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FARO TECHNOLOGIES, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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June 30, |
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2016 |
December 31, |
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|
(in thousands, except share data) |
(unaudited) |
2015 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ 133,541 |
$ 107,356 |
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Short-term investments |
42,975 |
42,994 |
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Accounts receivable, net |
56,825 |
69,918 |
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Inventories, net |
51,809 |
45,571 |
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Deferred income tax assets, net |
7,547 |
7,792 |
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Prepaid expenses and other current assets |
16,592 |
18,527 |
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Total current assets |
309,289 |
292,158 |
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Property and equipment: |
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Machinery and equipment |
55,702 |
54,124 |
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Furniture and fixtures |
6,164 |
5,945 |
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Leasehold improvements |
19,271 |
18,471 |
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Property and equipment, at cost |
81,137 |
78,540 |
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Less: accumulated depreciation and amortization |
(47,745) |
(42,594) |
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Property and equipment, net |
33,392 |
35,946 |
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Goodwill |
26,963 |
26,371 |
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Intangible assets, net |
15,573 |
15,985 |
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Service and sales demonstration inventory, net |
33,097 |
33,709 |
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Deferred income tax assets, net |
4,087 |
4,050 |
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Other long term assets |
947 |
967 |
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Total assets |
$ 423,348 |
$ 409,186 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
$ 10,848 |
$ 11,345 |
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Accrued liabilities |
21,737 |
22,574 |
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Income taxes payable |
452 |
- |
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Current portion of unearned service revenues |
26,940 |
26,114 |
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Customer deposits |
2,085 |
2,998 |
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Total current liabilities |
62,062 |
63,031 |
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Unearned service revenues - less current portion |
16,005 |
15,025 |
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Deferred income tax liabilities |
872 |
686 |
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Other long-term liabilities |
2,813 |
2,800 |
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Total liabilities |
81,752 |
81,542 |
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Shareholders' equity: |
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Common stock - par value $.001, 50,000,000 shares authorized; 18,163,600 and 18,077,594 issued; 16,674,124 and 16,588,118 outstanding, respectively |
18 |
18 |
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Additional paid-in capital |
209,650 |
206,996 |
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Retained earnings |
178,801 |
172,329 |
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Accumulated other comprehensive loss |
(15,035) |
(19,861) |
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Common stock in treasury, at cost - 1,489,476 shares |
(31,838) |
(31,838) |
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Total shareholders' equity |
341,596 |
327,644 |
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Total liabilities and shareholders' equity |
$ 423,348 |
$ 409,186 |
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