Perceptron, Inc. (NASDAQ:PRCP), a leading global
provider of 3D automated metrology solutions and coordinate
measuring machines, today announced results for the first quarter
of its 2018 fiscal year (quarterly period ended September 30,
2017).
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FINANCIAL HIGHLIGHTS (in millions, except per
share data) |
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Three Months Ended September 30, |
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2017 |
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2016 |
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Change |
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Revenue |
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$ |
19.3 |
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$ |
17.5 |
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$ |
1.8 |
Net Income
(Loss) |
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1.6 |
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(2.4 |
) |
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4.0 |
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Diluted
Income (Loss) per Share |
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$ |
0.16 |
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$ |
(0.25 |
) |
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$ |
0.41 |
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First quarter fiscal 2018 results compared to first quarter
fiscal 2017:
- First quarter consolidated net sales increased 10.3% to $19.3
million, tying a first quarter record established in September
2008.
- Consolidated gross margin was 40%, an increase of 1,360 basis
points for the first quarter.
- First quarter consolidated gross profit increased 67.4% to $7.7
million
- First quarter operating income increased to $1.5 million, from
a loss of ($2.0) million in the prior year period.
- Net income increased to $1.6 million for the first quarter of
fiscal 2018, up from a loss of ($2.4) million.
- First quarter earnings per share increased to $0.16 per diluted
share from a loss of ($0.25) per diluted share in the prior year
period.
- Bookings increased 6.4% to $23.2 million, which represents a
record for the first fiscal quarter.
- Backlog increased 14.8% to $48.9 million.
- Cash and short-term investments totaled $8.1 million for the
period ending September 30, 2017.
David Watza, President and CEO, commented, “We
are pleased to announce record results for the first quarter of our
2018 fiscal year. This quarter represents the significant progress
we have made since announcing our Financial Improvement Plan in
2016, reflecting the dramatic strides we have taken toward our
long-term strategic growth and diversification objectives, as well
as continued cost reductions. We are very proud of our team’s
efforts as we have tied a record for first quarter revenue of $19.3
million, slightly exceeding the high end of the guidance we
provided last quarter, and greatly improved our gross margin by
13.6% from the prior year period. Bookings also finished the
period strong at $23.2 million, a record for our first quarter and
matching a previously set record from the third quarter of fiscal
2017.”
“We are well positioned for the balance of this
fiscal year after generating strong operating cash flows of $4.2
million this quarter. We remain confident in the strategic
plan we have established and continue to experience increasing
strength in key customer demand metrics, as evidenced by the robust
backlog this quarter. Our focus remains on product development and
improvement efforts for our core automotive business and its
adjacent markets, as well as with our existing customers, potential
new automotive customers and their suppliers. We are
confident that a relentless focus in these markets will continue to
provide sustainable and profitable long-term growth opportunities,”
Watza added.
“Looking ahead to our second quarter of fiscal
year 2018, we expect revenue in the range of $20.0 million to $23.0
million, as well as mid-single digit growth in our top line results
for the full year fiscal 2018. Our longer-term aspirations
are for sustained high-single digit revenue growth and resulting
double-digit earnings growth,” Watza concluded.
Highlights of Operations |
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INCOME STATEMENT KEY METRICS
(in millions, except per share data) |
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Three Months Ended September 30, |
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2017 |
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2016 |
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Change |
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Americas Sales |
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$ |
8.0 |
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$ |
5.2 |
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$ |
2.8 |
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Europe Sales |
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7.8 |
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10.0 |
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(2.2 |
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Asia Sales |
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3.5 |
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2.3 |
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1.2 |
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Total
Sales |
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$ |
19.3 |
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$ |
17.5 |
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$ |
1.8 |
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Gross
Profit |
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$ |
7.7 |
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$ |
4.6 |
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$ |
3.1 |
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Gross
Profit as a percent of sales |
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39.9% |
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26.3% |
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Operating
Income (Loss) |
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$ |
1.5 |
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$ |
(2.0 |
) |
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$ |
3.5 |
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Operating
Income (Loss) as a percent of sales |
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7.8 % |
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(11.4%) |
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Net Income
(Loss) |
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$ |
1.6 |
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$ |
(2.4 |
) |
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$ |
4.0 |
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Diluted Income (Loss) per Share |
$ |
0.16 |
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$ |
(0.25 |
) |
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$ |
0.41 |
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Recurring
Operating Income (Loss) |
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$ |
1.5 |
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$ |
(1.3 |
) |
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$ |
2.8 |
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Recurring Operating Income (Loss) as a percent of sales |
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7.8 % |
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(7.4%) |
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Total sales for the first quarter of fiscal 2018
were up $1.8 million or 10.3%, versus the same quarter in the prior
year, reflecting increases in the Americas and Asia regions.
The improvement in the Americas region was primarily due to an
increase in the In-Line and Near-Line Measurement Solutions and
Value-Added Services, partially offset by decreases in the Off-Line
Measurement Solutions and 3D Scanning Solutions. The
improvement in the Asia region was primarily due to increases in
the In-Line and Near-Line Measurement Solutions as well as the
Off-Line Measurement Solutions. The Europe region was down
due to decreases in In-Line and Near-Line Measurement Solutions as
well as the Off-Line Measurement Solutions, partially offset by a
small increase in Value-Added Services.
In the first quarter of fiscal 2018, gross
profit as a percentage of sales improved 1,360 basis points
compared to the prior year period, primarily due to the higher
volume of sales, as well as the mix of the Company’s revenue,
increased efficiencies and the timing of certain expenses in cost
of goods sold under applicable accounting rules.
During the first quarter of fiscal 2018,
operating expenses were up $0.3 million, primarily as a result of
higher strategic investments in several engineering, research and
development initiatives as well as increased employee-related
expenses and bad debt expense, partially offset by lower legal and
audit fees.
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Three Months Ended September 30, |
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BOOKINGS (in millions) |
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2017 |
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2016 |
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Change |
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Geographic Region |
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Americas |
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$ |
9.6 |
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$ |
10.8 |
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$ |
(1.2 |
) |
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Europe |
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9.4 |
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6.2 |
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3.2 |
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Asia |
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4.2 |
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4.8 |
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(0.6 |
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Total
Bookings |
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$ |
23.2 |
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$ |
21.8 |
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$ |
1.4 |
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BACKLOG (in millions) |
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9/30/2017 |
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6/30/2017 |
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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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Geographic Region |
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Americas |
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$ |
21.1 |
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$ |
19.5 |
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$ |
20.9 |
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$ |
15.6 |
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$ |
16.2 |
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Europe |
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18.0 |
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16.4 |
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16.7 |
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16.2 |
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15.3 |
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Asia |
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9.8 |
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9.1 |
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11.0 |
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9.9 |
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11.1 |
Total
Backlog |
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$ |
48.9 |
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$ |
45.0 |
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$ |
48.6 |
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$ |
41.7 |
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$ |
42.6 |
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First quarter bookings were a record $23.2
million. The record-level booking activity is primarily due to an
increase in Off-Line Measurement Solutions and Value Added
Services, partially offset by decreases in the In-Line and
Near-Line Measurement Solutions and 3D Scanning Solutions.
The significant booking activity in Europe was driven by increases
in each of the Company’s product lines.
Bookings in the first quarter of fiscal 2018
exceeded revenue by $3.9 million, which resulted in an increase in
backlog to $48.9 million at September 30, 2017. This is the
second highest backlog level in the Company’s history. As the
levels of bookings and backlog typically fluctuate from quarter to
quarter, management does not necessarily consider these metrics to
be indicative of the future operating performance of the
Company.
FINANCIAL POSITION
Cash and short-term investment balance was $8.1
million at September 30, 2017, up from $5.3 million at June 30,
2017 and up from $7.7 million at September 30, 2016. At
September 30, 2017, bank debt outstanding totaled $0.4 million,
down from an outstanding balance of $1.5 million at June 30, 2017
and down from $0.9 million at September 30, 2016.
Quarterly Investor Call and
Webcast
Perceptron, Inc., will hold its first quarter
fiscal year 2018 investor conference call/webcast, chaired by David
L. Watza, President and CEO, on Tuesday, November 7, 2017, at 10:00
AM (EST). Investors can access the call at:
Webcast |
investors.perceptron.com on the Event page |
Conference Call |
877-317-6789 (domestic callers) or |
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412-317-6789 (international callers) |
Conference ID |
10113791 |
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 Statement
Certain 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 2018 and future results, 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 2018 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, 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 2017. 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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September 30, |
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2017 |
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2016 |
Net
Sales |
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$ |
19,269 |
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$ |
17,520 |
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Cost of Sales |
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11,619 |
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12,946 |
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Gross Profit |
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7,650 |
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4,574 |
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Operating Expenses |
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Selling,
General and Administrative Expense |
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4,424 |
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4,287 |
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Engineering, Research and Development Expense |
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1,733 |
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1,610 |
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Severance,
Impairment and Other Charges |
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(52 |
) |
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|
656 |
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Operating Income (Loss) |
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1,545 |
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(1,979 |
) |
Other Income and (Expenses), net |
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Interest
Expense, net |
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(42 |
) |
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(57 |
) |
Foreign
Currency and Other, net |
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8 |
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50 |
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Income (Loss) Before Income Taxes |
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1,511 |
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(1,986 |
) |
Income Tax Benefit (Expense) |
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47 |
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(369 |
) |
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Net
Income (Loss) |
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$ |
1,558 |
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$ |
(2,355 |
) |
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Income (Loss) Per Common Share |
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Basic |
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$0.16 |
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($0.25 |
) |
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Diluted |
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$0.16 |
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($0.25 |
) |
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Weighted Average Common Shares Outstanding |
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Basic |
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9,453 |
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9,371 |
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Diluted |
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9,502 |
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9,371 |
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PERCEPTRON, INC. |
SELECTED FINANCIAL DATA |
(In Thousands) |
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Condensed Balance Sheets |
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September 30, |
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June 30, |
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2017 |
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2016 |
|
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(Unaudited) |
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Cash and
Cash Equivalents |
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$ |
5,177 |
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$ |
3,704 |
Short-Term
Investments |
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|
2,954 |
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1,572 |
Receivables, net |
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25,786 |
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31,943 |
Inventories, net |
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|
13,196 |
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11,466 |
Other
Current Assets |
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2,320 |
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1,953 |
Total Current Assets |
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49,433 |
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50,638 |
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Property
and Equipment, net |
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7,429 |
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7,377 |
Goodwill
and Other Intangible Assets, net |
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12,015 |
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11,866 |
Long-Term
Deferred Income Tax Asset |
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|
525 |
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9 |
Long-Term
Investments |
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|
725 |
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|
725 |
Total Non-Current Assets |
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20,694 |
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|
19,977 |
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Total Assets |
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|
$ |
70,127 |
|
$ |
70,615 |
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Line of
Credit and Short-Term Notes Payable |
|
$ |
612 |
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$ |
1,705 |
Accounts
Payable |
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|
7,873 |
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8,280 |
Deferred
Revenue |
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|
7,987 |
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|
8,485 |
Restructuring Reserve |
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|
834 |
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|
1,113 |
Other
Current Liabilities |
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|
7,164 |
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8,572 |
Total Current Liabilities |
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24,470 |
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28,155 |
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Long-Term
Taxes Payable |
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|
840 |
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|
969 |
Long-Term
Deferred Income Tax Liability |
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|
1,605 |
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|
871 |
Other
Long-Term Liabilities |
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|
763 |
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|
785 |
Total Long-Term Liabilities |
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|
3,208 |
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|
2,625 |
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Total Liabilities |
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|
27,678 |
|
|
30,780 |
|
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Shareholders' Equity |
|
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|
42,449 |
|
|
39,835 |
Total Liabilities and Shareholders'
Equity |
$ |
70,127 |
|
$ |
70,615 |
|
|
|
|
|
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|
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)”
and “Recurring Net Income (Loss)”. These are non-GAAP
financial measures. Management believes that these non-GAAP
financial measures, when taken together with the corresponding GAAP
measures, 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 each non-GAAP measure to Operating Income (Loss)
and Net Income (Loss), respectively.
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PERCEPTRON, INC. |
Additional Information Regarding Special Items
Impacting |
Reported GAAP Financial Measures |
(Unaudited, In Thousands except per share data) |
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Three Months Ended |
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September 30, |
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2017 |
|
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2016 |
|
|
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Operating Income (Loss), as reported |
|
$ |
1,545 |
|
|
$ |
(1,979 |
) |
|
|
|
|
|
|
|
|
Severance,
Impairment and Other Charges |
|
|
(52 |
) |
|
|
656 |
|
|
|
|
|
|
|
|
|
Excluding special items, |
|
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Operating Income (Loss) would have been |
|
$ |
1,493 |
|
|
$ |
(1,323 |
) |
|
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|
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|
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|
|
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|
|
Net
Income (Loss), as reported |
|
|
$ |
1,558 |
|
|
$ |
(2,355 |
) |
|
|
|
|
|
|
|
|
Valuation
Allowance on DTA |
|
|
|
- |
|
|
|
511 |
|
|
|
|
|
|
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|
|
Excluding special items, |
|
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|
|
Net Income (Loss) would have been |
|
$ |
1,558 |
|
|
$ |
(1,844 |
) |
|
|
|
|
|
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|
|
Income (Loss) Per Common Share - |
|
|
|
|
Diluted, as reported |
|
|
$ |
0.16 |
|
|
$ |
(0.25 |
) |
|
|
|
|
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|
|
Diluted
Income Per Share due to Valuation |
|
|
|
|
Allowance on DTA |
|
|
$ |
- |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
Excluding special items, Diluted Income |
|
|
|
|
(Loss) per Share would have been |
|
$ |
0.16 |
|
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
Diluted Weighted Average Common Shares |
|
|
|
|
Outstanding, as reported |
|
|
|
9,502 |
|
|
|
9,371 |
|
|
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|
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