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, and FARO's product development and product launches. 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:
- 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; 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, 2017 and in Part II, Item 1A. Risk Factors in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
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.
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, 2018 |
|
June 30, 2017 |
|
June 30, 2018 |
|
June 30, 2017 | ||||||||
|
Sales |
|
|
|
|
|
|
| ||||||||
|
Product |
$ |
75,720 |
|
|
$ |
62,533 |
|
|
$ |
146,301 |
|
|
$ |
124,913 |
|
|
Service |
22,524 |
|
|
20,149 |
|
|
44,777 |
|
|
39,331 |
| ||||
|
Total sales |
98,244 |
|
|
82,682 |
|
|
191,078 |
|
|
164,244 |
| ||||
|
Cost of Sales |
|
|
|
|
|
|
| ||||||||
|
Product |
27,878 |
|
|
24,455 |
|
|
54,762 |
|
|
51,513 |
| ||||
|
Service |
12,675 |
|
|
11,467 |
|
|
24,839 |
|
|
22,222 |
| ||||
|
Total cost of sales (exclusive of depreciation and
|
40,553 |
|
|
35,922 |
|
|
79,601 |
|
|
73,735 |
| ||||
|
Gross Profit |
57,691 |
|
|
46,760 |
|
|
111,477 |
|
|
90,509 |
| ||||
|
Operating Expenses |
|
|
|
|
|
|
| ||||||||
|
Selling and marketing |
30,084 |
|
|
26,022 |
|
|
58,355 |
|
|
48,894 |
| ||||
|
General and administrative |
11,320 |
|
|
11,877 |
|
|
22,393 |
|
|
22,576 |
| ||||
|
Depreciation and amortization |
4,377 |
|
|
3,989 |
|
|
8,720 |
|
|
7,707 |
| ||||
|
Research and development |
9,983 |
|
|
9,045 |
|
|
19,389 |
|
|
17,511 |
| ||||
|
Total operating expenses |
55,764 |
|
|
50,933 |
|
|
108,857 |
|
|
96,688 |
| ||||
|
Income (loss) from operations |
1,927 |
|
|
(4,173) |
|
|
2,620 |
|
|
(6,179) |
| ||||
|
Other expense (income) |
|
|
|
|
|
|
| ||||||||
|
Interest income, net |
(87) |
|
|
(89) |
|
|
(160) |
|
|
(171) |
| ||||
|
Other expense, net |
509 |
|
|
459 |
|
|
693 |
|
|
467 |
| ||||
|
Income (loss) before income tax expense (benefit) |
1,505 |
|
|
(4,543) |
|
|
2,087 |
|
|
(6,475) |
| ||||
|
Income tax expense (benefit) |
300 |
|
|
(918) |
|
|
427 |
|
|
(1,389) |
| ||||
|
Net income (loss) |
$ |
1,205 |
|
|
$ |
(3,625) |
|
|
$ |
1,660 |
|
|
$ |
(5,086) |
|
|
Net income (loss) per share - Basic |
$ |
0.07 |
|
|
$ |
(0.22) |
|
|
$ |
0.10 |
|
|
$ |
(0.30) |
|
|
Net income (loss) per share - Diluted |
$ |
0.07 |
|
|
$ |
(0.22) |
|
|
$ |
0.10 |
|
|
$ |
(0.30) |
|
|
Weighted average shares - Basic |
16,966,928 |
|
|
16,700,718 |
|
|
16,902,390 |
|
|
16,692,500 |
| ||||
|
Weighted average shares - Diluted |
17,264,642 |
|
|
16,700,718 |
|
|
17,210,054 |
|
|
16,692,500 |
| ||||
