JULY 28--The Cognex Corporation (Natick, MA, USA; www.cognex.com) board of directors has declared a quarterly cash dividend of $0.085 per share, representing a 6% increase in the dividend. The board also authorized the repurchase of up to $100 million of Cognex common stock in open market transactions. This new authorization follows the recently completed $100 million stock-repurchase program announced on December 12, 2000, and it will be implemented at management's discretion, depending upon a variety of factors, including price levels and share availability.
"The cash dividend increase and the stock-repurchase authorization demonstrate the confidence that the board of directors has in Cognex's business and in its prospects for the future," said Robert J. Shillman, Cognex chief executive officer and chairman. "Cognex has a strong balance sheet with nearly $300 million in cash and investments and no debt, and the company has consistently generated cash from operations. We are pleased to be able to share our success with our shareholders while also continuing to invest for future growth."
This dividend is payable on August 25, 2006, to all shareholders of record at the close of business on August 11, 2006. It is Cognex's 13th consecutive quarterly cash dividend. To date, $40 million in dividends has been paid to shareholders since the first cash dividend was declared in the third quarter of 2003, and this is the second time that the dividend has been increased.
