NATICK, MA, USA April 21, 2008
Cognex Announces New $50 Million Stock Repurchase Authorization
NATICK, MA, April 21, 2008 — Cognex Corporation (NASDAQ: CGNX) today announced that its Board of Directors authorized the repurchase of up to $50 million of Cognex common stock in open market transactions. The repurchases will be made at management’s discretion depending upon a variety of factors, including price levels and share availability.
This new authorization is in addition to the $100 million stock repurchase program that was announced by Cognex on July 27, 2006, of which approximately $13 million remains available. And it is also in addition to the $30 million stock repurchase program announced on March 13, 2008 that is subject to the parameters of a Rule 10b5-1 Plan for repurchases during Cognex self-imposed trading blackout periods related to the announcement of quarterly results, of which approximately $27 million remains available. This new authorization brings the total amount of funds available for the repurchase of Cognex common stock to $90 million.
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” and similar words. These forward-looking statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) economic conditions that impact the capital spending trends of manufacturers in a variety of industries; (2) the cyclicality of the semiconductor and electronics industries; (3) the inability to achieve significant international revenue; (4) fluctuations in foreign exchange rates; (5) the loss of, or a significant curtailment of purchases by, any one or more principal customers; (6) the reliance upon certain sole-source suppliers of critical components; (7) the inability to attract and retain skilled employees; (8) the inability to design and manufacture high-quality products; (9) the technological obsolescence of current products and the inability to develop new products; (10) the failure to effectively manage product transitions or accurately forecast customer demand; (11) the failure to properly manage the distribution of products and services; (12) the inability to protect Cognex proprietary technology and intellectual property; (13) the company’s involvement in time-consuming and costly litigation; (14) the impact of competitive pressures; (15) the challenges in integrating acquired businesses and achieving expected results; (16) exposure to additional tax liabilities; and (17) the other risks detailed in the company’s reports filed with the SEC, including the company’s Form 10-K for the fiscal year 2007. 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.
Director of Investor Relations
Telephone: (508) 650-3353