NATICK, Mass.--(BUSINESS WIRE)--
Cognex
Corporation (NASDAQ: CGNX) today announced that the company's Board
of Directors has declared a two-for-one split of its common stock to be
issued in the form of a stock dividend. The additional shares will be
distributed on
September 16, 2013 to shareholders of record on
August
26, 2013.
"Today's announced stock split reflects the Board of Directors'
confidence in Cognex's financial strength and in its prospects for the
future. Given the increase in the price of Cognex stock over the past
year, we want to ensure that it remains accessible to a broad range of
investors," said Dr.
Robert J. Shillman, Chairman of Cognex.
"Our company's growth has accelerated in recent quarters as a result of
our long-term strategic initiatives in developing new products and
expanding our sales channels. It's gratifying to see our efforts begin
to deliver for Cognex and its shareholders," said Robert
J. Willett, Chief Executive Officer of Cognex.
Trading of Cognex shares on a split-adjusted basis will begin on August
27, 2013.
About Cognex Corporation
Cognex Corporation designs, develops, manufactures and markets a range
of products that incorporate sophisticated machine vision technology
that gives them the ability to "see." Cognex products include barcode
readers, machine vision sensors and machine vision systems that are used
in factories, warehouses and distribution centers around the world to
guide, gauge, inspect, identify and assure the quality of items during
the manufacturing and distribution process. Cognex is the world's leader
in the machine vision industry, having shipped more than 850,000
vision-based products, representing over $3 billion in cumulative
revenue, since the company's founding in 1981. Headquartered in Natick,
Massachusetts, USA, Cognex has regional offices and distributors located
throughout North America, Japan, Europe, Asia and Latin America. For
details visit Cognex online at http://www.cognex.com.
Certain statements made in this news release, which do not relate
solely to historical matters, are forward-looking statements. These
statements can be identified by use of the words "expects,"
"anticipates," "estimates," "believes," "projects," "intends," "plans,"
"will," "may," "shall," "could," "should," and similar words. These
forward-looking statements, which include statements regarding business
and market trends, future financial performance, the timing of order
shipments, customer order rates, expected areas of growth, research and
development and sales activities, and strategic plans, involve known and
unknown risks and uncertainties that could cause actual results to
differ materially from those projected. Such risks and
uncertainties include: (1) current and future conditions in the global
economy; (2) the cyclicality of the semiconductor and electronics
industries; (3) the reliance on revenue from the automotive industry;
(4) the inability to penetrate new markets; (5) the inability to achieve
significant international revenue; (6) fluctuations in foreign currency
exchange rates; (7) the loss of a large customer; (8) the inability to
attract and retain skilled employees; (9) the reliance upon key
suppliers to manufacture and deliver critical components for Cognex
products; (10) the failure to effectively manage product transitions or
accurately forecast customer demand; (11) the inability to design and
manufacture high-quality products; (12) the technological obsolescence
of current products and the inability to develop new products; (13) the
failure to properly manage the distribution of products and services;
(14) the inability to protect Cognex proprietary technology and
intellectual property; (15) involvement in time-consuming and costly
litigation; (16) the impact of competitive pressures; (17) the
challenges in integrating and achieving expected results from acquired
businesses; (18) potential impairment charges with respect to Cognex's
investments or for acquired intangible assets or goodwill; (19) exposure
to additional tax liabilities; (20) information security breaches or
business systems disruptions; and (21) the other risks detailed in
Cognex reports filed with the SEC, including its Form 10-K for the
fiscal year ended December 31, 2012. You should not place undue reliance
upon any such forward-looking statements, which speak only as of the
date made. Cognex disclaims any obligation to update forward-looking
statements after the date of such statements.
Cognex Corporation
Susan Conway, 508-650-3353
Director of
Investor Relations
susan.conway@cognex.com
Source: Cognex Corporation
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