FARO Q2 Revenue Up 31% to $60M with $4M Profit
 LAKE
MARY, FL, Aug 4, 2011 - FARO Technologies, Inc. (NASDAQ: FARO) today announced results for the quarter
ended July 2, 2011. Sales in the second quarter of 2011 increased 30.6%,
to $59.7 million, from $45.7 million in the second quarter of 2010. The Company
reported net income increased to $4.2 million, or $0.25 per share, in the second
quarter of 2011, from $1.8 million, or $0.11 per share, in the second quarter of
2010.
New order bookings for the second quarter of 2011 were $62.5
million, an increase of $18.6 million, or 42.4%, compared to $43.9
million in the second quarter of 2010.
"Market demand remains strong, demonstrated by our 42% growth in
orders last quarter. The Americas grew 57%,
while Asia and Europe each grew 35%," stated Jay Freeland, FARO's
President and CEO. "We're seeing solid revenue growth in all product
lines, and the Focus Laser Scanner continues to exceed our
expectations."
Due to the sizable increase in laser scanner sales relative to
the Company's historical product mix and the associated production
start-up costs, gross margin for the second quarter of 2011 was
56.1%, compared to 59.3% in the second quarter of 2010. The Company
expects the start-up costs to diminish in the near term.
In order to reach a broader customer base for the laser scanner,
the Company has and may increasingly use distributors in addition to
its own sales force. Sales through distributors generally carry
lower gross margin. However, there is a partially offsetting
reduction in selling expenses. As a result, the Company expects that
higher laser scanner sales should generate improved operating margin
and profits.
"Our results in the second quarter were extremely strong, as we
delivered 127% EPS growth on a 31% increase in sales. We expect
positive momentum for our core metrology products as well as the
Focus Laser Scanner to continue through the rest of 2011 and into
2012," Freeland concluded.
About FARO
With over 20,000 installations and 11,000 customers globally,
FARO Technologies, Inc. designs, develops, and markets portable,
computerized measurement and imaging 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 Focus 3D Laser Scanner; 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.
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See Also
FARO website
CAM
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