FARO Reports Second Quarter 2018 Financial Results

 


 

 

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)

June 30, 2018 (unaudited)


December 31, 2017

ASSETS




Current assets:




Cash and cash equivalents

$

133,554



$

140,960


Short-term investments

10,998



10,997


Accounts receivable, net

71,641



72,105


Inventories, net

60,349



53,786


Prepaid expenses and other current assets

21,086



16,311


Total current assets

297,628



294,159


Property and equipment:




Machinery and equipment

70,332



66,514


Furniture and fixtures

6,650



6,945


Leasehold improvements

20,039



19,872


Property and equipment at cost

97,021



93,331


Less: accumulated depreciation and amortization

(66,321)



(61,452)


Property and equipment, net

30,700



31,879


Goodwill

53,584



52,750


Intangible assets, net

23,842



22,540


Service and sales demonstration inventory, net

38,346



39,614


Deferred income tax assets, net

15,691



15,606


Other long-term assets

4,678



2,030


Total assets

$

464,469



$

458,578


LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

11,764



$

11,569


Accrued liabilities

24,950



27,362


Income taxes payable

1,672



4,676


Current portion of unearned service revenues

30,179



29,674


Customer deposits

2,944



2,604


Total current liabilities

71,509



75,885


Unearned service revenues - less current portion

13,291



11,815


Deferred income tax liabilities

590



695


Income taxes payable - less current portion

14,578



15,952


Other long-term liabilities

1,798



2,165


Total liabilities

101,766



106,512


Shareholders' equity:




Common stock - par value $.001, 50,000,000 shares authorized; 18,440,073 and
18,277,142 issued, respectively; 16,978,758 and 16,796,884 outstanding, respectively

18



18


Additional paid-in capital

233,755



223,055


Retained earnings

172,649



168,624


Accumulated other comprehensive loss

(11,985)



(7,822)


Common stock in treasury, at cost; 1,461,315 and 1,480,258 shares, respectively

$

(31,734)



$

(31,809)


Total shareholders' equity

$

362,703



$

352,066


Total liabilities and shareholders' equity

$

464,469



$

458,578



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