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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.57 | 3.29% | 17.91 | 17.89 | 17.98 | 18.00 | 17.60 | 17.60 | 87,358 | 17:29:11 |
LAKE MARY, Fla., Aug. 3, 2011 /PRNewswire/ -- FARO Technologies, Inc. (NASDAQ: FARO) today announced results for the quarter ended July 2, 2011. Sales in the second quarter of 2011 increased 30.6%, to $59.7 million, from $45.7 million in the second quarter of 2010. The Company reported net income increased to $4.2 million, or $0.25 per share, in the second quarter of 2011, from $1.8 million, or $0.11 per share, in the second quarter of 2010.
(Logo: http://photos.prnewswire.com/prnh/20110415/MM84316LOGO )
New order bookings for the second quarter of 2011 were $62.5 million, an increase of $18.6 million, or 42.4%, compared to $43.9 million in the second quarter of 2010.
"Market demand remains strong, demonstrated by our 42% growth in orders last quarter. The Americas grew 57%, while Asia and Europe each grew 35%," stated Jay Freeland, FARO's President and CEO. "We're seeing solid revenue growth in all product lines, and the Focus Laser Scanner continues to exceed our expectations."
Due to the sizable increase in laser scanner sales relative to the Company's historical product mix and the associated production start-up costs, gross margin for the second quarter of 2011 was 56.1%, compared to 59.3% in the second quarter of 2010. The Company expects the start-up costs to diminish in the near term.
In order to reach a broader customer base for the laser scanner, the Company has and may increasingly use distributors in addition to its own sales force. Sales through distributors generally carry lower gross margin. However, there is a partially offsetting reduction in selling expenses. As a result, the Company expects that higher laser scanner sales should generate improved operating margin and profits.
"Our results in the second quarter were extremely strong, as we delivered 127% EPS growth on a 31% increase in sales. We expect positive momentum for our core metrology products as well as the Focus Laser Scanner to continue through the rest of 2011 and into 2012," 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 product releases, 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 over 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 Focus 3D Laser Scanner; 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 INCOME | |||||||||
(UNAUDITED) | |||||||||
Three Months Ended | Six Months Ended | ||||||||
(in thousands, except share and per share data) | July 2, 2011 | July 3, 2010 | July 2, 2011 | July 3, 2010 | |||||
SALES | |||||||||
Product | $ 49,692 | $ 37,212 | $ 92,650 | $ 71,150 | |||||
Service | 10,019 | 8,493 | 19,627 | 16,824 | |||||
Total Sales | 59,711 | 45,705 | 112,277 | 87,974 | |||||
COST OF SALES | |||||||||
Product | 19,349 | 12,620 | 34,922 | 23,895 | |||||
Service | 6,846 | 5,997 | 13,567 | 11,600 | |||||
Total Cost of Sales (exclusive of depreciation and amortization, shown separately below) | 26,195 | 18,617 | 48,489 | 35,495 | |||||
GROSS PROFIT | 33,516 | 27,088 | 63,788 | 52,479 | |||||
OPERATING EXPENSES: | |||||||||
Selling | 15,309 | 12,027 | 29,461 | 23,262 | |||||
General and administrative | 6,917 | 6,028 | 13,507 | 12,275 | |||||
Depreciation and amortization | 1,722 | 1,515 | 3,336 | 3,055 | |||||
Research and development | 3,814 | 2,997 | 7,446 | 5,986 | |||||
Total operating expenses | 27,762 | 22,567 | 53,750 | 44,578 | |||||
INCOME FROM OPERATIONS | 5,754 | 4,521 | 10,038 | 7,901 | |||||
OTHER (INCOME) EXPENSE | |||||||||
Interest income | (39) | (26) | (65) | (45) | |||||
Other expense (income), net | 124 | 1,839 | (5) | 2,344 | |||||
Interest expense | 2 | 2 | 31 | 29 | |||||
INCOME BEFORE INCOME TAX EXPENSE | 5,667 | 2,706 | 10,077 | 5,573 | |||||
INCOME TAX EXPENSE | 1,434 | 869 | 2,601 | 1,672 | |||||
NET INCOME | $ 4,233 | $ 1,837 | $ 7,476 | $ 3,901 | |||||
NET INCOME PER SHARE - BASIC | $ 0.26 | $ 0.11 | $ 0.46 | $ 0.24 | |||||
NET INCOME PER SHARE - DILUTED | $ 0.25 | $ 0.11 | $ 0.45 | $ 0.24 | |||||
Weighted average shares - Basic | 16,448,229 | 16,148,233 | 16,349,190 | 16,136,447 | |||||
Weighted average shares - Diluted | 16,845,877 | 16,320,596 | 16,724,019 | 16,289,963 | |||||
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||
CONSOLIDATED BALANCE SHEETS | |||||
July 2, | December 31, | ||||
2011 | 2010 | ||||
(in thousands, except share data) | (unaudited) | ||||
ASSETS | |||||
Current Assets: | |||||
Cash and cash equivalents | $ 57,339 | $ 50,722 | |||
Short-term investments | 64,992 | 64,986 | |||
Accounts receivable, net | 46,951 | 51,862 | |||
Inventories, net | 44,742 | 28,242 | |||
Deferred income taxes, net | 4,471 | 4,455 | |||
Prepaid expenses and other current assets | 10,621 | 8,045 | |||
Total current assets | 229,116 | 208,312 | |||
Property and Equipment: | |||||
Machinery and equipment | 27,713 | 24,840 | |||
Furniture and fixtures | 6,213 | 5,700 | |||
Leasehold improvements | 10,412 | 9,682 | |||
Property and equipment at cost | 44,338 | 40,222 | |||
Less: accumulated depreciation and amortization | (28,034) | (24,982) | |||
Property and equipment, net | 16,304 | 15,240 | |||
Goodwill | 20,044 | 19,015 | |||
Intangible assets, net | 7,233 | 7,204 | |||
Service inventory | 14,255 | 13,726 | |||
Deferred income taxes, net | 2,680 | 2,522 | |||
Total Assets | $ 289,632 | $ 266,019 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current Liabilities: | |||||
Accounts payable | $ 11,059 | $ 12,025 | |||
Accrued liabilities | 17,174 | 15,208 | |||
Income taxes payable | 266 | 1,138 | |||
Current portion of unearned service revenues | 14,924 | 13,357 | |||
Customer deposits | 2,017 | 3,679 | |||
Current portion of obligations under capital leases | 47 | 91 | |||
Total current liabilities | 45,487 | 45,498 | |||
Unearned service revenues - less current portion | 8,254 | 6,758 | |||
Deferred tax liability, net | 1,192 | 1,161 | |||
Obligations under capital leases - less current portion | 150 | 125 | |||
Total Liabilities | 55,083 | 53,542 | |||
Commitments and contingencies - See Note R | |||||
Shareholders' Equity: | |||||
Common stock - par value $.001, 50,000,000 shares authorized; 17,256,199 and 16,894,374 issued; 16,575,964 and 16,214,139 outstanding, respectively | 17 | 17 | |||
Additional paid-in capital | 165,564 | 156,310 | |||
Retained earnings | 65,459 | 57,983 | |||
Accumulated other comprehensive income | 12,584 | 7,242 | |||
Common stock in treasury, at cost - 680,235 shares | (9,075) | (9,075) | |||
Total Shareholders' Equity | 234,549 | 212,477 | |||
Total Liabilities and Shareholders' Equity | $ 289,632 | $ 266,019 | |||
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES | |||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(UNAUDITED) | |||||
Six Months Ended | |||||
(in thousands) | July 2, 2011 | July 3, 2010 | |||
CASH FLOWS FROM: | |||||
OPERATING ACTIVITIES: | |||||
Net income | $ 7,476 | $ 3,901 | |||
Adjustments to reconcile net income to net cash provided by | |||||
operating activities: | |||||
Depreciation and amortization | 3,336 | 3,055 | |||
Compensation for stock options and restricted stock units | 1,366 | 1,203 | |||
Provision for bad debts | 1,082 | 806 | |||
Deferred income tax (benefit) expense | (16) | 280 | |||
Change in operating assets and liabilities: | |||||
Decrease (increase) in: | |||||
Accounts receivable | 5,920 | (1,388) | |||
Inventories, net | (14,773) | (4,950) | |||
Prepaid expenses and other current assets | (2,032) | (1,837) | |||
Income tax benefit from exercise of stock options | (1,013) | (16) | |||
Increase (decrease) in: | |||||
Accounts payable and accrued liabilities | 44 | 4,003 | |||
Income taxes payable | 197 | (275) | |||
Customer deposits | (1,723) | 328 | |||
Unearned service revenues | 2,200 | 713 | |||
Net cash provided by operating activities | 2,064 | 5,823 | |||
INVESTING ACTIVITIES: | |||||
Purchases of property and equipment | (2,534) | (1,253) | |||
Payments for intangible assets | (425) | (382) | |||
Net cash used in investing activities | (2,959) | (1,635) | |||
FINANCING ACTIVITIES: | |||||
Proceeds from notes payable | - | 2,490 | |||
Payments on notes payable | - | (2,490) | |||
Payments on capital leases | (117) | (39) | |||
Income tax benefit from exercise of stock options | 1,013 | 16 | |||
Proceeds from issuance of stock, net | 6,875 | 363 | |||
Net cash provided by financing activities | 7,771 | 340 | |||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (259) | 2,323 | |||
INCREASE IN CASH AND CASH EQUIVALENTS | 6,617 | 6,851 | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 50,722 | 35,078 | |||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 57,339 | $ 41,929 | |||
SOURCE FARO Technologies, Inc.
Copyright 2011 PR Newswire
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