Cognex Corporation (CGNX) Q4 2013 Earnings Conference Call February 13, 2014 5:00 PM ET
Operator
Good day, ladies and gentlemen, and welcome to the Cognex fourth quarter 2013 earnings call. (Operator Instructions) And now, I would like to turn it over to your host, CFO, Dick Morin. Please go ahead, sir.
Richard Morin - Executive Vice President, Finance and Administration and Chief Financial Officer
Thank you, and good evening, everyone. Earlier tonight, we issued a news release announcing Cognex's earnings for the fourth quarter of 2013, and we also filed our Annual Report on Form 10-K. For those of you who have not yet seen these materials, both are available on our website at www.cognex.com. They contain highly detailed information about our financial results.
During tonight's call we may use a non-GAAP financial measure, if we believe it is useful to investors or if we believe it will help investors better understand our results or business trends. For your reference, you can see the company's income statement as reported under GAAP in Exhibit 1 of the earnings release and a reconciliation of certain items in the income statement from GAAP to non-GAAP in Exhibit 2.
I'd like to emphasize that any forward-looking statements we made in the earnings release or any that we may make during this call, are based upon information that we believe to be true as of today. Things often change and actual results may differ materially from those projected or anticipated. You should refer to the company's SEC filings, including our most recent Form 10-K, for a detailed list of these risk factors.
Now, I'll turn the call over to Cognex's Chairman, Dr. Bob Shillman.
Robert Shillman - Chairman
Thanks, Dick, and hello, everyone. I'd like to welcome each of you to our yearend conference call for 2013. As you can see in the news release issued earlier, we reported outstanding financial results for the fourth quarter and for the year.
Right now, I am in San Diego, everyone else is suffering the weather in our Natick headquarters, but even with that distance, through the miracle of modern science, I can still hand the microphone over to my partner, Cognex's CEO, Rob Willett. But before I do that, I want to spend some time telling you about a recent decision that we made, about what we'll be talking about or more accurately, what we won't be talking about in this call and in future conference calls and investor presentations.
Those of you who have followed us for many years, know that Cognex has always prided itself on being a very open company. We have always provided our investors and analysts and shareholders, a great amount of detail about our business.
We openly discussed our plans for new products and for the expansion of our sales teams around the world. We told you our plans to increase headcount in engineering and in sales, and we described the new markets that we plan to enter. And I know that many of you found that detailed information to be helpful.
However, unfortunately, our competitors also found it helpful. In the past, Cognex focused on relatively small market niches and had very few competitors in them. And all of those competitors were small and thinly financed. So disclosing details of our business to you didn't have any risk, even if they were listening.
But now, we are addressing very large markets with breakthrough technology, where we have significant entrenched international competitors, who are defending their turf with older products. The business plans that we've been providing to you are battle plans for them. We will continue to hold conference calls and attend investor presentations to talk about our successes and the challenges that we face, but we won't go into nearly as much detail, as we have in the past.
Following our prepared remarks today, I am sure that you'll still ask those detailed questions, but I hope that you'll now understand why we won't be giving detailed answers.
With that, I'll now hand the microphone over to my partner Rob Willett. Rob, the microphone is yours.
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