About FARO
FARO is the world's most trusted source for 3D measurement and imaging solutions. The Company develops and markets computer-aided measurement and imaging devices and software for the following vertical markets:
- 3D Manufacturing - High-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes
- Construction BIM - 3D capture of as-built construction projects and factories to document complex structures and perform quality control, planning and preservation
- Public Safety Forensics - Capture and analysis of on-site real world data to investigate crash, crime and fire events, plan security activities and provide virtual reality training for public safety personnel
- 3D Design - Capture and edit 3D shapes of products, people, and/or environments for design purposes in product development, computer graphics and dental and medical applications
- Photonics - Develop and market galvanometer-based laser measurement products and solutions
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 Tracer Laser Projector 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
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| Three Months Ended | ||||||
(in thousands, except share and per share data) | March 31, 2019 |
| March 31, 2018 | ||||
Sales |
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Product | $ | 68,800 |
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| $ | 70,581 |
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Service | 24,817 |
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| 22,253 |
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Total sales | 93,617 |
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| 92,834 |
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Cost of Sales |
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Product | 26,128 |
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| 26,884 |
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Service | 12,470 |
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| 12,164 |
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Total cost of sales (exclusive of depreciation and amortization, shown separately below) | 38,598 |
|
| 39,048 |
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Gross Profit | 55,019 |
|
| 53,786 |
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Operating Expenses |
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Selling and marketing | 26,753 |
|
| 28,271 |
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General and administrative | 13,224 |
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| 11,073 |
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Depreciation and amortization | 4,749 |
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| 4,343 |
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Research and development | 9,935 |
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| 9,406 |
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Total operating expenses | 54,661 |
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| 53,093 |
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Income from operations | 358 |
|
| 693 |
| ||
Other expense (income) |
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|
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Interest income, net | (144) |
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| (73) |
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| Other expense, net | 195 |
|
| 184 |
| ||
| Income before income tax expense | 307 |
|
| 582 |
| ||
| Income tax expense | 155 |
|
| 127 |
| ||
| Net income | $ | 152 |
|
| $ | 455 |
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| Net income per share - Basic | $ | 0.01 |
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| $ | 0.03 |
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| Net income per share - Diluted | $ | 0.01 |
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| $ | 0.03 |
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| Weighted average shares - Basic | 17,280,365 |
|
| 16,837,754 |
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| Weighted average shares - Diluted | 17,868,816 |
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| 17,142,770 |
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