Monday, April 06, 2009 4:33:30 PM
Monday April 6, 2009, 4:28 pm EDT
LAKE MARY, Fla., April 6 /PRNewswire-FirstCall/ -- FARO Technologies, Inc. (Nasdaq: FARO - News) today announced a global reduction in force driven by continued economic weakness. This reduction is in addition to a 7% reduction announced on February 20, 2009.
The reduction, effective immediately, impacts approximately 14% of FARO's workforce across all functions. The Company expects to save approximately $7.4 million on an annual basis and will incur a first quarter charge of approximately $0.5 million related to severance costs.
"Unfortunately, economic conditions continue to affect us," stated Jay Freeland, FARO's President and CEO. "First quarter sales for 2009 will be approximately 32% lower than the same quarter last year. While we believe the long-term outlook for FARO remains strong, this reduction in force is a necessary precaution to position the Company for the balance of the year," Freeland concluded.
The Company will provide further details when it reports first quarter financial results, currently scheduled for the end of April.
Recent FARO News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/09/2024 08:38:48 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/06/2024 08:24:50 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/22/2024 08:30:26 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 08:20:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 08:15:35 PM
- FARO Announces Second Quarter Financial Results • PR Newswire (US) • 08/08/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/31/2024 08:06:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 08:14:21 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/30/2024 07:37:01 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/26/2024 07:49:12 PM
- FARO to Announce Financial Results for the Second Quarter 2024 on August 8, 2024 • PR Newswire (US) • 07/26/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:20:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:20:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:19:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:18:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:17:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/17/2024 11:15:58 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/17/2024 08:31:40 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/14/2024 08:14:08 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 12:29:48 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 12:29:03 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 12:28:04 AM
- Form 144/A - Report of proposed sale of securities: [Amend] • Edgar (US Regulatory) • 06/12/2024 08:54:08 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/12/2024 07:56:48 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/12/2024 07:56:34 PM
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