FARO Reports Second Quarter 2019 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(in thousands, except share and per share data)

June 30,
 2019
(unaudited)

 

December 31,
 2018

ASSETS

     

Current assets:

     

Cash and cash equivalents

$

120,604

   

$

108,783

 

Short-term investments

24,819

   

24,793

 

Accounts receivable, net

74,430

   

88,927

 

Inventories, net

71,970

   

65,444

 

Prepaid expenses and other current assets

26,437

   

28,795

 

Total current assets

318,260

   

316,742

 

Property and equipment:

     

Machinery and equipment

82,909

   

76,048

 

Furniture and fixtures

6,245

   

6,749

 

Leasehold improvements

20,636

   

20,304

 

Property and equipment at cost

109,790

   

103,101

 

Less: accumulated depreciation and amortization

(79,664)

   

(72,684)

 

Property and equipment, net

30,126

   

30,417

 

Operating lease right-of-use asset

18,068

   

 

Goodwill

71,210

   

67,274

 

Intangible assets, net

28,659

   

33,054

 

Service and sales demonstration inventory, net

39,416

   

39,563

 

Deferred income tax assets, net

14,732

   

14,719

 

Other long-term assets

2,983

   

4,475

 

Total assets

$

523,454

   

$

506,244

 

LIABILITIES AND SHAREHOLDERS' EQUITY

     

Current liabilities:

     

Accounts payable

$

16,177

   

$

20,093

 

Accrued liabilities

37,865

   

36,327

 

Income taxes payable

2,386

   

5,081

 

Current portion of unearned service revenues

35,082

   

32,878

 

Customer deposits

2,701

   

3,144

 

Lease liability

6,494

   

 

Total current liabilities

100,705

   

97,523

 

Unearned service revenues - less current portion

17,355

   

15,505

 

Lease liability - less current portion

13,483

   

 

Deferred income tax liabilities

2,614

   

736

 

Income taxes payable - less current portion

11,821

   

12,247

 

Other long-term liabilities

3,137

   

3,624

 

Total liabilities

149,115

   

129,635

 

Shareholders' equity:

     

Common stock - par value $.001, 50,000,000 shares authorized; 18,751,573 and 18,676,059
issued, respectively; 17,339,062 and 17,253,011 outstanding, respectively

19

   

19

 

Additional paid-in capital

255,706

   

251,329

 

Retained earnings

168,773

   

175,353

 

Accumulated other comprehensive loss

(18,784)

   

(18,483)

 

Common stock in treasury, at cost; 1,412,511 and 1,423,048 shares, respectively

(31,375)

   

(31,609)

 

Total shareholders' equity

374,339

   

376,609

 

Total liabilities and shareholders' equity

$

523,454

   

$

506,244

 

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