Perceptron, Inc. (NASDAQ:PRCP) today announced
results for the third quarter of its 2017 fiscal year (quarterly
period ended March 31, 2017). The Company announced revenue of
$16.3 million, record third quarter bookings of $23.2 million,
backlog of $48.6 million, net loss of $0.6 million and net loss per
diluted share of $0.06 for the third quarter of fiscal 2017.
For the first nine months of fiscal 2017, the Company announced
revenue of $55.6 million and bookings of $65.9 million, which
represent increases of 10.3% and 37.0% over the same period in
fiscal 2016. The Company also reported a net loss of $0.4
million and net loss per diluted share of $0.05 for the first nine
months of fiscal 2017.
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FINANCIAL HIGHLIGHTS (in millions, except per
share data) |
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Three Months Ended March
31, |
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Nine Months Ended March 31, |
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2017 |
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2016 |
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Change |
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2017 |
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2016 |
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Change |
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Revenue |
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$ |
16.3 |
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$ |
18.1 |
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$ |
(1.8) |
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$ |
55.6 |
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$ |
50.4 |
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$ |
5.2 |
Net Income
(Loss) |
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(0.6) |
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(2.9) |
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2.3 |
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(0.4) |
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(6.5) |
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6.1 |
Diluted Earnings (Loss)
per Share |
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($0.06) |
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($0.31) |
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$ |
0.25 |
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($0.05) |
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($0.70) |
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$ |
0.65 |
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David Watza, President and CEO, commented, “We
are pleased to announce the results for the third quarter of our
2017 fiscal year, which reflect our continued performance
improvement, sustained strength in our end markets and persistent
cost savings efforts. With bookings of $23.2 million, we have
surpassed the $20 million bookings threshold for the fourth
consecutive quarter, which is the longest sustained such period in
company history. We recognized revenue of $16.3 million in
the third quarter of fiscal 2017, which was consistent with the
guidance we provided three months ago. Year to date, we
reported a recurring operating profit of $1.5 million, which is an
$8.1 million turnaround from last year’s nine-month figure, and
clearly illustrates the progress we have made as a team.
Furthermore, we ended the quarter with a robust backlog of $48.6
million. As we continue to see increasing strength in these
customer demand metrics, we remain confident in the future
prospects of our Company.”
“We are making substantial progress in the
transformation of our Company through the growth of our top line,
as reflected in our year-to-date bookings and revenue in comparison
to last year,” continued Watza. “Our financial results continue to
benefit from cost savings initiatives, starting with our March 2016
Financial Improvement Plan and reflecting additional ongoing
activities. As a team, we have been able to further reduce
fixed costs, which has significantly lowered our break-even
point.”
“We remain confident in our current guidance of
high single-digit to low double-digit revenue growth for fiscal
2017, as our bookings have been strong for multiple quarters,”
stated Watza. “We believe that our third quarter results show
strong customer activity and demand for Perceptron’s products and
services. As a result, we expect our fourth quarter fiscal
2017 revenue will be in the range of $18.5 million to $21.5
million.”
“We have an extremely talented and committed
work force that is engaged in providing superior value to our
customers. In my first five months as CEO, I’ve spent time
with various countries, functions and disciplines within our
Company. As a team, we have identified a number of our
organizational strengths and weaknesses, and an equivalent number
of opportunities. With the best efforts of our people,
continuous improvement in our company is an achievable goal.
The strength of our team taken together with our recent
financial results, validates we are making progress on our
turnaround as we execute our strategic plan. I remain very
excited about our future,” Watza concluded.
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Highlights of
Operations |
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INCOME STATEMENT KEY METRICS
(in millions, except per share data) |
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Three Months Ended March 31, |
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Nine Months Ended March 31, |
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2017 |
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2016 |
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Change |
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2017 |
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2016 |
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Change |
Americas
Sales |
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$ |
6.0 |
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$ |
6.7 |
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$ |
(0.7) |
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$ |
20.3 |
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$ |
16.2 |
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$ |
4.1 |
Europe
Sales |
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6.5 |
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7.9 |
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(1.4) |
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24.2 |
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23.0 |
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1.2 |
Asia
Sales |
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3.8 |
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3.5 |
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0.3 |
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11.1 |
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11.2 |
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(0.1) |
Total
Sales |
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$ |
16.3 |
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$ |
18.1 |
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$ |
(1.8) |
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$ |
55.6 |
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$ |
50.4 |
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$ |
5.2 |
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Gross Profit |
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$ |
5.2 |
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$ |
5.2 |
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$ |
- |
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$ |
19.2 |
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$ |
14.7 |
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$ |
4.5 |
Gross Profit as a percent of sales |
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31.9% |
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28.8% |
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34.5% |
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29.2% |
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Operating Income
(Loss) |
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$ |
(0.5) |
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$ |
(3.8) |
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$ |
3.3 |
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$ |
0.8 |
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$ |
(9.1) |
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$ |
9.9 |
Operating Income (Loss) as a percent of sales |
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(3.0%) |
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(21.1%) |
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1.4% |
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(18.0%) |
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Net Income (Loss) |
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$ |
(0.6) |
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$ |
(2.9) |
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$ |
2.3 |
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$ |
(0.4) |
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$ |
(6.5) |
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$ |
6.1 |
Diluted
Income (Loss) per Share |
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$ |
(0.06) |
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$ |
(0.31) |
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$ |
0.25 |
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$ |
(0.05) |
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$ |
(0.70) |
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$ |
0.65 |
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Recurring Operating Income (Loss) |
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$ |
(0.5) |
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$ |
(1.2) |
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$ |
0.7 |
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$ |
1.5 |
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$ |
(6.6) |
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$ |
8.1 |
Recurring Operating Income (Loss) as a percent of sales |
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(3.0%) |
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(6.9%) |
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2.7% |
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(13.1%) |
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Total sales for the third quarter of fiscal 2017
were down $1.8 million, or 9.9%, versus the same quarter in the
prior year, reflecting decreases in our Europe and Americas
regions, partially offset by an increase in our Asia region.
The improvement in our Asia region was primarily due to increases
in our Off-Line Measurement Solutions, as well as our 3D Scanning
Solutions, partially offset by a decrease in our In-Line and
Near-Line Measurement Solutions. The Europe region was down
primarily due to decreased sales in our In-Line and Near-Line
Measurement Solutions, and the Americas region was down primarily
due to decreased sales in our Off-Line Measurement Solutions.
Total sales for the first nine months of fiscal
2017 were up $5.2 million or 10.3%, reflecting increases in our
Americas and Europe regions, partially offset by a slight decrease
in our Asia region.
In the third quarter of fiscal 2017, our gross
profit was positively impacted compared to the prior year by the
mix of our revenue and the timing of certain expenses in our cost
of goods sold. Gross profit was also improved as a result of
lower employee-related costs due to our Financial Improvement Plan,
which commenced in the third quarter of fiscal 2016.
In the third quarter of fiscal 2017, total
operating expenses were down $0.7 million, primarily as a result of
savings realized in the Financial Improvement Plan as well as a
reduction of bad debt expense and lower advertising and marketing
costs.
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Three Months Ended March 31, |
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Nine Months Ended March 31, |
BOOKINGS (in
millions) |
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2017 |
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2016 |
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Change |
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2017 |
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2016 |
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Change |
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Geographic
Region |
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Americas |
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$ |
11.3 |
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$ |
5.1 |
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$ |
6.2 |
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$ |
30.6 |
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$ |
17.3 |
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$ |
13.3 |
Europe |
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7.0 |
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8.0 |
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(1.0) |
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21.8 |
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22.9 |
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(1.1) |
Asia |
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4.9 |
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1.7 |
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3.2 |
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13.5 |
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7.9 |
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5.6 |
Total
Bookings |
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$ |
23.2 |
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$ |
14.8 |
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$ |
8.4 |
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$ |
65.9 |
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$ |
48.1 |
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$ |
17.8 |
Prior
Reported Bookings |
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$ |
15.8 |
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$ |
49.6 |
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Note: Prior Reported Booking amounts have been updated to
reflect corrections to prior calculations.
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BACKLOG (in
millions) |
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3/31/2017 |
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12/31/2016 |
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9/30/2016 |
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6/30/2016 |
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3/31/2016 |
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Geographic
Region |
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Americas |
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$ |
20.9 |
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$ |
15.6 |
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$ |
16.2 |
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$ |
10.6 |
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$ |
11.4 |
Europe |
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16.7 |
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16.2 |
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15.3 |
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19.1 |
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15.5 |
Asia |
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11.0 |
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9.9 |
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11.1 |
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8.6 |
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9.8 |
Total
Backlog |
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$ |
48.6 |
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$ |
41.7 |
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$ |
42.6 |
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$ |
38.3 |
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$ |
36.7 |
Prior Reported
Backlog |
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$ |
40.6 |
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$ |
38.2 |
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Note: Reported Backlog amounts prior to September 30, 2016 have
been updated to reflect corrections to prior calculations.
Third quarter bookings were $23.2 million,
marking the first time in Perceptron’s history that quarterly
bookings were at or above $20 million for four consecutive
quarters. For the first nine months of fiscal 2017, bookings
totaled $65.9 million, an increase of $17.8 million compared to the
first nine months of fiscal 2016.
Bookings in the third quarter of fiscal 2017
exceeded revenue by $6.9 million, which resulted in an increase in
the backlog to $48.6 million at quarter-end. 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
Our cash and short-term investment balance was
$5.1 million at March 31, 2017, down from $6.3 million at December
31, 2016, and down from $8.3 million at June 30, 2016. At
March 31, 2017, we had $0.8 million in bank debt outstanding.
Quarterly Investor Call and
Webcast
Perceptron, Inc., will hold its third quarter
investor conference call/webcast, chaired by David L. Watza,
President and CEO, on Tuesday, May 9, 2017, at 10:00 AM (EDT).
Investors can access the call at:
Webcast |
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investors.perceptron.com on the Event page |
Conference Call |
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877-317-6789 (domestic callers) or |
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412-317-6789 (international callers) |
Conference ID |
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10104482 |
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. Global automotive, aerospace and other
manufacturing companies 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 our
expectation as to our fiscal year 2017 and future results, cost
savings from our financial improvement plan, operating data, new
order bookings, revenue, expenses, net income and backlog levels,
trends affecting our future revenue levels, the rate of new orders,
the timing of revenue and net income increases from new products
which we have recently released or have not yet released, the
timing of the introduction of new products, and our ability to fund
our fiscal year 2017 and future cash flow requirements.
Whenever possible, we have identified these forward-looking
statements by words such as “target,” “will,” “should,” “could,”
“believes,” “expects,” “anticipates,” “estimates,” “prospects,”
“outlook,” “guidance” 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 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 2016.
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 ---
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PERCEPTRON, INC. |
SELECTED FINANCIAL DATA |
(Unaudited, In Thousands Except Per Share
Amounts) |
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Condensed Income Statements |
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Three Months Ended |
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Nine Months Ended |
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March 31, |
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March 31, |
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2017 |
|
2016 |
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2017 |
|
2016 |
Net
Sales |
|
$ |
16,325 |
|
$ |
18,082 |
|
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$ |
55,596 |
|
$ |
50,361 |
Cost of Sales |
|
|
11,135 |
|
|
12,880 |
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|
36,388 |
|
|
35,638 |
Gross Profit |
|
|
5,190 |
|
|
5,202 |
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19,208 |
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|
14,723 |
Operating Expenses |
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Selling,
General and Administrative Expense |
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4,039 |
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4,702 |
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12,795 |
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15,358 |
Engineering, Research and Development Expense |
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1,650 |
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1,740 |
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4,917 |
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5,938 |
Severance,
Impairment and Other Charges |
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3 |
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2,567 |
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|
720 |
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2,567 |
Operating Income (Loss) |
|
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(502) |
|
|
(3,807) |
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|
776 |
|
|
(9,140) |
Other Income and (Expenses), net |
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|
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Interest
Income (Expense), net |
|
|
(94) |
|
|
(46) |
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|
|
(212) |
|
|
(92) |
Foreign
Currency and Other, net |
|
|
122 |
|
|
170 |
|
|
|
(198) |
|
|
374 |
Income (Loss) Before Income Taxes |
|
|
(474) |
|
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(3,683) |
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|
366 |
|
|
(8,858) |
Income Tax (Expense) Benefit |
|
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(124) |
|
|
818 |
|
|
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(795) |
|
|
2,339 |
|
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|
|
Net
Income (Loss) |
|
$ |
(598) |
|
$ |
(2,865) |
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|
$ |
(429) |
|
$ |
(6,519) |
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Loss Per Common Share |
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Basic |
|
|
($0.06) |
|
|
($0.31) |
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|
($0.05) |
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|
($0.70) |
Diluted |
|
|
($0.06) |
|
|
($0.31) |
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|
($0.05) |
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|
($0.70) |
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Weighted Average Common Shares Outstanding |
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Basic |
|
|
9,400 |
|
|
9,351 |
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|
9,384 |
|
|
9,351 |
Diluted |
|
|
9,400 |
|
|
9,351 |
|
|
|
9,384 |
|
|
9,351 |
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PERCEPTRON, INC. |
SELECTED FINANCIAL DATA |
(In Thousands) |
|
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|
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|
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Condensed Balance Sheets |
|
March 31, |
|
June 30, |
|
|
2017 |
|
2016 |
|
|
(Unaudited) |
|
|
|
Cash and
Cash Equivalents |
|
$ |
4,894 |
|
$ |
6,787 |
Short-Term
Investments |
|
|
241 |
|
|
1,474 |
Receivables, net |
|
|
26,130 |
|
|
24,075 |
Inventories, net |
|
|
12,107 |
|
|
12,172 |
Other
Current Assets |
|
|
1,548 |
|
|
2,201 |
Total Current Assets |
|
|
44,920 |
|
|
46,709 |
|
|
|
|
|
|
|
Property
and Equipment, net |
|
|
7,266 |
|
|
7,926 |
Goodwill
and Other Intangible Assets, net |
|
|
11,376 |
|
|
12,517 |
Long-Term
Investments |
|
|
725 |
|
|
770 |
Total Non-Current Assets |
|
|
19,367 |
|
|
21,213 |
Total Assets |
|
$ |
64,287 |
|
$ |
67,922 |
|
|
|
|
|
|
|
Accounts
Payable |
|
$ |
7,655 |
|
$ |
8,801 |
Short-Term
Notes Payable |
|
|
1,007 |
|
|
200 |
Deferred
Revenue |
|
|
7,286 |
|
|
7,711 |
Restructuring Reserve |
|
|
214 |
|
|
814 |
Other
Current Liabilities |
|
|
7,416 |
|
|
7,857 |
Total Current Liabilities |
|
|
23,578 |
|
|
25,383 |
|
|
|
|
|
|
|
Long-Term
Taxes Payable |
|
|
1,062 |
|
|
1,714 |
Deferred
Income Taxes |
|
|
886 |
|
|
1,131 |
Other
Long-Term Liabilities |
|
|
782 |
|
|
1,140 |
Total Long-Term Liabilities |
|
|
2,730 |
|
|
3,985 |
|
|
|
|
|
|
|
Total Liabilities |
|
|
26,308 |
|
|
29,368 |
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
37,979 |
|
|
38,554 |
Total Liabilities and Shareholders'
Equity |
|
$ |
64,287 |
|
$ |
67,922 |
|
|
|
|
|
|
|
Non-GAAP Financial Measures
While Perceptron’s results under Generally
Accepted Accounting Principles in the United States of America
(“U.S. GAAP”) 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 reconciliations of the non-GAAP measure to
Operating Income (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, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income (Loss), as reported |
|
$ |
(502) |
|
$ |
(3,807) |
|
$ |
776 |
|
$ |
(9,140) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance, Impairment
and Other Charges |
|
|
3 |
|
|
2,567 |
|
|
720 |
|
|
2,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding
special items, Operating |
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) would have been |
|
$ |
(499) |
|
$ |
(1,240) |
|
$ |
1,496 |
|
$ |
(6,573) |
|
Contact:
Investor Relations
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