NATICK, Mass.--(BUSINESS WIRE)--Oct. 29, 2018--
Cognex
Corporation (NASDAQ: CGNX) announced today that the company’s Board
of Directors has authorized the purchase of up to $200 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 $150 million repurchase program, of which
approximately $53 million remains available.
The repurchase program is intended to help reduce share dilution
associated with the company’s equity incentive plans, which the company
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 Cognex’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,
including the imposition of tariffs; (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
Form 10-K for the fiscal year ended December 31, 2017. 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: https://www.businesswire.com/news/home/20181029005748/en/
Source: Cognex Corporation
Cognex Corporation
Susan Conway, 508-650-3353
Senior Director
of Investor Relations
susan.conway@cognex.com