FARO Technologies Inc. (FARO, Financial) filed Quarterly Report for the period ended 2009-10-03.
FARO Technologies Inc. and its international subsidiaries are pioneers and market leaders in the computer-aided manufacturing measurement market which is the final frontier of the computer-aided design and computer-aided manufacturing revolution. FARO's product line includes portable 3D measurement equipment computer-aided design-based inspection software for portable and fixed-base coordinate measurement machines as well as factory-level statistical process control and manufacturing quality consulting services. (Company Press Release) Faro Technologies Inc. has a market cap of $273.3 million; its shares were traded at around $16.99 with and P/S ratio of 1.3. Faro Technologies Inc. had an annual average earning growth of 10.7% over the past 5 years.
Sales in the Americas region decreased $4.7 million, or 25. 5%, to $13.7 million for the three months ended October 3, 2009 from $18.4 million in the three months ended September 27, 2008. Product sales in the Americas region decreased by $4.8 million, or 31.4%, to $10.5 million for the three months ended October 3, 2009 from $15.3 million in the third quarter of the prior year. Service revenue in the Americas region increased by $0.1 million, or 3.2%, to $3.2 million for the three months ended October 3, 2009 from $3.1 million in the same period during the prior year.
Sales in the Americas region decreased $19.1 million, or 33.1%, to $38.6 million for the nine months ended October 3, 2009 from $57.7 million in the nine months ended September 27, 2008. Product sales in the Americas region decreased by $19.8 million, or 40.4%, to $29.2 million for the nine months ended October 3, 2009 from $49.0 million in the third quarter of the prior year. Service revenue in the Americas region increased by $0.7 million, or 8.0%, to $9.4 million for the nine months ended October 3, 2009 from $8.7 million in the same period during the prior year, due primarily to an increase in warranty revenue.
Sales in the Europe/Africa region decreased $25.4 million, or 37.7%, to $42.0 million for the nine months ended October 3, 2009 from $67.4 million in the nine months ended September 27, 2008. Product sales in the Europe/Africa region decreased by $24.4 million, or 42.5%, to $33.0 million for the nine months ended October 3, 2009 from $57.4 million in the third quarter of the prior year. Service revenue in the Europe/Africa region decreased by $1.0 million, or 10.0%, to $9.0 million for the nine months ended October 3, 2009 from $10.0 million in the same period during the prior year primarily due to a decrease in customer service and training revenue.
Sales in the Asia/Pacific region decreased $6.7 million, or 24.1%, to $21.1 million for the nine months ended October 3, 2009 from $27.8 million in the nine months ended September 27, 2008. Product sales in the Asia/Pacific region decreased by $7.5 million, or 30.5%, to $17.1 million for the nine months ended October 3, 2009 from $24.6 million in the same period of the prior year. Service revenue in the Asia/Pacific region increased by $0.8 million, or 25.0%, to $4.0 million for the nine months ended October 3, 2009 from $3.2 million in the same period during the prior year, due primarily to an increase in warranty revenue.
Cash and cash equivalents increased by $3.9 million to $27.4 million at October 3, 2009 from $23.5 million at December 31, 2008. The increase was primarily attributable to net proceeds of $17.0 million from the sale of $82.0 million of the Companys variable rate demand bonds, net of purchases of $65.0 million of U.S. Treasury Bills, offset by purchases of $8.8 million of the Companys common stock as part of the Companys share repurchase program, a net loss and non-cash expenses of $0.3 million, $3.4 million in purchases of equipment and intangible assets, and the negative effect of exchange rate changes on cash of $1.2 million.
Read the The complete ReportFARO is in the portfolios of Arnold Schneider of Schneider Capital Management, PRIMECAP Management.
FARO Technologies Inc. and its international subsidiaries are pioneers and market leaders in the computer-aided manufacturing measurement market which is the final frontier of the computer-aided design and computer-aided manufacturing revolution. FARO's product line includes portable 3D measurement equipment computer-aided design-based inspection software for portable and fixed-base coordinate measurement machines as well as factory-level statistical process control and manufacturing quality consulting services. (Company Press Release) Faro Technologies Inc. has a market cap of $273.3 million; its shares were traded at around $16.99 with and P/S ratio of 1.3. Faro Technologies Inc. had an annual average earning growth of 10.7% over the past 5 years.
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 nine months ended October 3, 2009, 37.9% of the Companys sales were in the Americas compared to 37.7% in the first nine months of 2008, 41.3% were in the Europe/Africa region compared to 44.1% in the first nine months of 2008, and 20.8% were in the Asia/Pacific region compared to 18.2% in the same prior year period. In the third quarter of 2009, new order bookings decreased $13.4 million, or 27.2%, to $35.8 million from $49.2 million in the prior year period. New orders decreased $3.6 million, or 20.5%, in the Americas to $14.0 million from $17.6 million in the prior year period. New orders decreased $7.0 million, or 32.1%, to $14.8 million in Europe/Africa from $21.8 in the third quarter of 2008. In Asia/Pacific, new orders decreased $2.8 million, or 28.6%, to $7.0 million from $9.8 million in the third quarter of 2008.Sales in the Americas region decreased $4.7 million, or 25. 5%, to $13.7 million for the three months ended October 3, 2009 from $18.4 million in the three months ended September 27, 2008. Product sales in the Americas region decreased by $4.8 million, or 31.4%, to $10.5 million for the three months ended October 3, 2009 from $15.3 million in the third quarter of the prior year. Service revenue in the Americas region increased by $0.1 million, or 3.2%, to $3.2 million for the three months ended October 3, 2009 from $3.1 million in the same period during the prior year.
Sales in the Americas region decreased $19.1 million, or 33.1%, to $38.6 million for the nine months ended October 3, 2009 from $57.7 million in the nine months ended September 27, 2008. Product sales in the Americas region decreased by $19.8 million, or 40.4%, to $29.2 million for the nine months ended October 3, 2009 from $49.0 million in the third quarter of the prior year. Service revenue in the Americas region increased by $0.7 million, or 8.0%, to $9.4 million for the nine months ended October 3, 2009 from $8.7 million in the same period during the prior year, due primarily to an increase in warranty revenue.
Sales in the Europe/Africa region decreased $25.4 million, or 37.7%, to $42.0 million for the nine months ended October 3, 2009 from $67.4 million in the nine months ended September 27, 2008. Product sales in the Europe/Africa region decreased by $24.4 million, or 42.5%, to $33.0 million for the nine months ended October 3, 2009 from $57.4 million in the third quarter of the prior year. Service revenue in the Europe/Africa region decreased by $1.0 million, or 10.0%, to $9.0 million for the nine months ended October 3, 2009 from $10.0 million in the same period during the prior year primarily due to a decrease in customer service and training revenue.
Sales in the Asia/Pacific region decreased $6.7 million, or 24.1%, to $21.1 million for the nine months ended October 3, 2009 from $27.8 million in the nine months ended September 27, 2008. Product sales in the Asia/Pacific region decreased by $7.5 million, or 30.5%, to $17.1 million for the nine months ended October 3, 2009 from $24.6 million in the same period of the prior year. Service revenue in the Asia/Pacific region increased by $0.8 million, or 25.0%, to $4.0 million for the nine months ended October 3, 2009 from $3.2 million in the same period during the prior year, due primarily to an increase in warranty revenue.
Cash and cash equivalents increased by $3.9 million to $27.4 million at October 3, 2009 from $23.5 million at December 31, 2008. The increase was primarily attributable to net proceeds of $17.0 million from the sale of $82.0 million of the Companys variable rate demand bonds, net of purchases of $65.0 million of U.S. Treasury Bills, offset by purchases of $8.8 million of the Companys common stock as part of the Companys share repurchase program, a net loss and non-cash expenses of $0.3 million, $3.4 million in purchases of equipment and intangible assets, and the negative effect of exchange rate changes on cash of $1.2 million.
Read the The complete ReportFARO is in the portfolios of Arnold Schneider of Schneider Capital Management, PRIMECAP Management.
