NATICK, Mass.--(BUSINESS WIRE)--
Cognex Corporation (NASDAQ: CGNX) today announced that its Board of
Directors authorized the purchase of up to
$100 million of
Cognex common
stock in open market transactions. The new authorization is in addition
to Cognex's existing
$50 million stock purchase program, of which
$6.5
million remains available. Purchases under this new authorization can
commence once
Cognex completes the existing program, and will be subject
to market conditions and other relevant factors.
"I am pleased that our Board of Directors has authorized this
substantial stock purchase program," said Dr.
Robert J. Shillman, Founder and Chairman of Cognex. "This program
reflects the confidence that our board has in the company's ability to
generate cash while making significant investments in growth
initiatives."
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 1 million
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 the Americas, Europe and Asia. 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, shipments and collections,
expected areas of growth and opportunity, target long-term growth rates,
future product mix, new product introductions, future stock repurchases,
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) the
loss of a large customer; (2) current and future conditions in the
global economy; (3) the reliance on revenue from the consumer
electronics or automotive industries; (4) the inability to penetrate new
markets; (5) the cyclicality of the semiconductor and electronics
industries; (6) the inability to achieve significant international
revenue; (7) fluctuations in foreign currency exchange rates and the use
of derivative instruments; (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, 2014. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150803006240/en/
Cognex Corporation
Susan Conway, 508-650-3353
Senior Director
of Investor Relations
susan.conway@cognex.com
Source: Cognex Corporation
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