UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): August 26, 2015
PERCEPTRON,
INC.
(Exact name of registrant as specified in its charter)
|
Michigan
|
|
0-20206 |
|
38-2381442 |
| (State or other jurisdiction |
|
(Commission |
|
(IRS Employer |
| of incorporation) |
|
File Number) |
|
Identification No.) |
47827 Halyard Drive, Plymouth, MI 48170-02461
(Address of principal executive offices) (Zip
Code)
Registrant's telephone number, including
area code (734) 414-6100
Not applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Item 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On August 26, 2015, Perceptron, Inc. (the
“Company”) issued a press release announcing the Company’s financial and operating results for the fourth quarter
and fiscal year ended June 30, 2015. Attached hereto and incorporated by reference as Exhibit 99.1 is the press release relating
to such announcement. Such information, including Exhibit 99.1 attached hereto under Item 9.01, shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial
Statements and Exhibits |
| Exhibit 99.1 | Press Release dated August 26, 2015 announcing the Company’s
financial and operating results for the fourth quarter and fiscal year ended June 30, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
PERCEPTRON, INC. |
| |
|
|
| |
|
|
| Date: August 26, 2015 |
/s/ Jeffrey M. Armstrong |
| |
By: |
Jeffrey M. Armstrong |
| |
Its: |
President and Chief Executive Officer |
EXHIBIT INDEX
Exhibit
Number |
|
Description |
| 99.1 |
|
Press Release dated August 26, 2015 announcing the Company’s financial and operating results for the fourth quarter and fiscal year ended June 30, 2015. |
Exhibit 99.1
Contact:
Heather Wietzel
Lambert, Edwards & Associates
investors@perceptron.com
PERCEPTRON REPORTS RECORD SALES AND 25%
SALES GROWTH; REPORTS
FOURTH-QUARTER AND FISCAL YEAR 2015 RESULTS
Plymouth, Michigan, August 26, 2015
– Perceptron, Inc. (NASDAQ: PRCP) today announced results for the fourth quarter and 2015 fiscal year ended June 30,
2015.
Perceptron’s
fiscal year 2015 sales of $74.4 million were up 25% from $59.6 million in fiscal year 2014, exceeding the Company’s full-year
guidance, and marking a new record high. Organic sales were up 15% in fiscal 2015 and would have been $3.4 million or 6% higher
if foreign currency exchange rates had remained constant year over year.
FINANCIAL HIGHLIGHTS (in millions, except per share data) |
| | |
Fourth Quarter ended June 30 | | |
Full Year ended June 30 | |
| | |
Fiscal 2015 | | |
Fiscal 2014 | | |
Change | | |
Fiscal 2015 | | |
Fiscal 2014 | | |
Change | |
| Revenue | |
$ | 23.4 | | |
$ | 17.4 | | |
$ | 6.0 | | |
$ | 74.4 | | |
$ | 59.6 | | |
$ | 14.8 | |
| Net Income (Loss) | |
| 0.4 | | |
| 0.9 | | |
| (0.5 | ) | |
| (0.5 | ) | |
| 2.4 | | |
| (2.9 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Diluted Earnings (Loss) per Share | |
$ | 0.04 | | |
$ | 0.10 | | |
$ | (0.06 | ) | |
$ | (0.05 | ) | |
$ | 0.26 | | |
$ | (0.31 | ) |
Jeff Armstrong, President and CEO, commented,
“We are clearly pleased to report record revenue and such strong year-over-year growth despite our significant exposure to
the Euro. Our organic growth was highlighted by outstanding performance in North America and continued strength in China. Overall
growth also benefited from steady revenue contributions from our newly acquired COORD3 and Next Metrology businesses. Over time,
we anticipate that higher sales of our coordinate measurement machine (CMM) and 3D-measurement products will tend to mitigate the
quarterly variability of our In Line measurement and automation businesses.
“This has been a breakout year for
Perceptron in many respects, showing the results of a tremendous amount of work by our leadership and global teams. These results
also are tangible evidence that the strategic plan we implemented in 2014 is working to rapidly move the Company forward.
“This year we successfully completed
our first acquisitions in over 15 years, introduced more new, market-leading products than any similar period in our history, launched
a global ERP system implementation, and diversified our business in a very meaningful fashion, with approximately 20% of full-year
revenue from non-automotive sector customers.
Armstrong continued, “We continue
to invest in business growth and in achieving our profitability goals. Excluding $1 million of currency impact and nearly $3 million
of non-recurring expenses, our operating income would have been in-line with the improving profitability trend we had forecast.
“For fiscal year 2016, we foresee
double-digit revenue growth as we expand our sales channels and start to see contributions from new products. We will continue
to monitor the effects of changes in the Chinese and European economies on our business, but currently believe these can be overcome,”
Armstrong added.
Page 2 of 6
August 26, 2015
Highlights of Operations
BOOKINGS (in millions) |
| | |
Fourth Quarter ended June 30 | | |
Full Year ended June 30 | |
| Geographic Region | |
Fiscal 2015 | | |
Fiscal 2014 | | |
Change | | |
Fiscal 2015 | | |
Fiscal 2014 | | |
Change | |
| Americas | |
$ | 6.7 | | |
$ | 5.6 | | |
$ | 1.1 | | |
$ | 28.5 | | |
$ | 20.4 | | |
$ | 8.1 | |
| Europe | |
| 7.5 | | |
| 11.2 | | |
| (3.7 | ) | |
| 22.9 | | |
| 31.9 | | |
| (9.0 | ) |
| Asia | |
| 5.1 | | |
| 3.6 | | |
| 1.5 | | |
| 17.7 | | |
| 16.2 | | |
| 1.5 | |
| Total Bookings | |
$ | 19.3 | | |
$ | 20.4 | | |
$ | (1.1 | ) | |
$ | 69.1 | | |
$ | 68.5 | | |
$ | 0.6 | |
New business bookings in the fourth quarter
were $19.3 million and helped push year-to-date bookings ahead of last year’s record level. CMM related orders totaled $2.9
million in the fourth quarter and $4.6 million year to date for the four-month period since the acquisition of COORD3. Fiscal year
2015 year-to-date bookings were a record level for the Company’s current operations despite a reduction of $3.5 million related
to revaluing orders in backlog at the lower Euro exchange rate this year. The level of bookings fluctuates from quarter-to-quarter
and is not necessarily indicative of the future operating performance of the Company.
| BACKLOG (in millions) |
| | |
As of | |
| Geographic Region | |
6/30/2015 | | |
3/31/2015 | | |
12/31/2014 | | |
9/30/2014 | | |
6/30/2014 | |
| Americas | |
$ | 10.4 | | |
$ | 13.2 | | |
$ | 10.8 | | |
$ | 14.8 | | |
$ | 10.3 | |
| Europe | |
| 15.4 | | |
| 17.6 | | |
| 14.2 | | |
| 21.2 | | |
| 17.3 | |
| Asia | |
| 13.1 | | |
| 12.3 | | |
| 14.0 | | |
| 13.8 | | |
| 11.7 | |
| Total Backlog | |
$ | 38.9 | | |
$ | 43.1 | | |
$ | 39.0 | | |
$ | 49.8 | | |
$ | 39.3 | |
Backlog decreased $4.2 million from the
prior quarter because fourth quarter sales exceeded bookings during the quarter. Backlog included $3.8 million of CMM related orders.
Generally, the Company expects to see a shorter time between receiving an order for CMMs and related software and when the order
is fulfilled and revenue is booked than, it experiences with its other products. Orders taken early in a quarter for these business
areas typically would be fulfilled by quarter end and, as a result, do not appear in period-end backlog. The Company is comfortable
with the level of backlog, which it believes supports the Company’s sales expectations for fiscal 2016. The level of backlog
at any particular point in time is not necessarily indicative of the future operating performance of the Company.
SALES (in millions) |
| | |
Fourth Quarter ended June 30 | | |
Full Year ended June 30 | |
| Geographic Region | |
Fiscal 2015 | | |
Fiscal 2014 | | |
Change | | |
Fiscal 2015 | | |
Fiscal 2014 | | |
Change | |
| Americas | |
$ | 9.5 | | |
$ | 6.1 | | |
$ | 3.4 | | |
$ | 28.4 | | |
$ | 18.3 | | |
$ | 10.1 | |
| Europe | |
| 9.6 | | |
| 7.8 | | |
| 1.8 | | |
| 29.7 | | |
| 27.8 | | |
| 1.9 | |
| Asia | |
| 4.3 | | |
| 3.5 | | |
| 0.8 | | |
| 16.3 | | |
| 13.5 | | |
| 2.8 | |
| Total Sales | |
$ | 23.4 | | |
$ | 17.4 | | |
$ | 6.0 | | |
$ | 74.4 | | |
$ | 59.6 | | |
$ | 14.8 | |
Sales were $6.0 million higher in the fourth
quarter of 2015 versus the same quarter last year. CMM related sales added $4.4 million in the fourth quarter of fiscal 2015. Sales
for full-year 2015 were a record $74.4 million, rising $14.8 million, or 25%, from the comparable period in fiscal 2014. The year-to-date
improvement included $5.8 million of CMM related sales, and $9.0 million from strong global growth of existing business. These
increases were partially offset by $3.4 million of reduced organic sales from the negative foreign currency exchange impacts caused
by the weakening of the Euro in fiscal 2015 compared to fiscal 2014. The Company’s sales levels fluctuate from quarter-to-quarter
due to requested delivery schedules from our customers.
Page 3 of 6
August 26, 2015
INCOME STATEMENT KEY METRICS (in millions) |
| | |
Fourth Quarter ended June 30 | | |
Full Year ended June 30 | |
| | |
Fiscal 2015 | | |
Fiscal 2014 | | |
Change | | |
Fiscal 2015 | | |
Fiscal 2014 | | |
Change | |
| Gross Profit | |
$ | 9.3 | | |
$ | 7.4 | | |
$ | 1.9 | | |
$ | 28.3 | | |
$ | 24.8 | | |
$ | 3.5 | |
| As a percent of sales | |
| 39.6 | % | |
| 42.7 | % | |
| (3.1) pct. pts. | | |
| 38.0 | % | |
| 41.7 | % | |
| (3.7) pct. pts. | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating Income (Loss) | |
$ | 0.7 | | |
$ | 1.4 | | |
$ | (0.7 | ) | |
$ | 0.0 | | |
$ | 2.9 | | |
$ | (2.9 | ) |
| Net Income (Loss) | |
$ | 0.4 | | |
$ | 0.9 | | |
$ | (0.5 | ) | |
$ | (0.5 | ) | |
$ | 2.4 | | |
$ | (2.9 | ) |
Gross margin as a percent of sales was
lower than the comparable period last year for both the fourth quarter and full year. The lower gross margin percentage reflected
the effect of product mix, as the gross margin percentage on CMM sales related to the recently acquired COORD3 business is lower
than that of the Company’s core products. The full-year gross margin as a percent of sales was also impacted by one-time
charges of approximately $500,000 relating to remedying the misclassification of employees in a foreign jurisdiction.
Expenses for research and development for
the quarter were $2.3 million, or 10% of revenue, a $498,000 increase from the fourth quarter of fiscal 2014. Full-year expenses
of $7.9 million, or 11% of revenue, in the current year were up $1.2 million over fiscal year 2014. The increase for each period
represented expenses for the acquired businesses, higher engineering materials in support of product-development efforts and personnel-related
costs.
Selling, general and administrative costs
were $6.3 million for the fourth quarter and $20.4 million for the full year, compared with $4.2 million and $15.2 million, in
the comparable periods of fiscal year 2014. The full-year increase included one-time charges of $2.1 million representing $1.6
million for costs related to the acquisitions of COORD3 and Next Metrology and $500,000 for costs associated with the implementation
of the Company’s new global enterprise resource planning system. Nearly half of the remaining $3.1 million increase represented
costs from activities of the new COORD3 and Next Metrology businesses and the rest related to higher personnel-related expenses
and other professional services.
FINANCIAL POSITION
The Company’s cash and short-term
investment balance was $15.6 million at June 30, 2015, compared with $20.9 million at March 31, 2015. The $5.3 million reduction
primarily related to working capital changes supporting the Company’s operations. At June 30, 2015, the remaining COORD3
acquired debt was 4.1 million Euros (approximately $4.5 million) and is expected to be paid in accordance with the terms of the
assumed agreements.
Quarterly Investor Call and Webcast
Perceptron, Inc., will hold its year-end
investor conference call/webcast, chaired by Jeff Armstrong, president and CEO, on Thursday, August 27, 2015, at 10:00 AM (EDT).
Investors can access the call at:
| Webcast | investors.perceptron.com
on the Event page |
| Conference Call | 888 715-1401 (domestic callers) or |
913
312-1456 (international callers)
A replay will be posted to the Company's
website after the conference call concludes.
Page 4 of 6
August 26, 2015
About Perceptron®
Perceptron (NASDAQ: PRCP) supplies a comprehensive
range of automated industrial metrology products and solutions to manufacturing organizations for dimensional gauging, dimensional
inspection and 3D scanning. Products include 3D machine vision solutions, robot guidance, coordinate measuring machines, laser
scanning, and advanced analysis software. Automotive, aerospace and other manufacturing companies globally rely on Perceptron's
metrology solutions to assist in managing their complex manufacturing processes to improve quality, shorten product launch times
and reduce costs. More than 900 systems, 12,000 Perceptron measuring sensors and 3,000 COORD3 coordinate measuring machines are
in active daily use worldwide. Headquartered in Plymouth, Michigan, Perceptron has subsidiary operations in Brazil, China, Czech
Republic, France, Germany, India, Italy, Japan, Singapore, Spain and the UK. 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 2016, 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, the timing of the introduction of new products and the Company’s
expectation as to the revenue and income levels of the acquired businesses of COORD3 s.r.l. and Next Metrology Software s.r.o.
Whenever possible, we have identified these forward-looking statements by words such as: ”foresee,” “will,”
“should,” “believes,” “expects,” “anticipates,” “estimates,” “prospects,”
“outlook” or similar expressions. 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 periodic reports filed with the Securities and Exchange Commission, including those listed in “Item
1A – Risk Factors” of our Annual Report on Form 10-K for fiscal 2014 and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2015. 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.
--- Financial Tables Follow ---
Page 5 of 6
August 26, 2015
PERCEPTRON, INC.
SELECTED
FINANCIAL DATA
(In Thousands Except
Per Share Amounts)
| Condensed Income Statements | |
| Three
Months Ended | | |
| Twelve
Months Ended | |
| | |
| June
30, | | |
| June
30, | |
| | |
| 2015 | | |
| 2014 | | |
| 2015 | | |
| 2014 | |
| Net Sales | |
$ | 23,440 | | |
$ | 17,393 | | |
$ | 74,405 | | |
$ | 59,612 | |
| Cost of Sales | |
| 14,157 | | |
| 9,969 | | |
| 46,134 | | |
| 34,763 | |
| | |
| | | |
| | | |
| | | |
| | |
| Gross Profit | |
| 9,283 | | |
| 7,424 | | |
| 28,271 | | |
| 24,849 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses | |
| | | |
| | | |
| | | |
| | |
| Selling, General and Administrative Expense | |
| 6,330 | | |
| 4,229 | | |
| 20,397 | | |
| 15,216 | |
| Engineering, Research and Development Expense | |
| 2,263 | | |
| 1,765 | | |
| 7,911 | | |
| 6,691 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Income (Loss) | |
| 690 | | |
| 1,430 | | |
| (37 | ) | |
| 2,942 | |
| | |
| | | |
| | | |
| | | |
| | |
| Other Income and (Expense) | |
| | | |
| | | |
| | | |
| | |
| Interest Income, net | |
| (40 | ) | |
| 67 | | |
| 138 | | |
| 188 | |
| Foreign Currency and Other Income (Expense) | |
| (131 | ) | |
| 11 | | |
| (936 | ) | |
| (128 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Income (Loss) Before Income Taxes | |
| 519 | | |
| 1,508 | | |
| (835 | ) | |
| 3,002 | |
| Income Tax Benefit (Expense) | |
| (130 | ) | |
| (567 | ) | |
| 374 | | |
| (575 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net Income (Loss) | |
$ | 389 | | |
$ | 941 | | |
$ | (461 | ) | |
$ | 2,427 | |
| | |
| | | |
| | | |
| | | |
| | |
| Earnings (Loss) Per Common Share | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.04 | | |
$ | 0.10 | | |
$ | (0.05 | ) | |
$ | 0.27 | |
| Diluted | |
$ | 0.04 | | |
$ | 0.10 | | |
$ | (0.05 | ) | |
$ | 0.26 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted Average Common Shares Outstanding | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 9,350 | | |
| 9,148 | | |
| 9,252 | | |
| 8,983 | |
| Diluted | |
| 9,489 | | |
| 9,327 | | |
| 9,252 | | |
| 9,210 | |
Page 6 of 6
August 26, 2015
PERCEPTRON, INC.
SELECTED
FINANCIAL DATA
(In Thousands)
| Condensed
Balance Sheets | |
June 30, | | |
June 30, | |
| | |
2015 | | |
2014 | |
| Cash and Cash Equivalents | |
$ | 11,502 | | |
$ | 23,070 | |
| Short-term Investments | |
| 4,134 | | |
| 10,822 | |
| Receivables, net | |
| 30,086 | | |
| 19,461 | |
| Inventories, net | |
| 11,898 | | |
| 7,049 | |
| Other Current Assets | |
| 3,799 | | |
| 3,338 | |
| | |
| | | |
| | |
| Total Current Assets | |
| 61,419 | | |
| 63,740 | |
| | |
| | | |
| | |
| Property and Equipment, net | |
| 6,840 | | |
| 5,540 | |
| Goodwill and Other Intangible Assets, Net | |
| 14,184 | | |
| - | |
| Long-term Investments | |
| 827 | | |
| 725 | |
| Deferred Tax Asset | |
| 11,668 | | |
| 10,061 | |
| | |
| | | |
| | |
| Total Non-Current Assets | |
| 33,519 | | |
| 16,326 | |
| | |
| | | |
| | |
| Total Assets | |
$ | 94,938 | | |
$ | 80,066 | |
| | |
| | | |
| | |
| Accounts Payable | |
$ | 7,723 | | |
$ | 2,081 | |
| Deferred Revenue | |
| 8,966 | | |
| 7,571 | |
| Other Current Liabilities | |
| 11,752 | | |
| 7,634 | |
| | |
| | | |
| | |
| Total Current Liabilities | |
| 28,441 | | |
| 17,286 | |
| | |
| | | |
| | |
| Long-Term Taxes Payable | |
| 3,056 | | |
| - | |
| Other Long-Term Liabilities | |
| 1,140 | | |
| - | |
| Deferred Tax Liability | |
| 1,509 | | |
| | |
| Total Long-term Liabilities | |
| 5,705 | | |
| - | |
| | |
| | | |
| | |
| Total Liabilities | |
| 34,146 | | |
| 17,286 | |
| | |
| | | |
| | |
| Shareholders' Equity | |
| 60,792 | | |
| 62,780 | |
| | |
| | | |
| | |
| Total Liabilities and Shareholders' Equity | |
$ | 94,938 | | |
$ | 80,066 | |
Perceptron (NASDAQ:PRCP)
過去 株価チャート
から 6 2024 まで 7 2024
Perceptron (NASDAQ:PRCP)
過去 株価チャート
から 7 2023 まで 7 2024
