Cognex Sees Q1 Revenues; Earns Below Expectations

NATICK, Mass., March 20, 2001 (Reuters) - Cognex Corporation, which develops computers that can "see" from inside the screen, on Tuesday warned that its first quarter earnings will be lower than expected due to delays and cutbacks in capital equipment spending by both semiconductor and electronics manufacturers.

The Company said it expects its earnings for the first quarter to be in the range of 10 to 13 cents per share.  Wall Street analysts had been expecting the Company to earn 17 cents per share, based on consensus estimates from research firm First Call/Thomson Financial.

Natick, Mass.-based Cognex said revenues should be between $42 million and $45 million.

To offset the decline in consumer demand, the Company will implement several cost-cutting actions, such as a restricted hiring plan and a reduction in discretionary spending, Dr. Robert Shillman, Cognex's chief executive, said in a statement.

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