LAKE MARY, Fla., April 17, 2015 /PRNewswire/ -- FARO Technologies,
Inc. (NASDAQ: FARO) today announced preliminary, unaudited sales
for its first quarter of 2015. The Company expects to report
quarterly sales of approximately $70
million for the first quarter ended March 28, 2015, a decrease of approximately 5%
from the same quarter last fiscal year. This decrease is
principally due to the following negative effects, which were
partially offset by strong units sold growth in the Europe/Africa
region of Laser Tracker and Laser Scanner:
- negative foreign exchange impact of approximately $7 million driven primarily by the decline in the
Euro and Yen relative to the U.S.
dollar;
- weaker macro-economic conditions in Japan combined with the limited release of
manufacturing stimulus funds which, in turn, decreased industrial
demand in Japan for capital
purchases; and
- weaker industrial demand in Brazil due to recent macro-economic
events.
In addition to the negative impact on sales, changes in foreign
exchange rates are expected to generate net foreign currency losses
of approximately $1.3 million related
to the Company's intercompany account balances denominated in
different currencies, primarily the Swiss Franc.
Excluding the $7 million negative
foreign exchange impact, preliminary sales for the first quarter of
2015 are expected to increase by approximately 5% as compared to
the first quarter of 2014.
"Foreign exchange rates and macro-economic industrial weakness
especially in Japan and
Brazil created strong headwinds
for our top line growth in the first quarter of 2015," stated
Jay Freeland, FARO's President and
CEO. "Our expected sales growth of approximately 5%,
excluding the $7 million of negative
foreign exchange impacts, is below our long term mid-teens sales
growth goal primarily due to lower metrology unit sales. On a
positive note, we are very pleased that the FARO Focus3D
laser scanner is expected to report greater than 20% year-over-year
unit sales growth, and that our new hand-held
Freestyle3D laser scanner has received a strong market
reception. Looking forward, in response to our lower than
expected first quarter sales and income, we are proactively
implementing efficiencies and cost reduction measures without
impairing our ability to grow."
These preliminary, unaudited results are based on the Company's
current estimate of results from operations for the first quarter
ended March 28, 2015 and remain
subject to change based on the Company's ongoing review of results
and customary quarterly closing and review procedures. The
Company will not be hosting a conference call in conjunction with
this press release.
The full release of the Company's first quarter 2015 results
will occur after the market closes on April
28th. A discussion of the first quarter
results will be held during the Company's quarterly earnings call
on April 29th at
8:30 a.m. Eastern Time.
The Company reminds investors that it does not give specific
earnings guidance on a quarterly or yearly basis and the release of
these preliminary, unaudited results is not an indication that the
Company will provide guidance or further preliminary results in the
future.
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 FARO's results of operations, growth,
demand for and customer acceptance of FARO's products,
anticipated improvement in the markets in which FARO operates,
foreign currency movements and FARO's product development and
product launches. 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 "is," "are,"
"expect," "looking forward," "future," "will," and similar
expressions or discussions of FARO's plans or other
intentions identify forward-looking statements. 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 such forward-looking
statements include, but are not limited to:
- the Company's inability to successfully identify and acquire
target companies or achieve expected benefits from acquisitions
that are consummated;
- development by others of new or improved products, processes
or technologies that make the Company's products less
competitive or obsolete;
- the Company's inability to maintain its technological
advantage by developing new products and enhancing its existing
products;
- declines or other adverse changes, or lack of improvement,
in industries that the Company serves or the domestic and
international economies in the regions of the world where the
Company operates and other general economic, business, and
financial conditions; and
- Other risks detailed in Part I, Item 1A. Risk Factors in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2014.
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, unless otherwise required
by law.
About FARO
FARO is the world's most trusted source for 3D measurement
technology. The Company develops and markets computer-aided
measurement and imaging devices and software. Technology from FARO
permits high-precision 3D measurement, imaging and comparison of
parts and complex structures within production and quality
assurance processes. The devices are used for inspecting components
and assemblies, rapid prototyping, documenting large volume spaces
or structures in 3D, surveying and construction, as well as for
investigation and reconstruction of accident sites or crime
scenes.
The Company's global headquarters is located in Lake Mary, FL; its European regional
headquarters in Stuttgart,
Germany; and its Asia
Pacific regional headquarters in Singapore. FARO has other offices in
the United States, Canada, Mexico, Brazil, Germany, the United
Kingdom, France,
Spain, Italy, Poland, Turkey, the
Netherlands, Switzerland,
Portugal, India, China,
Malaysia, Vietnam, Thailand, South
Korea, and Japan.
More information is available at http://www.faro.com
Logo -
http://photos.prnewswire.com/prnh/20110415/MM84316LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/faro-reports-preliminary-first-quarter-2015-sales-300067939.html
SOURCE FARO Technologies, Inc.