Perceptron, Inc. (NASDAQ:PRCP) today announced
results for the third quarter of its 2016 fiscal year (quarterly
period ended March 31, 2016).
|
FINANCIAL HIGHLIGHTS (in millions, except per share
data) |
|
|
Third Quarter Ended March 31 |
|
|
Nine Months Ended March 31 |
|
|
|
Fiscal 2016 |
|
|
Fiscal 2015 |
|
Change |
|
|
Fiscal 2016 |
|
|
Fiscal 2015 |
|
Change |
|
Total Sales |
|
$ |
18.1 |
|
|
$ |
|
16.2 |
|
|
$ |
1.9 |
|
|
$ |
50.4 |
|
|
$ |
|
51.0 |
|
|
$ |
(0.6 |
) |
Net Income (Loss) |
|
|
(2.9 |
) |
|
|
|
(1.6 |
) |
|
|
(1.3 |
) |
|
|
(6.5 |
) |
|
|
|
(0.8 |
) |
|
|
(5.7 |
) |
Diluted Earnings (Loss)
per Share (“EPS”) |
|
$ |
(0.31 |
) |
|
$ |
|
(0.17 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.70 |
) |
|
$ |
|
(0.09 |
) |
|
$ |
(0.61 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W. Richard Marz, Chairman of the Board,
President and CEO, commented, “We are pleased with the progress
made during the third quarter, even as we implemented our Financial
Improvement Plan. We finished the quarter strong with $18.1 million
in revenue, near the high-end of our guidance and up 11.7% from the
prior year third quarter. We also ended the quarter with a solid
backlog of $38.2 million. Our bookings for the quarter were
robust at $15.8 million, the highest for our third quarter since
fiscal 2012.”
Marz commented, “As announced on March 3rd, we
executed our Financial Improvement Plan and began to recognize
associated one-time cash and non-cash pre-tax charges, recording
$2.6 million in the third quarter of fiscal 2016. Our
operating loss for the third quarter excluding the one-time cash
and non-cash pre-tax charges was $1.2 million. Total expenses
related to the plan are still expected to be approximately $3.0
million. We began to see reduced costs in the final
month of our third quarter and we remain on target to achieve our
previously announced goal of $4.5 million in annual pre-tax
savings.”
Marz continued, “We now expect that revenue in
the last quarter of our fiscal year, ending June 30, 2016, will be
in the range of $16 to $19 million. Record backlog, strong
bookings and revenue in our quarter just completed, combined with
significant new opportunities in our current and potential markets
give us confidence as we continue to execute our strategic
plans.”
Mr. Marz remarked, “We are seeing strong demand
for our products in most of our current markets and in the new
markets we are pursuing. Demand in the U.S. and Europe
remains good. In China we are encouraged by potential demand
over the next several quarters, even though recent performance
continues lower than our expectations. Naturally, given the
economic climate, we remain subject to customer order timing.”
“Further, our focus on opportunities outside the
auto sector are expected to make an increasing contribution to our
business in the fourth quarter and next year. We are making
substantial progress marketing our entire product offering across a
variety of industries, with Aerospace and White Goods as
priorities. We expect to receive orders in both these sectors
in the coming months.”
Highlights of Operations
INCOME STATEMENT KEY METRICS (in millions, except
EPS) |
|
|
Third Quarter Ended March 31 |
|
|
Nine Months Ended March 31 |
|
|
|
Fiscal 2016 |
|
|
Fiscal 2015 |
|
|
Change |
|
|
Fiscal 2016 |
|
|
Fiscal 2015 |
|
|
Change |
|
Americas Sales |
|
$ |
6.7 |
|
|
$ |
|
5.2 |
|
|
$ |
1.5 |
|
|
$ |
16.2 |
|
|
$ |
|
18.9 |
|
|
$ |
(2.7 |
) |
Europe Sales |
|
|
7.9 |
|
|
|
|
6.2 |
|
|
|
1.7 |
|
|
|
23.0 |
|
|
|
|
20.0 |
|
|
|
3.0 |
|
Asia Sales |
|
|
3.5 |
|
|
|
|
4.8 |
|
|
|
(1.3 |
) |
|
|
11.2 |
|
|
|
|
12.1 |
|
|
|
(0.9 |
) |
Total Sales |
|
$ |
18.1 |
|
|
$ |
|
16.2 |
|
|
$ |
1.9 |
|
|
$ |
50.4 |
|
|
$ |
|
51.0 |
|
|
$ |
(0.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
$ |
5.2 |
|
|
$ |
|
4.6 |
|
|
$ |
0.6 |
|
|
$ |
14.7 |
|
|
$ |
|
19.0 |
|
|
$ |
(4.3 |
) |
Gross Profit as a percent of
sales |
|
|
28.8 |
% |
|
|
|
28.2 |
% |
|
|
|
|
|
|
29.2 |
% |
|
|
|
37.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) |
|
$ |
(3.8 |
) |
|
$ |
|
(2.4 |
) |
|
$ |
(1.4 |
) |
|
$ |
(9.1 |
) |
|
$ |
|
(0.7 |
) |
|
$ |
(8.4 |
) |
Operating Income (Loss) as a
percent of sales |
|
|
(21.1 |
)% |
|
|
|
(14.9 |
)% |
|
|
|
|
|
|
(18.0 |
)% |
|
|
|
(1.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
(2.9 |
) |
|
$ |
|
(1.6 |
) |
|
$ |
(1.3 |
) |
|
$ |
(6.5 |
) |
|
$ |
|
(0.8 |
) |
|
$ |
(5.7 |
) |
EPS |
|
$ |
(0.31 |
) |
|
$ |
|
(0.17 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.70 |
) |
|
$ |
|
(0.09 |
) |
|
$ |
(0.61 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring Operating Income
(Loss) |
|
$ |
(1.2 |
) |
|
$ |
|
(2.4 |
) |
|
$ |
1.2 |
|
|
$ |
(6.6 |
) |
|
$ |
|
(0.7 |
) |
|
$ |
(5.9 |
) |
Recurring Operating
Income (Loss) as a percent of sales |
|
|
(6.9 |
)% |
|
|
|
(14.9 |
)% |
|
|
|
|
|
|
(13.1 |
)% |
|
|
|
(1.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales for the third quarter of fiscal 2016 were up $1.9
million, or 11.7%, versus the same quarter in the prior year.
The third quarter sales increase was largely due to higher sales
from a full quarter of the CMM product line as well as increased
sales in Americas and Europe in our traditional product
lines. These increases were partially offset by unfavorable
currency impacts and lower sales in Asia.
In the third quarter of fiscal 2016, gross profit benefitted
from higher sales volume partially offset by timing differences
between revenue and cost recognition. Comparison with the
third quarter of fiscal 2015 was affected by the charge recognized
in fiscal 2015 related to employment status and withholding in a
foreign jurisdiction in the prior year.
In the third quarter of 2016, total operating expenses were up
$2.0 million due to the severance, impairment and other charges
related to the Financial Improvement Plan, costs from a full
quarter of the CMM product line and legal costs incurred.
These cost increases were partially offset by savings from the
implementation of the financial improvement plan. Comparison
with the third quarter of fiscal 2015 was affected by costs
incurred in the prior year’s third quarter related to the
acquisitions of Coord3 and Next Metrology.
|
BOOKINGS (in millions) |
|
|
Third Quarter Ended March 31 |
|
|
Nine Months Ended March 31 |
|
Geographic Region |
|
Fiscal 2016 |
|
|
Fiscal 2015 |
|
|
Change |
|
|
Fiscal 2016 |
|
|
Fiscal 2015 |
|
|
Change |
|
Americas |
|
$ |
6.1 |
|
|
$ |
7.6 |
|
|
$ |
(1.5 |
) |
|
$ |
18.2 |
|
|
$ |
21.9 |
|
|
$ |
(3.7 |
) |
Europe |
|
|
8.0 |
|
|
|
4.7 |
|
|
|
3.3 |
|
|
|
23.5 |
|
|
|
15.4 |
|
|
|
8.1 |
|
Asia |
|
|
1.7 |
|
|
|
3.1 |
|
|
|
(1.4 |
) |
|
|
7.9 |
|
|
|
12.6 |
|
|
|
(4.7 |
) |
Total Bookings |
|
$ |
15.8 |
|
|
$ |
15.4 |
|
|
$ |
0.4 |
|
|
$ |
49.6 |
|
|
$ |
49.9 |
|
|
$ |
(0.3 |
) |
|
BACKLOG (in millions) |
|
|
As of |
|
Geographic Region |
|
03/31/2016 |
|
|
12/31/2015 |
|
|
9/30/2015 |
|
|
6/30/2015 |
|
|
3/31/2015 |
|
Americas |
|
$ |
12.5 |
|
|
$ |
13.0 |
|
|
$ |
9.9 |
|
|
$ |
10.4 |
|
|
$ |
13.2 |
|
Europe |
|
|
15.9 |
|
|
|
15.8 |
|
|
|
15.0 |
|
|
|
15.4 |
|
|
|
17.6 |
|
Asia |
|
|
9.8 |
|
|
|
11.6 |
|
|
|
12.2 |
|
|
|
13.1 |
|
|
|
12.3 |
|
Total Backlog |
|
$ |
38.2 |
|
|
$ |
40.4 |
|
|
$ |
37.1 |
|
|
$ |
38.9 |
|
|
$ |
43.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As noted, third quarter bookings were the highest for this
interim period since fiscal 2012, reflecting an increase of $1.4
million from a full quarter of CMM related bookings as well as
higher bookings in traditional product lines in Europe. These
increases were partially offset by lower volume of orders in
traditional product lines from customers in the Americas and
Asia.
Revenue in the third quarter exceeded bookings by $2.3
million. As a result, backlog of $38.2 million at quarter-end
was down $2.2 million from December 31, 2015, and included $4.2
million for CMM products. As the level of bookings and
backlog typically fluctuates from quarter-to-quarter, management
does not necessarily consider these metrics to be indicative of the
future operating performance of the Company.
FINANCIAL POSITION
The Company has a positive cash and short term
investments balance of $5.5 million at March 31, 2016, with
potential for additional financing capacity.
Quarterly Investor Call and
Webcast
Perceptron, Inc., will hold its third quarter
investor conference call/webcast, chaired by W. Richard Marz,
Chairman of the Board, President and CEO, on Tuesday, May 10, 2016,
at 10:00 AM (EDT). Investors can access the call at:
Webcast |
http://services.choruscall.com/links/prcp160510 |
Conference Call |
877-317-6789 (domestic callers) or
|
|
412-317-6789 (international callers) |
Conference ID |
10083586 |
|
|
A replay will be posted to the Company's website
after the conference call concludes.
About Perceptron® Perceptron (NASDAQ:PRCP)
develops, produces and sells 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. Headquartered in Plymouth, Michigan, USA, Perceptron
has subsidiary operations in Brazil, China, Czech Republic, France,
Germany, India, Italy, Japan, Singapore, Slovakia, Spain and the
United Kingdom. For more information, please visit
www.perceptron.com.
Safe Harbor StatementCertain 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
results, cost savings from its financial improvement plan,
operating data, new order bookings, revenue, expenses, income and
backlog levels, 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 expansion into new
industry sectors and geographies as well as our ability to fund our
fiscal year 2016 and future cash flow requirements. Whenever
possible, we have identified these forward-looking statements by
words such as “target,” “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, disruptions to our
operations due to the financial improvement plan and related
headcount reductions and position eliminations, risks associated
with effectively controlling operating expenses, including failure
to achieve anticipated cost savings from the financial improvement
plan and other cost reduction initiatives or to reduce costs to the
level originally anticipated to avoid disruptions to our
operations, risks associated with changes in our sales strategy and
structure, including the impact of such changes on booking and
revenue levels and customer purchase decisions, the risk that
actual charges from the financial improvement plan differ from the
assumptions used in estimating the charges, and 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 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 ---
|
PERCEPTRON, INC. |
SELECTED FINANCIAL DATA |
(Unaudited, In Thousands Except Per Share
Amounts) |
|
|
|
|
|
|
Condensed Income Statements |
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
March 31, |
|
March 31, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Net
Sales |
|
$ |
18,082 |
|
|
$ |
16,182 |
|
|
$ |
50,361 |
|
|
$ |
50,965 |
|
|
Cost of Sales |
|
|
12,880 |
|
|
|
11,614 |
|
|
|
35,638 |
|
|
|
31,977 |
|
|
|
Gross
Profit |
|
|
5,202 |
|
|
|
4,568 |
|
|
|
14,723 |
|
|
|
18,988 |
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
Selling,
General and Administrative Expense |
|
|
4,702 |
|
|
|
5,027 |
|
|
|
15,358 |
|
|
|
14,067 |
|
|
Engineering, Research and Development Expense |
|
|
1,740 |
|
|
|
1,948 |
|
|
|
5,938 |
|
|
|
5,648 |
|
|
Severance,
impairment and other charges |
|
|
2,567 |
|
|
|
- |
|
|
|
2,567 |
|
|
|
- |
|
|
|
Operating
Income (Loss) |
|
|
(3,807 |
) |
|
|
(2,407 |
) |
|
|
(9,140 |
) |
|
|
(727 |
) |
|
Other Income and (Expenses) |
|
|
|
|
|
|
|
|
|
Interest
Income (Expense), net |
|
|
(46 |
) |
|
|
24 |
|
|
|
(92 |
) |
|
|
178 |
|
|
Foreign
Currency and Other Expense |
|
|
170 |
|
|
|
2 |
|
|
|
374 |
|
|
|
(805 |
) |
|
Income (Loss) Before Income Taxes |
|
|
(3,683 |
) |
|
|
(2,381 |
) |
|
|
(8,858 |
) |
|
|
(1,354 |
) |
|
Income Tax Benefit (Expense) |
|
|
818 |
|
|
|
792 |
|
|
|
2,339 |
|
|
|
504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (Loss) |
|
$ |
(2,865 |
) |
|
$ |
(1,589 |
) |
|
$ |
(6,519 |
) |
|
$ |
(850 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Per Common Share |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.31 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.70 |
) |
|
$ |
(0.09 |
) |
|
|
Diluted |
|
$ |
(0.31 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.70 |
) |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,351 |
|
|
|
9,290 |
|
|
|
9,351 |
|
|
|
9,220 |
|
|
|
Diluted |
|
|
9,351 |
|
|
|
9,290 |
|
|
|
9,351 |
|
|
|
9,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERCEPTRON, INC. |
|
SELECTED FINANCIAL DATA |
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheets |
|
|
|
|
|
March 31, |
|
June 30, |
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
Cash and
Cash Equivalents |
|
|
|
|
|
$ |
3,130 |
|
|
$ |
11,502 |
|
|
Short-term
Investments |
|
|
|
|
|
|
2,320 |
|
|
|
4,134 |
|
|
Receivables, net |
|
|
|
|
|
|
29,142 |
|
|
|
30,086 |
|
|
Inventories, net |
|
|
|
|
|
|
13,123 |
|
|
|
11,898 |
|
|
Other
Current Assets |
|
|
|
|
|
|
3,366 |
|
|
|
3,799 |
|
|
Total Current
Assets |
|
|
|
|
|
|
51,081 |
|
|
|
61,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
and Equipment, net |
|
|
|
|
|
|
8,239 |
|
|
|
6,840 |
|
|
Goodwill
and Other Intangible Assets, Net |
|
|
|
|
|
|
13,023 |
|
|
|
14,184 |
|
|
Long-Term
Investments |
|
|
|
|
|
|
771 |
|
|
|
827 |
|
|
Deferred
Tax Asset |
|
|
|
|
|
|
13,955 |
|
|
|
11,668 |
|
|
Total
Non-Current Assets |
|
|
|
|
|
|
35,988 |
|
|
|
33,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets |
|
|
|
|
|
$ |
87,069 |
|
|
$ |
94,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
Payable |
|
|
|
|
|
$ |
9,937 |
|
|
$ |
7,723 |
|
|
Deferred
Revenue |
|
|
|
|
|
|
8,974 |
|
|
|
8,966 |
|
|
Restructuring Reserve |
|
|
|
|
|
|
1,448 |
|
|
|
- |
|
|
Other
Current Liabilities |
|
|
|
|
|
|
7,904 |
|
|
|
11,752 |
|
|
Total Current
Liabilities |
|
|
|
|
|
|
28,263 |
|
|
|
28,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
Taxes Payable |
|
|
|
|
|
|
1,976 |
|
|
|
3,056 |
|
|
Deferred
Income Taxes |
|
|
|
|
|
|
1,316 |
|
|
|
1,509 |
|
|
Other
Long-term Liabilities |
|
|
|
|
|
|
1,212 |
|
|
|
1,140 |
|
|
Total Long-term
Liabilities |
|
|
|
|
|
|
4,504 |
|
|
|
5,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
|
|
|
|
|
32,767 |
|
|
|
34,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
54,302 |
|
|
|
60,792 |
|
|
Total
Liabilities and Shareholders' Equity |
|
|
|
|
|
$ |
87,069 |
|
|
$ |
94,938 |
|
|
|
Non-GAAP Financial MeasuresWhile the Generally
Accepted Accounting Principles in the United States of America
(“GAAP”) results provide significant insight into our operations
and financial position, Perceptron’s management supplements its
analysis of the business using “Recurring Operating Income (Loss).”
This is a non-GAAP financial measure. Management believes that this
non-GAAP financial measure, when taken together with the
corresponding GAAP measure, provides incremental insight into the
underlying factors and trends affecting our performance. However,
it should be viewed as supplemental data, rather than as a
substitute or an alternative to the comparable GAAP measure. The
table below presents a reconciliation of the non-GAAP measure to
Operating Loss.
|
PERCEPTRON, INC. |
|
Additional Information Regarding Special Items
Impacting |
|
Reported GAAP Financial Measures |
|
(Unaudited, In Thousands) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
March 31, |
|
March 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss), as reported |
|
$ |
(3,807 |
) |
|
$ |
(2,407 |
) |
|
$ |
(9,140 |
) |
|
$ |
(727 |
) |
|
|
Severance,
impairment and other charges |
|
|
2,567 |
|
|
|
- |
|
|
|
2,567 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding special items, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) would have been
|
|
$ |
(1,240 |
) |
|
$ |
(2,407 |
) |
|
$ |
(6,573 |
) |
|
$ |
(727 |
) |
|
|
Contact:
David L. Watza
Chief Financial Officer
investors@perceptron.com
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