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FARO Technologies Inc

FARO Technologies Inc (FARO)

21.45
-0.16
( -0.74% )
Updated: 13:45:32

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Key stats and details

Current Price
21.45
Bid
21.43
Ask
21.47
Volume
48,646
21.25 Day's Range 21.73
10.30 52 Week Range 25.225
Market Cap
Previous Close
21.61
Open
21.55
Last Trade
3
@
21.45
Last Trade Time
13:46:06
Financial Volume
$ 1,050,983
VWAP
21.6047
Average Volume (3m)
249,232
Shares Outstanding
18,969,298
Dividend Yield
-
PE Ratio
-7.21
Earnings Per Share (EPS)
-2.98
Revenue
358.83M
Net Profit
-56.58M

About FARO Technologies Inc

Faro Technologies Inc is a global technology company. It designs, develops, manufactures, markets and supports software driven, three-dimensional (3-D) measurement, imaging, and realization systems. The operating segments of the company are 3D Manufacturing, Construction BIM, and Emerging Verticals. Faro Technologies Inc is a global technology company. It designs, develops, manufactures, markets and supports software driven, three-dimensional (3-D) measurement, imaging, and realization systems. The operating segments of the company are 3D Manufacturing, Construction BIM, and Emerging Verticals.

Sector
Meas & Controlling Dev, Nec
Industry
Meas & Controlling Dev, Nec
Website
Headquarters
Plantation, Florida, USA
Founded
1970
FARO Technologies Inc is listed in the Meas & Controlling Dev sector of the NASDAQ with ticker FARO. The last closing price for FARO Technologies was $21.61. Over the last year, FARO Technologies shares have traded in a share price range of $ 10.30 to $ 25.225.

FARO Technologies currently has 18,969,298 shares outstanding. The market capitalization of FARO Technologies is $407.84 million. FARO Technologies has a price to earnings ratio (PE ratio) of -7.21.

FARO Latest News

Form 4 - Statement of changes in beneficial ownership of securities

SEC Form 4 FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange...

Form 4 - Statement of changes in beneficial ownership of securities

SEC Form 4 FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange...

Form 4 - Statement of changes in beneficial ownership of securities

SEC Form 4 FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange...

FARO Technologies to Webcast 2024 Investor Event on Monday, March 11, 2024

FARO Technologies to Webcast 2024 Investor Event on Monday, March 11, 2024 PR Newswire LAKE MARY, Fla., March 5, 2024 LAKE MARY, Fla., March 5, 2024 /PRNewswire/ -- FARO® (Nasdaq: FARO), the...

Form 8-K - Current report

0000917491false00009174912024-02-272024-02-27UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549  FORM 8-K   CURRENT REPORTPursuant to Section 13 or...

FARO Announces Fourth Quarter and Full Year 2023 Financial Results

FARO Announces Fourth Quarter and Full Year 2023 Financial Results PR Newswire LAKE MARY, Fla., Feb. 27, 2024 Q4 revenue of $98.8 million, at the upper end of our guidance rangeQ4 earnings per...

Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549     SCHEDULE 13G/A Under the Securities Exchange Act of 1934   (Amendment No. 1)*    ...

FARO to Announce Financial Results for the Fourth Quarter and Year End 2023 on February 28, 2024

FARO to Announce Financial Results for the Fourth Quarter and Year End 2023 on February 28, 2024 PR Newswire LAKE MARY, Fla., Feb. 13, 2024 LAKE MARY, Fla., Feb. 13, 2024 /PRNewswire/ -- FARO®...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
1-0.06-0.27894002789421.5121.97520.73518604921.32175447CS
4-2.07-8.8010204081623.5223.5219.69532249121.01167265CS
120.532.5334608030620.9224.819.69524923221.47350064CS
266.4242.714570858315.0324.812.3423748419.5656003CS
52-2.1-8.9171974522323.5525.22510.326426217.39118531CS
156-65.89-75.440806045387.3491.2910.315980029.65118576CS
260-21.8-50.404624277543.2597.87510.313780938.28618852CS

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FARO Discussion

View Posts
giveit2me giveit2me 7 months ago
this patent means MONOPOLY
👍️0
giveit2me giveit2me 7 months ago
this patent could be worth 10s of billions of $$$, if not more, pending on how fast things progress. i can compare this patent, to the patent MIT did not register- GPS
👍️0
giveit2me giveit2me 7 months ago
it's already happening
👍️0
giveit2me giveit2me 8 months ago
i like FARO, $200 by 2030, given whats coming
👍️0
whytestocks whytestocks 5 years ago
News: $FARO FARO® Appoints Michael D. Burger as President and Chief Executive Officer

LAKE MARY, Fla. , April 9, 2019 /PRNewswire/ -- FARO ® (NASDAQ: FARO), the world's most trusted source for 3D measurement and imaging solutions for 3D manufacturing, construction BIM, 3D design, public safety forensics, and photonics applications, ...

Find out more https://marketwirenews.com/news-releases/faro-xae-appoints-michael-d-burger-as-president-and-chief-executive-officer-7970270.html
👍️0
slopak slopak 9 years ago
Fellow 3D tech believers.. maybe a nice add to youre portf!

Its something off the future but maybe nos distant future anymore..

real 3d volumetric display without the need off glasses !

check it out... TDCP -- 3D ICON !

like this one 3D is a game changer... but we havent reahed anything yet imo

Maybe in short term we can see some good gains.. Important year !


Iff you are a true 3D believer like me and its youre opinion theres a lot to gain in 3D tech like 3D printing! just take a look at this tini company..


Some highlights:


Doug Freitag joining the company- a federal funding expert with security clearance-- not just a guy next door i would say ...


3DIcon Names Doug Freitag Vice President of Technology and Business Development

-----------------------------------------------------------
3D ICOn was awarded an OCAST grant.. - 'best proposal;


Press Releases
3DIcon Wins 1st Place and $300K in Grant Competition

http://ir.3dicon.net/press-releases/detail/1084/3dicon-wins-1st-place-and-300k-in-grant-competition

------------------------------------------------------------------
Proposal submitted to obtain funding!

3DIcon Submits Proposal to National Institutes of Health for an fMRI Interface
Download PDF
Company Aims to Secure Funding to Further Development of 3D Volumetric Display Technology for Medical Imaging


----------------------------------------------------
Joint development agreement with SCHOTT DEFENCE


3DIcon Partners With SCHOTT Defense on Next-Generation 3D Display Technologies

http://ir.3dicon.net/press-releases/detail/1164/3dicon-partners-with-schott-defense-on-next-generation-3d

------------------------------------------------------------------------

showing there tech...

3DIcon Hosts US Congressional Staff for Oklahoma to Demonstrate Its Eyeglass-Free 3D Volumetric Display Technology

http://ir.3dicon.net/press-releases/detail/1224/3dicon-hosts-us-congressional-staff-for-oklahoma-to


------------------------------------------


3DIcon to Attend SPIE DSS 2015 Conference
http://ir.3dicon.net/press-releases/detail/1284/3dicon-to-attend-spie-dss-2015-conference

--------------------------------------------------
In talks with USAF!

3DIcon Meets With US Air Force to Discuss Applications of 3D Imaging Technology

http://ir.3dicon.net/press-releases/detail/1254/3dicon-meets-with-us-air-force-to-discuss-applications-of



some really experienced guys working over there--

Just listen to the conference call !!

http://ir.3dicon.net/presentations

-------------------------------------------
this company is screaming for investor attention and his a a lot off goodies to back it up

Just take a look at the recent press release concerning microsofts 3d tech unveiling related to the 3d Icon is developing

All imo do youre own DD and find out for yourself!


👍️0
BiotechValues BiotechValues 11 years ago
FARO added to 3D Printing Stocks board.

3D Printing Stocks

I'm a little surprised this FARO board is so quiet...maybe it will heat up when more 3D Printing investors start looking at companies other than DDD and SSYS.
👍️0
Penny Roger$ Penny Roger$ 12 years ago
~ Monday! $FARO ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $FARO ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=FARO&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=FARO&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=FARO
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=FARO#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=FARO+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=FARO
Finviz: http://finviz.com/quote.ashx?t=FARO
~ BusyStock: http://busystock.com/i.php?s=FARO&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=FARO >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.
👍️0
GNOTE GNOTE 15 years ago
Ouch , down big today.
👍️0
xanada xanada 15 years ago
FARO Invites You to Join Its Second Quarter 2009 Conference Call on the Web
Press Release
Source: FARO Technologies
On Friday July 24, 2009, 4:00 pm EDT
LAKE MARY, Fla., July 24 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) announced that after the market closes on July 29, 2009, it will release its financial results for the second quarter ended July 4, 2009. In conjunction with FARO's Second Quarter earnings release, you are invited to listen to its conference call that will be broadcast live over the Internet on July 30, 2009, at 11:00 a.m. ET with the Company's President and CEO, Jay Freeland, and CFO, Keith Bair.

What: FARO Technologies Second Quarter 2009 Earnings Release Conference Call

When: Thursday, July 30, 2009 at 11:00 a.m. ET

How: www.faro.com/CCQ2-099

Dial-in Numbers are 800-895-1085 (domestic) or 785-424-1055 (international). Conference ID: FARO

Alternately, one may access the call via FARO's web site www.faro.com, then click "Investor Relations", "Conference Calls", then click the relevant date.

If you are unable to participate during the live web cast, the call will be archived on www.faro.com. Conference Call Replay is also available until October 30, 2009, by calling 800-695-1624 (domestic) or 402-530-9026 (international). No code is required.

FARO Technologies, Inc. designs, develops, and markets portable, computerized measurement devices and software used to create digital models - or to perform evaluation and analysis 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.

Learn more at www.faro.com
👍️0
xanada xanada 15 years ago
S-8 filed...

The gist of it:

Amount to be registered consists of (i) 1,720,000 shares of common stock of FARO Technologies, Inc. (the “Company”) to be issued pursuant to the grant or exercise of awards under the FARO Technologies, Inc. 2009 Equity Incentive Plan (the “Plan”), plus (ii) 100,072 shares of Company common stock which remained available for issuance under the FARO Technologies, Inc. 2004 Equity Incentive Plan (the “2004 Plan”) as of July 17, 2009, and are now available for issuance under the 2009 Plan, plus (iii) up to 1,158,321 additional shares which presently are subject to awards outstanding under the 2004 Plan but which will become available for grant under the Plan to the extent that such 2004 Plan awards terminate or expire unexercised, or are cancelled, forfeited or lapse for any reason (the shares included in (ii) and (iii) are collectively referred to as the “Additional Shares”). The amount to be registered also includes additional shares of the Company’s common stock that may become issuable in accordance with the adjustment and anti-dilution provisions of the Plan.
👍️0
xanada xanada 15 years ago
Form 8-K for FARO TECHNOLOGIES INC


--------------------------------------------------------------------------------

29-May-2009

Change in Directors or Principal Officers



Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On May 27, 2009, FARO Technologies, Inc. (the "Company") notified James K. West, the Company's Chief Technology Officer, that his employment was terminated, effective immediately.

(e) In connection with Mr. West's termination, the Company has agreed to make a severance payment of $187,500 to Mr. West, equal to nine months of Mr. West's base salary, which will be paid in accordance with the Company's standard payroll schedule.

👍️0
xanada xanada 15 years ago
Ouch!!!!!

FARO Reports Sales Decline of 31.8% for Q1 2009; Orders Decrease by 41.7%
On Wednesday April 29, 2009, 5:22 pm EDT


LAKE MARY, Fla., April 29 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) today announced results for the first quarter ended April 4, 2009. Net loss for the first quarter was $6.6 million, or $0.41 per diluted share, a decrease of $10.0 million, compared to net income of $3.4 million, or $0.20 per diluted share, in the first quarter of 2008.

Sales for the first quarter of 2009 decreased $14.7 million, or 31.8%, to $31.4 million from $46.1 million in the first quarter of 2008. New order bookings for the first quarter were $27.4 million, a decrease of $19.6 million, or 41.7%, compared with $47.0 million in the first quarter of 2008.

"Orders and sales were significantly lower in the first quarter of this year and the weakness was consistent across all regions and verticals. Economic conditions are making it difficult for our customers to make capital goods purchases," stated Jay Freeland, FARO's President & CEO. "However, lead count and demo activity remain strong, and despite the current economic climate, we have a solid balance sheet. As such, we remain committed to finding innovative ways to meet our customers' needs during their tough times and returning FARO to a pattern of growth and profitability."

The Company initiated two reductions-in-force during the quarter, effective February 20, and April 3, 2009, respectively. In aggregate, these initiatives reduced the Company's workforce by approximately 21% and compensation costs on an annualized basis by approximately $11.9 million. Total severance costs incurred in the quarter were approximately $1.7 million.

Gross margin for the first quarter of 2009 was 51.7%, compared to 60.1% in the first quarter of 2008. Gross margin decreased primarily due to a change in the sales mix between higher margin product sales and lower margin service revenue.

Selling expenses as a percentage of sales increased to 40.8% in the first quarter of 2009 from 31.3% in the first quarter of 2008 primarily as a result of the decline in sales. Selling expenses in the first quarter of 2009 decreased by $1.6 million to $12.8 million.

General and administrative expenses increased to 20.0% of sales for the first quarter of 2009 from 12.3% in the first quarter of 2008. General and administrative expenses in the first quarter of 2009 increased by $0.7 million to $6.3 million.

R&D expenses were $3.5 million in the first quarter of 2009, an increase from $2.7 million in the first quarter of 2008. R&D expenses were 11.1% of sales in the first quarter of 2009 compared to 5.9% of sales in the first quarter of 2008.

The operating loss for the first quarter of 2009 was $7.6 million, a decrease of $11.5 million from an operating profit of $3.9 million in the first quarter of 2008.

Income tax expense decreased by $2.5 million to a benefit of $1.6 million for the first quarter of 2009, from an expense of $0.9 million for the first quarter of 2008 due to a decrease in pretax income. The Company's effective tax rate decreased to 19.1% for the first quarter of 2009 from 21.8% in the first quarter of 2008.

"We expect the economic environment to continue to be weak throughout 2009. We have taken significant steps to reduce our operating costs through reductions in force and other cost-cutting measures and will continue to do so as necessary. These are very challenging times for most companies, but we believe FARO will remain well-positioned through all of it," Freeland concluded.

👍️0
xanada xanada 15 years ago
From today's 8-K
On April 6, 2009, the Company issued a press release announcing a global reduction in force, effective April 2, 2009. The reduction impacts approximately 14% of the Company's workforce and is driven by lower sales and continued general economic weakness. As a result of the reduction, the Company estimates a charge of approximately $1.0 million related to severance costs. Of this $1.0 million in projected severance costs, approximately $0.5 million was previously disclosed in the press release issued by the Company on April 6, 2009.

Since publication of the press release, the Company has determined that it will incur an additional charge of approximately $0.5 million in connection with severance costs associated with its European operations. All such charges will be recorded in the first quarter of fiscal year 2009.
👍️0
xanada xanada 15 years ago
FARO Announces Global Reduction in Force of 14%
Monday April 6, 2009, 4:28 pm EDT

LAKE MARY, Fla., April 6 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) today announced a global reduction in force driven by continued economic weakness. This reduction is in addition to a 7% reduction announced on February 20, 2009.

The reduction, effective immediately, impacts approximately 14% of FARO's workforce across all functions. The Company expects to save approximately $7.4 million on an annual basis and will incur a first quarter charge of approximately $0.5 million related to severance costs.

"Unfortunately, economic conditions continue to affect us," stated Jay Freeland, FARO's President and CEO. "First quarter sales for 2009 will be approximately 32% lower than the same quarter last year. While we believe the long-term outlook for FARO remains strong, this reduction in force is a necessary precaution to position the Company for the balance of the year," Freeland concluded.

The Company will provide further details when it reports first quarter financial results, currently scheduled for the end of April.

👍️0
xanada xanada 15 years ago
FARO Reports Sales Growth of 9.2% for 2008; Orders Grow 6.8%
Thursday February 12, 5:41 pm ET


LAKE MARY, Fla., Feb. 12 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) today announced results for the fourth quarter ended December 31, 2008. Net income for the fourth quarter was $2.2 million, or $0.13 per diluted share, a decrease of $6.2 million, compared to $8.4 million, or $0.50 per diluted share in the fourth quarter of 2007. Net income for fiscal 2008 was $14.0 million, or $0.83 per diluted share, compared to $18.1 million, or $1.15 per diluted share.
Sales for the fourth quarter of 2008 were $56.3 million, a decrease of $2.9 million, or 4.9%, from $59.2 million in the fourth quarter of 2007. New order bookings for the fourth quarter were $56.4 million, a decrease of $9.0 million, or 13.8%, compared with $65.4 million in the fourth quarter of 2007. Fiscal 2008 sales were $209.2 million, an increase of 9.2% compared to 2007 sales of $191.6 million. New order bookings for fiscal 2008 were $211.3 million, a 6.8% increase from $197.8 million in fiscal 2007.

"2008 was a difficult year for most companies and that directly impacted FARO," stated Jay Freeland, FARO's President & CEO. "The second half of the year was particularly tough for us across all three regions. There was good customer interest in our products. However, global economic weakness caused significant delays in our customers' decision-making processes as they reviewed their capital equipment needs."

Gross margin for the fourth quarter of 2008 was 57.3%, compared to 60.0% in the fourth quarter of 2007. Gross margin decreased primarily as the result of lower product sales which carry high gross margins. As a result, service costs as a percentage of sales had a larger impact than in previous quarters. The gross margin for fiscal 2008 was 59.8% compared to 60.0% in fiscal 2007.

Selling expenses as a percentage of sales increased to 28.6% in the fourth quarter of 2008 from 27.3% in the fourth quarter of 2007 primarily as a result of the decline in sales. Selling expenses in the fourth quarter of 2008 remained relatively flat, decreasing by $0.1 million to $16.1 million. Selling expenses as a percentage of sales for fiscal 2008 were 30.1% compared to 29.3% in fiscal 2007.

General and administrative expenses increased to 12.2% of sales for the fourth quarter of 2008 from 11.8% in the fourth quarter of 2007. General and administrative expenses in the fourth quarter of 2008 declined by $0.1 million to $6.9 million. General and administrative expenses were 12.5% of sales for fiscal 2008 compared to 13.3% in fiscal 2007.

R&D expenses were $3.5 million in the fourth quarter of 2008, an increase from $3.1 million in the fourth quarter of 2007. R&D expenses for fiscal 2008 were $12.6 million, or 6.0% of sales, an increase of $2.3 million from $10.3 million in fiscal 2007, or 5.4% of sales. The increase in spending was tied to new product development of existing platforms and establishing the R&D Center of Excellence in Cambridge for the Company's new 3D Imaging technology.

Operating margin for the fourth quarter of 2008 decreased to 8.1% from 13.8% in the fourth quarter of 2007. Operating margin for fiscal 2008 was 9.1% compared to 10.0% in fiscal 2007.

Income tax expense increased by $0.3 million to $1.4 million for the fourth quarter of 2008 from $1.1 million for the fourth quarter of 2007. The Company's effective tax rate increased to 24.0% for 2008 from 21.5% in 2007 due to an increase in income in higher tax jurisdictions.

"As previously announced, we do not plan to issue specific guidance in 2009. Based on current economic conditions, we expect 2009 to be extremely challenging. It is possible that we will experience sales declines during this global recession. The Company has taken and will continue taking appropriate actions which reflect the ongoing business climate," Freeland concluded.

👍️0
xanada xanada 15 years ago
FARO to Present at Roth Growth Conference
Date: 2/10/2009 9:00:00 AM

LAKE MARY, Fla., Feb.10 /PRNewswire-FirstCall/ -- FARO Technologies, Inc.,
the world leader in portable computer-aided measurement and imaging
innovations, announced that President and CEO Jay Freeland and Senior Vice
President and CFO Keith Bair will present at the Roth Partners 21st Annual
Orange County Growth Stock Conference at 9am PST/12pm EST on February 17,
2009, at the Ritz Carlton Laguna Niguel in Dana Point, California.

The audio will be simultaneously web cast on www.faro.com/Roth-Q1-09.
FARO recommends registering at least 15 minutes prior to the start of the
presentation to ensure timely access.

👍️0
xanada xanada 15 years ago
Fourth Quarter 2008 Conference Call on the Web
Monday February 9, 7:19 pm ET


LAKE MARY, Fla., Feb. 9 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) announced that after the market closes on February 12, 2009, it will release its financial results for the fourth quarter ended December 31, 2008. In conjunction with FARO's Fourth Quarter earnings release, you are invited to listen to its conference call that will be broadcast live over the Internet on February 13, 2009, at 11:00 a.m. ET with the Company's President and CEO, Jay Freeland, and CFO Keith Bair.
What: FARO Technologies Fourth Quarter Earnings Release Conference Call

When: Friday, February 13, 2009 at 11:00 a.m. ET

How: http://www.faro.com/ccQ4-08

Dial-in Numbers are 800-862-9098 (domestic) or 785-424-1051 (international). Conference ID: FARO

Alternately, one may access the call via FARO's web site www.faro.com, then click "Investor Relations", "Conference Calls", then click the relevant date.

If you are unable to participate during the live web cast, the call will be archived on www.faro.com. Conference Call Replay is also available until May 13, 2009, by calling 800-727-6189 (domestic) and 402-220-2671 (international). No code is required.

👍️0
xanada xanada 15 years ago
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G
(Rule 13d-102)

Information statement pursuant to Rules 13d-1 and 13d-2

Under the Securities Exchange Act of 1934
(Amendment No.2)

FARO Technologies, Inc.
(Name of Issuer)

Common Stock
(Title of Class of Securities)

311642102
(CUSIP Number)

Date of Event Which Requires Filing of this Statement: December 31, 2008

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 311642102 13G
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Royce & Associates, LLC 52-2343049
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b)
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
NUMBER OF 5 SOLE VOTING POWER
SHARES 1,319,287
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 1,319,287
PERSON 8 SHARED DISPOSITIVE POWER
WITH
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 1,319,287
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES [ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.9%
12 TYPE OF REPORTING PERSON
IA

CUSIP No. 311642102 13G
Item 1(a) Name of Issuer:
FARO Technologies, Inc.

Item 1(b) Address of Issuer's Principal Executive Offices:
Chief Financial Officer
125 Technology Park Drive
Lake Mary, FL 32746
Item 2(a) Name of Persons Filing:
Royce & Associates, LLC
Item 2(b) Address of Principal Business Office, or, if None, Residence:
1414 Avenue of the Americas, New York, NY 10019
Item 2(c) Citizenship:
New York Corporation
Item 2(d) Title of Class of Securities:
Common Stock
Item 2(e) CUSIP Number:
311642102
Item 3 If this statement is filed pursuant to rules 13d-1(b), or 13d-
2(b), check whether the person filing is a:
(a) [ ] Broker or Dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in Section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act
(d) [ ] Investment Company registered under Section 8 of
the Investment Company Act
(e) [X] Investment Adviser registered under Section 203 of
the Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee
Retirement Income Security Act of 1974 or Endowment Fund
(g) [ ] Parent Holding Company, in accordance with Rule 13d-1 (b)(ii)(G)
(h) [ ] Group
CUSIP No. 311642102 13G
Item 4 Ownership
(a) Amount Beneficially Owned:
1,319,287
(b) Percent of Class:
7.9%
(c) Number of shares as to which such person has:

(i) sole power to vote or to direct the vote
1,319,287

(ii) shared power to vote or to direct the vote
__________
(iii) sole power to dispose or to direct the disposition
of 1,319,287
(iv) shared power to dispose or to direct the
disposition of __________
Item 5 Ownership of Five Percent or Less of a Class. [ ]
Item 6 Ownership of More than Five Percent on Behalf of Another Person .

Various Accounts managed by Royce & Associates, LLC,
have the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the
sale of shares of the issuer.

The interest of one account, Royce Value Plus Fund an
investment company registered under the Investment Company
Act of 1940 and managed by Royce & Associates, LLC, amounted
to 1,284,700 shares or 7.70% of the total shares outstanding.

Item 7 Identification and Classification of the Subsidiary Which Acquired
The Security Being Reported on by the Parent Holding
Company.
NOT APPLICABLE
Item 8 Identification and Classification of Members of the Group.
NOT APPLICABLE
Item 9 Notice of Dissolution of Group.
NOT APPLICABLE

CUSIP No. 311642102 13G
Item 10 Certification.

By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired and are held in the ordinary
course of business and were not acquired and are not held for the purpose of
or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with
or as a participant in any transaction having that purpose or effect.

Signature

After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement with respect
to it is true, complete and correct.

Date: January 23, 2009




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xanada xanada 15 years ago
FARO Wins Defense Manufacturing Excellence Award
LAKE MARY, Fla., Jan 20, 2009 /PRNewswire-FirstCall via COMTEX/ -- FARO, the world leader in portable 3-D measurement and imaging technology, announced that it has won the Defense Manufacturing Excellence Award from the National Center for Advanced Technologies (NCAT).

The National Center for Defense Manufacturing and Machining (NCDMM) assembled a team to improve manufacturing methods for Naval submarine tapers and carrier propulsion drive shafts.

The team consisted of the NCDMM, the Applied Research Laboratory of Penn State University, and FARO. Their solution included developing an advanced measurement system that dramatically reduced the in-process and final inspection stages for the shafts. FARO adapted the technology and software for the solution, which employed a FARO Laser Tracker that accurately mapped the entire surface of each taper while the shaft remained on the machine tool.

The solution reduced inspection time from 72 hours to 24 hours for a 66% reduction over the previous method and easily transitioned to multiple shafts and shipyards. The project resulted in more consistent inspection processes, longer shaft life, elimination of costly gauge masters, and increased flexibility to accommodate design changes -- all of which resulted in reduced run times and increased the shipyards cost savings up to $8 million.

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trade2much trade2much 15 years ago
Hi Xanada I see what you meant. Can you post a Summary of why you think this one should move (north) within the quarter?

TIA
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xanada xanada 15 years ago
Faro Needham Presentation - January 8 2009

Author: jeffbas (posted on Investors Village board)

A solid, comprehensive They repeated their 5% penetration of a growing $3-5B market opportunity comment.

In the Q&A, they were asked about a protracted downturn relative to 2009. Jay's answer was as follows:

"We believe we can still grow in 2009, but we have also put together scenarios of flat to as bad as minus 20%
... keeping the company profitable in all of those scenarios." I really like a worst case scenario of breakeven.

They will continue to hire sales people, because of the 12-18 month cycle to develop account managers - unless things get really ugly - but very tight operations elsewhere.

Interestingly, they continue to say that the front end of the sales process - leads and demos - is still growing at 20-25%. It is the back end - closings - that has slowed down (as we know already).

They gave the parameters of their long term model again:

Sales growth - 20-25%
Gross Margin - 60-65%
Sales & Mktg - 25%
G & A - 10%
R & D - 5-7%
Tax Rate - 25% or less

To put some numbers to this:

- One year of zero followed by 5 years sales growth of 20%, starting from $200M, is $500M sales in 6 years.

- With 62% GM, 25% S&M, 10% G&A, 6% R&D, 24% taxes, you get $80M after tax income on $500M sales.

- That would be $4.00 per share on the 20M shares that might be outstanding then.

- At a conservative peak P/E of 25, that would give a target price of $100 in maybe half a dozen years. That would be about a 37% compound annual rate of return from $15 on the stock

Unless their long term model is out to lunch, I am very glad they have the buyback in place to take advantage of opportunities that might present themselves that would represent an outstanding long term investment for shareholders.
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xanada xanada 15 years ago
FARO Announces $30 Million Share Repurchase Program
Monday November 24, 8:40 am ET


LAKE MARY, Fla., Nov. 24 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) announced today that its Board of Directors approved a program to acquire up to $30 million of the Company's common stock.
"Our strong balance sheet combined with continuing strong cash flows enable us to return value to our shareholders with this repurchase program," said Jay Freeland, FARO's President & Chief Executive Officer. "The current stock price levels provide a compelling argument for a stock repurchase and reflect our confidence in the company's long-term growth prospects. The repurchase will not affect our ongoing growth strategies, both organically and inorganically. This is simply a reflection on our view of the strength of this company."

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xanada xanada 15 years ago
Make that $11.97...(low was $11.90...LOL)
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xanada xanada 15 years ago
Trading below book value today....picked up a few (1400) at $11.87...money in the bank, IMO....(literally!...LOL)
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xanada xanada 15 years ago
FARO Earns Six-Laser Scanner Order From Quantapoint
Wednesday November 19, 6:58 am ET


LAKE MARY, Fla., Nov. 19 /PRNewswire-FirstCall/ -- FARO (Nasdaq: FARO - News), the world leader in computer-aided measurement and imaging innovations, sold six high performance Photon Laser Scanners to Quantapoint, a leading provider of laser scanning software and analysis, quality control, documentation and decision-support services.
"FARO's primary value-add is providing a broad range of measurement technologies to support our customers' operations," said David Morse, FARO SVP and Managing Director for the Americas. "In this case, Quantapoint is integrating our Photon laser scanners with their own Laser Model(TM) technology and software to help their customers eliminate preventable project defects."

Citing a high demand for zero-defect services using laser scanning, Quantapoint immediately deployed all six systems for global projects with scopes ranging from entire process plants and buildings to offshore platforms and nuclear facilities.

"FARO has a long history of successful measurement technologies," said Eric Hoffman, Founder of Quantapoint. "The very clear and 'crisp' output from the FARO Photon makes it ideal to supplement our existing laser scanner technology and create high-resolution facility Laser Models(TM) that can be accessed directly using PRISM 3D(TM) or within various CAD packages using QuantaCAD(TM)."

The Photon, released to the public on February 26, 2008, is the third in FARO's series of high performance laser scanners. Engineered for surveyors, architects, plant managers and accident investigators, FARO laser scanners provide a fast, simple method for the 3-D data capture and measurement of large objects and environments with exceptional detail.

Quantapoint has performed more than 1,200 projects and 150,000 incident-free man-hours for architectural firms, engineering and construction companies, offshore platforms, power plants and process facilities.

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xanada xanada 15 years ago
Investorman...you can read for yourself, see post #33 for the 8K information on employment contracts...why they did this has not been announced....if it isn't feather bedding...it seems ominous that everyone in management has a bailout umbrella from a company with $100 million in the bank...is someone after this cash to buy the company with its own money?...it has happened before with cash rich firms....JMHO, not published facts, so do your own DD......
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Investorman Investorman 15 years ago
What did they do with the employment contracts exactly? Are they giving the company money away to the guys that are being thrown out?

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xanada xanada 15 years ago
Investorman....the drop last friday was a major reaction to the mgmt revised employment contracts, stipulating significant compensation if they were asked/forced to leave the company....not sure how most people interpreted it, but there could be an upside if this was in preparation for a merger or buyout....I have not heard of such a scenario, so don't think that I'm reporting a rumour, just my thoughts on the possible reasons why they changed management's employment contracts...draw your own conclusions...LOL

As to the cash you described....hopefully it is enough to sustain the company for at least 1-2 years during the worldwide economic slowdown...
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Investorman Investorman 15 years ago
The bull case for FARO Technologies

CAPS All-Star saunafool introduced us to FARO late last year as a manufacturer of "3 dimensional laser measuring tools that totally transform a lot of manufacturing and repair industries. There is no doubt that adoption of this technology will grow for years." Indeed, already such industry stalwarts as General Motors (NYSE: GM) and General Electric (NYSE: GE), Boeing (NYSE: BA) and Lockheed Martin (NYSE: LMT), patronize FARO's products.

In March, fishbed21 suggested that: "Even though the pace of construction is bound to slow down in U.S. due to a slump in economy as we see it now, the accelerated speed of construction and development in rest of the world should allow plenty of opportunity for this company to sell its services, soaring its value."

A sentiment echoed by Jeffreyw last week: "FARO will benefit with the recovery of manufacturing and construction. Buy at these low prices today!"
How low, you ask? Pretty darn low at first glance -- and second as well. Thanks in large part to Friday's sell-off, FARO sells for just 11 times trailing earnings, giving it very nearly a 0.5 PEG ratio once you apply Wall Street's projected 20% growth rate.

Granted, when viewed from the perspective of free cash flow (FCF), FARO isn't quite as profitable as that first glance suggests. Yet despite its depressed FCF, the stock still sells for a P/FCF ratio of less than 19 -- still a bargain if FARO achieves the growth that analysts expect of it.

Will the onrushing global recession postpone that growth? I rather expect it will. But I'm also confident that once global growth returns, FARO will still be around to enjoy it. While cash isn't exactly pouring through the front door, FARO already has more than $100 million -- nearly half its market cap tucked away for a rainy day. With that cash cushion to lean on, I expect FARO will weather the storm just fine.

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xanada xanada 15 years ago
Form 8-K for FARO TECHNOLOGIES INC


--------------------------------------------------------------------------------

14-Nov-2008

Entry into a Material Definitive Agreement, Change in Directors or Principa



Item 1.01 Entry into a Material Definitive Agreement
Amended and Restated Employment Agreement with Jay Freeland

On November 7, 2008, FARO Technologies, Inc. (the "Company"), entered into an amended and restated employment agreement (the "Restated Freeland Agreement") with Jay Freeland, the Company's Chief Executive Officer, which amends and restates in its entirety the employment agreement dated as of October 20, 2006 between the Company and Jay Freeland.

The Restated Freeland Agreement provides that, in the event that Mr. Freeland's employment with the Company is terminated by the Company without cause (as defined in the Restated Freeland Agreement) or by him for good reason (as defined in the Restated Freeland Agreement), (a) the Company shall make payments to Mr. Freeland of continued salary for one year beginning on the date of Mr. Freeland's separation from service (as defined in the Restated Freeland Agreement) at a rate equal to Mr. Freeland's base salary plus the average of the annual cash bonus awarded to Mr. Freeland during the last three completed fiscal years of the Company; (b) Mr. Freeland shall receive a lump sum payment of all earned but unpaid compensation through the date of such termination; (c) all unvested stock options, unvested restricted stock, unvested restricted stock units, and other unvested equity awards with respect to the Company's stock held by Mr. Freeland shall vest in full as of the date of such termination; and
(d) the Company shall provide insurance coverage for Mr. Freeland for up to twelve months following such termination.

The Restated Freeland Agreement also provides that, upon a change of control (as defined in the Restated Freeland Agreement), (a) the Company shall pay Mr. Freeland a payment equal to 2.99 times Mr. Freeland's base annual salary, however if the surviving entity in a change of control requests Mr. Freeland to remain employed by the surviving entity on terms substantially the same as provided in the Restated Freeland Agreement, then the Company will not pay Mr. Freeland the change of control payment until the one year anniversary of the date the change of control occurs (or, if earlier, the last day of employment of Mr. Freeland that is requested by the surviving entity) and (b) all unvested stock options, unvested restricted stock, unvested restricted stock units, and other unvested equity awards with respect to the Company's stock held by Mr. Freeland shall vest and, with respect to stock options and other equity awards that are to be exercised, become immediately exercisable.

The foregoing description of the Restated Freeland Agreement does not purport to be complete and is qualified in its entirety by reference to the Restated Freeland Agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.

Amended and Restated Employment Agreement with Keith S. Bair

On November 7, 2008, the Company entered into an amended and restated employment agreement (the "Restated Bair Agreement") with Keith S. Bair, the Company's Chief Financial

Officer and Senior Vice President, which amends and restates in its entirety the employment agreement dated as of December 5, 2006 between the Company and Keith S. Bair.



--------------------------------------------------------------------------------
The Restated Bair Agreement provides that, in the event that Mr. Bair's employment with the Company is terminated by the Company without cause (as defined in the Restated Bair Agreement) or by him for good reason (as defined in the Restated Bair Agreement), (a) the Company shall make payments to Mr. Bair of continued salary for one year beginning on the date of Mr. Bair's separation from service (as defined in the Restated Bair Agreement) at a rate equal to Mr. Bair's base salary, plus the average of the annual cash bonus awarded to Mr. Bair during the last three completed fiscal years of the Company (such average bonus the "Bair Bonus Amount"); (b) Mr. Bair shall receive a lump sum payment of all earned but unpaid compensation through the date of such termination; (c) all unvested stock options, unvested restricted stock, unvested restricted stock units, and other unvested equity awards with respect to the Company's stock held by Mr. Bair shall vest in full as of the date of such termination; and (d) the Company shall provide insurance coverage for Mr. Bair for up to twelve months following such termination.
The Restated Bair Agreement also provides that, upon a change of control (as defined in the Restated Bair Agreement), (a) the Company shall pay Mr. Bair a payment equal to one times Mr. Bair's base annual salary, plus the Bair Bonus Amount, plus if Mr. Bair has not received an annual cash bonus for the fiscal year in which the change of control occurs, a prorated portion of the Bair Bonus Amount, however if the surviving entity in a change of control requests Mr. Bair to remain employed by the surviving entity on terms substantially the same as provided in the Restated Bair Agreement, then the Company will not pay Mr. Bair the change of control payment until the one year anniversary of the date the change of control occurs (or, if earlier, the last day of employment of Mr. Bair that is requested by the surviving entity) and (b) all unvested stock options, unvested restricted stock, unvested restricted stock units, and other unvested equity awards with respect to the Company's stock held by Mr. Bair shall vest and, with respect to stock options and other equity awards that are to be exercised, become immediately exercisable.

The foregoing description of the Restated Bair Agreement does not purport to be complete and is qualified in its entirety by reference to the Restated Bair Agreement, a copy of which is filed as Exhibit 10.2 hereto and is incorporated by reference herein.





Item 5.02(e). Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Change in Control Severance Policy

On November 7, 2008, the Company adopted a Change in Control Severance Policy (the "Policy") that covers such executives of the Company as the Board of Directors of the Company (or the Compensation Committee of the Board of Directors) may designate from time to time (the "Participants"). The initial Participants are senior vice presidents of the Company, including David Morse (SVP & Managing Director - Americas), Siegfried Buss (SVP & Managing

Director - Europe), Steve Garwood (SVP & Managing Director - Asia Pacific), James West (SVP & Chief Technical Officer), and John Townsley (SVP Human Resources).



--------------------------------------------------------------------------------
The Policy provides that if any Participant's employment with the Company is terminated either without cause (as defined in the Policy) by the Company or for good reason (as defined in the Policy) by the executive, within twelve months following the occurrence of a change in control (as defined in the Policy), upon the Company's receipt of an executed separation agreement and release in a form attached to the Policy, such Participant is entitled to receive:
� a lump sum cash payment equal to the sum of the Participant's highest annual rate of base salary during the twelve month period immediately prior to the Participant's date of termination, plus the average of the annual cash bonus awarded to the Participant during the last three completed fiscal years of the Company; and

� if the Participant has not received an annual cash bonus during the fiscal year in which the Participant's employment is terminated, a cash payment equal to a prorated portion of the annual cash bonus awarded to the Participant during the last three completed fiscal years of the Company; and

� for 12 months following the date the Participant's employment with the Company is terminated, group medical and life insurance coverage to the Participant (and his eligible dependents) and at the end of the foregoing period, the Participant shall be entitled to the continuation of health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1986; and

� to the extent provided in Appendix A of the Policy, if the Participant is subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended, a gross-up payment in accordance with the provisions of Appendix A of the Policy.

The foregoing description of the Policy does not purport to be complete and is qualified in its entirety by reference to the Policy (including the schedules, appendixes, and exhibits thereto), a copy of which is filed as Exhibit 10.3 hereto and is incorporated by reference herein.


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xanada xanada 15 years ago
FARO Reports Sales Growth of 10.3%, Orders Grow 12.3%
Wednesday October 29, 5:02 pm ET


LAKE MARY, Fla., Oct. 29 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) today announced results for the third quarter ended September 27, 2008. Net income for the third quarter was $2.0 million, or $0.12 per diluted share, an increase of $1.3 million, compared to $0.7 million, or $0.04 per diluted share, in the third quarter of 2007.
Sales for the third quarter of 2008 were $49.1 million, an increase of $4.6 million, or 10.3%, from $44.5 million in the third quarter of 2007. New order bookings for the third quarter were $49.2 million, an increase of $5.4 million, or 12.3%, compared with $43.8 million in the third quarter of 2007.

"We saw double-digit orders and sales growth in the third quarter, but our deal closure rate remains below our historical average, continuing the trend we saw in the first and second quarter of this year," stated Jay Freeland, President and Chief Executive Officer of FARO. "New leads and customer demos are at our historical levels in all three regions, which remains a positive sign for the business. However, customers continue to delay their purchasing decisions which is resulting in lower than normal growth rates."

Gross margin for the third quarter of 2008 was 59.1%, compared to 59.4% in the third quarter of 2007. Gross margin decreased primarily as the result of an increase in service costs as a percentage of sales.

Selling expenses as a percentage of sales increased to 31.3% in the third quarter of 2008 from 30.6% in the third quarter of 2007 primarily as a result of an increase in new sales personnel that were added to continue driving the Company's growth.

General and administrative expenses decreased to 13.5% of sales for the third quarter of 2008 from 17.9% in the third quarter of 2007. General and administrative expenses in the third quarter of 2007 include the accrual of $2.65 million for the estimated fines and penalties related to the settlement of the FCPA matter.

The Company increased spending in research and development to accelerate development of new product platforms. Accordingly, R&D costs were $3.2 million in the third quarter of 2008, an increase from $2.9 million in the third quarter of 2007.

Operating margin for the third quarter of 2008 increased to 5.3% from 2.2% in the quarter ended September 29, 2007.

Income tax expense decreased by $1.1 million to $0.5 million for the three months ended September 27, 2008 from $1.6 million for the three months ended September 29, 2007. This decrease was primarily a result of a reduction in the effective tax rate to 19.9% for the three months ended September 27, 2008, from 69.5% for the three months ended September 29, 2007. The Company's effective tax rate was 69.5% in the three months ended September 29, 2007 as a result of an increase in expenses that are non-deductible for U.S. income tax purposes of $2.65 million related to the accrual for the previously mentioned FCPA matter. The Company's effective income tax rate, excluding this effect, would have been 19.9% for the three months ended September 29, 2007.

"In this challenging economic environment, I am pleased with our year-to-date sales growth of more than 15% as well as the strength of our balance sheet with zero debt and more than $100 million in cash and short term investments. Customer interest in our solutions remains strong, but their ability and willingness to transact has slowed. Because of that uncertainty, we are lowering our full-year 2008 revenue guidance from 15-20% growth to 5-10% growth while maintaining our previously issued gross margin guidance of 58-60% of sales. Given the depth and breadth of this global uncertainty, we do not plan to issue guidance for fiscal 2009 until we see stability in the macroeconomic environment," Freeland concluded.

This press release contains forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are subject to risks and uncertainties, such as statements about our plans, objectives, projections, expectations, assumptions, strategies, or future events. Statements that are not historical facts or that describe the Company's plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as "may," "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "will," "should," "could," "projects," "forecast," "target," "goal," and similar expressions or discussions of our strategy or other intentions identify forward-looking statements. Other written or oral statements, which constitute forward-looking statements, also may be made by the Company from time to time. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.

Factors that could cause actual results to differ materially from what is expressed or forecasted in forward-looking statements include, but are not limited to:


-- our inability to further penetrate our customer base;

-- development by others of new or improved products, processes or
technologies that make our products obsolete or less competitive;

-- our inability to maintain our technological advantage by developing new
products and enhancing our existing products;

-- our inability to successfully identify and acquire target companies or
achieve expected benefits from acquisitions that are consummated;

-- the cyclical nature of the industries of our customers and the
financial condition of our customers;

-- a slowdown in the manufacturing industry or the domestic and
international economies in the regions of the world where the Company
operates;

-- the fact that the market potential for the CAM2 market and the
potential adoption rate for our products are difficult to quantify and
predict;

-- the inability to protect our patents and other proprietary rights in
the United States and foreign countries;

-- fluctuations in our annual and quarterly operating results and the
inability to achieve our financial operating targets as a result of a
number of factors including, without limitation (i) litigation and
regulatory action brought against us, (ii) quality issues with our
products, (iii) excess or obsolete inventory, (iv) raw material price
fluctuations, (v) expansion of our manufacturing capability and other
inflationary pressures, (vi) the size and timing of customer orders,
(vii) the amount of time that it takes to fulfill orders and ship our
products, (viii) the length of our sales cycle to new customers and the
time and expense incurred in further penetrating our existing customer
base, (ix) increases in operating expenses required for product
development and new product, marketing, (x) costs associated with new
product introductions, such as product development, marketing, assembly
line start-up costs and low introductory period production volumes,
(xi) the timing and market acceptance of new products and product
enhancements, (xii) customer order deferrals in anticipation of new
products and product enhancements, (xiii) our success in expanding our
sales and marketing programs, (xiv) start-up costs associated with
opening new sales offices outside of the United States, (xv)
fluctuations in revenue without proportionate adjustments in fixed
costs, (xvi) the efficiencies achieved in managing inventories and
fixed assets, (xvii) investments in potential acquisitions or strategic
sales, product or other initiatives, (xviii) shrinkage or other
inventory losses due to product obsolescence, scrap or material price
changes, (xix) adverse changes in the manufacturing industry and
general economic conditions, (xx) compliance with government
regulations including health, safety, and environmental matters, (xxi)
the ultimate costs of the Company's monitoring obligations in respect
of the Foreign Corrupt Practices Act ("FCPA") matter; and (xxii) other
factors noted herein;

-- changes in gross margins due to changing product mix of products sold
and the different gross margins on different products;

-- our inability to successfully maintain the requirements of Restriction
of use of Hazardous Substances ("RoHS") and Waste Electrical and
Electronic Equipment ("WEEE") compliance into our products;

-- the inability of our products to displace traditional measurement
devices and attain broad market acceptance;

-- the impact of competitive products and pricing in the CAM2 market and
the broader market for measurement and inspection devices;

-- the effects of increased competition as a result of recent
consolidation in the CAM2 market;

-- risks associated with expanding international operations, such as
fluctuations in currency exchange rates, difficulties in staffing and
managing foreign operations, political and economic instability,
compliance with import and export regulations, and the burdens and
potential exposure of complying with a wide variety of U.S. and foreign
laws and labor practices;

-- the loss of our Chief Executive Officer or other key personnel;

-- difficulties in recruiting research and development engineers, and
application engineers;

-- the failure to effectively manage our growth;

-- variations in the effective income tax rate and the difficulty in
predicting the tax rate on a quarterly and annual basis; and

-- the loss of key suppliers and the inability to find sufficient
alternative suppliers in a reasonable period or on commercially
reasonable terms.

-- the other risks detailed in the Company's Annual Report on Form 10-K
and other filings from time to time with the Securities and Exchange
Commission.


Forward-looking statements in this release represent the Company's judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

About FARO

With approximately 18,000 installations and 8,600 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.




FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

September 27, December 31,
(in thousands, except share data) 2008 2007
ASSETS
Current Assets:
Cash and cash equivalents $20,160 $25,798
Short-term investments 82,370 77,375
Accounts receivable, net 45,354 54,767
Inventories 37,237 29,100
Deferred income taxes, net 6,034 2,841
Prepaid expenses and other current assets 9,097 6,719
Total current assets 200,252 196,600
Property and Equipment:
Machinery and equipment 18,145 12,895
Furniture and fixtures 3,909 5,008
Leasehold improvements 3,523 3,296
Property and equipment at cost 25,577 21,199
Less: accumulated depreciation and
amortization (16,068) (13,672)
Property and equipment, net 9,509 7,527
Goodwill 19,544 19,117
Intangible assets, net 8,869 5,970
Service inventory 12,682 10,865
Deferred income taxes, net 1,931 3,460
Total Assets $252,787 $243,539
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $9,526 $12,450
Accrued liabilities 13,290 17,989
Income taxes payable 1,470 2,266
Current portion of unearned service
revenues 10,846 8,594
Customer deposits 334 337
Current portion of obligations under
capital leases 15 18
Total current liabilities 35,481 41,654
Unearned service revenues - less
current portion 6,597 6,091
Deferred tax liability, net 1,157 1,073
Obligations under capital leases -
less current portion 159 222
Total Liabilities 43,394 49,040
Commitments and contingencies
Shareholders' Equity:
Common stock - par value $.001,
50,000,000 shares authorized;
16,733,554 and 16,700,966 issued;
16,653,859 and 16,604,052
outstanding, respectively 17 17
Additional paid-in-capital 148,782 146,489
Retained earnings 55,299 43,545
Accumulated other comprehensive income 5,446 4,599
Common stock in treasury, at cost -
40,000 shares (151) (151)
Total Shareholders' Equity 209,393 194,499
Total Liabilities and Shareholders' Equity $252,787 $243,539



FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

Nine Months Ended
(in thousands) Sep 27, 2008 Sep 29, 2007
CASH FLOWS FROM:
OPERATING ACTIVITIES:
Net income $11,754 $9,689
Adjustments to reconcile net income
to net cash (used in) provided by
operating activities:
Depreciation and amortization 3,293 3,013
Amortization of stock options and
restricted stock units 1,686 956
Provision for bad debts 446 223
Deferred income tax benefit (1,575) (542)
Change in operating assets and
liabilities:
Decrease (increase) in:
Accounts receivable 9,198 (218)
Inventories (9,681) (4,798)
Prepaid expenses and other current
assets (2,369) (695)
Income tax benefit from exercise of
stock options (45) (2,993)
Increase (decrease) in:
Accounts payable and accrued liabilities (7,654) 2,499
Income taxes payable (771) (785)
Customer deposits (11) (314)
Unearned service revenues 2,671 5,064
Net cash provided by operating activities 6,942 11,099

INVESTING ACTIVITIES:
Purchases of property and equipment (4,377) (1,807)
Payments for intangible assets (3,584) (264)
Purchases of short-term investments (4,995) (56,990)
Net cash used in investing activities (12,956) (59,061)

FINANCING ACTIVITIES:
Payments on capital leases (68) (60)
Income tax benefit from exercise of
stock options 45 2,993
Proceeds from issuance of stock, net 128 58,409
Net cash provided by financing activities 105 61,342

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS 271 (3,660)

(DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS (5,638) 9,720

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 25,798 15,689

CASH AND CASH EQUIVALENTS, END OF PERIOD $20,160 $25,409



FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)


(in thousands, except per Three Months Ended Nine Months Ended
share data) Sep 27, Sep 29, Sep 27, Sep 29,
2008 2007 2008 2007
SALES $49,095 $44,521 $152,934 $132,389
COST OF SALES (exclusive
of depreciation and
amortization, shown
separately below) 20,086 18,065 59,980 52,873
GROSS PROFIT 29,009 26,456 92,954 79,516

OPERATING EXPENSES:
Selling 15,382 13,625 46,886 39,951
General and administrative 6,614 7,978 19,274 18,496
Depreciation and
amortization 1,158 971 3,293 3,013
Research and development 3,237 2,881 9,122 7,129
Total operating expenses 26,391 25,455 78,575 68,589

INCOME FROM OPERATIONS 2,618 1,001 14,379 10,927

OTHER (INCOME) EXPENSE
Interest income (547) (590) (1,624) (1,182)
Other (income) expense, net 652 (720) 834 (1,427)
Interest expense 2 3 450 7

INCOME BEFORE INCOME TAX 2,511 2,308 14,719 13,529

INCOME TAX EXPENSE 500 1,603 2,965 3,840

NET INCOME $2,011 $705 $11,754 $9,689

NET INCOME PER SHARE - BASIC $0.12 $0.04 $0.71 $0.64

NET INCOME PER SHARE - DILUTED $0.12 $0.04 $0.70 $0.63

Weighted average shares -
Basic 16,637,497 15,726,009 16,624,784 15,037,745

Weighted average shares -
Diluted 16,731,064 15,988,788 16,751,679 15,315,996





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Source: FARO Technologies, Inc.
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xanada xanada 16 years ago
FARO's New CAM2 Q Software Adds Scanning to Award-Winning Abilities
Tuesday September 9, 10:30 am ET


LAKE MARY, Fla., Sept. 9 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News), the world leader in portable computer-aided measurement hardware and software, announced it has enhanced it's award-winning metrology software, CAM2 Q, which now has the ability to collect scan data.
"CAM2 Q 1.0 hit the scene earlier this year and earned a Reader's Choice Award as the Best Quality/Inspection Software," FARO President and CEO Jay Freeland said. "Now, FARO Laser ScanArm users can also benefit from the freedom, efficiency and simplicity of the industry's fastest software."

Built with a best-of-breed CAD translator and Parasolid CAD engine, CAM2 Q allows the ScanArm to automatically recognize geometric features, such as holes and planes, for non-contact inspection.

In addition, CAM2 Q 1.1 allows all users to:

-- Install and measure with FARO hardware right out of the box

-- Measure with multiple FaroArms and FARO Laser Trackers simultaneously - - even on the same location

-- Customize the windows and toolbar layouts based on the priorities of the project -- not a preset format -- and save multiple users' choices so they can complete the job in the fewest number of mouse clicks possible

-- Quickly create, edit and run programs in the same window rather than opening a new application or separate screen

-- Create measurement/operation sequences that guides other users via easy-to-follow, on-screen instructions

-- Instantly see exact dimensions and geometric properties -- no measurement software lag

-- Easily change/convert between different measurement units or coordinate systems at any time without re-measuring

-- Add, change or measure features at any time -- in any order -- without being restricted to a preset order of operation

-- Display, delete, or re-measure every measured point without starting over if new features are added to a prototype

-- Certify that their geometry calculations are accurate to one half micron; 500 times thinner than the width of a human hair

-- Create customized reports in Microsoft Word and Excel, HTML, PDF, and other formats

"CAM2 Q 1.1 proves that capability and functionality doesn't have to be synonymous with complexity," FARO Global VP of Product Management Natalia Warren said. "Now you can use the ScanArm to eliminate user variability during inspection, while FaroArm and FARO Tracker users get even faster results with confidence."

The English-language version will be available September 15, 2008, then translated in 10 languages later this year.

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xanada xanada 16 years ago
FARO Expands Sizes, Capabilities of FaroArm Lineup
Thursday September 4, 10:30 am ET


COVENTRY, England, September 4 /PRNewswire/ -- FARO, the world leader in portable computer-aided measurement hardware and software, today announced that it has enhanced its Quantum, Platinum and Fusion FaroArm product lines in order to meet the needs of a wider range of applications within its industrial customer base.
Its popular Quantum FaroArm series will now be offered in 1.8m (6-ft.), 2.4m (8-ft.), 3.0m (10-ft.), and 3.7m (12-ft.) lengths, achieving up to 30-percent higher accuracy over the Platinum FaroArm series, the Company's previous generation of technology. The additional sizes, combined with precision of up to 16 microns (0.016mm/.0006"), make the Quantum FaroArm ideal for inspection and reverse engineering of a wide variety of precision components for Aerospace, Automotive, Machine Building and other industries that require the highest levels of accuracy available in a portable device.

"Last September we initiated our phased launch of the Quantum exclusively as an 8-foot model - our best-selling length FaroArm," FARO President and CEO Jay Freeland said. "This latest offering completes the product line and meets the higher accuracy demands of our key markets, especially those working in the Aerospace and Automotive industries."

The Platinum FaroArm series sports a new look bringing it in line with the physics theme of the Company's Quantum and Fusion FaroArms. In addition, the Platinum and Fusion FaroArms are now equipped with the popular Bluetooth® wireless technology already available in Quantum FaroArms. Users can now inspect, digitise, then transmit data up to 10m (30 feet ) away - even through walls - without having to use cables.

"Preferred over Wi-Fi, Bluetooth is the right technology for FaroArm applications resulting in faster set up, extended battery life, and lower power consumption," said Senior Technical Product Manager Orlando Perez.

"Another key feature added to the entire product line is the Sleep Mode that automatically turns off the unit to save energy and extend component life," said Director of Product Management Umesh Cooduvalli.

The new FaroArms will make their debut at the International Manufacturing Technology Show (IMTS) in Chicago on 8th September.

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xanada xanada 16 years ago
FARO to Present at Noble Financial Equity Conference
Thursday August 7, 1:41 pm ET


LAKE MARY, Fla., Aug. 7 /PRNewswire-FirstCall/ -- FARO Technologies, Inc., (Nasdaq: FARO - News) the world leader in portable computer-aided measurement hardware and software, announced that President and CEO Jay Freeland and Senior Vice President and CFO Keith Bair will present at the Fourth Annual Noble Financial Equity Conference at 4:30 p.m. (PT) on Monday, August 18, 2008 at the Loews Lake Las Vegas Resort, Nevada.
The audio will be simultaneously web cast on www.faro.com/Noble-Q3-08 .

FARO recommends registering at least 15 minutes prior to the start of the presentation to ensure timely access.

For more information on FARO's global industries, applications and products, visit www.faro.com .

About FARO

With approximately 17,000 installations and 7,800 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.


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xanada xanada 16 years ago
Form 10-Q for FARO TECHNOLOGIES INC


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6-Aug-2008

Quarterly Report



Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following information should be read in conjunction with the Consolidated Financial Statements, including the notes thereto, included elsewhere in this Form 10-Q, and the Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Company's 2007 Annual Report, Form 10-K, for the year ended December 31, 2007.

FARO Technologies, Inc. ("FARO", the "Company", "us", "we", or "our") has made "forward-looking statements" in this report (within the meaning of the Private Securities Litigation Reform Act of 1995). Statements that are not historical facts or that describe our plans, beliefs, goals, intentions, objectives, projections, expectations, assumptions, strategies, or future events are forward-looking statements. In addition, words such as "may," "will," "believe," "plan," "should," "could," "seek," "expect," "anticipate," "intend," "estimate," "goal," "objective," "project," "forecast," "target" and similar words, or discussions of our strategy or other intentions identify forward-looking statements. Other written or oral statements that constitute forward-looking statements also may be made by the Company from time to time.

Forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements. The Company does not intend to update any forward-looking statements, whether as a result of new information, future events, or otherwise, unless otherwise required by law. Important factors that could cause a material difference in the actual results from those contemplated in such forward-looking statements include, among others, and those elsewhere in this report and the following:

� the Company's inability to further penetrate its customer base;

� development by others of new or improved products, processes or technologies that make the Company's products obsolete or less competitive;

� the Company's inability to maintain its technological advantage by developing new products and enhancing its existing products;

� the Company's inability to successfully identify and acquire target companies or achieve expected benefits from acquisitions that are consummated;

� the cyclical nature of the industries of the Company's customers and the financial condition of its customers;

� the market potential for the computer-aided measurement ("CAM2") market and the potential adoption rate for the Company's products are difficult to quantify and predict;

� the inability to protect the Company's patents and other proprietary rights in the United States and foreign countries;

� fluctuations in the Company's annual and quarterly operating results and the inability to achieve its financial operating targets as a result of a number of factors including, without limitation (i) litigation and regulatory action brought against the Company, (ii) quality issues with its products,
(iii) excess or obsolete inventory, (iv) raw material price fluctuations,
(v) expansion of the Company's manufacturing capability and other inflationary pressures, (vi) the size and timing of customer orders, (vii) the amount of time that it takes to fulfill orders and ship the Company's products,
(viii) the length of the Company's sales cycle to new customers and the time and expense incurred in further penetrating its existing customer base,
(ix) increases in operating expenses required for product development and new product marketing, (x) costs associated with new product introductions, such as product development, marketing, assembly line start-up costs and low introductory period production volumes, (xi) the timing and market acceptance of new products and product enhancements, (xii) customer order deferrals in anticipation of new products and product enhancements, (xiii) the Company's success in expanding its sales and marketing programs, (xiv) start-up costs associated with opening new sales offices outside of the United States,
(xv) fluctuations in revenue without proportionate adjustments in fixed costs,
(xvi) the efficiencies achieved in managing inventories and fixed assets,
(xvii) investments in potential acquisitions or strategic sales, product or other initiatives, (xviii) shrinkage or other inventory losses due to product obsolescence, scrap or material price changes, (xix) adverse changes in the manufacturing industry and general economic conditions, (xx) compliance with government regulations including health, safety, and environmental matters,
(xxi) the ultimate costs of the Company's monitoring obligations in respect of the Foreign Corrupt Practices Act ("FCPA") matter; and (xxii) other factors noted herein;



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� changes in gross margins due to changing product mix of products sold and the different gross margins on different products;
� the Company's inability to successfully maintain the requirements of Restriction of use of Hazardous Substances ("RoHS") and Waste Electrical and Electronic Equipment ("WEEE") compliance into its products;

� the inability of the Company's products to displace traditional measurement devices and attain broad market acceptance;

� the impact of competitive products and pricing in the CAM2 market and the broader market for measurement and inspection devices;

� the effects of increased competition as a result of recent consolidation in the CAM2 market;

� risks associated with expanding international operations, such as fluctuations in currency exchange rates, difficulties in staffing and managing foreign operations, political and economic instability, compliance with import and export regulations, and the burdens and potential exposure of complying with a wide variety of U.S. and foreign laws and labor practices;

� the loss of the Company's Chief Executive Officer or other key personnel;

� difficulties in recruiting research and development engineers, and application engineers;

� the failure to effectively manage the Company's growth;

� variations in the effective income tax rate and the difficulty in predicting the tax rate on a quarterly and annual basis; and

� the loss of key suppliers and the inability to find sufficient alternative suppliers in a reasonable period or on commercially reasonable terms.

Overview

The Company designs, develops, manufactures, markets and supports portable, software driven, 3-D measurement systems that are used in a broad range of manufacturing, industrial, building construction and forensic applications. The Company's FaroArm, FARO Scan Arm and FARO Gage articulated measuring devices, the FARO Laser Scanner LS, the FARO Laser Tracker, and their companion CAM2 software, provide for Computer-Aided Design ("CAD")-based inspection and/or factory-level statistical process control, and high-density surveying. Together, these products integrate the measurement, quality inspection, and reverse engineering functions with CAD software to improve productivity, enhance product quality and decrease rework and scrap in the manufacturing process. The Company uses the acronym "CAM2" for this process, which stands for computer-aided measurement. As of June 2008, the Company's products have been purchased by approximately 7,800 customers worldwide, ranging from small machine shops to such large manufacturing and industrial companies as Audi, Bell Helicopter, Boeing, British Aerospace, Caterpillar, Daimler Chrysler, General Electric, General Motors, Honda, Johnson Controls, Komatsu Dresser, Lockheed Martin, Nissan, Siemens and Volkswagen, among many others.

The Company operates in international markets throughout the world. It maintains sales offices in France, Germany, Great Britain, Japan, Spain, Italy, China, India, Poland, Netherlands, Malaysia and Vietnam. The Company added a new regional headquarters in Singapore in the third quarter of 2005 along with a new manufacturing and service facility there in the fourth quarter of 2005. In 2006 the Company closed its South Korean office and established a third party distributor relationship for serving that market, and in December 2006, the Company established a sales office in Thailand.

The Company derives revenues primarily from the sale of its FaroArm, FARO Scan Arm, FARO Gage, FARO Laser Tracker and FARO Laser Scanner LS 3-D measurement equipment, and their related multi-faceted software. Revenue related to these products is generally recognized upon shipment. In addition,



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the Company sells one and three-year extended warranties and training and technology consulting services relating to its products. The Company recognizes the revenue from extended warranties on a straight-line basis. The Company also receives royalties from licensing agreements for its historical medical technology and recognizes the revenue from the sale of the technology by the licensees.

The Company manufactures its FaroArm, FARO Gage, and FARO Laser Tracker products in its manufacturing facility located in Switzerland for customer orders from the Europe/Africa region and in its manufacturing facility located in Singapore for customer orders from the Asia/Pacific region. The Company manufactures its FaroArm, FARO Gage, and FARO Laser Tracker products in the Company's manufacturing facilities located in Florida and Pennsylvania for customer orders from the Americas. The Company manufactures its FARO Laser Scanner LS product in its facility located in Stuttgart, Germany. The Company expects all its existing plants to have the production capacity necessary to support its growth through 2008.

The Company manages and reports its global sales in three regions: the Americas, Europe/Africa and Asia/Pacific. In the six months ended June 28, 2008, 37.9% of the Company's sales were in the Americas compared to 44.4% in the first six months of 2007, 44.2% were in the Europe/Africa region compared to 38.8% in the first six months of 2007 and 17.9% were in the Asia/Pacific region, compared to 16.8% in the same prior year period (see also Note M- Segment Reporting, to the financial statements above). In the second quarter of 2008 new order bookings increased $8.3 million, or 16.5%, to $58.7 million from $50.4 million in the prior year period. New orders decreased $0.3 million, or 1.5%, in the Americas to $20.2 million, from $20.5 million in the prior year period. New orders increased $6.8 million, or 32.9% to $27.5 million in Europe/Africa from $20.7 in the second quarter of 2007. In Asia/Pacific new orders increased $1.8 million, or 19.6% to $11.0 million, from $9.2 million in the second quarter of 2007.

The Company's effective tax rate increased to 20.2% for the six months ended June 28, 2008 from 19.9% in the prior year period. The Company currently estimates that its effective tax rate will approximate 18% to 22% for the remainder of 2008. The Company's tax rate continues to be lower than the statutory tax rate in the United States primarily as a result of favorable tax rates in foreign jurisdictions. However, the Company's tax rate could be impacted positively or negatively by geographic changes in the manufacturing or sales of its products. The Company has received a favorable income tax rate commitment from the Swiss government as an incentive to establish a manufacturing plant in Switzerland. In 2006, the Company received approval from the Singapore Economic Development Board for a favorable multi-year income tax holiday for its Singapore headquarters and manufacturing operations subject to certain terms and conditions including employment, spending and capital investment.

Accounting for wholly-owned foreign subsidiaries is maintained in the currency of the respective foreign jurisdiction. Inter-company transactions are eliminated in consolidation. Fluctuations in exchange rates may have an impact in the Company's consolidated financial statements upon the expected settlement of these inter-company accounts. The Company is aware of the availability of off-balance sheet financial instruments to hedge exposure to foreign currency exchange rates, including cross-currency swaps, forward contracts and foreign currency options (see Foreign Exchange Exposure below). However, it does not regularly use such instruments, and none were utilized in 2007 or the six months ended June 28, 2008.

The Company has had twenty-four consecutive profitable quarters through June 28, 2008. Its sales and earnings growth have been the result of a number of factors, including: continuing market demand for and acceptance of the Company's products; increased sales activity in part through additional sales staff worldwide, new products and product enhancements such as the FARO Gage and Laser Scanner; and the effect of acquisitions.

FCPA Update

As previously reported by the Company, the Company learned that its China subsidiary had made payments to certain customers in China that may have violated the FCPA and other applicable laws. The Company's Audit Committee instituted an internal investigation into this matter in February 2006, and the Company voluntarily notified the SEC and the DOJ of this matter in March 2006. The Company's internal investigation into this matter, which has been completed, identified certain improper payments made in China and deficiencies in its controls with respect to its operations in China in possible violation of the FCPA.



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Results of the investigation revealed that referral fee payments in possible violation of the FCPA were $165,000 and $265,000 in 2004 and 2005, respectively, which were recorded in selling expenses in its statements of income. The related sales to customers to which payment of these referral fees had been made totaled approximately $1.3 million and $3.24 million in 2004 and 2005, respectively. Additional improper referral fee payments of $122,000 were made in January and February 2006 related to sales contracts in 2005. The Company had sales in China of $9.0 million in 2005 and $4.2 million in 2004, approximately 7% and 4% of total sales, respectively. The Company incurred expenses of $3.8 million in 2006, $3.1 million in 2007 and $0.3 million in the six months ended June 28, 2008, including $2.95 million in fines, penalties, and interest to the DOJ and SEC, relating to the FCPA matter.

The Company has entered into settlement agreements and documents with the SEC and DOJ concerning the FCPA matter, pursuant to which the Company has paid an aggregate of $2.95 million in fines, disgorgement of associated profit, and interest. The Company also has a two-year monitoring obligation and other continuing obligations with the SEC and the DOJ with respect to compliance with the FCPA and other laws, full cooperation with the government, and the adoption of a compliance code containing specific provisions intended to prevent violations of the FCPA. Failure to comply with any such continuing obligations could result in the SEC and the DOJ seeking to impose penalties against the Company in the future.

The Company is currently involved in a class action securities fraud lawsuit and has been served with a shareholder derivative complaint. (See Part II. OTHER INFORMATION: Item 1. Legal Proceedings). None of these actions to date has had a material impact on the Company's business, financial condition, liquidity, or results of operations. The potential impact on the Company's business, financial condition, liquidity, or results of operations from these actions in any future period cannot be predicted.

Results of Operations

Three Months Ended June 28, 2008 Compared to the Three Months Ended June 30, 2007

Sales increased by $10.1 million or 21.4% to $57.7 million in the three months ended June 28, 2008 from $47.6 million for the three months ended June 30, 2007. This increase resulted primarily from an increase in unit sales and an increase in average selling prices. The effect of changes in foreign exchange rates on sales was an increase of $4.5 million in the three months ended June 28, 2008. Sales in the Americas region increased $0.3 million or 1.9% to $20.2 million for the three months ended June 28, 2008 from $19.9 million in the three months ended June 30, 2007. Sales in the Europe/Africa region increased $7.9 million or 41.3%, to $27.0 million for the three months ended June 28, 2008 from $19.1 million in the three months ended June 30, 2007. Sales in the Asia/Pacific region increased $1.9 million or 21.9% to $10.5 million for the three months ended June 28, 2008 from $8.6 million in the three months ended June 30, 2007.

Gross profit increased by $7.0 million or 24.0% to $36.2 million for the three months ended June 28, 2008 from $29.2 million for the three months ended June 30, 2007. Gross margin increased to 62.8% for the three months ended June 28, 2008 from 61.3% for the three months ended June 30, 2007. The increase in gross margin is primarily due to a change in the sales mix resulting in an increase in unit sales of product lines with a lower than average cost of sales.

Selling expenses increased by $3.1 million or 21.8% to $17.1 million for the three months ended June 28, 2008 from $14.0 million for three months ended June 30, 2007. This increase was primarily due to an increase in commission and compensation expense of $2.1 million, an increase in marketing and advertising costs of $0.4 million, and higher travel related costs of $0.5 million. Worldwide sales and marketing headcount increased by 42 or 13.7% to 348 from 306 between June 28, 2008 and June 30, 2007. Regionally, the Company's sales and marketing headcount increased by 29 or 29.6% in the Americas, to 127 from 98; remained unchanged in Europe/Africa at 127; and increased by 13 or 16.0% in Asia/Pacific, to 94 from 81 between June 28, 2008 and June 30, 2007. The Company intends to continue to selectively increase its sales and marketing headcount as the market demands. As a percentage of sales, selling expenses increased to 29.6% of sales in the three months ended June 28, 2008 from 29.4% in the three months ended June 30, 2007. Regionally, selling expenses were 30.0% of sales in the Americas for the quarter, compared to 24.7% of sales in the year-ago quarter, 30.1% of sales for Europe/Africa compared to 34.4% of sales, and 27.3% of sales compared to 29.1% of sales for Asia/Pacific.



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General and administrative expenses increased by $1.5 million or 27.6%, to $7.0 million for the three months ended June 28, 2008 from $5.5 million for the three months ended June 30, 2007, primarily due to an increase in compensation costs of $0.7 million, increased costs related to the additional leased space to expand the Company's corporate offices of $0.3 million, an increase in the allowance for doubtful accounts of $0.3 million, and higher travel related costs of $0.2 million, offset by a reduction in professional and legal fees of $0.5 million related to the Company's FCPA investigation and patent litigation.

Depreciation and amortization expenses increased by $0.1 million to $1.1 million for the three months ended June 28, 2008 from $1.0 million for the three months ended June 30, 2007.

Research and development expenses increased to $3.2 million for the three months ended June 28, 2008 from $2.3 million for the three months ended June 30, 2007 primarily as a result of an increase in compensation expense. Research and development expenses as a percentage of sales increased to 5.5% for the three months ended June 28, 2008 from 4.8% for the three months ended June 30, 2007.

Interest income increased by $0.12 million to $0.46 million for the three months ended June 28, 2008 from $0.34 million for the three months ended June 30, 2007, due to an increase in cash and short term investments.

Other (income) expense, net decreased by $0.8 million to $0.42 million of expense for the three months ended June 28, 2008, from income of $0.38 million for the three months ended June 30, 2007, primarily as a result of foreign exchange transaction losses.

Income tax expense increased by $0.1 million to $1.5 million for the three months ended June 28, 2008 from $1.4 million for the three months ended June 30, 2007. This increase was primarily due to an increase in pretax income. Total deferred taxes for the Company's foreign subsidiaries relating to net operating loss carryforwards were $9.4 million and $7.7 million at June 28, 2008 and December 31, 2007, respectively. The related valuation allowance was $8.0 million and $6.3 million at June 28, 2008 and December 31, 2007, respectively. The Company's effective tax rate decreased to 19.3% for the three months ended June 28, 2008 from 19.6% in the prior year period primarily as a result of an increase in taxable income in jurisdictions with higher tax rates. The Company currently estimates its effective tax rate will approximate 18% to 22% for the remainder of 2008. The Company's tax rate continues to be lower than the statutory tax rate in the United States primarily as a result of favorable tax rates in foreign jurisdictions. However, the Company's tax rate could be impacted positively or negatively by geographic changes in the manufacturing or sales of its products and the resulting effect on taxable income in each jurisdiction.

Net income increased by $0.6 million to $6.4 million for the three months ended June 28, 2008 from $5.8 million for the three months ended June 30, 2007 as a result of the factors described above.

Six Months Ended June 28, 2008 Compared to the Six Months Ended June 30, 2007

Sales increased by $15.9 million or 18.2% to $103.8 million in the six months ended June 28, 2008 from $87.9 million for the six months ended June 30, 2007. This increase resulted primarily from an increase in unit sales and an increase in average selling prices. The effect of changes in foreign exchange rates on sales was an increase of $7.7 million in the six months ended June 28, 2008. Sales in the Americas region increased $0.2 million or 0.8% to $39.3 million for the six months ended June 28, 2008 from $39.1 million in the six months ended June 30, 2007. Sales in the Europe/Africa region increased $11.8 million or 34.6%, to $45.9 million for the six months ended June 28, 2008 from $34.1 million in the six months ended June 30, 2007. Sales in the Asia/Pacific region increased $3.9 million or 26.4% to $18.6 million for the six months ended June 28, 2008 from $14.7 million in the six months ended June 30, 2007.

Gross profit increased by $10.8 million or 20.5% to $63.9 million for the six months ended June 28, 2008 from $53.1 million for the six months ended June 30, 2007. Gross margin increased to 61.6% for the six months ended June 28, 2008 from 60.4% for the six months ended June 30, 2007. The increase in gross margin is primarily due to an increase in unit sales in product lines with lower unit costs than the prior year period.



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Table of Contents
Selling expenses increased by $5.2 million or 19.7% to $31.5 million for the six months ended June 28, 2008 from $26.3 million for six months ended June 30, 2007. This increase was primarily due to an increase in commission and compensation expense of $3.2 million, an increase in marketing and advertising costs of $0.4 million, and an increase in travel expense of $1.1 million. Worldwide sales and marketing headcount increased by 42, to 348 from 306 between June 30, 2007 and June 28, 2008. Regionally, the Company's sales and marketing headcount increased by 29 or 29.6% in the Americas, to 127 from 98; remained unchanged in Europe/Africa at 127; and increased by 13 or 16.0% in Asia/Pacific, to 94 from 81 between June 28, 2008 and June 30, 2007. The Company intends to continue to selectively increase its sales and marketing headcount as the market demands. As a percentage of sales, selling expenses increased to 30.3% of sales in the six months ended June 28, 2008 from 29.9% in the six months ended June 30, 2007. Regionally, selling expenses were 29.3% of sales in the Americas for the six months ended June 28, 2008, compared to 25.4% of sales in the year-ago period, 31.4% of sales for Europe/Africa compared to 34.9% of sales and 30.0% of sales compared to 30.6% of sales for Asia/Pacific.

General and administrative expenses increased by $2.2 million or 20.4%, to $12.7 million for the six months ended June 28, 2008 from $10.5 million for the six months ended June 30, 2007. General and administrative expenses as a percentage of sales increased to 12.2% for the six months ended June 28, 2008 from 11.9% for the six months ended June 30, 2007 due to an increase in compensation expense of $1.3 million, increased costs related to the additional leased space to expand the Company's corporate offices of $0.7 million, an increase in the allowance for doubtful accounts of $0.4 million, and higher travel related costs of $0.3 million, offset by a reduction in professional and legal fees of $1.1 million related to the Company's FCPA investigation and patent litigation.

Depreciation and amortization expenses increased by $0.1 million to $2.1 million for the six months ended June 28, 2008 from $2.0 million for the six months ended June 30, 2007 as a result of a increase in purchases of property and equipment.

Research and development expenses increased to $5.9 million for the six months ended June 28, 2008 from $4.2 million for the six months ended June 30, 2007 primarily as a result of an increase in compensation expense. Research and development expenses as a percentage of sales increased to 5.7% for the six months ended June 28, 2008 from 4.8% for the six months ended June 30, 2007.

Interest income increased by $0.49 million to $1.08 million for the six months ended June 28, 2008 from $0.59 million for the six months ended June 30, 2007, due to an increase in short term investments.

Interest expense increased by $0.4 million to $0.4 million for the six months ended June 28, 2008 from $0.0 million for the six months ended June 30, 2007, due to interest accrued on the estimated fines and penalties to the SEC and DOJ related to the FCPA matter.

Other (income) expense, net decreased by $0.89 million to $0.18 million of expense for the six months ended June 28, 2008, from income of $0.71 million for the six months ended June 30, 2007, primarily as a result of foreign exchange transaction losses.

Income tax expense increased by $0.3 million to $2.5 million for the six months ended June 28, 2008 from $2.2 million for the six months ended June 30, 2007. This increase was primarily due to an increase in pretax income. Total deferred taxes for the Company's foreign subsidiaries relating to net operating loss carryforwards were $9.4 million and $7.7 million at June 28, 2008 and December 31, 2007, respectively. The related valuation allowance was $8.0 million and $6.3 million at June 28, 2008 and December 31, 2007, respectively. The Company's effective tax rate increased to 20.2% for the six months ended June 28, 2008 from 19.9% in the prior year period primarily as a result of an increase in taxable income in jurisdictions with higher tax rates. The Company currently estimates its effective tax rate will approximate 18% to 22% for the remainder of 2008. The Company's tax rate continues to be lower than the statutory tax rate in the United States primarily as a result of favorable tax rates in foreign jurisdictions. However, the Company's tax rate could be impacted positively or negatively by geographic changes in the manufacturing or . . .

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xanada xanada 16 years ago
FARO Reports Sales Growth of 21.4%, Net Income Growth of 10.0%
Tuesday July 29, 6:38 pm ET


LAKE MARY, Fla., July 29 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) today announced results for the second quarter ended June 28, 2008. Net income for the second quarter was $6.4 million, or $0.38 per diluted share, an increase of $0.6 million, compared to $5.8 million, or $0.39 per diluted share, in the second quarter of 2007.
Sales for the second quarter of 2008 were $57.7 million, an increase of $10.1 million, or 21.4%, from $47.6 million in the second quarter of 2007. New order bookings for the second quarter were $58.7 million, an increase of $8.3 million, or 16.5%, compared with $50.4 million in the second quarter of 2007.

"This was another solid quarter for our company with revenue growing nicely, due to ongoing demand for our products," stated Jay Freeland, FARO's President & CEO. "Our performance in both European and Asian markets was strong and more than offset weaknesses in the United States where the market has been affected by a slowing economy."

Gross margin for the second quarter of 2008 was 62.8%, compared to 61.4% in the second quarter of 2007. Gross margin increased primarily as the result of a change in the sales mix resulting from an increase in unit sales of higher margin product lines.

Selling expenses as a percentage of sales increased to 29.6% in the second quarter of 2008, essentially flat with 29.4% in the second quarter of 2007. Increases in selling expenses in absolute dollars related to new sales personnel that were added to continue driving the Company's growth.

General and administrative expenses were 12.1% of sales for the second quarter of 2008, marginally higher than the second quarter of 2007.

The Company increased spending in research and development to accelerate development of new product platforms. Accordingly, R&D costs were $3.2 million in the second quarter of 2008, an increase from $2.3 million in the second quarter of 2007.

Operating margin for the second quarter of 2008 was 13.6%, unchanged from the year ago quarter.

Income tax expense was $1.5 million for the second quarter of 2008 compared to $1.4 million in the second quarter of 2007 primarily as a result of an increase in pretax income. The Company's effective tax rate was 19.3% in the second quarter of 2008 compared to 19.6% in the second quarter of 2007 due to an increase in taxable income in jurisdictions with lower tax rates.

"Year-to-date, we continue to execute well, with 18.2% revenue growth and 61.6% gross margin. However, we expect continued weakness in the U.S. economy and modest uncertainty in several European economies through the rest of this year. Accordingly, we are lowering our full-year 2008 revenue guidance from 20-25% growth to 15-20% growth while maintaining our previously issued gross margin guidance of 58-60% of sales," Freeland concluded.

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xanada xanada 16 years ago
FARO Technologies 2008 Q2 sales, profits take off
Orlando Business Journal
FARO Technologies Inc. has announced that its second quarter sales increased 21.4 percent, while its net profits jumped 10 percent, compared to the same period last year.

The Lake Mary-based company (Nasdaq: FARO) reported sales of $57.7 million, or $10.1 million more than the $47.6 million recorded during the second quarter 2007.

Net income for the three-month period that ended June 28 was $6.4 million, or 38 cents per diluted share, compared to $5.8 million, or 39 cents per share, for the same quarter last year.

FARO designs, develops and markets portable, computerized measurement devices and software used to create digital models.


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xanada xanada 16 years ago
FARO Technologies Earnings Conference Call (Q2 2008)
Scheduled to start Wed, Jul 30, 2008, 11:00 am Eastern
http://biz.yahoo.com/cc/8/95598.html
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xanada xanada 16 years ago
FARO Invites You to Join Its Second Quarter 2008 Conference Call on the Web
Wednesday July 23, 4:30 pm ET


LAKE MARY, Fla., July 23 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) announced that after the market closes on July 29, 2008, it will release its financial results for the second quarter ended June 30, 2008. In conjunction with FARO's Second Quarter earnings release, you are invited to listen to its conference call that will be broadcast live over the Internet on July 30, 2008, at 11:00 a.m. ET with the Company's President and CEO, Jay Freeland, and CFO Keith Bair.

What: FARO Technologies Second Quarter Earnings Release Conference Call

When: Wednesday, July 30, 2008, at 11:00 a.m. ET

How: http://www.faro.com/ccQ2-08

Alternately, one may access the call via FARO's web site www.faro.com, then click "Investor Relations", "Conference Calls", then click the relevant date.

Dial-in Numbers are 800-862-9098 (domestic) or 785-424-1051 (international). Conference ID: FARO

If you are unable to participate during the live web cast, the call will be archived on www.faro.com . Conference Call Replay is also available until November 1, 2008, by calling 800-723-0488 (domestic) and 402-220-2651 (international). No code is required.

FARO Technologies, Inc. designs, develops, and markets portable, computerized measurement devices and software used to create digital models - or to perform evaluation and analysis 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.

Learn more at www.faro.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding FARO Technologies Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.




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Source: FARO Technologies, Inc.
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xanada xanada 16 years ago
Bright Prospects for Laser Stock

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=289004&cl=8845799&src=finance&ch=535387
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xanada xanada 16 years ago
From the Wall Street Journal....

Unheard-of Stocks
By JACK HOUGH
July 10, 2008; Page D3

A portable laser scanner is handy for recording crime scenes. It can capture three-dimensional images quickly and accurately while noticing details that measure just a few thousandths of an inch.

Those same attributes make portable laser scanners a natural choice for heaps of business applications. They can draw up plans for existing buildings, recreate real-world buildings in video games or make sure manufactured airplane parts match computer-drawn designs.

One thing portable scanners can't measure is their own market potential. Nonportable measuring machines, generally built for a single task, bring in sales of about $1 billion a year. Portables, which can switch jobs with a software change, create new uses for themselves and so might be good for $2 billion to $3 billion in yearly sales, say Wall Street analysts.

Faro Technologies Inc. specializes in 3-D laser scanners. Its sales are seen rising 19% to $228 million this year. It has spent dearly in recent years to make and market its products more quickly than competitors, which has crimped profitability. Each dollar in sales over the past year became a dime in operating profit, barely better than the broad market's average. Management hopes it will eventually expand that dime to 18 to 25 cents on the dollar.

That won't happen this year. Orders in Europe and Asia have been strong, but customers in North America have proved cautious on the economy. Faro barely grew profits in its first quarter and missed Wall Street estimates by a wide margin. Full-year growth is seen at 6%, suggesting a second-half recovery. Next year's outlook is more optimistic, calling for 33% profit growth. Its stock is at 17 times forecast 2008 earnings, near the low end of its historic range.

Faro turned up recently on a search for companies that are covered by few analysts despite strong growth prospects, modestly priced shares and profits that, on average, have come in better than expected over the past four quarters.

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xanada xanada 16 years ago
The Stocks the Funds Are Buying
http://www.fool.com/investing/mutual-funds/2008/07/08/the-stocks-the-funds-are-buying.aspx

Tim Beyers
July 8, 2008


We all know which stocks have made Wall Street's Buy List. What I want to know -- and I'm guessing you do, too -- is who's doing the buying. Which funds are buying Wall Street's most popular stocks ... and how does their judgment compare with that of our Motley Fool CAPS community?

Here's our latest group of contenders:

Company
Last closing price
CAPS rating (out of 5)

Jabil Circuit (NYSE: JBL)
$16.15
***

Hilb, Rogal & Hobbs
$43.80
**

Fuel Systems Solutions (Nasdaq: FSYS)
$28.37
**

HireRight
$17.40
**

MEDecision
$6.59
**


Sources: Motley Fool CAPS, Yahoo! Finance.

Jabil Circuit has plenty of fund fans, many of which are highly rated. But only two get five stars from ratings agency Morningstar: Vanguard Capital Opportunity (VHCOX) and Presidio (PRSDX).

Both are excellent funds. Vanguard's top trio -- Howard Schow, Joel Fried, and Theo Kolokotrones -- should have a place in the investing hall of fame for their two decades of 15% average annual returns leading Vanguard PRIMECAP (VPMCX).

But today I'm going with the kid: Kevin O'Boyle of the no-load Presidio fund, which opened for business in 2005. Yet O'Boyle isn't new at the investing game. He co-managed the market-beating Meridian Value (MVALX) fund with Rick Aster for close to a decade. Presidio applies similar principles but is small enough to pick up unloved small-caps, much as Bill Mann and Seth Jayson do for Motley Fool Hidden Gems subscribers.

Here are the top five stocks O'Boyle holds as of this writing:

Company
Last closing price
CAPS rating (out of 5)

Advance Auto Parts (NYSE: AAP)
$37.93
****

Avid Technology (Nasdaq: AVID)
$17.23
*

News Corp. (NYSE: NWS)
$14.63
***

Cardinal Health (NYSE: CAH)
$50.64
***

Faro Technologies (Nasdaq: FARO)
$23.77
****






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xanada xanada 16 years ago
FARO Appoints Shrewsbury's Yuri Malinkevich as Director of Engineering
Tuesday July 8, 10:15 am ET


LAKE MARY, Fla., July 8 /PRNewswire-FirstCall/ -- FARO Technologies, Inc., the world leader in portable computer-aided measurement hardware and software, announced that it has named Yuri Malinkevich as its Director of Engineering for 3D Imaging. With the Company's recent acquisition of global technology rights from Wilmington's Dimensional Photonics International, Inc. (DPI), this position will be based in the Boston area.
Most recently, Malinkevich served as a Consultant and then Director of Electro-Optical Engineering for Electro-Optical Sciences, Inc. He led the R&D of multi-spectral LED-based medical devices and also process implementation of ISO, 510K, FCC, and UL industry and quality standards.

Malinkevich graduated from Russia's St. Petersburg State University with a Master of Science degree in Quantum Optics, Electronics, and Radio-Physics. He then achieved a Ph.D. in Quantum Optics & Electronics from The Russian Academy of Science before immigrating to the U.S.

From 1992 until 1999, Malinkevich served as a Development Engineer, Scientist, and Project Manager for Corning Precision Lens (now 3M) during which time he also earned an M.B.A. from Xavier University of Ohio. He continued his career in new and emerging technologies in gradually escalating roles at different Boston-area firms, including the Quantum Corporation (Shrewsbury), Thermo Electron Corporation (Franklin) and Flextronics Corporation (Boston) where he served as the Director of Testing, Metrology, and Quality until joining Electro-Optical Sciences in 2007.

Throughout, Malinkevich has played key roles in directing research, forming business strategies for developing new technology, products and markets, as well as improving quality and testing systems.

"Yuri's skill set is a perfect match for how we want to grow the Company," FARO Senior Vice President and Chief Technology Officer Jim West said. "His extensive knowledge and experience in optical R&D will serve as an important part of our success as we continue to expand and perfect our product line."

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xanada xanada 16 years ago
New FARO Gage Online Video Showcases QC Technology
Tuesday July 1, 11:33 am ET


LAKE MARY, Fla., July 1 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) the world leader in portable computer-aided measurement hardware and software, announced today that it released an online video demonstration of its highest-accuracy device, the FARO Gage-PLUS.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080701/CLTU070 )

"Our customers -- machinists and shop floor personnel -- are accustomed to using rulers, micrometers, and calipers," said FARO Technical Product Manager Robert Sanville. "The video walks them through the process of how the FARO Gages are just as user-friendly as those devices, but with advanced capabilities that help them do their jobs faster with less scrap, re-work and labor costs."

The .0004"-accurate FARO Gage or the .0002"-accurate FARO Gage-PLUS are portable CMMs (coordinate measuring machines) that enable users to measure across a wide range of industrial applications. Instead of using inferior hand tools or taking a part to an expensive, traditional CMM in a climate- controlled room, Quality Control personnel can mount the FARO Gage directly to the machine producing the part.

"It gives customers the power of a stationary CMM, but with the simplicity and portability of a hand tool," Sanville said.

The video illustrates that, as the user guides the Gage's tip over the surface of a part, the system's laptop computer records all of the object's measurements in order to verify that it has been made correctly or needs modifications. The Gage then generates detailed, ISO-traceable reports to prove that outgoing and incoming parts are up to spec.

Additional videos will follow for FARO's entire product line, including application-specific demonstrations on how to resolve common quality control, reverse-engineering and inspection issues.

To see the five-minute video, visit http://www.faro.com/gageDemoVideo.

About FARO

With approximately 17,000 installations and 7,600 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. Please visit www.faro.com for more information.




--------------------------------------------------------------------------------
Source: FARO Technologies, Inc.
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xanada xanada 16 years ago
FARO and Corvette Racing Shift into High Gear for Le Mans
Tuesday June 10, 10:45 am ET


LAKE MARY, Fla., June 10 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) the world leader in portable computer-aided measurement hardware and software, has provided its latest equipment in an effort to help the GTS-champion Corvette Racing Team win the most grueling race of the season -- the 24 Hours of Le Mans, which takes place this weekend.


Gary Pratt, Vice president of Pratt & Miller said, "We use the Quantum FaroArm, FARO Gage and FARO Laser ScanArm in order to design, construct and analyze 'virtual' components, CFD (computational fluid dynamics), systems, and complete cars -- every facet of a project from initial conception to the finished product. The combination of our team's expertise and FARO's portable, computerized measuring technologies offers a total design solution, so we have unmatched time and cost efficiencies, accuracy, and performance."

As the most successful team in American Le Mans Series (ALMS) history, Corvette Racing, which is run by Pratt & Miller on behalf of General Motors, has used FaroArms in the design, quality control and race-specification compliance of their vehicles; the Gage validates parts in their precision machine shop; and the ScanArm reverse-engineers components. This allows the company's engineers and technicians to accurately and efficiently produce everything from small, individual components and sub-assemblies to complete turnkey road and racecars.

In 2001, Corvette Racing earned major international success with an outright victory in the Rolex 24 Hours at Daytona, followed by a one-two finish in the GTS class of the famed 24 Hours of Le Mans. Since then, Corvette Racing has typically won nine of 10 ALMS races every year since then, except in 2004. That year they were undefeated, as they are thus far in 2008.

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xanada xanada 16 years ago
FARO CEO Earns Entrepreneur of the Year Award
Friday June 6, 1:26 pm ET


LAKE MARY, Fla., June 6 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) the world leader in portable computer-aided measurement hardware and software, announced that its President and CEO, Jay Freeland, earned Ernst & Young's 2008 Florida Entrepreneur of the Year Award in the Technology category.
Freeland came to FARO in October 2004 as President and COO, became co-CEO in February of 2006 and was confirmed as the CEO in December of that same year. Since then FARO has released nine new products, 12 new software versions, established an Asia-Pacific headquarters in Singapore, expanded its operations to Mexico, and grown from 438 employees to 825 worldwide. All the while, the Company has maintained strong double-digit sales growth year over year.

"There are moments in life when the coach receives undue credit for the performance by a team of all stars," Freeland said during his acceptance speech at the gala event. "Certainly this is one of those moments. I'm honored by the recognition, and grateful to everyone at FARO who shares in this company-wide achievement."

Award recipients were selected by an independent panel of judges recognizing entrepreneurs who "demonstrate extraordinary success in the areas of innovation, financial performance and personal commitment to their businesses and communities." Freeland is now eligible for Ernst & Young's Entrepreneur of the Year 2008 national program, which will be announced in November.

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xanada xanada 16 years ago
FARO, DOJ & SEC Formally Resolve FCPA Matter
Thursday June 5, 1:25 pm ET


LAKE MARY, Fla., June 5 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) the world leader in portable computer-aided measurement hardware and software, announced that, as expected, the U.S. Department of Justice and the U.S. Securities Exchange Commission have formally approved the settlement of the Foreign Corrupt Practices Act matter with the Company.
There will be no further penalties or fines beyond what was previously disclosed, nor were any criminal charges filed against FARO.

Also, as previously disclosed, resolution of the matter includes continuing obligations for compliance with the FCPA, including a monitoring requirement for two years, which began on June 3, 2008. The total cost associated with the monitoring obligation is currently estimated to be to be in the range of $1 million to $2 million, as disclosed in the Company's most recent earnings release and conference call. However, the actual costs incurred may vary from this preliminary estimate.

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xanada xanada 16 years ago
FARO Scene 4.5 Software Advances Laser Scanning Ability
Thursday May 29, 5:35 pm ET


LAKE MARY, Fla., May 29 /PRNewswire-FirstCall/ -- FARO Technologies, Inc., (Nasdaq: FARO - News) the world leader in portable computer-aided measurement hardware and software, announced it has released FARO Scene 4.5, the latest version of its scanning software that advances productivity, mobility and ease of use of the Company's Photon and LS Laser Scanners.

FARO Scene 4.5 offers:

-- Cluster Registration: Scans can now be combined into clusters and
aligned relative to each other, eliminating the need for external
targets.

-- Slab Object Recognition/Registration: Automatically accounts for common

slab thicknesses, such as wall and doors, thus increasing the accuracy
of the scans and reducing post-scan processing time.

-- Registration with Pipes and Multiple Planes: Speeds scanning alignment
by allowing users to perform registration with common facility objects,

including pipes and flat surfaces.

-- Checkerboard Paper Target Registration: Instead of relying entirely on
reference spheres to align the scans, 4.5 now enables users to align
with checkerboard paper targets -- the most common method across
industries and workflows -- therefore surveying with total stations
becomes easier.

-- Enhanced 3-D Visualization: Improved scan clarity, a new gap-filling
feature and a gradient background color for even more realistic
imaging.

-- Better Color Performance: Eliminates distortion by allowing the user to

realign the color overlay.


"The new FARO Scene offers users broad improvements and advanced features for better scanning results," explained Dr. Bernd-Dietmar Becker, FARO's Director of Laser Scanner Marketing and Product Management. "The software is more user-friendly and meets the requirements of the growing scanner market."

About FARO

With approximately 17,000 installations and 7,600 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.



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xanada xanada 16 years ago
Coverage 23-May-08 Friedman Billings Initiated Outperform
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