FARO Reports Second Quarter 2016 Financial Results

More information is available at http://www.faro.com.

 

 

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, 2016

 

June 27, 2015

 

June 30, 2016

 

June 27, 2015

SALES

               

Product

 

$            61,640

 

$            69,437

 

$          120,952

 

$          124,481

Service

 

16,898

 

14,338

 

33,334

 

29,233

Total sales

 

78,538

 

83,775

 

154,286

 

153,714

COST OF SALES

               

Product

 

25,055

 

29,532

 

49,063

 

51,709

Service

 

9,547

 

9,697

 

18,614

 

17,848

Total cost of sales (exclusive of depreciation and amortization, shown separately below)

 

34,602

 

39,229

 

67,677

 

69,557

GROSS PROFIT

 

43,936

 

44,546

 

86,609

 

84,157

                 

OPERATING EXPENSES

               

Selling and marketing

 

18,747

 

20,063

 

36,372

 

39,168

General and administrative

 

10,167

 

9,066

 

20,708

 

18,867

Depreciation and amortization

 

3,266

 

2,739

 

6,352

 

5,232

Research and development

 

7,259

 

7,254

 

14,350

 

13,610

Total operating expenses

 

39,439

 

39,122

 

77,782

 

76,877

INCOME FROM OPERATIONS

 

4,497

 

5,424

 

8,827

 

7,280

OTHER (INCOME) EXPENSE

               

Interest income, net

 

(54)

 

(24)

 

(98)

 

(43)

Other expense, net

 

240

 

83

 

991

 

1,390

INCOME BEFORE INCOME TAX EXPENSE

 

4,311

 

5,365

 

7,934

 

5,933

INCOME TAX EXPENSE

 

919

 

1,217

 

1,462

 

1,121

NET INCOME

 

$             3,392

 

$             4,148

 

$             6,472

 

$             4,812

NET INCOME PER SHARE - BASIC

 

$               0.20

 

$               0.24

 

$               0.39

 

$               0.28

                 

NET INCOME PER SHARE - DILUTED

 

$               0.20

 

$               0.24

 

$               0.39

 

$               0.27

                 

Weighted average shares - Basic

 

16,659,115

 

17,384,382

 

16,634,323

 

17,360,749

                 

Weighted average shares - Diluted

 

16,672,600

 

17,502,219

 

16,654,415

 

17,500,619


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