Perceptron, Inc. (NASDAQ: PRCP) today announced its results for the
fourth quarter of fiscal year 2013, which ended June 30, 2013.
Net sales in the fourth quarter of fiscal year 2013 were $20.7
million, while income from continuing operations was $4.0 million,
or $0.46 per diluted share. In the fourth quarter of fiscal 2012,
Perceptron reported net sales of $12.8 million and a loss from
continuing operations of $1.3 million, or $0.16 per diluted share.
In the fourth quarter of fiscal year 2013 the Company recorded a
gain of $23,000, net of taxes, from the discontinued operations of
its Commercial Products Business Unit (CBU). In fiscal year 2012
the Company recorded a loss of $1.3 million, or $0.15 per diluted
share, from the discontinued operations of CBU. Net income for the
fourth quarter was $4.0 million, or $0.46 per diluted share,
compared to a net loss of $2.6 million, or $0.31 per diluted share
in the fourth quarter of fiscal year 2012. The net loss in the
fourth quarter of fiscal 2012 included an income tax expense of
$1.2 million for the establishment of a valuation reserve for the
Company's deferred tax assets.
For the full fiscal year 2013, net sales were $60.9 million and
income from continuing operations was $6.1 million, or $0.71 per
diluted share. This compares with net sales of $57.4 million and
income from continuing operations of $2.8 million, or $0.34 per
diluted share, in fiscal year 2012. In fiscal year 2013, the
Company recorded a gain of $80,000, net of taxes, or $0.01 per
diluted share, from the discontinued operations of CBU. In fiscal
year 2012, the Company recorded a loss of $3.2 million, net of
taxes, or a loss of $0.38 per diluted share, from the settlement of
a lawsuit against the Company's former Forest Products Business
Unit and from the discontinued operations of CBU. Net income in
fiscal 2013 was $6.2 million, or $0.72 per diluted share, compared
to a net loss of $333,000, or $0.04 per diluted share, in fiscal
2012.
"We are particularly pleased with our sales, gross margin and
operating income in the fourth quarter this year," said Jack Lowry,
Perceptron's Chief Financial Officer. "Sales of $20.7 million
represented a very strong quarter for the Company. Not only was our
gross margin very solid at 48.1%, but our operating income for the
quarter represented 18% of sales. Other income/expense in the
fourth quarter included approximately a $1.1 million gain we
recorded from the June redemption, at par, of one of our preferred
stock holdings upon which we had recorded an impairment charge in
fiscal year 2009. That gain was partially offset by a $240,000
foreign exchange loss in the quarter, principally due to weakness
in the Brazilian Real and Japanese Yen. Net income of $4.0 million
represented 19.3% of sales."
Mr. Lowry continued, "Bookings of $21.4 million in the fourth
quarter this year were very robust and approximately $700,000 above
our sales in the quarter, resulting in our backlog increasing to
$30.4 million at June 30, 2013. That compares favorably with our
backlog of $30.2 million at June 30, 2012 and provides us with a
solid book of business as we enter fiscal year 2014. For the full
year of fiscal 2013, we achieved record sales for our continuing
operations and both our gross margin and operating margin
percentages improved. Our fiscal year ending balance sheet is very
strong, with $26.7 million in cash and short-term investments, no
debt, and book value of $6.60 per share based on 8,618,872 total
shares outstanding on June 30, 2013.
"While our sales were at a record level of $60.9 million for the
year, it is also significant that our bookings exceeded our sales.
Our fiscal year 2013 sales and bookings were particularly strong in
Europe which posted significant year-over-year increases. This
resulted primarily from significantly higher bookings and sales of
automated systems products in fiscal 2013 compared to fiscal 2012
that were partially offset by a decline in sales of technology
components products and value added services. Sales and bookings in
Asia were fairly flat but are expected to show improvement in
fiscal 2014. Sales and bookings declined in the Americas following
a strong rebound in fiscal year 2012 from the significant downturn
that occurred in our fiscal years 2009 and 2010. Sales in the
Americas are expected to stabilize while bookings are expected to
improve in fiscal year 2014."
Harry Rittenour, President and Chief Executive Officer, added,
"Fiscal 2013 was a very good year for the Company and its
shareholders in a number of ways. From a financial perspective, our
continuing business exceeded $60 million in sales for the first
time, our gross margin improved, and our operating income improved
both in total dollars and as a percent of sales. Our bookings were
higher than our sales during fiscal 2013, positioning us to enter
fiscal 2014 with a strong backlog. In addition, we paid a special
dividend and our first annual dividend to shareholders which
contributed to our total return to shareholders significantly
exceeding the overall market return. We successfully sold CBU.
Further, our strategy in holding our Primus preferred stock paid
off in a full redemption of that investment.
"Operationally, we recently completed the release of all five
standoffs in the Helix® family of sensors. The release of the
additional sensors will increase the opportunities and the scope of
customer applications we can address using our Helix technology.
Sales and bookings utilizing Helix technology in fiscal year 2013
met our expectations and are ramping-up well. In the fourth
quarter, approximately 19% of our bookings and 11% of our sales
were from projects utilizing Helix technology."
Highlights of Operations
Geographic information on sales, bookings and backlog for the
Company from continuing operations in fiscal years 2013 and 2012
are shown in the tables that follow:
SALES
(in millions)
Fourth Quarter Ended Twelve months Ended
June 30 June 30
Fiscal Fiscal Fiscal Fiscal
2013 2012 Change 2013 2012 Change
-------- -------- -------- -------- -------- --------
Geographic Region
Americas $ 6.4 $ 6.4 $ 0.0 $ 22.2 $ 26.3 $ (4.1)
Europe 8.8 3.7 5.1 26.1 18.4 7.7
Asia 5.5 2.8 2.7 12.6 12.7 (0.1)
-------- -------- -------- -------- -------- --------
Total Sales $ 20.7 $ 12.9 $ 7.8 $ 60.9 $ 57.4 $ 3.5
======== ======== ======== ======== ======== ========
BOOKINGS
(in millions)
Fourth Quarter Ended Twelve months Ended
June 30 June 30
Fiscal Fiscal Fiscal Fiscal
2013 2012 Change 2013 2012 Change
-------- -------- -------- -------- -------- --------
Geographic Region
Americas $ 5.6 $ 6.1 $ (0.5) $ 18.2 $ 30.8 $ (12.6)
Europe 12.0 2.8 9.2 29.3 19.7 9.6
Asia 3.8 2.3 1.5 13.6 13.2 0.4
-------- -------- -------- -------- -------- --------
Total Bookings $ 21.4 $ 11.2 $ 10.2 $ 61.1 $ 63.7 $ (2.6)
======== ======== ======== ======== ======== ========
Note: the level of new order bookings fluctuates from quarter to
quarter and is not necessarily indicative of the future operating
performance of the Company.
BACKLOG
(in millions)
Fourth Quarter Ended June 30
Fiscal 2013 Fiscal 2012 Change
------------ ------------ ------------
Geographic Region
Americas $ 8.2 $ 12.2 $ (4.0)
Europe 13.1 9.9 3.2
Asia 9.1 8.1 1.0
------------ ------------ ------------
Total Backlog $ 30.4 $ 30.2 $ 0.2
============ ============ ============
Note: the level of backlog at any particular point in time is
not necessarily indicative of the future operating performance of
the Company.
Financial Outlook
Harry Rittenour commented, "We remain confident in our outlook
for continued sales growth in fiscal 2014. Independent industry
forecasts continue to show that worldwide automotive sales and new
model introductions will continue to grow in each of the next two
to three years. This provides us with a good environment in which
to sell our products to automobile manufacturers around the world.
Historically we have experienced volatility in our quarterly sales
with the first quarter of the fiscal year generally being the
softest. We anticipate that the first quarter will be our softest
quarter in fiscal year 2014. We continue to expect our Helix
technology to become a more significant portion of our product
portfolio in fiscal year 2014 and provide us with more in-line
dimensional gauging opportunities and capabilities than in the
past. This should also help us to maintain, or improve, our gross
profit margins. As a result, we anticipate another year of
profitable growth for the Company."
Quarterly Earnings Call and Webcast
Perceptron, Inc. will hold its fourth quarter earnings
conference call/webcast, chaired by Harry T. Rittenour, President
and Chief Executive Officer, on Thursday, August 29, 2013 at 10:00
AM (EDT). Investors can access the call at:
Webcast http://www.visualwebcaster.com/event.asp?id=95718
Conference Call 888 505-4369 (domestic callers) 719 325-2495
(international callers)
Conference ID 7922528
If you are unable to participate during the live webcast, the
call will be digitally rebroadcast for seven days, beginning at
2:00 PM (EDT) on Thursday, August 29, 2013.
Rebroadcast 888 203-1112 (domestic callers) 719 457-0820
(international callers)
Passcode 7922528
A replay of the call will also be available on the Company's
website at www.perceptron.com for approximately one year following
the call.
About Perceptron®
Perceptron develops, produces, and sells non-contact measurement
and inspection solutions for industrial applications. The Company's
products provide solutions for manufacturing process control as
well as sensor and software technologies for non-contact
measurement, scanning, and inspection applications. Automotive and
manufacturing companies throughout the world rely on Perceptron's
metrology solutions to help them manage their complex manufacturing
processes to improve quality, shorten product launch times and
reduce overall manufacturing costs. The Company also offers Value
Added Services such as training and customer support services.
Headquartered in Plymouth, Michigan, Perceptron has approximately
235 employees worldwide, with operations in the United States,
Germany, France, Spain, Brazil, Japan, Singapore, China and India.
For more information, please visit www.perceptron.com.
Safe Harbor Statement Certain statements
in this press release may be "forward-looking statements" within
the meaning of the Securities Exchange Act of 1934, including the
Company's expectation as to its fiscal year 2014 and future new
order bookings, revenue, expenses, income and backlog levels,
future dividend payments, trends affecting its future revenue
levels, the rate of new orders, the timing of revenue and income
from new products which we have recently released or have not yet
released, and the timing of the introduction of new products. When
we use words such as "will," "should," "believes," "expects,"
"anticipates," "estimates" or similar expressions, we are making
forward-looking statements. We claim the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 for all of our
forward-looking statements. While we believe that our
forward-looking statements are reasonable, you should not place
undue reliance on any such forward-looking statements, which speak
only as of the date made. Because these forward-looking statements
are based on estimates and assumptions that are subject to
significant business, economic and competitive uncertainties, many
of which are beyond our control or are subject to change, actual
results could be materially different. Factors that might cause
such a difference include, without limitation, the risks and
uncertainties discussed from time to time in our reports filed with
the Securities and Exchange Commission, including those listed in
"Item 1A - Risk Factors" of the Company's Annual Report on Form
10-K for fiscal 2012. Other factors not currently anticipated by
management may also materially and adversely affect our financial
condition, liquidity or results of operations. Except as required
by applicable law, we do not undertake, and expressly disclaim, any
obligation to publicly update or alter our statements whether as a
result of new information, events or circumstances occurring after
the date of this report or otherwise. The Company's expectations
regarding future bookings and revenues are projections developed by
the Company based upon information from a number of sources,
including, but not limited to, customer data and discussions. These
projections are subject to change based upon a wide variety of
factors, a number of which are discussed above. Certain of these
new orders have been delayed in the past and could be delayed in
the future. Because the Company's products are typically integrated
into larger systems or lines, the timing of new orders is dependent
on the timing of completion of the overall system or line. In
addition, because the Company's products have shorter lead times
than other components and are required later in the process, orders
for the Company's products tend to be issued later in the
integration process. A significant portion of the Company's
projected revenues and net income depends upon the Company's
ability to successfully develop and introduce new products, expand
into new geographic markets and successfully negotiate new sales or
supply agreements with new customers. Because a significant portion
of the Company's revenues are denominated in foreign currencies and
are translated for financial reporting purposes into U.S. Dollars,
the level of the Company's reported net sales, operating profits
and net income are affected by changes in currency exchange rates,
principally between the U.S. Dollar and Euro. Currency exchange
rates are subject to significant fluctuations, due to a number of
factors beyond the control of the Company, including general
economic conditions in the United States and other countries.
Because the Company's expectations regarding future revenues, order
bookings, backlog and operating results are based upon assumptions
as to the levels of such currency exchange rates, actual results
could differ materially from the Company's expectations.
PERCEPTRON, INC.
SELECTED FINANCIAL DATA
(In Thousands Except Per Share Amounts)
Three Months Ended Twelve Months Ended
Condensed Income Statements June 30, June 30,
2013 2012 2013 2012
--------- --------- --------- ---------
Net Sales $ 20,744 $ 12,826 $ 60,886 $ 57,379
Cost of Sales 10,765 8,692 32,766 33,209
--------- --------- --------- ---------
Gross Profit 9,979 4,134 28,120 24,170
Operating Expenses
Selling, General and
Administrative Expense 4,241 3,084 14,473 12,983
Engineering, Research and
Development Expense 1,995 1,545 6,781 5,591
--------- --------- --------- ---------
Operating Income/(Loss) 3,743 (495) 6,866 5,596
Other Income and Expense
Interest Income, net 47 57 173 245
Reversal of Impairment 1,134 - 1,134 -
Foreign Currency and Other
Income/(Expense) (240) (95) (642) (466)
--------- --------- --------- ---------
Income/(Loss) from Continuing
Operations Before Income Taxes 4,684 (533) 7,531 5,375
Income Tax Expense (703) (795) (1,401) (2,548)
--------- --------- --------- ---------
Income/(Loss) from Continuing
Operations 3,981 (1,328) 6,130 2,827
--------- --------- --------- ---------
Discontinued Operations
Litigation Settlement from
Forest Products Business Unit
(net of $520 of tax benefits) - - - (1,009)
Commercial Products Business
Unit (net of $12 and $41 of
tax expense in fiscal 2013,
respectively, and $665 and
$1,104 of tax benefits in
fiscal 2012, respectively) 23 (1,292) 80 (2,151)
--------- --------- --------- ---------
Net Income/(Loss) $ 4,004 $ (2,620) $ 6,210 $ (333)
========= ========= ========= =========
Basic Earnings/(Loss) Per Common
Share
Continuing operations $ 0.46 $ (0.16) $ 0.72 $ 0.34
Discontinued operations 0.00 (0.15) 0.01 (0.38)
--------- --------- --------- ---------
Net Income/(Loss) $ 0.46 $ (0.31) $ 0.73 $ (0.04)
========= ========= ========= =========
Diluted Earnings/(Loss) Per
Common Share
Continuing operations $ 0.46 $ (0.16) $ 0.71 $ 0.34
Discontinued operations 0.00 (0.15) 0.01 (0.38)
--------- --------- --------- ---------
Net Income/(Loss) $ 0.46 $ (0.31) $ 0.72 $ (0.04)
========= ========= ========= =========
Weighted Average Common Shares
Outstanding
Basic 8,583 8,398 8,512 8,433
Diluted 8,682 8,398 8,588 8,433
PERCEPTRON, INC.
SELECTED FINANCIAL DATA
(In Thousands)
Condensed Balance Sheets June 30, 2013 June 30, 2012
Cash and Cash Equivalents $ 13,364 $ 12,984
Short-term Investments 13,321 11,227
Receivables, net 22,266 15,982
Inventories, net 6,783 5,396
Assets of Discontinued Operations - 1,365
Other Current Assets 2,810 3,519
------------- -------------
Total Current Assets 58,544 50,473
Property and Equipment, net 5,578 5,497
Long-term Investments 725 2,192
Deferred Tax Asset 9,298 8,647
------------- -------------
Total Non-Current Assets 15,601 16,336
------------- -------------
Total Assets $ 74,145 $ 66,809
============= =============
Accounts Payable $ 2,561 $ 1,519
Deferred Revenue 6,496 7,812
Liabilities of Discontinued Operations - 1,443
Other Current Liabilities 8,193 3,776
------------- -------------
Total Current Liabilities 17,250 14,550
Shareholders' Equity 56,895 52,259
------------- -------------
Total Liabilities and Shareholders' Equity $ 74,145 $ 66,809
============= =============
Contact: Jack Lowry Vice President of Finance and CFO 734
414-6100
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