FEBRUARY 18, 2009--Cognex Corp. (Natick, MA, USA; www.cognex.com) has announced that the company's board of directors declared a quarterly cash dividend of $0.15 per share. This dividend is payable on Mar. 20, 2009, to all shareholders of record at the close of business on Mar. 6, 2009. This is Cognex's twenty-third consecutive quarterly cash dividend.
Cognex also has released its financial results for the fourth quarter and year ended Dec. 31, 2008.
"We are pleased with our results for 2008 as compared to 2007; revenue increased by 8% and income per share from continuing operations increased by 17% over the prior year," says Robert J. Shillman, chairman and CEO of Cognex. "However, the quarterly trend is troubling as revenue in the fourth quarter, which is typically a strong quarter, was negatively impacted by the significant deterioration in global economic conditions. The decline in business was most notable in our Modular Vision Systems Division (MVSD), which is our largest division, as manufacturers delayed funding for capital projects in response to the changing climate."
Shillman continues, "Over the past six months we have taken meaningful steps to adjust our expenses to an anticipated lower level of demand. These actions include the scheduled closure of our Georgia facility in mid-2009, the elimination of 60 full-time positions (approximately 7% of our worldwide headcount) primarily in the United States, and the curtailment of spending on all non-critical projects. As a result, we expect that our operating expenses for the first quarter of 2009 will be 5% to 8% lower than the level we reported for the fourth quarter of 2008.
"Despite the very difficult environment that we are currently facing, I believe that our continued focus on long-term strategic initiatives, our strong balance sheet, and the leadership provided by our experienced and fiscally conservative management team will enable us to emerge from this downturn, as we have from prior ones, in an even stronger position relative to our competitors," he concludes.
