Cognex Increases Quarterly Cash Dividend and Announces Two-for-One Stock Split
Monday, October 30, 2017 4:06:00 PM ET
Corporation (CGNX ) today announced that the companys Board
of Directors increased its quarterly cash dividend to $0.09 per share.
In addition, the Board approved a two-for-one split of the Companys
common stock, payable in the form of a stock dividend.
For each share of CGNX that shareholders of record own on November 17,
2017, they will receive $0.09 plus one additional share of common stock.
The quarterly cash dividend and the stock dividend will both be paid on
December 1, 2017.
After the stock split, Cognexs total shares outstanding will increase
to approximately 173.2 million shares from approximately 86.6 million
shares. The NASDAQ Stock Market is expected to begin reporting the
adjusted number of shares outstanding and the split-adjusted per-share
stock price on December 4, 2017.
"The Board of Directors is confident in Cognexs financial strength and
growth prospects and is very proud of the long- term value that the
Company has delivered to its shareholders," said Dr.
Robert J. Shillman, Chairman of Cognex. "The Board is focused on
both sharing our ongoing success with shareholders and maintaining
strong trading liquidity so that our shares remain accessible to a broad
range of investors. We believe todays announced dividend increase and
stock split will help to achieve those objectives."
The quarterly cash dividend announced today represents a 6% increase
over the dividend paid in the prior quarter. It follows a 13% increase
announced in May of 2017 when the companys Board of Directors increased
the dividend to $0.085 per share from $0.075 per share. Cognexs four
prior two-for-one stock splits occurred in 1992, 1993, 1995 and 2013.
About Cognex Corporation
Cognex Corporation designs, develops, manufactures and markets a wide
range of image-based products, all of which use artificial intelligence
(AI) techniques that give them the human-like ability to make decisions
on what they see. Cognex products include machine vision systems,
machine vision sensors and barcode readers that are used in factories
and distribution centers around the world where they eliminate
production and shipping errors.
Cognex is the worlds leader in the machine vision industry, having
shipped more than 1.5 million vision-based products, representing over
$5 billion in cumulative revenue, since the companys founding in 1981.
Headquartered in Natick, Massachusetts, USA, Cognex has offices and
distributors located throughout the Americas, Europe and Asia. For
details visit Cognex online at www.cognex.com.
Certain statements made in this news 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," "should," and similar words and other
statements of a similar sense. These forward-looking statements, which
include statements regarding business and market trends, future
financial performance, further dividends and growth prospects, involve
known and unknowns uncertainties that could cause actual results to
differ materially from those projected. Such risks and uncertainties
include: (1) the loss of a large customer; (2) current and future
conditions in the global economy; (3) the reliance on revenue from the
consumer electronics or automotive industries; (4) the inability to
penetrate new markets; (5) the inability to achieve significant
international revenue; (6) fluctuations in foreign currency exchange
rates and the use of derivative instruments; (7) information security
breaches or business system disruptions; (8) the inability to attract
and retain skilled employees; (9) the reliance upon key suppliers to
manufacture and deliver critical components for our products; (10) the
failure to effectively manage product transitions or accurately forecast
customer demand; (11) the inability to design and manufacture
high-quality products; (12) the technological obsolescence of current
products and the inability to develop new products; (13) the failure to
properly manage the distribution of products and services; (14) the
inability to protect our proprietary technology and intellectual
property; (15) our involvement in time-consuming and costly litigation;
(16) the impact of competitive pressures; (17) the challenges in
integrating and achieving expected results from acquired businesses;
(18) potential impairment charges with respect to our investments or for
acquired intangible assets or goodwill; (19) exposure to additional tax
liabilities; and (20) the other risks detailed in Cognex reports filed
with the SEC, including its Form 10-K for the fiscal year ended December
31, 2016. 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.
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SOURCE: Cognex Corporation">
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Susan Conway, 508-650-3353
Senior Director of Investor Relations