July 26, 2007
Cognex scans for impropriety
By Matthew L. Brown
More than $1 million in "improper orders" at a Japanese subsidiary have prompted Natick-based Cognex Corp. to delay the filing of its second quarter earnings report.
The company said it noticed the "irregular" transactions, and alerted its audit committee, which found improper orders from the fourth quarter of 2006 and the first quarter of 2007.
The improper 2006 transactions generated revenue of about $757,000 for the company. The first quarter 2007 transactions brought in about $303,000 in revenue, the company said.
All told, the transactions resulted in about $677,000 in net income for the company.
The company also said it would reverse a $400,000 order announced last month for its DataMan handheld ID readers.
Cognex makes machine vision sensors.
The company said it noticed the "irregular" transactions, and alerted its audit committee, which found improper orders from the fourth quarter of 2006 and the first quarter of 2007.
The improper 2006 transactions generated revenue of about $757,000 for the company. The first quarter 2007 transactions brought in about $303,000 in revenue, the company said.
All told, the transactions resulted in about $677,000 in net income for the company.
The company also said it would reverse a $400,000 order announced last month for its DataMan handheld ID readers.
Cognex makes machine vision sensors.
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