NATICK, Mass.--(BUSINESS WIRE)--
Cognex Corporation (NASDAQ:CGNX) announced today that the company's
Board of Directors has authorized the purchase of up to
$100 million of
Cognex common stock in open market transactions, subject to market
conditions and other relevant factors. This new authorization will
commence after
Cognex completes an existing
$100 million repurchase
program, of which approximately
$39 million remains available.
The repurchase program is intended to help reduce share dilution
associated with the company's equity incentive plans, which the company
strongly believes is instrumental in its ability to recruit the highest
caliber employees and to motivate and retain them.
"Over the past decade, Cognex has returned over $500 million to
shareholders in the form of stock buy-backs, while continuing to invest
in new product development, expand our sales organization and to close a
number of important acquisitions," said Dr.
Robert J. Shillman, Chairman of Cognex. "We are pleased that the
strength of our balance sheet and the consistent cash generation from
operations enables us to invest for Cognex's future growth while sharing
our ongoing success with shareholders in a meaningful way."
About Cognex Corporation
Cognex Corporation designs, develops, manufactures and markets a range
of products, all of which 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 1.5
million vision-based products, representing over $5 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, the timing of revenue
recognition, expected areas of growth, emerging markets, future product
mix, research and development activities, further 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 inability to achieve significant international revenue;
(6) fluctuations in foreign currency exchange rates and the use of
derivative instruments; (7) information security breaches or business
system disruptions; (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; and
(20) the other risks detailed in Cognex reports filed with the SEC,
including its Form 10-K for the fiscal year ended December 31, 2016. 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/20170501005370/en/
Cognex Corporation
Susan Conway, 508-650-3353
Senior Director
of Investor Relations
susan.conway@cognex.com
Source: Cognex Corporation
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