NATICK, Mass.--(BUSINESS WIRE)--
Cognex Corporation (NASDAQ: CGNX) today announced that its Board of
Directors authorized the repurchase of up to
$50 million of
Cognex
common stock in open market transactions. This new authorization will
commence once
Cognex completes an existing
$80 million repurchase
program, of which
$38 million remains available. The repurchase program
is intended to offset the estimated dilution created by Cognex's annual
employee stock option awards, which the company believes are
instrumental in its ability to recruit, retain and motivate the highest
caliber employees.
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 975,000
vision-based products, representing over $4 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.
Forward-Looking Statement
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 and other
statements of a similar sense. These forward-looking statements, which
include statements regarding business and market trends, future
financial performance, customer order rates and demand, the timing of
certain revenue recognition, expected areas of growth, future product
mix, research and development activities, investments, stock
repurchases, 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 or consumer electronics
industries; (4) the inability to penetrate new markets; (5) the
inability to achieve significant international revenue; (6) fluctuations
in foreign currency exchange rates and the use of derivative
instruments; (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 our
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 our proprietary technology and
intellectual property; (15) our 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 our
investments or for acquired intangible assets or goodwill; (19) exposure
to additional tax liabilities; (20) information security breaches or
business system 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, 2013. 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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