Faro Reports Profits, Acquires Software Firm
LAKE MARY, Fla., July 31, 2014 — Faro Technologies Inc. recently announced strong earnings and sales results, as well as a new acquisition.
The 3-D measurement and imaging firm’s net income increased 74.3 percent to $6.3 million in the second quarter of 2014 from $3.6 million in the second quarter of 2013.
Sales increased 20.1 percent to $82.1 million from $68.3 million in the second quarter of 2013.
The company said manufacturing efficiency improvements provided favorable margins for its metrology products. Meanwhile, it said it has ramped up R&D efforts, increasing spending in that area by 29 percent to $6.7 million in the second quarter.
On July 29 Faro acquired law enforcement software firm The CAD Zone Inc. of Beaverton, Ore. CAD Zone’s point-cloud software application will be integrated with Faro's laser scanning technology for crime scene and other forensic applications.
For more information, visit www.faro.com