During Wednesday’s afternoon trade, Shares of FARO Technologies, Inc (NASDAQ:FARO), lost -29.93% to $24.70.
On Nov. 3, 2015, FARO Technologies, Inc. (FARO) declared its financial results for the third quarter ended September 26, 2015.
The Companys third quarter 2015 sales at $72.5 million reduced 11.8% from $82.2 million in the third quarter of 2014. Adjusted for $6.4 million of unfavorable foreign exchange impacts, sales were 4% lower than the preceding year period.
Gross margin for the quarter was 48.1%, contrast with 56.0% in the preceding year period. Based upon the planned timing of new product introductions and in light of lower-than-anticipated 2015 sales, the inventory reserve was raised by $7.9 million in the quarter. Not Taking Into Account this adjustment, gross margin was 59.0%, benefitting from ongoing strong sales momentum of the Laser Line Probe HD and a more favorable product mix.
Operating income for the quarter was a loss of $0.9 million, contrast with income of $9.0 million in the preceding year period, reflecting lower sales and an enhance in the inventory reserve offset by certain expense reductions. In the third quarter of 2015, the Company continued its commitment to new, disruptive product development by investing $5.8 million, or 8.0% of sales, in research and development spending.
Net income was a loss of $0.9 million, or a loss of $0.05 per share, in the third quarter of 2015 contrast with income of $11.2 million, or $0.64 per share, in the preceding year period. In the third quarter of 2014, not taking into account a discrete tax benefit of $4.5 million, net income was $6.7 million, or $0.38 per share.
The Board of Directors has authorized an enhance in the existing share repurchase program from $30 million to $50 million of FARO common stock. The Company plans to repurchase shares opportunistically, subject to trading restrictions and other legal requirements.
FARO Technologies, Inc., together with its auxiliaries, designs, develops, manufactures, markets, and supports software driven, three-dimensional (3-D) measurement, imaging, and realization systems for manufacturing, industrial, architecture, surveying, building construction, and law enforcement applications.
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