FARO Reports Third Quarter 2019 Financial Results

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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 demand for and customer acceptance of FARO's products, FARO's product development and product launches, FARO's growth, strategic and continuous improvement plans and initiatives and FARO's growth potential and profitability. 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 "is," "will" and similar expressions or discussions of FARO's plans or other intentions identify forward-looking statements. 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 such forward-looking statements include, but are not limited to:

  • the outcome of the U.S. Government's review of, or investigation into, the GSA Matter; any resulting penalties, damages, or sanctions imposed on the Company and the outcome of any resulting litigation to which the Company may become a party; loss of future government sales; and potential impacts on customer and supplier relationships and the Company's reputation;
  • development by others of new or improved products, processes or technologies that make the Company's products less competitive or obsolete;
  • the Company's inability to maintain its technological advantage by developing new products and enhancing its existing products;
  • declines or other adverse changes, or lack of improvement, in industries that the Company serves or the domestic and international economies in the regions of the world where the Company operates and other general economic, business, and financial conditions;
  • the impact of fluctuations in foreign exchange rates; and
  • other risks detailed in Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 and in Part II, Item 1A. Risk Factors in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2019.

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.

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)



Three Months Ended


Nine Months Ended

(in thousands, except share and per share data)

September 30,
2019


September 30,
2018


September 30,
2019


September 30,
2018

Sales








Product

$

63,641


$

75,817


$

200,434


$

222,118

Service

26,875


23,888


77,190


68,665

Total sales

90,516


99,705


277,624


290,783

Cost of Sales








Product

26,495


34,864


83,632


91,321

Service

13,249


14,229


39,461


40,750

Total cost of sales

39,744


49,093


123,093


132,071

Gross Profit

50,772


50,612


154,531


158,712

Operating Expenses








Selling and marketing

30,218


28,482


87,438


87,877

General and administrative

15,662


13,102


44,471


36,789

Research and development

10,783


11,740


33,048


34,138

Total operating expenses

56,663


53,324


164,957


158,804

Loss from operations

(5,891)


(2,712)


(10,426)


(92)

Other (income) expense








Interest (income) expense, net

(24)


(96)


72


(205)

Other expense, net

514


226


2,398


868

Loss before income tax (benefit) expense

(6,381)


(2,842)


(12,896)


(755)

Income tax (benefit) expense

(182)


(354)


(444)


73

Net loss

$

(6,199)


$

(2,488)


$

(12,452)


$

(828)

Net loss per share - Basic

$

(0.36)


$

(0.15)


$

(0.72)


$

(0.05)

Net loss per share - Diluted

$

(0.36)


$

(0.15)


$

(0.72)


$

(0.05)

Weighted average shares - Basic

17,367,228


17,122,705


17,352,386


16,976,459

Weighted average shares - Diluted

17,367,228


17,122,705


17,352,386


16,976,459


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Reviews:
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  • Study July 15, 2020
    Reviewed by 'James Shaws'
    The financial results of the FARO are showing that everything is going very great. I am glad to see the huge profit growth of this company. One needs to visit edubirdie.net/blog/is-edubirdie-legal-or-cheating source to know is edubirdie legit to use. It is impressive that this company has survived the coronavirus pandemic.

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