100% |
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Cognex Taiwan, Inc. |
Delaware |
100% |
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Cognex Technology and Investment LLC |
California |
100% |
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Cognex UK Ltd. |
United Kingdom |
100% |
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Cognex Vision B.V. |
Netherlands |
100% |
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Cognex Vision Inspection System (Shanghai) Co., Ltd. |
China |
100% |
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Vision Drive, Inc. |
Delaware |
100% |
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One Vision Drive LLC (formerly Vision Drive Retail LLC) |
Massachusetts |
100% |
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Currency in |
As of: |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
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REVENUES |
321.9 |
324.3 |
353.9 |
486.3 |
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NET INCOME |
69.9 |
68.1 |
73.6 |
121.5 |
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On November 3, 2015, Cognex Corporation announced unaudited earnings
results for third quarter and nine months ended October 4, 2015.
For the quarter, the company reported revenue of $107,587,000, operating
income of $28,485,000, income from continuing operations before income tax
expense of $29,263,000, income from continuing operations, net of $25,822,000
or $0.29 per diluted share, net income of $104,112,000 or $1.19 per diluted
share, non-GAAP operating income of $32,872,000, non-GAAP income from
continuing operations excluding tax adjustments of $24,218,000, compared to the
revenue of $154,356,000, operating income of $55,339,000, income from
continuing operations before income tax expense of $57,111,000, income from
continuing operations, net of $47,681,000 or $0.53 per diluted share, net
income of $50,400,000 or $0.57 per diluted share, non-GAAP operating income of
$58,406,000, non-GAAP income from continuing operations excluding tax
adjustments of $46,812,000, for the same quarter a year ago.
For the nine months period, the company reported revenue of
$352,789,000, operating income of $102,373,000, income from continuing
operations before income tax expense of $105,213,000, income from continuing
operations, net of $88,810,000 or $1 per diluted share, net income of
$168,328,000 or $1.9 per diluted share, non-GAAP operating income of
$117,910,000, non-GAAP income from continuing operations excluding tax
adjustments of $86,795,000, book value per common share of $9.58,000 compared
to the revenue of $327,948,000, operating income of $102,765,000, income from
continuing operations before income tax expense of $105,593,000, income from
continuing operations, net of $88,171,000 or $0.99 per diluted share, net income
of $94,854,000 or $1.06 per diluted share, non-GAAP operating income of
$113,237,000, non-GAAP income from continuing operations excluding tax
adjustments of $86,884,000, book value per common share of $8.43,000 for the
same period a year ago.
The company expected revenue for fourth quarter of 2015 to be between
$94 million and $97 million, which ranges from flat to up 3% compared to fourth
quarter of 2014 in constant currency. The company expected its growth rate in
fourth quarter to be negatively impacted by deterioration in the industrial
markets the company serves. Gross margin is expected to be in the mid-70%
range. Operating expenses are expected to increase by approximately 5% on a
sequential basis. The effective tax rate is expected to be 17.5% before
discrete tax items.
Banks: National City Bank
Legal filings
& complaints:
As of today, there is no legal filing pending with the Courts.
Secured debts
summary (UCC):
File number: 201520556570
Date filed: 06-10-2015
Secured Party: BANC OF AMERICA LEASING &
CAPITAL, LLC
135 South Lasalle Street,
Chicago, IL 60603