FARO Announces Second Quarter Financial Results

  • the Company's ability to realize the intended benefits of its undertaking to transition to a company that is reorganized around functions to improve the efficiency of its sales organization and to improve operational effectiveness;
  • the Company's inability to successfully execute its new strategic plan and restructuring plan, including but not limited to additional impairment charges and/or higher than expected severance costs and exit costs, and its inability to realize the expected benefits of such plans;
  • 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 effect of the COVID-19 pandemic, including on our business operations, as well as its impact on general economic and financial market 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, 2019 and in Part II, Item 1A. Risk Factors in the Company's Quarterly Report on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020.

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

 

Six Months Ended

(in thousands, except share and per share data)

June 30, 2020

 

June 30, 2019

 

June 30, 2020

 

June 30, 2019

Sales

             

Product

$

42,259

   

$

71,045

   

$

98,784

   

$

142,622

 

Service

18,305

   

22,446

   

41,295

   

$

44,486

 

Total sales

60,564

   

93,491

   

140,079

   

187,108

 

Cost of Sales

             

Product

21,333

   

30,505

   

44,399

   

$

58,456

 

Service

10,335

   

12,246

   

22,911

   

$

24,893

 

Total cost of sales

31,668

   

42,751

   

67,310

   

83,349

 

Gross Profit

28,896

   

50,740

   

72,769

   

103,759

 

Operating Expenses

             

Selling, general and administrative

30,036

   

45,007

   

$

66,360

   

$

86,027

 

Research and development

10,186

   

10,626

   

$

20,601

   

$

22,267

 

Restructuring costs

636

   

   

14,324

   

 

Total operating expenses

40,858

   

55,633

   

101,285

   

108,294

 

Loss from operations

(11,962)

   

(4,893)

   

(28,516)

   

(4,535)

 

Other expense

             

Interest expense, net

212

   

240

   

$

246

   

$

96

 

Other expense, net

117

   

1,689

   

$

590

   

1,884

 

Loss before income tax benefit

(12,291)

   

(6,822)

   

(29,352)

   

(6,515)

 

Income tax benefit

(3,359)

   

(417)

   

(5,597)

   

(262)

 

Net loss

$

(8,932)

   

$

(6,405)

   

$

(23,755)

   

$

(6,253)

 

Net loss per share - Basic

$

(0.50)

   

$

(0.37)

   

$

(1.34)

   

$

(0.36)

 

Net loss per share - Diluted

$

(0.50)

   

$

(0.37)

   

$

(1.34)

   

$

(0.36)

 

Weighted average shares - Basic

17,747,739

   

17,333,996

   

17,710,014

   

17,323,479

 

Weighted average shares - Diluted

17,747,739

   

17,333,996

   

17,710,014

   

17,323,479

 

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