FARO Reports First Quarter 2018 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except share data)

March 31,
 2018
(unaudited)


December 31,
 2017

ASSETS




Current assets:




Cash and cash equivalents

$

138,826



$

140,960


Short-term investments

10,957



10,997


Accounts receivable, net

71,631



72,105


Inventories, net

58,376



53,786


Prepaid expenses and other current assets

19,119



16,311


Total current assets

298,909



294,159


Property and equipment:




Machinery and equipment

69,355



66,514


Furniture and fixtures

6,853



6,945


Leasehold improvements

20,230



19,872


Property and equipment at cost

96,438



93,331


Less: accumulated depreciation and amortization

(64,907)



(61,452)


Property and equipment, net

31,531



31,879


Goodwill

54,511



52,750


Intangible assets, net

25,399



22,540


Service and sales demonstration inventory, net

41,703



39,614


Deferred income tax assets, net

15,738



15,606


Other long-term assets

2,861



2,030


Total assets

$

470,652



$

458,578


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

11,145



$

11,569


Accrued liabilities

24,367



27,362


Income taxes payable

2,104



4,676


Current portion of unearned service revenues

30,976



29,674


Customer deposits

2,456



2,604


Total current liabilities

71,048



75,885


Unearned service revenues - less current portion

12,531



11,815


Deferred income tax liabilities

700



695


Income taxes payable - less current portion

15,952



15,952


Other long-term liabilities

2,092



2,165


Total liabilities

102,323



106,512


Commitments and contingencies




Shareholders' equity:




Common stock - par value $.001, 50,000,000 shares authorized; 18,416,020 and
18,277,142 issued, respectively; 16,955,679 and 16,796,884 outstanding, respectively

18



18


Additional paid-in capital

231,209



223,055


Retained earnings

171,444



168,624


Accumulated other comprehensive loss

(2,608)



(7,822)


Common stock in treasury, at cost; 1,460,341 and 1,480,258 shares, respectively

(31,734)



(31,809)


Total shareholders' equity

368,329



352,066


Total liabilities and shareholders' equity

$

470,652



$

458,578




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