Cognex Declares Very Special Cash Dividend of $2 Per Share
December 03 2020 - 4:06PM
Business Wire
Cognex Corporation (NASDAQ: CGNX) announced today that the
company’s Board of Directors declared a “very special” cash
dividend of $2.00 per share, payable on December 28, 2020 to all
shareholders of record at the close of business on December 14,
2020. The aggregate payment will be approximately $350 million and
funded using existing cash balances.
“Cognex has paid a quarterly cash dividend for every quarter
starting in 2003. Since that time, our cash and investments balance
has grown to over $1 billion, despite years of funding business
growth, share repurchases, and dividend increases. At Cognex we
have a motto, “When Cognex wins, we all win,” and in keeping with
that motto, we are making this very special dividend payment to
share our success with our shareholders and reward them for their
loyalty to Cognex prior to any potential federal tax increases
under a new administration,” said Dr. Robert J. Shillman, Founder
and Chairman of Cognex.
“We are proud that we are in a position to pay a meaningful
dividend to our shareholders, especially during this challenging
business environment,” said Robert J. Willett, Chief Executive
Officer of Cognex. “Cognex has a strong balance sheet and no debt.
We are confident in our company’s long-term growth prospects. And
we expect to continue to generate cash sufficient to continue to
grow our business and to make opportunistic acquisitions.”
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 world's leader in the machine vision industry,
having shipped more than 2.3 million image-based products,
representing over $7 billion in cumulative revenue, since the
company's 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, the
expected impact of the COVID-19 pandemic on Cognex’s assets,
business and results of operations, customer order rates and timing
of related revenue, future product mix, restructuring and other
cost savings initiatives, research and development activities,
stock repurchases, investments, liquidity, strategic plans, and
estimated tax benefits and expenses and other tax matters, involve
known and unknown risks and uncertainties that could cause actual
results to differ materially from those projected. Such risks and
uncertainties include (1) the impact, duration, and severity of the
COVID-19 pandemic; (2) current and future conditions in the global
economy, including the impact of the COVID-19 pandemic and the
imposition of tariffs or export controls; (3) the loss of, or
curtailment of purchases by, a large customer; (4) the reliance on
revenue from the consumer electronics or automotive industries; (5)
the inability to penetrate the logistics industry and other new
markets; (6) the inability to achieve significant international
revenue; (7) fluctuations in foreign currency exchange rates and
the use of derivative instruments; (8) information security
breaches or business system disruptions; (9) the inability to
attract and retain skilled employees; (10) the failure to
effectively manage our growth; (11) the reliance upon key suppliers
to manufacture and deliver critical components for our products;
(12) the failure to effectively manage product transitions or
accurately forecast customer demand; (13) the inability to design
and manufacture high-quality products; (14) the technological
obsolescence of current products and the inability to develop new
products; (15) the failure to properly manage the distribution of
products and services; (16) the inability to protect our
proprietary technology and intellectual property; (17) our
involvement in time-consuming and costly litigation; (18) the
impact of competitive pressures; (19) the challenges in integrating
and achieving expected results from acquired businesses, including
the acquisition of Sualab; (20) potential impairment charges with
respect to our investments or for acquired intangible assets or
goodwill; (21) exposure to additional tax liabilities; and (22)
potential disruptions to our business due to restructuring
activities and the failure of such activities to generate the
anticipated cost savings; and the other risks detailed in Cognex
reports filed with the SEC, including its Form 10-K for the fiscal
year ended December 31, 2019 and Form 10-Q for the fiscal quarter
ended September 27, 2020. 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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version on businesswire.com: https://www.businesswire.com/news/home/20201203006016/en/
Susan Conway Investor Relations +1 508-650-3353
Susan.conway@cognex.com
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