NATICK, MA, USA November 01, 2010
Cognex Corporation Increases Quarterly Dividend by 33%
Machine Vision Company Declares Second Dividend Increase in 2010
NATICK, MA, November 1, 2010 — Cognex Corporation (NASDAQ: CGNX) announced today that the company’s Board of Directors declared a cash dividend for the third quarter of 2010 of $0.08 per share, which is an increase of $0.02 per share over the prior quarter’s dividend of $0.06 per share. This increase follows the 20% increase announced in May of 2010 when the company’s Board of Directors increased the dividend from $0.05 per share to $0.06 per share.
“I am happy to report that our results for the third quarter of 2010 and our outlook for the remainder of the year is considerably better than what we had anticipated just a few months ago,” said Dr. Robert J. Shillman, Chairman and Chief Executive Officer of Cognex. “In view of that fact and consistent with our philosophy, ‘When Cognex wins, we all win,’ the Board of Directors voted to increase our dividend so that we could share our success in a tangible way with our shareholders.”
The dividend announced today is payable on December 17, 2010, to all shareholders of record at the close of business on December 3, 2010. Cognex declared its first dividend in the third quarter of 2003, and to date it has paid nearly $101 million in dividends to its shareholders.
Certain statements made in this press 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,” and similar words. These forward-looking statements, which include statements regarding business, economic and market trends, future financial performance, customer order rates, strategic plans, and the impact of the company’s cost-cutting measures, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) current and future conditions in the global economy; (2) potential disruption to Cognex’s business from its restructuring programs; (3) the cyclicality of the semiconductor and electronics industries; (4) the inability to achieve significant international revenue; (5) fluctuations in foreign currency exchange rates; (6) the loss of a large customer; (7) the inability to attract and retain skilled employees; (8) the reliance upon key suppliers to manufacture and deliver critical components for Cognex products; (9) the failure to effectively manage product transitions or accurately forecast customer demand; (10) the inability to design and manufacture high-quality products; (11) the technological obsolescence of current products and the inability to develop new products; (12) the failure to properly manage the distribution of products and services; (13) the inability to protect Cognex proprietary technology and intellectual property; (14) involvement in time-consuming and costly litigation; (15) the impact of competitive pressures; (16) the challenges in integrating and achieving expected results from acquired businesses; (17) potential impairment charges with respect to Cognex’s investments or for acquired intangible assets or goodwill; (18) exposure to additional tax liabilities; and (19) the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year 2009. 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.CONTACT
Director of Investor Relations
Telephone: (508) 650-3353