Perceptron Announces Second Quarter Fiscal 2014 Financial Results
Backlog Grows to Record Level on Strong Quarterly Bookings
PLYMOUTH, MI--(Marketwired - Feb 12, 2014) - Perceptron, Inc.
(NASDAQ: PRCP) today announced its results for the second quarter
of its fiscal year 2014 that ended December 31, 2013.
Net sales in the second quarter of fiscal year 2014 were $12.5
million with a net loss of $407,000, or ($0.05) per diluted share,
compared to net sales of $13.2 million and net income of $184,000,
or $0.02 per diluted share in the 2013 second fiscal quarter.
Bookings during the quarter were $17.0 million, or approximately
40.5% higher than in the second quarter of fiscal year 2013 and
were strong in all geographic regions. Backlog grew to a record
$40.4 million, surpassing the previous record quarterly backlog of
$35.9 million achieved in the first quarter of fiscal year
2014.
Net sales in the first half of fiscal year 2014 were $24.9
million with a net loss of $995,000, or ($0.11) per diluted share,
compared to net sales of $25.4 million and net income of $839,000,
or $0.10 per diluted share in the first half of fiscal 2013.
Included in the six months ended December 31, 2012, was a $26,000
gain, net of taxes, from the discontinued operations of the
Company's Commercial Products Business Unit that was sold in August
2012.
Jeff Armstrong, President and Chief Executive Officer,
commented, "Reported results for the second quarter and first half
of fiscal 2014 were not reflective of Perceptron's strong
competitive position or our longer-term prospects. In fact, with
backlog at a record $40.4 million, we expect significantly higher
sales in the second half of our 2014 fiscal year compared to the
first six months of the year as we deliver on scheduled shipments
and begin to partially work down that record backlog. In
particular, we have a large number of shipments and installations
scheduled in Europe, a challenge we believe our team is prepared to
handle successfully. Sales for the full fiscal year are expected to
be in the same range as fiscal 2013 and we also expect a profitable
fiscal year 2014."
Armstrong added, "Our confidence in our full-year outlook is
driven by the positive reception our products continue to receive
in our core automotive markets. Over the past several months, we
have been recognized by several auto manufacturers for the
contributions our systems make to improving the quality of their
vehicles while enabling lower production costs."
Highlights of
Operations
Geographic information on sales, bookings and backlog for the
Company from continuing operations in fiscal years 2014 and 2013 is
shown in the tables that follow:
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SALES (in
millions) |
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|
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|
|
|
Second Quarter Ending December 31 |
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|
Six months Ending December 31 |
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|
|
Fiscal 2014 |
|
Fiscal 2013 |
|
Change |
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|
Fiscal 2014 |
|
Fiscal 2013 |
|
Change |
|
Geographic Region |
|
|
|
|
|
|
|
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|
|
|
|
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|
Americas |
|
$ |
4.4 |
|
$ |
5.0 |
|
$ |
(0.6 |
) |
|
$ |
9.2 |
|
$ |
10.3 |
|
$ |
(1.1 |
) |
Europe |
|
|
5.7 |
|
|
5.2 |
|
|
0.5 |
|
|
|
10.3 |
|
|
9.3 |
|
|
1.0 |
|
Asia |
|
|
2.4 |
|
|
3.0 |
|
|
(0.6 |
) |
|
|
5.4 |
|
|
5.8 |
|
|
(0.4 |
) |
Total
Sales |
|
$ |
12.5 |
|
$ |
13.2 |
|
$ |
(0.7 |
) |
|
$ |
24.9 |
|
$ |
25.4 |
|
$ |
(0.5 |
) |
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BOOKINGS (in
millions) |
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|
Second Quarter Ending December 31 |
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|
Six months Ending December 31 |
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|
Fiscal 2014 |
|
Fiscal 2013 |
|
Change |
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|
Fiscal 2014 |
|
Fiscal 2013 |
|
Change |
Geographic Region |
|
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|
Americas |
|
$ |
6.4 |
|
$ |
3.6 |
|
$ |
2.8 |
|
|
$ |
10.1 |
|
$ |
6.7 |
|
$ |
3.4 |
Europe |
|
|
5.4 |
|
|
6.0 |
|
|
(0.6 |
) |
|
|
15.1 |
|
|
12.9 |
|
|
2.2 |
Asia |
|
|
5.2 |
|
|
2.5 |
|
|
2.7 |
|
|
|
9.7 |
|
|
5.2 |
|
|
4.5 |
Total
Bookings |
|
$ |
17.0 |
|
$ |
12.1 |
|
$ |
4.9 |
|
|
$ |
34.9 |
|
$ |
24.8 |
|
$ |
10.1 |
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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.
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BACKLOG (in
millions) |
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|
Second Quarter Ending December 31 |
|
|
Fiscal 2014 |
|
Fiscal 2013 |
|
Change |
Geographic Region |
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
9.1 |
|
$ |
8.7 |
|
$ |
0.4 |
Europe |
|
|
17.9 |
|
|
13.5 |
|
|
4.4 |
Asia |
|
|
13.4 |
|
|
7.5 |
|
|
5.9 |
Total
Backlog |
|
$ |
40.4 |
|
$ |
29.7 |
|
$ |
10.7 |
|
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|
Note: the level of backlog at any particular point in time is
not necessarily indicative of the future operating performance of
the Company.
Second Quarter
Results
Sales of $12.5 million in the current second quarter decreased
$700,000 compared to sales of $13.2 million in the second quarter a
year ago. The $500,000 sales increase in Europe was offset by small
declines in the Americas and Asia. The strength of the Euro this
quarter compared to the same quarter a year ago increased sales by
approximately $280,000. The Company's sales levels fluctuate from
quarter to quarter due to requested delivery schedules from our
customers.
Bookings in all geographic regions were strong in the second
quarter of fiscal 2014 and represented significant increases in the
Americas and Asia when compared to the same quarter a year ago.
Europe's bookings decreased $600,000 when compared to the high
second quarter fiscal year 2013 bookings of $6.0 million. The
stronger Euro in the current quarter mitigated the bookings
decrease by approximately $420,000.
The $40.4 million backlog at December 31, 2013, represented a
record level quarterly backlog for the Company. Backlog was $10.7
million or 36.0% higher than the second quarter a year ago and
reflected increases in all geographic regions, with the most
significant increases occurring in Asia and Europe.
The gross margin percentage was comparable at 39.7% of sales in
the second quarter this year to 39.3% last year. In quarters where
sales are soft, the gross margin percentage is normally lower due
to the fixed nature of certain of the Company's cost of goods sold.
Gross margin was $5.0 million in the current quarter and decreased
by approximately $223,000, or 4.3%, compared to the second quarter
of last year due to the lower level of sales in the quarter.
Selling, general, and administrative (SG&A) expenses
increased $142,000 or 4.1% compared to the second quarter of fiscal
2013. The effect of the stronger Euro relative to the U.S. dollar
in the second quarter this year compared to the quarter last year
represented approximately one third of the increase. Higher
recruiting and relocation costs, and higher salary costs
contributed to the increase.
Engineering, research and development expenses increased
$49,000, or 3.1%, over the second quarter last year. The increase
primarily resulted from higher salary and salary related costs.
The Company's financial position remained strong at December 31,
2013, with cash and short-term investments at $34.0 million, no
debt and shareholders' equity at $6.70 per diluted share.
Quarterly Conference
Call and Webcast
Perceptron, Inc. will hold its second quarter conference call
and webcast chaired by Jeff Armstrong, President and Chief
Executive Officer, on Thursday, February 13, 2014 at 10:00 AM
(EST). Investors can access the call at:
Webcast
http://www.visualwebcaster.com/event.asp?id=98005
Conference Call 888 539-3612 (domestic callers) or 719
325-2329 (international callers)
Conference ID 2071667
If you are unable to participate during the live webcast, the
call will be digitally rebroadcast for seven days, beginning at
2:00 PM (EST) on Thursday, February 13, 2014.
Rebroadcast 888 203-1112 (domestic callers) or 719
457-0820 (international callers)
Passcode 2071667
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 3D machine
vision solutions for measurement, inspection, and robot guidance in
industrial applications. Manufacturing companies throughout the
world rely on Perceptron's hardware and software solutions to help
them manage their complex manufacturing processes to improve
quality, shorten product launch times and reduce costs. Perceptron
also offers Value Added Services such as training and customer
support services. Headquartered in Plymouth, Michigan, Perceptron
has approximately 240 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, 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," "prospects" 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 2013. 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, Euro, Chinese Yuan and
Japanese Yen. 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.
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PERCEPTRON, INC. |
|
SELECTED FINANCIAL DATA |
|
(In Thousands Except Per Share Amounts) |
|
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|
|
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|
|
|
Condensed Income Statements |
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
Net Sales |
|
$ |
12,519 |
|
|
$ |
13,229 |
|
|
$ |
24,891 |
|
|
$ |
25,377 |
|
Cost of Sales |
|
|
7,543 |
|
|
|
8,030 |
|
|
|
15,628 |
|
|
|
14,581 |
|
|
Gross
Profit |
|
|
4,976 |
|
|
|
5,199 |
|
|
|
9,263 |
|
|
|
10,796 |
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative Expense |
|
|
3,598 |
|
|
|
3,456 |
|
|
|
7,074 |
|
|
|
6,819 |
|
Engineering, Research and Development Expense |
|
|
1,642 |
|
|
|
1,593 |
|
|
|
3,296 |
|
|
|
3,150 |
|
|
Operating Income (Loss) |
|
|
(264 |
) |
|
|
150 |
|
|
|
(1,107 |
) |
|
|
827 |
|
Other Income and Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income, net |
|
|
51 |
|
|
|
32 |
|
|
|
63 |
|
|
|
76 |
|
Foreign Currency and Other Expense |
|
|
(245 |
) |
|
|
(299 |
) |
|
|
(249 |
) |
|
|
(153 |
) |
Income (Loss) from Continuing Operations Before Income
Taxes |
|
|
(458 |
) |
|
|
(117 |
) |
|
|
(1,293 |
) |
|
|
750 |
|
Income Tax Benefit |
|
|
51 |
|
|
|
301 |
|
|
|
298 |
|
|
|
63 |
|
Income (Loss) from Continuing Operations |
|
|
(407 |
) |
|
|
184 |
|
|
|
(995 |
) |
|
|
813 |
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Products Business Unit (net of $13 tax expense) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
(407 |
) |
|
$ |
184 |
|
|
$ |
(995 |
) |
|
$ |
839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings (Loss) Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
$ |
0.10 |
|
|
Discontinued operations |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net
Income (Loss) |
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Diluted Earnings (Loss) Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
$ |
0.10 |
|
|
Discontinued operations |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net
Income (Loss) |
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
8,972 |
|
|
|
8,505 |
|
|
|
8,827 |
|
|
|
8,464 |
|
|
Diluted |
|
|
8,972 |
|
|
|
8,569 |
|
|
|
8,827 |
|
|
|
8,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
PERCEPTRON, INC. |
SELECTED FINANCIAL DATA |
(In Thousands) |
|
Condensed Balance Sheets |
|
December 31, |
|
June 30, |
|
|
2013 |
|
2013 |
Cash and Cash Equivalents |
|
$ |
18,121 |
|
$ |
13,364 |
Short-term Investments |
|
|
15,860 |
|
|
13,321 |
Receivables, net |
|
|
12,368 |
|
|
22,266 |
Inventories, net |
|
|
8,220 |
|
|
6,783 |
Other Current Assets |
|
|
3,032 |
|
|
2,810 |
|
Total Current Assets |
|
|
57,601 |
|
|
58,544 |
|
|
|
|
|
|
|
Property and Equipment, net |
|
|
5,586 |
|
|
5,578 |
Long-term Investments |
|
|
725 |
|
|
725 |
Deferred Tax Asset |
|
|
9,134 |
|
|
9,298 |
|
Total Non-Current Assets |
|
|
15,445 |
|
|
15,601 |
|
|
|
|
|
|
|
|
|
Total
Assets |
|
$ |
73,046 |
|
$ |
74,145 |
|
|
|
|
|
|
|
Accounts Payable |
|
$ |
1,626 |
|
$ |
2,561 |
Deferred Revenue |
|
|
6,881 |
|
|
6,496 |
Other Current Liabilities |
|
|
4,426 |
|
|
8,193 |
|
Total Current Liabilities |
|
|
12,933 |
|
|
17,250 |
Shareholders' Equity |
|
|
60,113 |
|
|
56,895 |
|
Total Liabilities and Shareholders' Equity |
|
$ |
73,046 |
|
$ |
74,145 |
Contact: Sylvia M. Smith Vice President and Acting CFO 734
414-4816
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