FARO, the source for 3D measurement and imaging solutions for factory metrology, construction BIM-CIM, product design, public safety forensics, and 3D solutions, has announced its financial results for the fourth quarter and fiscal year ended December 31, 2016.
Sales for the quarter ended December 31, 2016 were $91.7 million, up 15% compared with $79.6 million in the third quarter.
Net income for the quarter was $3.5 million or $0.21 per diluted share, compared with $8.9 million or $0.52 per diluted share in the prior year period.
“2016 was a transformative year for FARO. We undertook a major reorganization that aligned and harmonized our resources by global vertical market segments, and modernized the efficiency of our sales processes and other functional areas. We accelerated and streamlined R&D to attain a sustained drumbeat of new and enhanced product introductions, and increased acquisition activity to further build out our product lines and technological capabilities. We expect to complete the remaining primary reorganization initiatives by mid-2017,” stated Dr. Simon Raab, president and chief executive officer. “In light of the substantial reorganizational disruption, FARO was able to increase sales, gross margin, and operating income, as well as generate cash flow from operations sufficient to self-fund $27.7 million of acquisitions.”
Dr. Raab further stated, “In the fourth quarter, we introduced our next generation Focuss Laser Scanner, acquired MWF-Technology GmbH to provide our broad customer base with an innovative product offering in augmented reality technology, and invested in customer facing staffing to drive higher sales in the upcoming year.”
A complete chart of the financial results is available here.
FARO is the source for 3D measurement technology. The company develops and markets computer-aided measurement and imaging devices and software. Technology from FARO permits high-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes. The devices are used for inspecting components and assemblies, rapid prototyping, documenting large volume spaces or structures in 3D, surveying and construction, as well as for investigation and reconstruction of accident sites or crime scenes.
FARO’s global headquarters is located in Lake Mary, Florida. The company also has a technology center and manufacturing facility consisting of approximately 90,400 square feet located in Exton, Pennsylvania containing research and development, manufacturing and service operations of their FARO Laser Tracker and FARO Cobalt Array Imager product lines. The company’s European regional headquarters is located in Stuttgart, Germany and its Asia Pacific regional headquarters is located in Singapore. FARO has other offices in Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Malaysia, Mexico, the Netherlands, Poland, Portugal, Singapore, South Korea, Spain, Switzerland, Thailand, Turkey, the United Kingdom, the United States, and Vietnam.
More information is available at http://www.faro.com.