Cognex Authorizes New Stock Buyback Program
October 29 2018 - 4:06PM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181029005748/en/
Cognex CorporationSusan Conway, 508-650-3353Senior Director of
Investor Relationssusan.conway@cognex.com
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