FARO Reports Second Quarter 2019 Financial Results

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP

TOTAL SALES, GROSS PROFIT AND GROSS MARGIN

(UNAUDITED)
















Three Months Ended June 30,


Six Months Ended June 30,




(dollars in thousands)


2019


2018


2019


2018
















Total sales, as reported


$

93,491



$

98,244



$

187,108



$

191,078





GSA sales adjustment (1)


5,805





5,840







Non-GAAP total sales


$

99,296



$

98,244



$

192,948



$

191,078





 



Three months ended June 30,


Six Months Ended June 30,

(dollars in thousands)

2019


% of
Sales


2018


% of
Sales


2019


% of
Sales


2018


% of
Sales

















Gross profit and gross margin,
as reported

$

52,319



56.0

%


$

57,691



58.7

%


$

107,338



57.4

%


$

111,477



58.3

%

GSA sales adjustment (1)

5,805



6.2

%




%


5,840



3.1

%




%

Non-GAAP gross profit and
gross margin

$

58,124



58.5

%


$

57,691



58.7

%


$

113,178



58.7

%


$

111,477



58.3

%


(1) Late in the fourth quarter of 2018, during an internal review we preliminarily determined that certain of our pricing practices may have resulted in the U.S. Government being overcharged under our General Services Administration ("GSA") Federal Supply Schedule contracts (the "Contracts"). In fourth quarter 2018, we reduced our total sales by an estimated cumulative adjustment of $4.8 million. We also retained outside legal counsel and forensic accountants to conduct a comprehensive review of our pricing and other practices under the Contracts (the "Review"). On July 15, 2019, we submitted a report to the GSA and its Office of Inspector General setting forth the findings of the Review. Based on the results of the Review, in second quarter 2019 we reduced our total sales by an incremental $5.8 million (the "GSA sales adjustment").



« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12  Next Page »
Featured Video
Jobs
Sr. Silicon Design Engineer for AMD at Santa Clara, California
Senior Platform Software Engineer, AI Server - GPU for Nvidia at Santa Clara, California
GPU Design Verification Engineer for AMD at Santa Clara, California
CAD Engineer for Nvidia at Santa Clara, California
Design Verification Engineer for Blockwork IT at Milpitas, California
Senior Firmware Architect - Server Manageability for Nvidia at Santa Clara, California
Upcoming Events
Phil Kaufman Award Ceremony and Banquet to be held November 6 at Hayes Mansion at Hayes Mansion 200 Edenvale Ave San Jose CA - Nov 6, 2024
SEMICON Europa 2024 at Messe München München Germany - Nov 12 - 15, 2024
DVCon Europe 2023 at Holiday Inn Munich – City Centre Munich Germany - Nov 14 - 15, 2024
SEMI MEMS & Imaging Sensors Summit, at International Conference Center Munich Germany - Nov 14, 2024



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise