NATICK, Mass.--(BUSINESS WIRE)--
Cognex
Corporation (NASDAQ: CGNX) announced today that it has recently
received two purchase orders that have a combined value of more than
$40
million from a single customer. The
Cognex vision systems and barcode
readers will be integrated into automation equipment for high-precision
manufacturing lines in
Asia. Revenue from these purchase orders is
expected to be recognized by
Cognex in the third quarter of 2014.
"These orders represent the largest amount that we have ever received
from a single customer in a single quarter in the 33-year history of our
company," said Dr.
Robert J. Shillman, Chairman of Cognex. "The orders are especially
gratifying, given the difficult technical challenges that we were able
to overcome."
"Cognex won this project after a lengthy, rigorous qualification process
involving a number of our competitors," said Robert
J. Willett, Chief Executive Officer of Cognex. "We are very pleased
that this customer chose Cognex for their vision and barcode reading
needs. We believe that the total order size is a strong indication of
the confidence that they have in Cognex's leading-edge machine vision
and ID products, in the strength of our engineering team and in the
quality of our global support organization."
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.
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, the timing of certain
revenue recognition, expected areas of growth, emerging markets, future
product mix, research and development activities, investments, 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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