FARO Reports Third Quarter 2017 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™ and FARO Cobalt Array Imager 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				Nine Months Ended
(in thousands, except share and per share data)	September 30, 2017		September 30, 2016		September 30, 2017		September 30, 2016
Sales
Product	$	68,563	$	61,280	$	193,476	$	182,232
Service	21,687		18,320		61,018		51,654
Total sales	90,250		79,600		254,494		233,886
Cost of Sales
Product	26,673		25,880		78,186		74,938
Service	11,543		11,042		33,765		29,665
Total cost of sales (exclusive of depreciation and amortization, shown separately below)	38,216		36,922		111,951		104,603
Gross Profit	52,034		42,678		142,543		129,283
Operating Expenses:
Selling and marketing	25,990		19,781		74,884		56,399
General and administrative	10,307		10,747		32,883		31,139
Depreciation and amortization	4,368		3,381		12,075		9,733
Research and development	9,019		7,928		26,530		22,344
Total operating expenses	49,684		41,837		146,372		119,615
Income (loss) from operations	2,350		841		(3,829)		9,668
Other (income) expense
Interest income, net	(78)		(21)		(249)		(119)
Other (income) expense, net	(147)		(167)		320		824
Income (loss) before income tax expense (benefit)	2,575		1,029		(3,900)		8,963
Income tax expense (benefit)	947		(61)		(442)		1,401
Net income (loss)	$	1,628	$	1,090	$	(3,458)	$	7,562
Net income (loss) per share - Basic	$	0.10	$	0.07	$	(0.21)	$	0.45
Net income (loss) per share - Diluted	$	0.10	$	0.07	$	(0.21)	$	0.45
Weighted average shares - Basic	16,708,446		16,674,176		16,697,729		16,647,662
Weighted average shares - Diluted	16,796,518		16,701,617		16,697,729		16,669,550

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