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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