FARO Reports First Quarter 2018 Financial Results

FARO's global headquarters is located in Lake Mary, Florida. The Company also has a technology center and manufacturing facility consisting of approximately 90,400 square feet located in Exton, Pennsylvania containing research and development, manufacturing and service operations of our FARO Laser Tracker, FARO Cobalt Array Imager, and Tracer product lines. 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

(in thousands, except share and per share data)

March 31, 2018


March 31, 2017

Sales




Product

$

70,581



$

62,380


Service

22,253



19,182


Total sales

92,834



81,562


Cost of Sales




Product

26,884



27,058


Service

12,164



10,755


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

39,048



37,813


Gross Profit

53,786



43,749


Operating Expenses




Selling and marketing

28,271



22,872


General and administrative

11,073



10,699


Depreciation and amortization

4,343



3,718


Research and development

9,406



8,466


Total operating expenses

53,093



45,755


Income (loss) from operations

693



(2,006)


Other expense (income)




Interest income

(73)



(82)


Other expense, net

184



8


Income (loss) before income tax expense (benefit)

582



(1,932)


Income tax expense (benefit)

127



(471)


Net income (loss)

$

455



$

(1,461)


Net income (loss) per share - Basic

$

0.03



$

(0.09)


Net income (loss) per share - Diluted

$

0.03



$

(0.09)


Weighted average shares - Basic

16,837,754



16,684,164


Weighted average shares - Diluted

17,142,770



16,684,164



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