JUNE 13--Cognex Corporation (Natick, MA) has recently completed the repurchase of $100 million of its common stock under a plan approved by its board of directors on December 12, 2000. Cognex purchased more than 4,400,000 shares (approximately 10% of the common shares outstanding) on the open market at an average price of $22.66 per share.
"I am pleased that we have successfully completed the share repurchase program," said Robert J. Shillman, Cognex chief executive officer and chairman. "Given our exceptionally strong balance sheet . . . with nearly $300 million in cash and investments and no debt . . . and that Cognex consistently generates cash from operations, we believe that the repurchase of $100 million of Cognex stock was a wise investment."
Cognex Corporation designs, develops, manufactures, and markets machine vision sensors and systems. Cognex vision sensors are used in factories around the world to automate the manufacture of a wide range of items and to assure their quality. Visit Cognex online at www.cognex.com.