More information is available at http://www.faro.com.
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FARO TECHNOLOGIES, INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(UNAUDITED) |
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Three Months Ended |
Six Months Ended |
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(in thousands, except share and per share data) |
June 30, 2016 |
June 27, 2015 |
June 30, 2016 |
June 27, 2015 |
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SALES |
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Product |
$ 61,640 |
$ 69,437 |
$ 120,952 |
$ 124,481 |
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Service |
16,898 |
14,338 |
33,334 |
29,233 |
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Total sales |
78,538 |
83,775 |
154,286 |
153,714 |
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COST OF SALES |
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Product |
25,055 |
29,532 |
49,063 |
51,709 |
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Service |
9,547 |
9,697 |
18,614 |
17,848 |
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Total cost of sales (exclusive of depreciation and amortization, shown separately below) |
34,602 |
39,229 |
67,677 |
69,557 |
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GROSS PROFIT |
43,936 |
44,546 |
86,609 |
84,157 |
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OPERATING EXPENSES |
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Selling and marketing |
18,747 |
20,063 |
36,372 |
39,168 |
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General and administrative |
10,167 |
9,066 |
20,708 |
18,867 |
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Depreciation and amortization |
3,266 |
2,739 |
6,352 |
5,232 |
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Research and development |
7,259 |
7,254 |
14,350 |
13,610 |
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Total operating expenses |
39,439 |
39,122 |
77,782 |
76,877 |
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INCOME FROM OPERATIONS |
4,497 |
5,424 |
8,827 |
7,280 |
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OTHER (INCOME) EXPENSE |
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Interest income, net |
(54) |
(24) |
(98) |
(43) |
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Other expense, net |
240 |
83 |
991 |
1,390 |
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INCOME BEFORE INCOME TAX EXPENSE |
4,311 |
5,365 |
7,934 |
5,933 |
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INCOME TAX EXPENSE |
919 |
1,217 |
1,462 |
1,121 |
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NET INCOME |
$ 3,392 |
$ 4,148 |
$ 6,472 |
$ 4,812 |
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NET INCOME PER SHARE - BASIC |
$ 0.20 |
$ 0.24 |
$ 0.39 |
$ 0.28 |
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NET INCOME PER SHARE - DILUTED |
$ 0.20 |
$ 0.24 |
$ 0.39 |
$ 0.27 |
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Weighted average shares - Basic |
16,659,115 |
17,384,382 |
16,634,323 |
17,360,749 |
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Weighted average shares - Diluted |
16,672,600 |
17,502,219 |
16,654,415 |
17,500,619 |
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