FARO Technologies Corrects Second Quarter Regional Sales-Increase Data
Total Sales Increase Remains Unchanged
LAKE MARY, Fla., Aug. 11 /PRNewswire/ -- FARO Technologies, Inc. (Nasdaq: FARO), today announced a correction to regional sales information provided last week in its news release of its second quarter results.
Sales for the second quarter of 1999 compared to the year-ago quarter actually increased 4% in the United States, 32% in the three European countries where the Company has offices, and 1% elsewhere. The Company in its release of August 3, 1999, had reported increases in sales of 23% in the United States and 35% in the three European countries, and a decrease in sales of 40% elsewhere.
The change in the regional allocation for the year-ago quarter does not affect the previously reported total sales for that period and does not affect the previously reported 11.5% growth in overall sales for the second quarter of 1999 from the year-ago quarter.
The Company said it was making the correction after it had noted an error in a worksheet used to assemble disaggregated regional sales information by quarter that was used to compute the percentage change in sales by region reported in the August 3 news release.
"We remain pleased with our strong sales growth in Europe in the second quarter, a direct result of our acquisition and investment program, said Simon Raab, President and Chief Executive Officer. "While sales in the USA did not increase as much as we originally reported, we are encouraged that sales in areas without direct representation also increased over the previous year. We continue to feel that investment in new sales offices in certain of these areas is suggested."
FARO Technologies, Inc. and its international subsidiaries are pioneers and market leaders in the Computer Aided Manufacturing Measurement (CAMM) market, which is the final frontier of the Computer Aided Design (CAD) revolution. The Company's hardware and software products play a key role in the worldwide trend toward CAD-based total quality management for shortened production cycles and in total quality management for the reduction in scrap and rework. FARO's product line includes portable measurement equipment, a broad line of CAD-based inspection software for portable and fixed-base coordinate measurement machines, and factory-level statistical process control (SPC) software. FARO's products are used worldwide by a wide variety of manufacturing companies, both large and small. News and information are available at the company's Website at http://www.faro.com .
To receive additional information on FARO Technologies, Inc. via fax at no
charge, dial 1-800-PRO-INFO and enter code FARO. For international access,
dial 732-544-2850.
SOURCE FARO Technologies Inc.
Web site: http: //www.faro.com
CONTACT: