![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
FARO Technologies Inc | NASDAQ:FARO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.5427 | 3.13% | 17.8827 | 17.88 | 17.95 | 17.90 | 17.60 | 17.60 | 13,026 | 16:20:53 |
LAKE MARY, Fla., Aug. 4 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO) today announced results for the second quarter ended July 3, 2010. Sales in the second quarter of 2010 increased 32.4%, to $45.7 million, from $34.6 million in the second quarter of 2009. The Company reported net income of $1.8 million, or $0.11 per share, compared to a net loss of $0.13 per share in the second quarter of 2009. Net income in the second quarter of 2010 includes the effects of foreign currency transaction losses of $1.8 million, or $0.08 per share, related to the weakening of the Euro on the value of intercompany account balances.
New order bookings for the second quarter of 2010 were $43.9 million, an increase of $8.5 million, or 24.0%, compared to $35.4 million in the second quarter of 2009.
"FARO's ongoing dedication to serving our customers, combined with strong global demand for our product offerings, drove sales growth of more than 30% in the second quarter," stated Jay Freeland, FARO's President and CEO. "We continued to see increased activity from all verticals and across all three regions in the second quarter. Asia showed substantial strength, growing more than 50% for the second quarter in a row, with Europe and the Americas also delivering high double-digit growth."
Gross margin for the second quarter of 2010 was 59.3%, compared to 56.1% in the second quarter of 2009. Gross margin increased primarily due to an increase in the proportion of higher margin product sales relative to lower margin service revenue.
"Gross margin has returned to historical levels and we've been able to maintain stable prices. Tight cost controls allowed us to leverage the efficiency we created within the business last year and as a result, generated operating margin of 9.9%, or $4.5 million, almost a 20 point improvement from 2009. I'm very pleased with the Company's performance in the first half and we remain cautiously optimistic about 2010. However, because of the ongoing economic uncertainty around the world, I am maintaining our practice of not providing guidance for this year," Freeland concluded.
This press release contains forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are subject to risks and uncertainties, such as statements about FARO's focus, plans and strategies, and its future operating results and financial condition. Statements that are not historical facts or that describe the Company's plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as "intend," "believe," "will," "expect" and similar expressions or discussions of our strategy or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.
Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward-looking statements include, but are not limited to:
Forward-looking statements in this release represent the Company's judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
About FARO
With approximately 20,000 installations and 11,000 customers globally, FARO Technologies, Inc. designs, develops, and markets portable, computerized measurement and imaging devices and software used to create digital models -- or to perform evaluations against an existing model -- for anything requiring highly detailed 3-D measurements, including part and assembly inspection, factory planning and asset documentation, as well as specialized applications ranging from surveying, recreating accident sites and crime scenes to digitally preserving historical sites.
FARO's technology increases productivity by dramatically reducing the amount of on-site measuring time, and the various industry-specific software packages enable users to process and present their results quickly and more effectively.
Principal products include the world's best-selling portable measurement arm -- the FaroArm; the world's best-selling laser tracker -- the FARO Laser Tracker X and Xi; the FARO Laser ScanArm; FARO Photon Laser Scanners; the FARO Gage, Gage-PLUS and PowerGAGE; and the CAM2 Q family of advanced CAD-based measurement and reporting software. FARO Technologies is ISO-9001 certified and ISO-17025 laboratory registered.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
(in thousands, except share and per share data) | Jul 3, 2010 | Jul 4, 2009 | Jul 3, 2010 | Jul 4, 2009 | ||||||
SALES | ||||||||||
Product | $ 37,212 | $ 27,203 | $ 71,150 | $ 51,416 | ||||||
Service | 8,493 | 7,313 | 16,824 | 14,548 | ||||||
Total Sales | 45,705 | 34,516 | 87,974 | 65,964 | ||||||
COST OF SALES | ||||||||||
Product | 12,620 | 10,259 | 23,895 | 19,386 | ||||||
Service | 5,997 | 4,893 | 11,600 | 10,955 | ||||||
Total Cost of Sales (exclusive of depreciation and amortization, shown separately below) | 18,617 | 15,152 | 35,495 | 30,341 | ||||||
GROSS PROFIT | 27,088 | 19,364 | 52,479 | 35,623 | ||||||
OPERATING EXPENSES: | ||||||||||
Selling | 12,027 | 12,128 | 23,262 | 24,952 | ||||||
General and administrative | 6,028 | 6,134 | 12,275 | 12,433 | ||||||
Depreciation and amortization | 1,515 | 1,389 | 3,055 | 2,680 | ||||||
Research and development | 2,997 | 3,285 | 5,986 | 6,764 | ||||||
Total operating expenses | 22,567 | 22,936 | 44,578 | 46,829 | ||||||
INCOME (LOSS) FROM OPERATIONS | 4,521 | (3,572) | 7,901 | (11,206) | ||||||
OTHER (INCOME) EXPENSE | ||||||||||
Interest income | (26) | (36) | (45) | (194) | ||||||
Other expense (income), net | 1,839 | (837) | 2,344 | (176) | ||||||
Interest expense | 2 | 4 | 29 | 6 | ||||||
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT) | 2,706 | (2,703) | 5,573 | (10,842) | ||||||
INCOME TAX EXPENSE (BENEFIT) | 869 | (599) | 1,672 | (2,153) | ||||||
NET INCOME (LOSS) | $ 1,837 | $ (2,104) | $ 3,901 | $ (8,689) | ||||||
NET INCOME (LOSS) PER SHARE - BASIC | $ 0.11 | $ (0.13) | $ 0.24 | $ (0.53) | ||||||
NET INCOME (LOSS) PER SHARE - DILUTED | $ 0.11 | $ (0.13) | $ 0.24 | $ (0.53) | ||||||
Weighted average shares - Basic | 16,148,233 | 16,069,312 | 16,136,447 | 16,408,259 | ||||||
Weighted average shares - Diluted | 16,320,596 | 16,069,312 | 16,289,963 | 16,408,259 | ||||||
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||
July 3, | |||||
2010 | December 31, | ||||
(in thousands, except share data) | Unaudited | 2009 | |||
ASSETS | |||||
Current Assets: | |||||
Cash and cash equivalents | $ 41,929 | $ 35,078 | |||
Short-term investments | 64,985 | 64,986 | |||
Accounts receivable, net | 40,348 | 42,944 | |||
Inventories, net | 27,184 | 26,582 | |||
Deferred income taxes, net | 4,242 | 4,473 | |||
Prepaid expenses and other current assets | 7,471 | 6,016 | |||
Total current assets | 186,159 | 180,079 | |||
Property and Equipment: | |||||
Machinery and equipment | 21,916 | 19,867 | |||
Furniture and fixtures | 5,013 | 5,225 | |||
Leasehold improvements | 9,366 | 9,434 | |||
Property and equipment at cost | 36,295 | 34,526 | |||
Less: accumulated depreciation and amortization | (22,040) | (20,788) | |||
Property and equipment, net | 14,255 | 13,738 | |||
Goodwill | 18,249 | 19,934 | |||
Intangible assets, net | 7,208 | 7,985 | |||
Service inventory | 12,192 | 12,079 | |||
Deferred income taxes, net | 1,677 | 1,895 | |||
Total Assets | $ 239,740 | $ 235,710 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current Liabilities: | |||||
Accounts payable | $ 9,701 | $ 8,985 | |||
Accrued liabilities | 10,860 | 8,173 | |||
Income taxes payable | - | 229 | |||
Current portion of unearned service revenues | 11,888 | 12,226 | |||
Customer deposits | 2,486 | 2,173 | |||
Current portion of obligations under capital leases | 43 | 80 | |||
Total current liabilities | 34,978 | 31,866 | |||
Unearned service revenues - less current portion | 5,932 | 5,910 | |||
Deferred tax liability, net | 1,008 | 1,143 | |||
Obligations under capital leases - less current portion | 203 | 193 | |||
Total Liabilities | 42,121 | 39,112 | |||
Shareholders' Equity: | |||||
Common stock - par value $.001, 50,000,000 shares authorized; 16,839,592 and 16,795,289 issued; 16,159,357 and 16,115,054 outstanding, respectively | 17 | 17 | |||
Additional paid-in capital | 153,961 | 152,380 | |||
Retained earnings | 50,816 | 46,915 | |||
Accumulated other comprehensive income | 1,900 | 6,361 | |||
Common stock in treasury, at cost - 680,235 shares | (9,075) | (9,075) | |||
Total Shareholders' Equity | 197,619 | 196,598 | |||
Total Liabilities and Shareholders' Equity | $ 239,740 | $ 235,710 | |||
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||
Six Months Ended | |||||
(in thousands) | July 3, 2010 | July 4, 2009 | |||
CASH FLOWS FROM: | |||||
OPERATING ACTIVITIES: | |||||
Net income (loss) | $ 3,901 | $ (8,689) | |||
Adjustments to reconcile net income (loss) to net cash provided by | |||||
(used in) operating activities: | |||||
Depreciation and amortization | 3,055 | 2,680 | |||
Compensation for stock options and restricted stock units | 1,203 | 1,201 | |||
Provision for bad debts | 806 | 649 | |||
Deferred income tax expense | 280 | 180 | |||
Change in operating assets and liabilities: | |||||
Decrease (increase) in: | |||||
Accounts receivable | (1,388) | 16,208 | |||
Inventories, net | (4,950) | 4,088 | |||
Prepaid expenses and other current assets | (1,837) | (2,402) | |||
Income tax benefit from exercise of stock options | (16) | - | |||
Increase (decrease) in: | |||||
Accounts payable and accrued liabilities | 4,003 | (12,451) | |||
Income taxes payable | (275) | (1,990) | |||
Customer deposits | 328 | 462 | |||
Unearned service revenues | 713 | (688) | |||
Net cash provided by (used in) operating activities | 5,823 | (752) | |||
INVESTING ACTIVITIES: | |||||
Purchases of property and equipment | (1,253) | (2,663) | |||
Payments for intangible assets | (382) | (291) | |||
Purchases of short-term investments | - | (64,972) | |||
Proceeds from sales of short-term investments | - | 81,967 | |||
Net cash (used in) provided by investing activities | (1,635) | 14,041 | |||
FINANCING ACTIVITIES: | |||||
Proceeds from notes payable | 2,490 | - | |||
Payments on notes payable | (2,490) | - | |||
Payments on capital leases | (39) | (61) | |||
Income tax benefit from exercise of stock options | 16 | - | |||
Purchases of treasury stock | - | (8,829) | |||
Proceeds from issuance of stock, net | 363 | - | |||
Net cash provided by (used in) financing activities | 340 | (8,890) | |||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 2,323 | (1,103) | |||
INCREASE IN CASH AND CASH EQUIVALENTS | 6,851 | 3,296 | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 35,078 | 23,494 | |||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 41,929 | $ 26,790 | |||
SOURCE FARO Technologies, Inc.
Copyright g. 4 PR Newswire
1 Year FARO Technologies Chart |
1 Month FARO Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions