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FARO Reports 2010 Sales Growth of 29.9%; 2010 Orders Growth of 30.5%; Net Income of $11.1 million

LAKE MARY, Fla. Feb. 23, 2011 December 31, 2010 $58.5 million $46.0 million $4.8 million $0.29 $0.04

$191.8 million $147.7 million $197.9 million $151.7 million $11.1 million $10.6 million

$67.4 million $14.3 million $53.1 million

Jay Freeland Asia $23 million

Gross margin for the fourth quarter of 2010 was 59.0%, compared to 55.4% in the fourth quarter of 2009. Gross margin increased primarily due to an increase in the proportion of higher margin product sales relative to lower margin service revenue.

"Overall, 2010 was an outstanding year.  We had excellent sales growth and ground-breaking product introductions.  We capitalized on the cost leverage we created in 2009 which added substantially to the bottom line and also allowed for the introduction of both the FARO Focus 3D and the FARO AMP.  The Company is positioned well for 2011, with equally exciting product introductions lined-up and additional capacity to leverage our structure.  We did not issue any guidance in 2009 and 2010 and we will not be issuing specific guidance for 2011.  However, we maintain the view that our markets remain highly underpenetrated and we believe we have the ongoing opportunity to achieve the annual 20-25% sales growth rates we historically achieved. Our top priority continues to be strengthening our position as the leader in this space," Freeland concluded.

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 FARO’s focus, plans and strategies, and its future operating results and financial condition. 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 "intend," "believe," "will," "expect" and similar expressions or discussions of our strategy or other intentions identify forward-looking statements. 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 such forward-looking statements include, but are not limited to:

  • development by others of new or improved products, processes or technologies that make the Company’s products obsolete or less competitive;
  • the cyclical nature of the industries of the Company’s customers and material adverse changes in customers’ access to liquidity and capital;
  • declines or other adverse changes, or lack of improvement, in industries that the Company serves or the domestic and international economies in the regions of the world where the Company operates and other general economic, business, and financing conditions;
  • fluctuations in the Company’s annual and quarterly operating results and the inability to achieve its financial operating targets;
  • risks associated with expanding international operations, such as fluctuations in currency exchange rates, difficulties in staffing and managing foreign operations, political and economic instability, compliance with import and export regulations, and the burdens and potential exposure of complying with a wide variety of U.S. and foreign laws and labor practices;
  • other risks detailed in Part I, Item 1A. Risk Factors in December 31, 2009

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

With over 20,000 installations and 11,000 customers globally, FARO Technologies, Inc. designs, develops, and markets portable, computerized measurement and imaging devices and software used to create digital models — or to perform evaluations against an existing model — for anything requiring highly detailed 3-D measurements, including part and assembly inspection, factory planning and asset documentation, as well as specialized applications ranging from surveying, recreating accident sites and crime scenes to digitally preserving historical sites.

FARO’s technology increases productivity by dramatically reducing the amount of on-site measuring time, and the various industry-specific software packages enable users to process and present their results quickly and more effectively.

Principal products include the world’s best-selling portable measurement arm — the FaroArm; the world’s best-selling laser tracker — the FARO Laser Tracker X and Xi; the FARO Laser ScanArm; FARO Photon Laser Scanners; the FARO Gage, Gage-PLUS and PowerGAGE; and the CAM2 Q family of advanced CAD-based measurement and reporting software. FARO Technologies is ISO-9001 certified and ISO-17025 laboratory registered.

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

Twelve Months Ended

(in thousands, except share and per share data)

Dec 31, 2010

Dec 31, 2009

Dec 31, 2010

Dec 31, 2009

SALES

Product

$       49,456

$       38,422

$     157,331

$     117,714

Service

9,059

7,604

34,444

29,989

Total Sales

58,515

46,026

191,775

147,703

COST OF SALES

Product

17,775

15,646

54,571

46,293

Service

6,204

4,897

23,806

20,702

Total Cost of Sales (exclusive of depreciation and amortization, shown separately below)

23,979

20,543

78,377

66,995

GROSS PROFIT

34,536

25,483

113,398

80,708

OPERATING EXPENSES:

Selling

15,710

12,164

50,679

48,598

General and administrative

7,300

6,365

26,776

24,956

Depreciation and amortization

1,492

1,440

6,326

5,530

Research and development

3,854

3,047

12,690

12,613

Total operating expenses

28,356

23,016

96,471

91,697

INCOME (LOSS) FROM OPERATIONS

6,180

2,467

16,927

(10,989)

OTHER (INCOME) EXPENSE

Interest income

(22)

(28)

(105)

(253)

Other (income) expense, net

983

(233)

2,783

(592)

Interest expense

3

5

34

14

INCOME (LOSS) BEFORE INCOME TAX  EXPENSE (BENEFIT)

5,216

2,723

14,215

(10,158)

INCOME TAX EXPENSE

377

3,344

3,147

424

NET INCOME (LOSS)

$         4,839

$          (621)

$       11,068

$     (10,582)

NET INCOME (LOSS) PER SHARE – BASIC

$           0.30

$         (0.04)

$           0.69

$         (0.66)

NET INCOME (LOSS) PER SHARE – DILUTED

$           0.29

$         (0.04)

$           0.68

$         (0.66)

Weighted average shares – Basic

16,179,531

16,101,412

16,153,831

16,125,449

Weighted average shares – Diluted

16,424,638

16,101,412

16,365,826

16,125,449

FARO TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31,

December 31,

(in thousands, except share data)

2010

2009

ASSETS

Current Assets:

Cash and cash equivalents

$        50,722

$        35,078

Short-term investments

64,986

64,986

Accounts receivable, net

51,862

42,944

Inventories, net

28,242

26,582

Deferred income taxes, net

4,455

4,473

Prepaid expenses and other current assets

8,045

6,016

Total current assets

208,312

180,079

Property and Equipment:

Machinery and equipment

24,840

19,867

Furniture and fixtures

5,700

5,225

Leasehold improvements

9,682

9,434

   Property and equipment at cost

40,222

34,526

Less: accumulated depreciation and amortization

(24,982)

(20,788)

   Property and equipment, net

15,240

13,738

Goodwill

19,015

19,934

Intangible assets, net

7,204

7,985

Service inventory

13,726

12,079

Deferred income taxes, net

2,522

1,895

Total Assets

$      266,019

$      235,710

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities:

Accounts payable

$        12,025

$          8,985

Accrued liabilities

15,208

8,173

Income taxes payable

1,138

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