NATICK, Mass.--(BUSINESS WIRE)--
Cognex Corporation (NASDAQ: CGNX) announced today that the company's
Board of Directors has authorized the purchase of up to
$150 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
$45 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 are instrumental in its ability to recruit, motivate
and retain the highest caliber employees.
About Cognex Corporation
Cognex Corporation designs, develops, manufactures and markets a wide
range of image-based products, all of which use artificial intelligence
(AI) techniques that give them the human-like ability to make decisions
on what they see. Cognex products include machine vision systems,
machine vision sensors and barcode readers that are used in factories
and distribution centers around the world where they eliminate
production and shipping errors.
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 offices and
distributors located throughout the Americas, Europe and Asia. For
details visit Cognex online at 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 the Company's stock repurchase program and
further stock repurchases, 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 failure to effectively manage our growth; (10) the reliance upon
key suppliers to manufacture and deliver critical components for our
products; (11) the failure to effectively manage product transitions or
accurately forecast customer demand; (12) the inability to design and
manufacture high-quality products; (13) the technological obsolescence
of current products and the inability to develop new products; (14) the
failure to properly manage the distribution of products and services;
(15) the inability to protect our proprietary technology and
intellectual property; (16) our involvement in time-consuming and costly
litigation; (17) the impact of competitive pressures; (18) the
challenges in integrating and achieving expected results from acquired
businesses; (19) potential impairment charges with respect to our
investments or for acquired intangible assets or goodwill; (20) exposure
to additional tax liabilities; and (21) the other risks detailed in
Cognex reports filed with the SEC, including its Annual Report on Form
10-K. 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/20180215005247/en/
Cognex Corporation
Susan Conway, 508-650-3353
Senior Director
of Investor Relations
susan.conway@cognex.com
Source: Cognex Corporation
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