##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 (Mark One)
 þ
    
    Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934 for the quarterly period ended July 3, 2005 or
 o
    
    Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the transition period from to
 Commission File Number 0-17869
 COGNEX CORPORATION
 (Exact name of registrant as specified in its charter)
 Massachusetts
    
    04-2713778(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)
 One Vision Drive
Natick, Massachusetts 01760-2059
(508) 650-3000
 (Address, including zip code, and telephone number, 
including area code, of principal executive offices)
  þ o
  þ o




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##### Table of Contents



INDEX
 PART I
    
    FINANCIAL INFORMATIONItem 1.
    
    Financial StatementsConsolidated Statements of Operations for the three-month and
six-month periods ended July 3, 2005 and July 4, 2004Consolidated Balance Sheets at July 3, 2005 and December 31, 2004Consolidated Statement of Shareholders Equity for the six-month
period ended July 3, 2005Consolidated Condensed Statements of Cash Flows for the
six-month periods ended July 3, 2005 and July 4, 2004Notes to Consolidated Financial StatementsItem 2.
    
    Managements Discussion and Analysis of Financial Condition and
Results of OperationsItem 3.
    
    Quantitative and Qualitative Disclosures About Market RiskItem 4.
    
    Controls and ProceduresPART II
    
    OTHER INFORMATIONItem 1.
    
    Legal ProceedingsItem 2.
    
    Unregistered Sales of Equity Securities and Use of ProceedsItem 3.
    
    Defaults Upon Senior SecuritiesItem 4.
    
    Submission of Matters to a Vote of Security HoldersItem 5.
    
    Other InformationItem 6.
    
    ExhibitsSignaturesEX-10.2 2000 Employee Stock Purchase PlanEX-31.1 Section 302 Certification of CEOEX-31.2 Section 302 Certification of CFOEX-32.1 Section 906 Certification of CEOEX-32.2 Section 906 Certification of CFO




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##### Table of Contents



PART I: FINANCIAL INFORMATION
 
 ITEM 1: FINANCIAL STATEMENTS
 COGNEX CORPORATION
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended
    
    Six Months EndedJuly 3,
    
    July 4,
    
    July 3,
    
    July 4,2005
    
    2004
    
    2005
    
    2004(unaudited)
    
    (unaudited)RevenueProduct
    
    $
    48,877
    
    
    $
    47,960
    
    
    $
    86,054
    
    
    $
    90,520Service
    
    
    5,726
    
    
    
    6,507
    
    
    
    11,747
    
    
    
    12,11654,603
    
    
    
    54,467
    
    
    
    97,801
    
    
    
    102,636Cost of revenueProduct
    
    
    12,529
    
    
    
    12,308
    
    
    
    22,886
    
    
    
    23,641Service
    
    
    3,536
    
    
    
    3,597
    
    
    
    6,969
    
    
    
    7,05316,065
    
    
    
    15,905
    
    
    
    29,855
    
    
    
    30,694Gross marginProduct
    
    
    36,348
    
    
    
    35,652
    
    
    
    63,168
    
    
    
    66,879Service
    
    
    2,190
    
    
    
    2,910
    
    
    
    4,778
    
    
    
    5,06338,538
    
    
    
    38,562
    
    
    
    67,946
    
    
    
    71,942Research, development, and engineering expenses
    
    
    7,185
    
    
    
    6,655
    
    
    
    13,500
    
    
    
    13,553Selling, general, and administrative expenses
    
    
    21,494
    
    
    
    17,568
    
    
    
    39,002
    
    
    
    33,882Operating income
    
    
    9,859
    
    
    
    14,339
    
    
    
    15,444
    
    
    
    24,507Foreign currency gain (loss)
    
    
    (291
    )
    
    
    (50
    )
    
    
    (192
    )
    
    
    575Investment and other income
    
    
    973
    
    
    
    1,031
    
    
    
    2,443
    
    
    
    2,305Income before provision for income taxes
    
    
    10,541
    
    
    
    15,320
    
    
    
    17,695
    
    
    
    27,387Income tax provision
    
    
    2,741
    
    
    
    4,442
    
    
    
    4,601
    
    
    
    7,942Net income
    
    $
    7,800
    
    
    $
    10,878
    
    
    $
    13,094
    
    
    $
    19,445Net income per common and common-equivalent share:Basic
    
    $
    0.17
    
    
    $
    0.24
    
    
    $
    0.28
    
    
    $
    0.43Diluted
    
    $
    0.17
    
    
    $
    0.23
    
    
    $
    0.28
    
    
    $
    0.41Weighted-average common and common-equivalent
shares outstanding:Basic
    
    
    46,286
    
    
    
    44,881
    
    
    
    46,290
    
    
    
    44,920Diluted
    
    
    47,141
    
    
    
    47,241
    
    
    
    47,269
    
    
    
    47,317Cash dividends per common share
    
    $
    0.08
    
    
    $
    0.06
    
    
    $
    0.16
    
    
    $
    0.12
  1




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##### Table of Contents



COGNEX CORPORATION
 
 CONSOLIDATED BALANCE SHEETS
 July 3,
    
    December 31,2005
    
    2004(unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    64,759
    
    
    $
    54,270Short-term investments
    
    
    133,677
    
    
    
    180,409Accounts receivable, less reserves of
$2,667 and $2,596 in 2005 and 2004,
respectively
    
    
    36,283
    
    
    
    33,816Inventories, net
    
    
    18,057
    
    
    
    20,091Deferred income taxes
    
    
    8,552
    
    
    
    9,504Prepaid expenses and other current assets
    
    
    16,338
    
    
    
    14,871Total current assets
    
    
    277,666
    
    
    
    312,961Long-term investments
    
    
    87,054
    
    
    
    156,397Property, plant, and equipment, net
    
    
    24,216
    
    
    
    23,995Deferred income taxes
    
    
    4,817
    
    
    
    21,516Intangible assets, net
    
    
    52,922
    
    
    
    7,506Goodwill
    
    
    80,704
    
    
    
    7,033Other assets
    
    
    4,731
    
    
    
    3,900$
    532,110
    
    
    $
    533,308LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    4,975
    
    
    $
    5,563Accrued expenses
    
    
    44,403
    
    
    
    55,779Customer deposits
    
    
    3,171
    
    
    
    3,445Deferred revenue
    
    
    6,418
    
    
    
    5,714Total current liabilities
    
    
    58,967
    
    
    
    70,501Commitments (Notes 3, 7, 8, and 9)Shareholders equity:Common stock, $.002 par value 
Authorized: 140,000 shares, issued:
46,389 and 46,155 shares in 2005
and 2004, respectively
    
    
    93
    
    
    
    92Additional paid-in capital
    
    
    197,581
    
    
    
    192,860Retained earnings
    
    
    289,401
    
    
    
    283,712Accumulated other comprehensive loss
    
    
    (13,932
    )
    
    
    (13,857
    )Total shareholders equity
    
    
    473,143
    
    
    
    462,807$
    532,110
    
    
    $
    533,308
  2




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COGNEX CORPORATION
 
 CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY
 AccumulatedAdditional
    
    
    
    
    
    Other
    
    
    
    
    
    TotalCommon Stock
    
    Paid-in
    
    Retained
    
    Comprehensive
    
    Comprehensive
    
    Shareholders73146;Shares
    
    Par Value
    
    Capital
    
    Earnings
    
    Loss
    
    Income
    
    EquityBalance at December 31, 2004
    
    
    46,155
    
    
    $
    92
    
    
    $
    192,860
    
    
    $
    283,712
    
    
    $
    (13,857
    )
    
    
    
    
    
    $
    462,807Issuance of stock under stock option, stock
purchase, and other plans
    
    
    234
    
    
    
    1
    
    
    
    4,218
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,219Tax benefit from exercise of stock options
    
    
    
    
    
    
    
    
    
    
    503
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    503Payment of dividends
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,405
    )
    
    
    
    
    
    
    
    
    
    
    (7,405
    )Comprehensive income:Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,094
    
    
    
    
    
    
    $
    13,094
    
    
    
    13,094Losses on long-term intercompany
loans net of gains on currency swaps,
net of tax of $178
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (303
    )
    
    
    (303
    )
    
    
    (303
    )Net unrealized loss on
available-for-sale investments, net of
tax of $51
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (85
    )
    
    
    (85
    )
    
    
    (85
    )Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    313
    
    
    
    313
    
    
    
    313Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    13,019Balance at July 3, 2005 (unaudited)
    
    
    46,389
    
    
    $
    93
    
    
    $
    197,581
    
    
    $
    289,401
    
    
    $
    (13,932
    )
    
    
    
    
    
    $
    473,143
  3




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COGNEX CORPORATION
 
 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
 Six Months EndedJuly 3,
    
    July 4,2005
    
    2004(unaudited)Cash flows from operating activities:Net income
    
    $
    13,094
    
    
    $
    19,445Adjustments to reconcile net income to net cash
provided by operating activities:Depreciation of property, plant, and equipment
    
    
    2,236
    
    
    
    2,300Amortization of intangible assets
    
    
    1,450
    
    
    
    760Amortization of investment discounts and premiums
    
    
    1,721
    
    
    
    1,959Tax benefit from exercise of stock options
    
    
    503
    
    
    
    8,501Deferred income tax benefit
    
    
    353
    
    
    
    (929
    )Change in current assets and current liabilities
    
    
    (4,627
    )
    
    
    (6,116
    )Other
    
    
    270
    
    
    
    (78
    )Net cash provided by operating activities
    
    
    15,000
    
    
    
    25,842Cash flows from investing activities:Purchase of investments
    
    
    (321,766
    )
    
    
    (167,575
    )Maturity and sale of investments
    
    
    435,984
    
    
    

    100,921Purchase of property, plant, and equipment
    
    
    (1,814
    )
    
    
    (1,261
    )Cash paid for business acquisition, net of cash acquired
    
    
    (111,427
    )
    
    
    Net cash provided by (used in) investing activities
    
    
    977
    
    
    
    (67,915
    )Cash flows from financing activities:Payment of dividends
    
    
    (7,405
    )
    
    
    (5,390
    )Issuance of stock under stock option, stock
purchase, and other plans
    
    
    4,219
    
    
    
    40,528Net cash provided by (used in) financing activities
    
    
    (3,186
    )
    
    
    35,138Effect of foreign exchange rate changes on cash
    
    
    (2,302
    )
    
    
    1,461Net increase (decrease) in cash and cash equivalents
    
    
    10,489
    
    
    
    (5,474
    )Cash and cash equivalents at beginning of period
    
    
    54,270
    
    
    
    76,227Cash and cash equivalents at end of period
    
    $
    64,759
    
    
    $
    70,753
  4




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COGNEX CORPORATION
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 1: Summary of Significant Accounting Policies
    Share-Based Compensation Plans
  Three Months Ended
    
    Six Months EndedJuly 3,
    
    July 4,
    
    July 3,
    
    July 4,2005
    
    2004
    

    2005
    
    2004Net income, as reported
    
    $
    7,800
    
    
    $
    10,878
    
    
    $
    13,094
    
    
    $
    19,445Less: Total share-based compensation
costs determined under fair value based
method, net of tax
    
    
    (2,368
    )
    
    
    (3,890
    )
    
    
    (4,678
    )
    
    
    (7,591
    )Net income, pro forma
    
    $
    5,432
    
    
    $
    6,988
    
    
    $
    8,416
    
    
    $
    11,854Basic net income per share, as reported
    
    $
    0.17
    
    
    $
    0.24
    
    
    $
    0.28
    
    
    $
    0.43Basic net income per share, pro forma
    
    $
    0.12
    
    
    $
    0.16
    
    
    $
    0.18
    
    
    $
    0.26Diluted net income per share, as reported
    
    $
    0.17
    
    
    $
    0.23
    
    
    $
    0.28
    
    
    $
    0.41Diluted net income per share,
pro forma
    
    $
    0.12
    
    
    $
    0.15
    (1)
    
    $
    0.18
    
    
    $
    0.25
    (1)
 
 (1)
    
    Amounts were originally reported as $0.16 and $0.28 and have been adjusted to $0.15 and $0.25
for the three-month and six-month periods, respectively, due to a refinement in the calculation. 5




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COGNEX CORPORATION
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 1: Summary of Significant Accounting Policies (continued)
  Three Months Ended
    
    Six Months EndedJuly 3,
    
    July 4,
    
    July 3,
    
    July 4,2005
    
    2004
    
    2005
    
    2004Risk-free interest rate
    
    
    3.6

    %
    
    
    3.6
    %
    
    
    3.4
    %
    
    
    2.8
    %Expected life (in years)
    
    
    2.8
    
    
    
    3.0
    
    
    
    2.8
    
    
    
    3.1Expected volatility
    
    
    35
    %
    
    
    42
    %
    
    
    35
    %
    
    
    45
    %Expected dividend yield
    
    
    1.22
    %
    
    
    .75
    %
    
    
    1.27
    %
    
    
    .75
    %
 NOTE 2: New Pronouncements
     6




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COGNEX CORPORATION
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 2:
New Pronouncements (continued)
  NOTE 3: Cash, Cash Equivalents, and Investments
  July 3,
    
    December 31,2005
    
    2004Cash
    
    $
    64,759
    
    
    $
    54,270Total cash and cash
equivalents
    
    
    64,759
    
    
    
    54,270Municipal bonds
    
    
    133,677
    
    
    
    180,409Total short-term investments
    
    
    133,677
    
    
    
    180,409Municipal bonds
    
    
    75,395
    
    
    
    144,685Limited partnership interest
    
    
    11,659
    
    
    
    11,712Total long-term investments
    
    
    87,054
    
    
    
    156,397$
    285,490
    
    
    $
    391,076
   NOTE 4: Inventories
  July 3,
    
    December 31,2005
    
    2004Raw materials
    
    $
    7,317
    
    
    $
    6,311Work-in-process
    
    
    4,879
    
    
    
    7,349Finished goods
    
    
    5,861
    
    
    
    7,495$
    18,057
    
    
    $
    20,091
  7




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##### Table of Contents



COGNEX CORPORATION
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 4: Inventories (continued)
   Balance Sheet
    
    Statement ofOperationsAccruedInventories
    
    Expenses
    
    BenefitsReserve balance at December 31, 2004
    
    $
    7,448
    
    
    $
    1,400Benefits to cost of product revenue recorded in 2004
    
    
    
    
    
    
    
    
    
    $
    496Inventory sold to customers
    
    
    (287
    )
    
    
    
    
    
    $
    287Inventory sold to brokers
    
    
    (90
    )
    
    
    
    
    
    
    Write-off and scrap of inventory
    
    
    (317
    )
    
    
    
    
    
    
    Reserve balance at July 3, 2005
    
    $
    6,754
    
    
    $
    1,400Benefits to cost of product revenue recorded in 2005
    
    
    
    
    
    
    
    
    
    $
    287
  NOTE 5: Intangible Assets
  Gross
    
    
    
    
    
    NetCarrying
    
    Accumulated
    
    CarryingJuly 3, 2005
    
    Amount
    
    Amortization
    
    AmountDistribution networks
    
    $
    38,060
    
    
    $
    548
    
    
    $
    37,512Customer contracts and relationships
    
    
    12,244
    
    
    
    1,889
    
    
    
    10,355Completed technologies
    
    
    9,033
    
    
    
    5,113
    
    
    
    3,920Other
    
    
    1,265
    
    
    
    130
    
    
    
    1,135$
    60,602
    
    
    $
    7,680
    
    
    $
    52,922
 8




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##### Table of Contents



COGNEX CORPORATION
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 5: Intangible Assets (continued)
 December 31, 2004Customer contracts and relationships
    
    $
    8,349
    
    
    $
    1,522
    
    
    $
    6,827Completed
technologies
    
    
    5,440
    
    
    
    4,864
    
    
    
    576Other
    
    
    176
    
    
    
    73
    
    
    
    103$
    13,965
    
    
    $
    6,459
    
    
    $
    7,506
   Year
    
    Amount2005
    
    
    4,2372006
    
    
    5,6432007
    
    
    5,5922008
    
    
    5,5022009
    
    
    5,287Thereafter
    
    
    28,111Total
    
    $
    54,372
 NOTE 6: Goodwill
   MVSD
    
    SISD
    
    ConsolidatedBalance at December 31, 2004
    
    $
    4,121
    
    
    $
    2,912
    
    
    $
    7,033Business acquisition (Note 12)
    
    
    74,331
    
    
    
    
    
    
    
    74,331Foreign exchange rate changes.
    
    
    (313
    )
    
    
    (347
    )
    
    
    (660
    )Balance at July 3, 2005
    
    $
    78,139
    
    
    $
    2,565
    
    
    $
    80,704
 NOTE 7: Warranty Obligations
  9




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COGNEX CORPORATION
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 7: Warranty Obligations (continued)
  Balance at December 31, 2004
    
    $
    1,758Provisions for warranties issued during the period
    
    
    305Warranty obligations assumed in business acquistion (Note 12)
    
    
    200Fulfillment of warranty obligations
    
    
    (508
    )Foreign exchange rate changes
    
    
    (144
    )Balance at July 3, 2005
    
    $
    1,611
 NOTE 8: Indemnification Provisions
    NOTE
9: Standby Letters of Credit and Income Taxes
  10




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COGNEX CORPORATION
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE
9: Standby Letters of Credit and Income Taxes (continued)
  NOTE 10: Net Income Per Share
  Three Months Ended
    
    Six Months EndedJuly 3,
    
    July 4,
    
    July 3,
    
    July 4,2005
    
    2004
    
    2005
    
    2004Net income
    
    $
    7,800
    
    
    $
    10,878
    
    
    $
    13,094
    
    
    $
    19,445Basic:Weighted-average common shares
outstanding
    
    
    46,286
    
    
    
    44,881
    
    
    
    46,290
    
    
    
    44,920Net income per common share
    
    $
    0.17
    
    
    $
    0.24
    
    
    $
    0.28
    
    
    $
    0.43Diluted:Weighted-average common shares
outstanding
    
    
    46,286
    
    
    
    44,881
    
    
    
    46,290
    
    
    
    44,920Effect of dilutive stock options
    
    
    855
    
    
    
    2,360
    
    
    
    979
    
    
    
    2,397Weighted-average common and
common-equivalent shares
outstanding
    
    
    47,141
    
    
    
    47,241
    
    
    
    47,269
    
    
    
    47,317Net income per common and
common-equivalent share
    
    $
    0.17
    
    
    $
    0.23
    
    
    $
    0.28
    
    
    $
    0.41
  NOTE 11: Segment Information
  11




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COGNEX CORPORATION
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 11: Segment Information (continued)
   Three Months Ended
    
    
    
    
    
    
    
    
    
    ReconcilingJuly 3, 2005
    
    MVSD
    
    SISD
    
    Items
    
    ConsolidatedProduct revenue
    
    $
    41,908
    
    
    $
    6,969
    
    
    $
    
    
    
    $
    48,877Service revenue
    
    
    3,386
    
    
    
    2,340
    
    
    
    
    
    
    
    5,726Operating income
    
    
    10,402
    
    
    
    1,579
    
    
    
    (2,122
    )
    
    
    9,859Six Months Ended
July 3, 2005Product revenue
    
    $
    74,593
    
    
    $
    11,461
    
    
    $
    
    
    
    $
    86,054Service revenue
    
    
    7,030
    
    
    
    4,717
    
    
    
    
    
    
    
    11,747Operating income
    
    
    17,441
    
    
    
    2,113
    
    
    
    (4,110
    )
    
    
    15,444
 Three Months Ended
    
    
    
    
    
    
    
    
    
    ReconcilingJuly 4, 2004
    
    MVSD
    
    SISD
    
    Items
    
    ConsolidatedProduct revenue
    
    $
    41,861
    
    
    $
    6,099
    
    
    $
    
    
    
    $
    47,960Service revenue
    
    
    4,589
    
    
    
    1,918
    
    
    
    
    
    
    
    6,507Operating income
    
    
    15,634
    
    
    
    857
    
    
    
    (2,152
    )
    
    
    14,339Six Months Ended
July 4, 2004Product revenue
    
    $
    80,240
    
    
    $
    10,280
    
    
    $
    
    
    
    $
    90,520Service revenue
    
    
    8,481
    
    
    
    3,635
    
    
    
    
    
    
    
    12,116Operating income
    
    
    27,915
    
    
    
    950
    
    
    
    (4,358
    )
    
    
    24,507
  NOTE 12: Acquisition of DVT Corporation
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COGNEX CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 12: Acquisition of DVT Corporation (continued)
    Three Months Ended
    
    
    Six Months EndedJuly 3,
    
    
    July 4,
    
    
    July 3,
    
    
    July 4 ,2005
    
    
    2004
    
    
    2005
    
    
    2004Revenue
    
    $
    57,451
    
    
    $
    61,199
    
    
    $
    108,357
    
    
    $
    116,015Net income
    
    
    7,317
    
    
    
    12,658
    
    
    
    10,400
    
    
    
    18,532Net income per diluted share
    
    
    0.16
    
    
    
    0.22
    
    
    
    0.27
    
    
    
    0.39
 NOTE 13: Dividends
  NOTE 14: Subsequent Event
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ITEM 2: MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 FORWARD-LOOKING STATEMENTS
  Executive Overview
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Results of Operations
 Revenue
    15




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â
 Gross Margin
    Operating Expenses
   Foreign Currency Gain (Loss)
  16




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Investment and Other Income
  Income Taxes
  Liquidity and Capital Resources
      17




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New Pronouncements
      18




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ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  
 ITEM 4: CONTROLS AND PROCEDURES
  19




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PART II: OTHER INFORMATION
 
 ITEM 1. LEGAL PROCEEDINGS
  
 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
  
 ITEM 3. DEFAULTS UPON SENIOR SECURITIES
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  
 ITEM 5. OTHER INFORMATION
  
 ITEM 6. EXHIBITS
 (a)
    
    Exhibits
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*
    
    Filed herewith**
    
    Furnished herewith 21




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SIGNATURES
  DATE: August 5, 2005
    
    COGNEX CORPORATION/s/ Robert J. ShillmanRobert J. Shillman
Chairman of the Board of Directors and Chief Executive Officer(duly authorized officer, principal executive officer)/s/ Richard A. MorinRichard A. MorinSenior Vice President of Finance and Administration, Chief
Financial Officer, and Treasurer(duly authorized officer, principal financial and accounting officer)
 22