FARO Cuts Staff Additional 8%
 LAKE
MARY, FL, Aug 25, 2009 - FARO Technologies, Inc. (Nasdaq: FARO) today
announced a global reduction in force. This reduction is in addition to
previously announced reductions of approximately 21% which occurred during
the first quarter of 2009.
The reduction, effective immediately, impacts approximately 8% of FARO's
current workforce. The Company expects to save approximately $4.1 million on
an annual basis and will incur a third quarter charge of approximately $0.6
million related to severance costs. In total, the actions taken this year
should provide an annualized benefit of approximately $17 million.
"This reduction, combined with the reductions we announced in the first
quarter, will lower the cost structure of the business substantially in 2010
while also providing cost benefits in the current year," stated Jay
Freeland, FARO's President & CEO. "Though the long-term opportunity for FARO
remains strong, there is clearly some weakness in the current market. While
we regret the impact of this decision on our employees, we believe the
reduction in force is prudent and should help us return to profitability as
soon as 2010," Freeland concluded.
The Company will provide further details when it reports third quarter
financial results, currently scheduled for the beginning of November.
About FARO
With approximately 20,000 installations and 9,500 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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CAM
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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
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