FARO Technologies Inc. (FARO, Financial) filed Quarterly Report for the period ended 2011-04-02.
Faro Technologies Inc. has a market cap of $638.4 million; its shares were traded at around $39.37 with a P/E ratio of 58.6 and P/S ratio of 3.4.
Sales increased by $10.3 million, or 24.4%, to $52.6 million in the three months ended April 2, 2011 from $42.3 million for the three months ended April 3, 2010. This increase resulted primarily due to an increase in unit sales in all regions related to the continuing recovery in the global economy. Product sales increased by $9.0 million, or 26.6%, to $43.0 million for the three months ended April 2, 2011 from $34.0 million for the first quarter of 2010. Service revenue increased by $1.3 million, or 15.3%, to $9.6 million for the three months ended April 2, 2011 from $8.3 million in the same period during the prior year, primarily due to an increase in warranty revenue.
Sales in the Americas region increased $3.0 million, or 18.4%, to $19.3 million for the three months ended April 2, 2011 from $16.3 million in the three months ended April 3, 2010. Product sales in the Americas region increased by $2.6 million, or 20.6%, to $15.2 million for the three months ended April 2, 2011 from $12.6 million in the first quarter of the prior year. Service revenue in the Americas region increased by $0.4 million, or 10.8%, to $4.1 million for the three months ended April 2, 2011 from $3.7 million in the same period during the prior year, primarily due to an increase in Customer Service revenue.
Sales in the Europe/Africa region increased $3.0 million, or 18.6%, to $19.1 million for the three months ended April 2, 2011 from $16.1 million in the three months ended April 3, 2010. Product sales in the Europe/Africa region increased by $2.3 million, or 17.7%, to $15.3 million for the three months ended April 2, 2011 from $13.0 million in the first quarter of the prior year. Service revenue in the Europe/Africa region increased $0.7 million, or 22.6%, to $3.8 million for the three months ended April 2, 2011 from $3.1 million in the same period during the prior year.
Sales in the Asia/Pacific region increased $4.3 million, or 43.4%, to $14.2 million for the three months ended April 2, 2011 from $9.9 million in the three months ended April 3, 2010. Product sales in the Asia/Pacific region increased by $4.1 million, or 48.8%, to $12.5 million for the three months ended April 2, 2011 from $8.4 million in the first quarter of the prior year. Service revenue in the Asia/Pacific region increased by $0.2 million, or 13.3%, to $1.7 million for the three months ended April 2, 2011 from $1.5 million in the same period during the prior year.
Cash and cash equivalents increased by $2.6 million to $53.3 million at April 2, 2011 from $50.7 million at December 31, 2010. The increase was primarily attributable to increase in net income and non-cash expenses of $6.1 million and proceeds from stock option exercises of $2.7 million, offset by an increase in working capital of $3.9 million, purchases of equipment and intangible assets of $1.5 million, and the effect of exchange rate changes on cash of $0.9 million.
Read the The complete Report
Faro Technologies Inc. has a market cap of $638.4 million; its shares were traded at around $39.37 with a P/E ratio of 58.6 and P/S ratio of 3.4.
Highlight of Business Operations:
The Company operates in international markets throughout the world. It maintains sales offices in China, France, Germany, Great Britain, Italy, India, Japan, Malaysia, Netherlands, Poland, Spain, Singapore and Vietnam. The Company manages and reports its global sales in three regions: the Americas, Europe/Africa and Asia/Pacific. In the first quarter of 2011, 36.8% of the Companys sales were in the Americas compared to 38.5% in the first three months of 2010, 36.2% were in the Europe/Africa region compared to 38.1% in the first quarter of 2010 and 27.0% were in the Asia/Pacific region compared to 23.4% in the same prior year period. In the first quarter of 2011, new order bookings increased $16.1 million, or 40.5%, to $55.9 million from $39.8 million in the prior year period. New orders in the first quarter of 2011 increased $3.8 million, or 22.9%, in the Americas to $20.4 million from $16.6 million in the prior year period. New orders increased $7.7 million, or 56.2%, to $21.4 million in Europe/Africa from $13.7 million in the first quarter of 2010. In Asia/Pacific, new orders increased $4.6 million, or 48.4% to $14.1 million from $9.5 million in the first quarter of 2010.Sales increased by $10.3 million, or 24.4%, to $52.6 million in the three months ended April 2, 2011 from $42.3 million for the three months ended April 3, 2010. This increase resulted primarily due to an increase in unit sales in all regions related to the continuing recovery in the global economy. Product sales increased by $9.0 million, or 26.6%, to $43.0 million for the three months ended April 2, 2011 from $34.0 million for the first quarter of 2010. Service revenue increased by $1.3 million, or 15.3%, to $9.6 million for the three months ended April 2, 2011 from $8.3 million in the same period during the prior year, primarily due to an increase in warranty revenue.
Sales in the Americas region increased $3.0 million, or 18.4%, to $19.3 million for the three months ended April 2, 2011 from $16.3 million in the three months ended April 3, 2010. Product sales in the Americas region increased by $2.6 million, or 20.6%, to $15.2 million for the three months ended April 2, 2011 from $12.6 million in the first quarter of the prior year. Service revenue in the Americas region increased by $0.4 million, or 10.8%, to $4.1 million for the three months ended April 2, 2011 from $3.7 million in the same period during the prior year, primarily due to an increase in Customer Service revenue.
Sales in the Europe/Africa region increased $3.0 million, or 18.6%, to $19.1 million for the three months ended April 2, 2011 from $16.1 million in the three months ended April 3, 2010. Product sales in the Europe/Africa region increased by $2.3 million, or 17.7%, to $15.3 million for the three months ended April 2, 2011 from $13.0 million in the first quarter of the prior year. Service revenue in the Europe/Africa region increased $0.7 million, or 22.6%, to $3.8 million for the three months ended April 2, 2011 from $3.1 million in the same period during the prior year.
Sales in the Asia/Pacific region increased $4.3 million, or 43.4%, to $14.2 million for the three months ended April 2, 2011 from $9.9 million in the three months ended April 3, 2010. Product sales in the Asia/Pacific region increased by $4.1 million, or 48.8%, to $12.5 million for the three months ended April 2, 2011 from $8.4 million in the first quarter of the prior year. Service revenue in the Asia/Pacific region increased by $0.2 million, or 13.3%, to $1.7 million for the three months ended April 2, 2011 from $1.5 million in the same period during the prior year.
Cash and cash equivalents increased by $2.6 million to $53.3 million at April 2, 2011 from $50.7 million at December 31, 2010. The increase was primarily attributable to increase in net income and non-cash expenses of $6.1 million and proceeds from stock option exercises of $2.7 million, offset by an increase in working capital of $3.9 million, purchases of equipment and intangible assets of $1.5 million, and the effect of exchange rate changes on cash of $0.9 million.
Read the The complete Report
