News

FOR IMMEDIATE RELEASE

NATICK, MA, USA noviembre 13, 2008

Cognex Announces Cost-Cutting Measures

NATICK, MA, November 13, 2008 — Cognex Corporation (NASDAQ: CGNX) today announced that it has taken meaningful steps to cut expenses to help ensure that it will continue profitable operations during these difficult economic times. The reduction in expenses was accomplished through a number of different measures, the most meaningful ones of which are 1) the closing of the company’s facility in Georgia scheduled for mid-2009, and 2) the elimination of 60 full-time positions (approximately 7% of its worldwide headcount), primarily in the United States. After the one-time effects of these cuts, projected savings from the actions described above are estimated to be approximately $6,000,000 on an annual basis, and are expected to be fully realizable beginning in 2010.   

As a result of the actions that the company has taken, Cognex expects to record a pre-tax charge of approximately $700,000 in the fourth quarter of 2008 (this full amount was included in the guidance given by Cognex on October 29, 2008). And in the first half of 2009, Cognex expects to record an additional charge of approximately $1,700,000 related to the facility closure. The distribution center that is currently based in Georgia will be consolidated into the company’s headquarters in Natick, Massachusetts. 

“The actions announced today were not made easily; the individuals who were let go were all hardworking, experienced and dedicated employees; but unfortunately the actions were necessary to ensure the continued profitability of our company,” said Dr. Robert J. Shillman, the Chairman and Chief Executive Officer of Cognex. “Given the rather bleak economic outlook and the expectation that conditions will not improve soon, it is important to align our expenses as quickly as possible to the lower level of business that we anticipate in 2009. The difficult steps that we have taken should allow us to maintain our long record of profitable operations, even as we continue to invest in strategic initiatives to ensure the long-term success of our company.” 

INVESTOR CONTACT:
Susan Conway
Director of Investor Relations
Cognex Corporation
(508) 650-3353

BUSINESS PRESS:
Robin Pratt
Senior Manager, Corporate Communications
Cognex Corporation
(508) 650-3384

 

Acerca de Cognex Corporation

Cognex Corporation diseña, desarrolla, fabrica y comercializa una amplia variedad de productos basados en imágenes que emplean técnicas de inteligencia artificial (IA) para tomar decisiones basándose en lo que observan. Los productos de Cognex incluyen sistemas y sensores de visión artificial y lectores de código de barras que se utilizan en fábricas y centros de distribución de todo el mundo para prevenir y eliminar errores en los procesos de producción y envío.

Cognex es el líder mundial en la industria de la visión artificial, ya que ha vendido más de 2 millones de productos basados en imágenes, lo que representa ingresos acumulados por más de $7 mil millones de dólares desde la fundación de la compañía en 1981. Además de sus oficinas principales en Natick, Massachusetts, EE. UU., Cognex también tiene oficinas y distribuidores en América, Europa y Asia. Para mayor información, visite Cognex en línea en www.cognex.com

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