NATICK, MA, USA September 27, 2010
Cognex Corporation Raises Guidance for the Third Quarter of 2010
NATICK, MA, September 27, 2010 — Cognex Corporation (NASDAQ: CGNX) today announced that it has increased its revenue guidance for the third quarter of 2010. Revenue for the third quarter of 2010 is now expected to be between $74 million and $76 million as compared to the company’s previous guidance of $65 million to $68 million, which was given on August 2, 2010. This substantial increase is due to stronger than anticipated demand from the Factory Automation market, which is the largest market served by the company and which represented 69% of the company’s business in the second quarter.
“I am delighted to report that demand from the Factory Automation market was unexpectedly strong during the third quarter,” said Dr. Robert J. Shillman, Cognex’s Chairman and Chief Executive Officer. “Typically, we see a notable softness in the order rate during the summer months, especially from Factory Automation customers based in Europe, but that seasonal trend did not occur this year. Instead, bookings were considerably better than what we had anticipated. As a result, we expect to set a new record for quarterly revenue in the current third quarter.”
IR@cognex.com or call Susan Conway, Director of Investor Relations, at (508) 650-3353.
Certain statements made in this press 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,” and similar words. These forward-looking statements, which include statements regarding business, economic and market trends, future financial performance, customer order rates, strategic plans, and the impact of the company’s cost-cutting measures, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) current and future conditions in the global economy; (2) potential disruption to Cognex’s business from its restructuring programs; (3) the cyclicality of the semiconductor and electronics industries; (4) the inability to achieve significant international revenue; (5) fluctuations in foreign currency exchange rates; (6) the loss of a large customer; (7) the inability to attract and retain skilled employees; (8) the reliance upon key suppliers to manufacture and deliver critical components for Cognex products; (9) the failure to effectively manage product transitions or accurately forecast customer demand; (10) the inability to design and manufacture high-quality products; (11) the technological obsolescence of current products and the inability to develop new products; (12) the failure to properly manage the distribution of products and services; (13) the inability to protect Cognex proprietary technology and intellectual property; (14) involvement in time-consuming and costly litigation; (15) the impact of competitive pressures; (16) the challenges in integrating and achieving expected results from acquired businesses; (17) potential impairment charges with respect to Cognex’s investments or for acquired intangible assets or goodwill; (18) exposure to additional tax liabilities; and (19) the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year 2009. 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.INVESTOR CONTACT:
Director of Investor Relations
Phone: (508) 650-3353