Faro To Cut More Jobs, Blames Poor Economy

LAKE MARY, Fla. (AP) — Faro Technologies Inc. said Monday it plans to cut 14 percent of its work force, in addition to the cuts it announced in February, because of the economic turmoil.

The company did not say how many employees this would affect, and a representative could not immediately be reached for comment late Monday evening because Faro's offices were closed. The company's Web site says it employs more than 850 people worldwide.

February's cuts were of 7 percent of the company's work force.

Faro also said its first-quarter sales will be about 32 percent lower than the same quarter last year.

Faro makes computer-aided measuring equipment and software for creating digital 3-D models. The company said it expects to save about $7.4 million a year because of the cuts and will take a first-quarter charge of approximately $500,000 related to severance costs.

Shares fell $1.15, or 7.9 percent, to $13.48 in after-hours trading. The stock had closed down 48 cents at $14.63 in the regular session.