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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) July 15, 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 (IRS Employer
of Incorporation) 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. , FARO Hits Record Sales in
Second 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: July 15, 2004
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release, dated July 15, 2004
Exhibit 99.1
Faro Hits Record Sales in Second Quarter
LAKE MARY, Fla., July 15 /PRNewswire-FirstCall/ -- FARO Technologies, Inc.
(Nasdaq: FARO) today reported sales of approximately $24.1 million, a record
for any quarter, in the fiscal second quarter ended July 3, 2004, a 48.8%
increase from approximately $16.2 million in the second quarter of 2003. The
Company reported new order bookings of approximately $21.9 million during the
second quarter, an increase of $5.7 million, or 35.2% compared with
approximately $16.2 million in the year-ago quarter.
Sales were highest in Europe at $10.8 million, an increase of
$3.9 million, or 56.5% compared to $6.9 million in the second quarter of 2003.
Sales in the Americas increased 27.2% to $10.3 million compared to
$8.1 million in the second quarter of 2003. Sales in the Asia/Pacific region
increased 130.8% to $3.0 million from $1.3 million in the second quarter of
2003.
"We are maintaining our sales forecast for 2004 at $90-$93 million, a 25%-
30% increase over $71.8 million in 2003, based on the 35.2% increase in new
orders in the second quarter, and our historical cyclical sales pattern," said
Simon Raab, Faro's President and CEO. "We intend to review our earnings
guidance for 2004 in conjunction with our second quarter earnings release."
The Company expects to issue its complete earnings release for the second
quarter of 2004 on August 4, 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;
* 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- 07/15/2004
/CONTACT: Greg Fraser, EVP & CFO, FARO Technologies, +1-407-333-9911; or
Vic Allgeier, The TTC Group, +1-212-227-0997, for FARO/
/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: