FARO's New Orders Grow 31% in the First Quarter

PDF Version

LAKE MARY, Fla., April 12 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO) today reported sales of approximately $27.3 million, in the fiscal first quarter ended April 2, 2005, a 30.0% increase from approximately $21.0 million in the first quarter of 2004. The Company also reported new order bookings of approximately $25.1 million during the first quarter, an increase of $6.0 million, or 31.4% compared with approximately $19.1 million in the year-ago quarter.

(Logo: http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO )

"Based on our 31% growth in new orders year-to-date, we are maintaining our sales forecast for 2005 of $121-$126 million," said Simon Raab, FARO's Chairman and CEO. "We are pleased with the sales growth in the quarter which is in line with our 25%-30% guidance for the year."

The Company expects to issue its complete earnings release for the first quarter of 2005 on May 9, 2005.

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," 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 grow new orders in the fourth quarter of 2004 at or near the level of the first three quarters of 2004;

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

* the failure to effectively manage our growth;

* 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:

FARO Technologies, Inc. (Nasdaq: FARO) and its international subsidiaries design, develop, and market software and portable, computerized measurement devices. The Company's products allow manufacturers to perform three- dimensional inspections of parts and assemblies on the shop floor. This helps eliminate manufacturing errors, and thereby increases productivity and profitability for a variety of industries in FARO's worldwide customer base. Principal products include the FARO Gage(TM), Platinum and Titanium FaroArms(R), the FARO Laser Tracker(R) and a CAM2(R) family of advanced CAD- based measurement and reporting software. FARO Technologies is ISO 9001 certified and Guide 25 approved. Learn more at http://www.faro.com .

SOURCE  FARO Technologies, Inc.
    -0-                             04/12/2005
    /CONTACT:  Greg Fraser, EVP, FARO Technologies, Inc., +1-407-333-9911, or
Vic Allgeier, The TTC Group, +1-212-227-0997, for FARO Technologies, Inc./
    /Photo:  NewsCom:  http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO
              AP Archive:  http://photoarchive.ap.org
              PRN Photo Desk, photodesk@prnewswire.com /
    /Web site:  http://www.faro.com /
    (FARO)

CO:  FARO Technologies, Inc.
ST:  Florida
IN:  AUT MAC STW CPR
SU:

SP-AC
-- FLTU023 --
8165 04/12/2005 16:49 EDT http://www.prnewswire.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.