FARO Technologies Inc. (FARO, Financial) filed Quarterly Report for the period ended 2010-04-03.
Faro Technologies Inc. has a market cap of $423.6 million; its shares were traded at around $26.28 with and P/S ratio of 2.9. FARO is in the portfolios of Chuck Royce of Royce& Associates, Arnold Schneider of Schneider Capital Management, PRIMECAP Management.
Sales increased by $10.9 million, or 34.4%, to $42.3 million in the three months ended April 3, 2010 from $31.4 million for the three months ended April 4, 2009. This increase resulted primarily due to an increase in unit sales in all regions related to the recovery in the global economy. Product sales increased by $9.8 million, or 40.2%, to $34.0 million for the three months ended April 3, 2010 from $24.2 million for the first quarter of 2009. Service revenue increased by $1.1 million, or 15.1%, to $8.3 million for the three months ended April 3, 2010 from $7.2 million in the same period during the prior year primarily due to an increase in Customer Service revenue.
Sales in the Americas region increased $3.7 million, or 29.9%, to $16.3 million for the three months ended April 3, 2010 from $12.5 million in the three months ended April 4, 2009. Product sales in the Americas region increased by $3.1 million, or 32.6%, to $12.6 million for the three months ended April 3, 2010 from $9.5 million in the first quarter of the prior year. Service revenue in the Americas region increased by $0.6 million, or 22.0%, to $3.7 million for the three months ended April 3, 2010 from $3.1 million in the same period during the prior year primarily due to an increase in warranty revenue.
Sales in the Asia/Pacific region increased $3.3 million, or 50.5%, to $9.9 million for the three months ended April 3, 2010 from $6.6 million in the three months ended April 4, 2009. Product sales in the Asia/Pacific region increased by $2.9 million, or 53.5%, to $8.4 million for the three months ended April 3, 2010 from $5.5 million in the first quarter of the prior year. Service revenue in the Asia/Pacific region increased by $0.4 million, or 35.9%, to $1.5 million for the three months ended April 3, 2010 from $1.1 million in the same period during the prior year.
General and administrative expenses decreased by $0.1 million, or 1.0%, to $6.2 million for the three months ended April 3, 2010 from $6.3 million for the three months ended April 4, 2009, primarily due to a decrease in compensation costs of $0.4 million, lower travel costs of $0.1 million, and a decrease in training and recruiting costs of $0.1 million, offset by an increase in professional and legal fees of $0.6 million.
Cash and cash equivalents increased by $3.2 million to $38.3 million at April 3, 2010, from $35.1 million at December 31, 2009. The increase was primarily attributable to increase in net income and non-cash expenses of $4.6 million, proceeds from a short term note of $2.5 million and the effect of exchange rate changes on cash of $0.3 million, offset by a decrease in working capital of $3.5 million and $0.8 million in purchases of equipment and intangible assets.
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Faro Technologies Inc. has a market cap of $423.6 million; its shares were traded at around $26.28 with and P/S ratio of 2.9. FARO is in the portfolios of Chuck Royce of Royce& Associates, Arnold Schneider of Schneider Capital Management, PRIMECAP Management.
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 2010, 38.5% of the Companys sales were in the Americas compared to 39.8% in the first three months of 2009, 38.1% were in the Europe/Africa region compared to 39.3% in the first quarter of 2009 and 23.4% were in the Asia/Pacific region compared to 20.9% in the same prior year period. In the first quarter of 2010, new order bookings increased $12.4 million, or 45.3%, to $39.8 million from $27.4 million in the prior year period. New orders in the first quarter of 2010 increased $6.2 million, or 59.6%, in the Americas to $16.6 million from $10.4 million in the prior year period. New orders increased $2.0 million, or 17.1.%, to $13.7 million in Europe/Africa from $11.7 million in the first quarter of 2009. In Asia/Pacific, new orders increased $4.2 million, or 79.2% to $9.5 million from $5.3 million in the first quarter of 2009.Sales increased by $10.9 million, or 34.4%, to $42.3 million in the three months ended April 3, 2010 from $31.4 million for the three months ended April 4, 2009. This increase resulted primarily due to an increase in unit sales in all regions related to the recovery in the global economy. Product sales increased by $9.8 million, or 40.2%, to $34.0 million for the three months ended April 3, 2010 from $24.2 million for the first quarter of 2009. Service revenue increased by $1.1 million, or 15.1%, to $8.3 million for the three months ended April 3, 2010 from $7.2 million in the same period during the prior year primarily due to an increase in Customer Service revenue.
Sales in the Americas region increased $3.7 million, or 29.9%, to $16.3 million for the three months ended April 3, 2010 from $12.5 million in the three months ended April 4, 2009. Product sales in the Americas region increased by $3.1 million, or 32.6%, to $12.6 million for the three months ended April 3, 2010 from $9.5 million in the first quarter of the prior year. Service revenue in the Americas region increased by $0.6 million, or 22.0%, to $3.7 million for the three months ended April 3, 2010 from $3.1 million in the same period during the prior year primarily due to an increase in warranty revenue.
Sales in the Asia/Pacific region increased $3.3 million, or 50.5%, to $9.9 million for the three months ended April 3, 2010 from $6.6 million in the three months ended April 4, 2009. Product sales in the Asia/Pacific region increased by $2.9 million, or 53.5%, to $8.4 million for the three months ended April 3, 2010 from $5.5 million in the first quarter of the prior year. Service revenue in the Asia/Pacific region increased by $0.4 million, or 35.9%, to $1.5 million for the three months ended April 3, 2010 from $1.1 million in the same period during the prior year.
General and administrative expenses decreased by $0.1 million, or 1.0%, to $6.2 million for the three months ended April 3, 2010 from $6.3 million for the three months ended April 4, 2009, primarily due to a decrease in compensation costs of $0.4 million, lower travel costs of $0.1 million, and a decrease in training and recruiting costs of $0.1 million, offset by an increase in professional and legal fees of $0.6 million.
Cash and cash equivalents increased by $3.2 million to $38.3 million at April 3, 2010, from $35.1 million at December 31, 2009. The increase was primarily attributable to increase in net income and non-cash expenses of $4.6 million, proceeds from a short term note of $2.5 million and the effect of exchange rate changes on cash of $0.3 million, offset by a decrease in working capital of $3.5 million and $0.8 million in purchases of equipment and intangible assets.
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