FARO Reports First Quarter 2019 Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)

March 31, 2019

(unaudited)


December 31,
2018

ASSETS




Current assets:




Cash and cash equivalents

$

110,696



$

108,783


Short-term investments

24,831



24,793


Accounts receivable, net

76,237



88,927


Inventories, net

74,586



65,444


Prepaid expenses and other current assets

24,210



28,795


Total current assets

310,560



316,742


Property and equipment:




Machinery and equipment

80,586



76,048


Furniture and fixtures

6,141



6,749


Leasehold improvements

20,311



20,304


Property and equipment at cost

107,038



103,101


Less: accumulated depreciation and amortization

(76,188)



(72,684)


Property and equipment, net

30,850



30,417


Operating lease right-of-use asset

18,876




Goodwill

71,097



67,274


Intangible assets, net

29,507



33,054


Service and sales demonstration inventory, net

38,351



39,563


Deferred income tax assets, net

14,696



14,719


Other long-term assets

4,416



4,475


Total assets

$

518,353



$

506,244


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

14,351



$

20,093


Accrued liabilities

31,389



36,327


Income taxes payable

3,747



5,081


Current portion of unearned service revenues

34,189



32,878


Customer deposits

2,847



3,144


Lease liability

6,446




Total current liabilities

92,969



97,523


Unearned service revenues - less current portion

16,319



15,505


Lease liability - less current portion

14,363




Deferred income tax liabilities

2,541



736


Income taxes payable - less current portion

12,247



12,247


Other long-term liabilities

3,326



3,624


Total liabilities

141,765



129,635


Shareholders' equity:




Common stock - par value $.001, 50,000,000 shares authorized; 18,731,586 and 18,676,059 issued,
respectively; 17,317,875 and 17,253,011 outstanding, respectively

19



19


Additional paid-in capital

252,840



251,329


Retained earnings

175,178



175,353


Accumulated other comprehensive loss

(20,047)



(18,483)


Common stock in treasury, at cost; 1,413,711 and 1,423,048 shares, respectively

$

(31,402)



$

(31,609)


Total shareholders' equity

$

376,588



$

376,609


Total liabilities and shareholders' equity

$

518,353



$

506,244



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