FARO Reports First Quarter 2019 Financial Results

About FARO

FARO is the world's most trusted source for 3D measurement and imaging solutions. The Company develops and markets computer-aided measurement and imaging devices and software for the following vertical markets:

  • 3D Manufacturing - High-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes
  • Construction BIM - 3D capture of as-built construction projects and factories to document complex structures and perform quality control, planning and preservation
  • Public Safety Forensics - Capture and analysis of on-site real world data to investigate crash, crime and fire events, plan security activities and provide virtual reality training for public safety personnel
  • 3D Design - Capture and edit 3D shapes of products, people, and/or environments for design purposes in product development, computer graphics and dental and medical applications
  • Photonics - Develop and market galvanometer-based laser measurement products and solutions

FARO's global headquarters is located in Lake Mary, Florida.  The Company also has a technology center and manufacturing facility consisting of approximately 90,400 square feet located in Exton, Pennsylvania containing research and development, manufacturing and service operations of our FARO Laser Tracker and FARO Tracer Laser Projector product lines.  The Company's European regional headquarters is located in Stuttgart, Germany and its Asia-Pacific regional headquarters is located in Singapore. FARO has other offices in the United States, Canada, Mexico, Brazil, Germany, the United Kingdom, France, Spain, Italy, Poland, Turkey, the Netherlands, Switzerland, India, China, Malaysia, Thailand, South Korea, Japan, and Australia.

More information is available at http://www.faro.com

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)



Three Months Ended

(in thousands, except share and per share data)

March 31, 2019


March 31, 2018

Sales




Product

$

68,800



$

70,581


Service

24,817



22,253


Total sales

93,617



92,834


Cost of Sales




Product

26,128



26,884


Service

12,470



12,164


Total cost of sales (exclusive of depreciation and amortization, shown separately below)

38,598



39,048


Gross Profit

55,019



53,786


Operating Expenses




Selling and marketing

26,753



28,271


General and administrative

13,224



11,073


Depreciation and amortization

4,749



4,343


Research and development

9,935



9,406


Total operating expenses

54,661



53,093


Income from operations

358



693


Other expense (income)




Interest income, net

(144)



(73)


Other expense, net

195



184


Income before income tax expense

307



582


Income tax expense

155



127


Net income

$

152



$

455


Net income per share - Basic

$

0.01



$

0.03


Net income per share - Diluted

$

0.01



$

0.03


Weighted average shares - Basic

17,280,365



16,837,754


Weighted average shares - Diluted

17,868,816



17,142,770



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