Cognex Corporation (CGNX) Cuts Expenses By $15M And Cuts 85 Employees
More News related to CGNX
- Cognex (CGNX) Declares $0.05 Quarterly Dividend; 1.2% Yield
- Cognex (CGNX) Posts Q3 non-GAAP EPS of $0.03, Tops Views
- Cognex Corporation Announces Third Quarter Results
- Cognex Corporation Declares Cash Dividend for Q3 2009
- Cognex Corporation Enters the Web Monitoring Business
Cognex Corporation (NASDAQ: CGNX) announced that due to the dismal global business environment it has taken steps to cut expenses by an additional $15 million on an annualized basis. These actions, which augment those taken by the company in November of 2008, include cuts in certain executive salaries, the elimination of approximately 85 employees and contractors, the cancellation of most current open positions, additional mandatory shut-down days, a reduction in leased office space, a lower company contribution to the 401(k) plan, and decreases in discretionary spending. As a result of the actions announced today, Cognex expects to record a pre-tax charge of approximately $4 million in the second quarter of 2009.
Subscribe to EasyStockAlerts.com & Get real-time e-mail alerts when news hits your stocks!
Related Categories
Corporate NewsStocks Mentioned
-0.13Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
