FARO Technologies (NASDAQ:FARO)
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FARO's New Orders Grow 35% in the Third Quarter
LAKE MARY, Fla., Oct. 14 /PRNewswire-FirstCall/ -- FARO Technologies, Inc.
(NASDAQ:FARO) today reported sales of approximately $23.4 million in the fiscal
third quarter ended October 2, 2004, a 21.9% increase from $19.2 million in the
third quarter of 2003. The Company also reported new order bookings of
approximately $23.4 million during the second quarter, an increase of $6.1
million, or 35.3%, compared with approximately $17.3 million in the year-ago
quarter.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO )
"Based on our 36% growth in new orders year-to-date, we are raising our sales
forecast for 2004 to $94-$100 million," said Simon Raab, Faro's President and
CEO. "We intend to review our earnings guidance for 2004 in our third quarter
earnings release."
The Company expects to issue its complete earnings release for the third
quarter of 2004 on November 4, 2004.
About FARO:
FARO Technologies, Inc. (NASDAQ:FARO) and its international subsidiaries
design, develop, and market software and portable, computerized measurement
devices. The Company's products allow manufacturers to perform three-
dimensional inspections of parts and assemblies on the shop floor. This helps
eliminate manufacturing errors, and thereby increases productivity and
profitability for a variety of industries in FARO's worldwide customer base.
Principal products include the FARO Gage and Gage-Plus(TM), Platinum and
Titanium model FaroArms(R), SI and X model FARO Laser Trackers(R) and a CAM2(R)
family of advanced CAD-based measurement and reporting software. FARO
Technologies is ISO 9001 certified and Guide 25 approved. Learn more at
http://www.faro.com/ .
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 our plans, objectives, projections,
expectations, assumptions, strategies, or future events. 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 "may," "believes,"
"anticipates," "expects," "intends," "plans," "seeks," "estimates," "will,"
"should," "could," "projects," "forecast," and similar expressions or
discussions of our strategy or other intentions identify forward-looking
statements. Other written or oral statements, which constitute forward-looking
statements, also may be made by the Company from time to time. 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 forward-looking statements include, but are not
limited to:
* our inability to grow new orders in the fourth quarter of 2004 at or near the
level of the first three quarters of 2004;
* the cyclical nature of the industries of our customers and the financial
condition of our customers;
* the failure to effectively manage our growth;
* the other risks detailed in the Company's Annual Report on Form 10-K and
other filings from time to time with the Securities and Exchange Commission.
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.
http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO
http://photoarchive.ap.org/
DATASOURCE: FARO Technologies, Inc.
CONTACT: Greg Fraser, EVP and CFO, FARO Technologies, Inc.,
+1-407-333-9911; or Vic Allgeier of The TTC Group, +1-212-227-0997, for FARO
Technologies, Inc.
Web site: http://www.faro.com/