FARO Reports Third Quarter 2019 Financial Results

 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(in thousands, except share and per share data)

September 30,
2019 (unaudited)

 

December 31,
2018

ASSETS

     

Current assets:

     

Cash and cash equivalents

$

119,083

 

$

108,783

Short-term investments

24,868

 

24,793

Accounts receivable, net

64,708

 

88,927

Inventories, net

69,779

 

65,444

Prepaid expenses and other current assets

28,084

 

28,795

Total current assets

306,522

 

316,742

Property and equipment:

     

Machinery and equipment

82,578

 

76,048

Furniture and fixtures

6,172

 

6,749

Leasehold improvements

21,066

 

20,304

Property and equipment at cost

109,816

 

103,101

Less: accumulated depreciation and amortization

(81,411)

 

(72,684)

Property and equipment, net

28,405

 

30,417

Operating lease right-of-use asset

18,672

 

Goodwill

69,712

 

67,274

Intangible assets, net

27,530

 

33,054

Service and sales demonstration inventory, net

39,509

 

39,563

Deferred income tax assets, net

14,693

 

14,719

Other long-term assets

2,987

 

4,475

Total assets

$

508,030

 

$

506,244

LIABILITIES AND SHAREHOLDERS' EQUITY

     

Current liabilities:

     

Accounts payable

$

11,705

 

$

20,093

Accrued liabilities

35,255

 

36,327

Income taxes payable

1,081

 

5,081

Current portion of unearned service revenues

35,273

 

32,878

Customer deposits

2,419

 

3,144

Lease liability

6,615

 

Total current liabilities

92,348

 

97,523

Unearned service revenues - less current portion

18,171

 

15,505

Lease liability - less current portion

13,922

 

Deferred income tax liabilities

2,466

 

736

Income taxes payable - less current portion

12,567

 

12,247

Other long-term liabilities

1,031

 

3,624

Total liabilities

140,505

 

129,635

Shareholders' equity:

     

Common stock - par value $.001, 50,000,000 shares authorized; 18,816,598 and
18,676,059 issued, respectively; 17,404,087 and 17,253,011 outstanding, respectively

19

 

19

Additional paid-in capital

260,737

 

251,329

Retained earnings

162,574

 

175,353

Accumulated other comprehensive loss

(24,430)

 

(18,483)

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

(31,375)

 

(31,609)

Total shareholders' equity

367,525

 

376,609

Total liabilities and shareholders' equity

$

508,030

 

$

506,244


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