FARO Reports Second Quarter 2019 Financial Results

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, unless otherwise required by law.

Non-GAAP Financial Measures
This press release contains information about our financial results that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures, including non-GAAP total sales, non-GAAP total sales by reporting segment, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share, exclude the GSA sales adjustment, advisory fees incurred related to the GSA Matter, imputed interest expense recorded related to the GSA Matter, incremental compensation expense recognized in connection with our CEO succession, the impairment charge related to our equity investment in present4D GmbH and the increase in our reserve for uncertain tax positions due to a change in our judgment on the recognition of a tax position during the quarter and adjust for non-GAAP income tax expense, and are provided to enhance investors' overall understanding of our historical operations and financial performance. Management believes that these non-GAAP financial measures provide investors with relevant period-to-period comparisons of our core operations. These financial measures are not recognized terms under GAAP and should not be considered in isolation or as a substitute for a measure of financial performance prepared in accordance with GAAP. These non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company's financial performance. These non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation. The financial statement tables that accompany this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

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'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


Six Months Ended

(in thousands, except share and per share data)

June 30, 2019


June 30, 2018


June 30, 2019


June 30, 2018

Sales








Product

$

67,992



$

75,720



$

136,792



$

146,301


Service

25,499



22,524



50,316



44,777


Total sales

93,491



98,244



187,108



191,078


Cost of Sales








Product

29,037



27,878



55,165



54,762


Service

12,135



12,675



24,605



24,839


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

41,172



40,553



79,770



79,601


Gross Profit

52,319



57,691



107,338



111,477


Operating Expenses








Selling and marketing

29,124



30,084



55,877



58,355


General and administrative

14,424



11,320



27,648



22,393


Depreciation and amortization

4,573



4,377



9,322



8,720


Research and development

9,091



9,983



19,026



19,389


Total operating expenses

57,212



55,764



111,873



108,857


(Loss) income from operations

(4,893)



1,927



(4,535)



2,620


Other expense (income)








Interest expense (income), net

240



(87)



96



(160)


Other expense, net

1,689



509



1,884



693


(Loss) income before income tax (benefit) expense

(6,822)



1,505



(6,515)



2,087


Income tax (benefit) expense

(417)



300



(262)



427


Net (loss) income

$

(6,405)



$

1,205



$

(6,253)



$

1,660


Net (loss) income per share - Basic

$

(0.37)



$

0.07



$

(0.36)



$

0.10


Net (loss) income per share - Diluted

$

(0.37)



$

0.07



$

(0.36)



$

0.10


Weighted average shares - Basic

17,341,647



16,966,928



17,323,479



16,902,390


Weighted average shares - Diluted

17,341,647



17,264,642



17,323,479



17,210,054



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