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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of the earliest event reported) April 16, 2004
Commission File Number 0-23081
FARO TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Florida 59-3157093
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(State or Other Jurisdiction of Incorporation) (IRS Employer Identification No.)
125 TECHNOLOGY PARK, LAKE MARY, FLORIDA 32746
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(Address of Principal Executive Offices) (Zip Code)
(407) 333-9911
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
Item 9. Regulation FD Disclosure
Item 12. Results of Operations and Financial Condition
The following information is being furnished under Item 9 and Item 12 of
Form 8-K: Press release by FARO Technologies, Inc. Reporting 56.7% Increase in
Sales in First Quarter. A copy of this press release is attached as Exhibit 99.1
to this Form 8-K.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunder duly authorized.
FARO TECHNOLOGIES, INC.
By: /s/ Gregory A. Fraser
-------------------------------------
Gregory A. Fraser
Executive Vice President, Secretary,
and Treasurer
Date: April 16, 2004
EXHIBIT INDEX
Exhibit Number Description
- -------------- -----------
99.1 Press Release, dated April 15, 2004
Exhibit 99.1
FARO Reports 56.7% Increase In Sales In First Quarter
LAKE MARY, Fla., April 15 /PRNewswire-FirstCall/ -- FARO Technologies,
Inc. (Nasdaq: FARO) today reported sales of approximately $21.0 million for
the fiscal first quarter ended April 3, 2004, a 56.7% increase from
$13.4 million in the first quarter of 2003, and $1.0 million, or 5.0% above
the high end of the Company's $19-$20 million forecast for the quarter.
Backlog at April 3, 2004 was approximately $5.6 million. The Company reported
new order bookings of approximately $19.1 million during the first quarter, an
increase of $5.6 million, or 41.5% compared with approximately $13.5 million
in the year-ago quarter.
"Based on the 41.5% increase in new orders in the first quarter we are
increasing our sales forecast for 2004 to $90-$93 million, a 25%-30% increase
over $71.8 million in 2003," said Simon Raab, Faro's President and CEO. "We
intend to review our earnings guidance for 2004 in conjunction with our first
quarter earnings release."
The Company expects to issue its complete earnings release for the first
quarter of 2004 in early May 2004.
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 maintain historical or projected sales growth rates;
* difficulties in completing the staffing of our sales offices in Asia;
* 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 www.faro.com.
SOURCE FARO Technologies, Inc.
-0- 04/15/2004
/CONTACT: Greg Fraser, Executive Vice President and CFO, FARO
Technologies, +1-407-333-9911; or Vic Allgeier, TTC Group, +1-212-227-0997, for
FARO Technologies/
/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: