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Cognex Corporation designs, develops, manufactures, and markets a range of products that incorporate sophisticated machine vision technology that gives them the ability to “see.” Cognex products include barcode readers, machine vision sensors, and machine vision systems that are used in factories, warehouses, and distribution centers around the world to guide, gauge, inspect, identify, and assure the quality of items during the manufacturing and distribution process. Cognex is the world’s leader in the machine vision industry, having shipped more than 1 million vision-based products, representing over $4 billion in cumulative revenue, since the company’s founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has regional offices and distributors located throughout the Americas, Europe, and Asia.
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Cognex Corporation Declares First Cash Dividend
POSTED 08/07/2003
Business Wire via NewsEdge Corporation : NATICK, Mass.--(BUSINESS WIRE)--Aug. 5, 2003--Cognex Corporation (NASDAQ: CGNX) announced today that the company's Board of Directors declared a quarterly cash dividend of $0.06 per share. This is the first cash dividend declared by the company in its 22-year history. The dividend is payable on September 19, 2003 to all shareholders of record at the close of business on August 29, 2003.
‘‘This dividend demonstrates the confidence that the Board of Directors has in Cognex's business and in its prospects for the future,’‘ said Dr. Robert J. Shillman, Cognex's Chief Executive Officer and Chairman. ‘‘Given the recent change in the federal tax laws lowering the tax on dividends to 15%, cash dividends are quite attractive to shareholders. And, given that Cognex has an exceptionally strong balance sheet...with over $280 million in cash and investments and no debt...we can afford to pay this dividend while, at the same time, we continue to invest in both R&D and in acquisitions to grow our company.’‘
About Cognex Corporation
Cognex Corporation designs, develops, manufacturers, and markets machine vision systems, or computers that can ‘‘see’‘. Cognex is the world's leader in the machine vision industry, having shipped to date more than 175,000 machine vision systems, representing over $1.4 billion in cumulative revenue, since the company's founding in 1981. Cognex's Modular Vision Systems Division, headquartered in Natick, Massachusetts, specializes in machine vision systems which are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex's Surface Inspection Systems Division, headquartered in Alameda, California, specializes in machine vision systems which are used for inspecting the surfaces of products that are manufactured in a continuous fashion, such as metals, paper, nonwovens and plastics. In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices located throughout North America, Japan, Europe, and Southeast Asia. Visit Cognex on-line at http://www.cognex.com/.
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Forward-Looking Statement
Certain statements made in this press release and its attachments, which do not relate solely to historical matters, are forward-looking statements. You can identify these forward-looking statements by our use of the words ‘‘expects,’‘ ‘‘believes,’‘ ‘‘projects,’‘ ‘‘anticipates,’‘ ‘‘will’‘ and similar words and other statements of a similar sense. These statements, which include statements regarding business trends and the company's financial outlook, are based on the company's current expectations and estimates as to prospective events and circumstances, which may or may not be in the company's control and as to which there can be no firm assurances given. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the effect of the general economic slowdown, including the worldwide slowdown in capital spending, and the uncertainty of the timing and rate of recovery; (2) the cyclicality of the semiconductor and electronics industry; (3) the company's continued ability to achieve significant international revenue; (4) the loss of, or significant curtailment of purchases by, any one or more principal customers; (5) the inability to achieve expected results from acquisitions; (6) the inability to design and manufacture new products or products which respond to competitive technology; and (7) the other risks detailed in the company's reports filed periodically with the Securities and Exchange Commission, including the company's Form 10-K for the fiscal year ended December 31, 2002. The company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
CONTACT:
Cognex Corporation
Susan Conway
508-650-3353