In a recent press release FARO announced strong earnings for the third quarter. Sales in the third quarter of 2014 increased 20.6% to $82.2 million from $68.2 million in the third quarter of 2013. Net income increased $6.2 million, or 122.6%, to $11.2 million, or $0.64 per share, in the third quarter of 2014 from $5.0 million, or $0.29 per share, in the third quarter of 2013.
In the three months ended September 27, 2014, the Company recorded a discrete tax benefit of $4.5 million due to the reversal of a valuation allowance originally established against certain net operating losses. Excluding the tax benefit, Q3 Net Income would have been $6.7 million or $0.38 per share, up 31.0% from the third quarter of 2013.