Wednesday, FARO Technologies, Inc. (FARO), a three dimensional measurement systems maker, reported a swing to loss in the first quarter, as product sales dipped across all verticals due to the weak economic environment.
The Lake Mary, Florida-based company reported a first-quarter net loss of $6.6 million or $0.41 per share, compared to a net income of $3.4 million or $0.20 per share a year ago. On average, three analysts polled by Thomson Reuters estimated a loss of $0.24 per share for the quarter.
The company took a charge of $1.7 million related to severance costs following a 21% reduction in workforce.
Revenue for the first quarter decreased 31.8% to $31.4 million from $46.1 million in the year-earlier quarter.
Gross margin for quarter dropped to 51.7% from 60.1% in the same period last year, primarily due to a change in the sales mix between higher margin product sales and lower margin service revenue.
Operating loss for the quarter was $7.6 million, compared to an operating profit of $3.9 million in the first quarter of 2008.
New order bookings during the first quarter decreased 41.7% to $27.4 million from $47 million in the comparable quarter last year.
FARO closed Wednesday's regular trading at $16.03, up $0.79 or 5.18%, on a volume of 0.23 million shares on the Nasdaq. In after hours, the stock was down $2.23 or 13.91%, at $13.80.
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