Cognex Corporation Expects Lower Revenue and Earnings for First Quarter of 2001.Business Editors NATICK, Mass.--(BUSINESS WIRE)--March 20, 2001 Cognex Corporation Cognex Corporation is an American corporation that manufactures commercial machine vision systems. Cognex is the world leader in its field, holding an array of patents and employing academic experts. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CGNX) today announced that it expects revenue and earnings for the first quarter ending April 1, 2001, to be lower than its earlier projections. The company now expects to report revenue for the first quarter in the range of $42 million to $45 million and earnings in the range of $0.10 to $0.13 per share. The anticipated lower revenue is due to delays and cutbacks in capital equipment spending by manufacturers in the semiconductor and electronics industries, as well as a slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in orders from customers in a variety of industries whose businesses are being impacted by the softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. economy. "During the fourth quarter of 2000, we reported a slowdown with our customers in the semiconductor and electronics industries. Over the past several weeks, the order rate from those customers has continued to decline and is impacting our business more than previously anticipated. In addition, we recently began to experience a slowdown in orders from our customers in other industries, whose businesses are being affected by the softening U.S. economy," said Dr. Robert J. Shillman, Cognex's President, Chief Executive Officer, and Chairman. "Given our lack of visibility into customer demand and the high level of uncertainty regarding the timing of a business recovery, we have implemented certain cost-containment measures to more closely align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. our expenses to the lower customer demand levels; these actions include a restricted hiring plan as well as a reduction in discretionary spending." Dr. Shillman continued, "We have been through slowdowns in the past, and I fully expect that we will emerge...as we have in the past...in an even stronger competitive position because of our established customer relationships, record number of new customers, breadth of machine vision technology, and our strong, conservative balance sheet." About Cognex Corporation Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can "see." Cognex is the world's leader in the machine vision industry, having shipped to date more than 150,000 machine vision systems, representing over $1 billion in cumulative revenue, since the company's founding in 1981. Cognex's Modular Vision Systems Division, headquartered in Natick, Massachusetts Natick (Pronunciation IPA: /ˈneɪtɪk/) is a town in Middlesex County, Massachusetts, United States. Natick is located near the center of the MetroWest region of Massachusetts, with a population of 32,170 at the , specializes in machine vision systems which are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex's Surface Inspection Systems Division, headquartered in Alameda, California Alameda is a city in Alameda County, California, United States. It is located on a small island of the same name next to Oakland, California in the San Francisco Bay. An additional part of the city is Bay Farm Island, which is adjacent to the Oakland International Airport. , specializes in machine vision systems, also known as surface inspection systems, which are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, paper, and plastics. In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices located throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Japan, Europe, and Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . Visit Cognex on-line at http://www.cognex.com. Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain statements made in this press release are forward-looking statements. These statements are based on the company's current expectations and estimates as to prospective events and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or which may or may not be in the company's control and as to which there can be no firm assurances given. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. The company wishes to caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Further discussions of risk factors are also available in the company's registration statements filed with the Securities and Exchange Commission. |
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