FARO's New Orders Grow 35% in the Third Quarter
October 14 2004 - 4:16PM
PR Newswire (US)
FARO's New Orders Grow 35% in the Third Quarter LAKE MARY, Fla.,
Oct. 14 /PRNewswire-FirstCall/ -- FARO Technologies, Inc.
(NASDAQ:FARO) today reported sales of approximately $23.4 million
in the fiscal third quarter ended October 2, 2004, a 21.9% increase
from $19.2 million in the third quarter of 2003. The Company also
reported new order bookings of approximately $23.4 million during
the second quarter, an increase of $6.1 million, or 35.3%, compared
with approximately $17.3 million in the year-ago quarter. (Logo:
http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO ) "Based on
our 36% growth in new orders year-to-date, we are raising our sales
forecast for 2004 to $94-$100 million," said Simon Raab, Faro's
President and CEO. "We intend to review our earnings guidance for
2004 in our third quarter earnings release." The Company expects to
issue its complete earnings release for the third quarter of 2004
on November 4, 2004. 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 and Gage-Plus(TM), Platinum and Titanium model FaroArms(R), SI
and X model FARO Laser Trackers(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/ . 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.
http://www.newscom.com/cgi-bin/prnh/20000522/FLM035LOGO
http://photoarchive.ap.org/ DATASOURCE: FARO Technologies, Inc.
CONTACT: Greg Fraser, EVP and CFO, FARO Technologies, Inc.,
+1-407-333-9911; or Vic Allgeier of The TTC Group, +1-212-227-0997,
for FARO Technologies, Inc. Web site: http://www.faro.com/
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