FARO Announces 14% Workforce Cut to Save $7.4M

LAKE MARY, FL, Apr 7, 2009 - FARO Technologies, Inc. (Nasdaq: FARO) today announced a global reduction in force driven by continued economic weakness. This reduction is in addition to a 7% reduction announced on February 20, 2009.

The reduction, effective immediately, impacts approximately 14% of FARO's workforce across all functions. The Company expects to save approximately $7.4 million on an annual basis and will incur a first quarter charge of approximately $0.5 million related to severance costs.

"Unfortunately, economic conditions continue to affect us," stated Jay Freeland, FARO's President and CEO. "First quarter sales for 2009 will be approximately 32% lower than the same quarter last year. While we believe the long-term outlook for FARO remains strong, this reduction in force is a necessary precaution to position the Company for the balance of the year," Freeland concluded.

The Company will provide further details when it reports first quarter financial results, currently scheduled for the end of April.

About FARO

With approximately 19,000 installations and 9,000 customers globally, FARO Technologies, Inc. designs, develops, and markets portable, computerized measurement devices and software used to create digital models -- or to perform evaluations against an existing model -- for anything requiring highly detailed 3-D measurements, including part and assembly inspection, factory planning and asset documentation, as well as specialized applications ranging from surveying, recreating accident sites and crime scenes to digitally preserving historical sites.

FARO's technology increases productivity by dramatically reducing the amount of on-site measuring time, and the various industry-specific software packages enable users to process and present their results quickly and more effectively.

Principal products include the world's best-selling portable measurement arm -- the FaroArm; the world's best-selling laser tracker -- the FARO Laser Tracker X and Xi; the FARO Laser ScanArm; FARO Photon Laser Scanners; the FARO Gage, Gage-PLUS and PowerGAGE; and the CAM2 Q family of advanced CAD-based measurement and reporting software. FARO Technologies is ISO-9001 certified and ISO-17025 laboratory registered.

For more information, visit www.faro.com.

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See Also

FARO website
CAM Products and Companies - list by TenLinks.com

Additional News

Feb 19 - FARO Announces Q4 Earnings Call on Feb 25
Feb 09 - FARO Unveils Scene 4.7 Software for Laser Scanner
Nov 5 - FARO Q3 Revenue Down 27% to $36M, Loses to $1.3M
Nov 4 - FARO to Present at 2009 Robert Baird Industrial Conference
Oct 29 - FARO Q3 Conference Call on Nov 5, 11AM ET
Sep 22 - FARO Releases 3D Laser Tracker ION
Aug 26 - FARO Cuts Staff Additional 8%
Jul 30 - FARO Q2 Revenue Down 40% to $35M, Loses to $2.1M
Jul 30 - FARO Names Lynn Brubaker to Board
Jul 27 - FARO Q2 Conference Call on Jul 30, 11AM ET
Jun 11 - FARO Supports Pratt & Miller in GT1 Race
Jun 4 - FARO to Present at Noble Financial Equity Conference
May 6 - FARO Part of Discovery Channel's Shades of Green Episode
Apr 30 - FARO Q1 Revenue Down 32% to $31.4M, Profit Down to $6.6M
Apr 27 - FARO Q1 Conference Call on April 29, 11AM ET
Apr 24 - FARO Offers Technology Test Drive Program
Apr 7 - FARO Announces 14% Workforce Cut to Save $7.4M
Feb 23 - FARO to Settle Shareholder Lawsuit, Pay $400K
Feb 20 - FARO 7% Workforce Cut to Save $4.5M
Feb 13 - FARO Q4 Sales Down 5% to $56M, Finishes FY08 Up 9% to $209M
Feb 10 - FARO Q4 Conference Call on February 13, 11AM ET
Jan 21 - FARO Gets  Defense Manufacturing Excellence Award
Jan 2 - FARO to Present at Needham Growth Conference
Dec 18 - FARO Gets Order for 11 Quantum, Platinum FaroArms
Nov 19 - FARO Delivers 6 Photon Laser Scanners to Quantapoint
Nov 6 - FARO to Present at Robert Baird Industrial Conference
Oct 23 - FARO Q3 Conference Call on Oct 30, 11AM ET
Sep 10 - FARO Announces CAM2 Q 1.1 for Metrology Measurement
Jul 30 - FARO Q2 Revenue Up 21% to $58M with $6.4M Profit
Jul 8 - FARO Names Yuri Malinkevich as Director of Engineering
Jul 2 - FARO Offers 'Gage-PLUS' Online Video for QC Technology

Source: Material used in press releases is often supplied by external sources and used as is.