Perceptron, Inc. (NASDAQ:PRCP), a leading global
provider of 3D automated metrology solutions and coordinate
measuring machines, today announced results for the third quarter
of its 2018 fiscal year (quarterly period ended March 31,
2018).
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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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2018 |
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2017 |
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Change |
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2018 |
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2017 |
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Change |
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Sales |
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$ |
21.4 |
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$ |
16.3 |
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$ |
5.1 |
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$ |
61.1 |
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$ |
55.6 |
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$ |
5.5 |
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Net Income
(Loss) |
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1.0 |
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(0.6 |
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1.6 |
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2.9 |
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(0.4 |
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3.3 |
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Diluted
Income (Loss) per Share |
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$ |
0.11 |
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$ |
(0.06 |
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$ |
0.17 |
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$ |
0.31 |
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$ |
(0.05 |
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$ |
0.36 |
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Third quarter fiscal 2018 results compared to third quarter
fiscal 2017:
- Third quarter consolidated net sales were $21.4 million, an
increase of 31.3% compared to the third fiscal quarter one year
ago
- Consolidated gross profit was $7.9 million and gross margin was
36.9%, a 500 basis point improvement from the prior year
quarter
- Third quarter reported and recurring operating income totaled
$1.1 million, up significantly as compared to the reported
operating loss of $0.5 million in the prior year quarter
- Net income for the third quarter of fiscal 2018 of $1.0 million
was also up significantly compared to the net loss of $0.6 million
in the prior year quarter
- Third quarter diluted earnings per share was $0.11 compared to
a diluted loss per share of $0.06 in the third fiscal quarter one
year ago
- Bookings hit an all-time record of $24.1 million; bookings have
been at least $20 million for seven out of the last eight
quarters
- Backlog increased 5.3% to $51.2 million, another all-time
record for the Company
- Cash and short-term investments totaled $7.8 million at the
period ending March 31, 2018
Year-to-date fiscal 2018 results compared to year-to-date fiscal
2017:
- Year-to-date consolidated net sales increased 9.9% to $61.1
million as compared to $55.6 million in the prior year-to-date
period
- Year-to-date consolidated gross profit increased $3.8 million
to $23.0 million
- Consolidated gross margin was 37.6%, an increase of 310 basis
points
- Year-to-date reported operating income totaled $3.1 million and
recurring operating income was $3.7 million, increases of 288% and
147%, respectively, when compared to the same period in the prior
year
- Net income increased dramatically, growing by $3.3 million to
$2.9 million for year-to-date fiscal 2018
- Year-to-date diluted earnings per share also improved
significantly, achieving $0.31, as compared to a loss of $0.05 per
share in the prior year-to-date period
- Bookings increased 2.1% to $67.3 million for year-to-date
fiscal 2018
Fourth quarter and full year 2018 guidance:
- Revenue for the fourth quarter is expected to be in the range
of $20.0 million to $23.0 million
- The Company reaffirms previous guidance of mid-single digit
revenue growth for fiscal year 2018
David Watza, President and CEO, commented, “We
are very pleased with the continued momentum this fiscal year, as
we experienced strong sales growth and improved profitability in
several key areas of the business. Our elevated backlog
levels, which grew faster than net sales this quarter, achieved a
Company record.”
“Our strong results this quarter are a direct
result of the unique solutions we provide our customers. We
remain well positioned this fiscal year with our year-to-date
recurring operating income more than doubling, while we have also
generated strong operating cash flows throughout the fiscal year,”
added Watza. “The strategic plan we put into place continues
to drive strength in key customer demand metrics, as evidenced by
the robust sales, profitability and backlog results for the
quarter.”
“In addition to the Helix®evo product launched
last quarter, we are very pleased with additional orders for our
In-Line Robot Guidance Solutions during the third quarter,”
continued Watza. “We believe that these unique solutions, as
well as the newer solutions we are launching, will enable us to
expand our market share within the automotive industry. Our
strategy of continued investment in engineering capabilities has
proven beneficial as we expand our technical advantages in hardware
and software measurement technologies. We remain confident
that a relentless focus in our core markets will continue to
provide sustainable and profitable long-term growth opportunities
both within the automotive industry as well as other industries
longer-term, as we continue to remove cost from our system and
deliver more value to our customers.”
“Looking ahead to our fourth quarter of fiscal
year 2018, we expect revenue in the range of $20.0 million to $23.0
million, and affirm our previous guidance of mid-single digit
growth in our top line results for the full year fiscal 2018.
Our longer-term aspirations are for sustained high single-digit
revenue growth and resulting double-digit earnings growth,” Watza
concluded.
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Highlights of Operations |
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INCOME STATEMENT KEY METRICS
(in millions, except per share data) |
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Three Months Ended March 31, |
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Nine Months Ended March 31, |
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2018 |
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2017 |
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Change |
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2018 |
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2017 |
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Change |
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Americas Sales |
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$ |
8.1 |
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$ |
6.0 |
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$ |
2.1 |
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$ |
26.1 |
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$ |
20.3 |
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$ |
5.8 |
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Europe Sales |
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10.1 |
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6.5 |
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3.6 |
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24.3 |
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24.2 |
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0.1 |
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Asia Sales |
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3.2 |
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3.8 |
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(0.6 |
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10.7 |
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11.1 |
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(0.4 |
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Total Net Sales |
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$ |
21.4 |
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$ |
16.3 |
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$ |
5.1 |
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$ |
61.1 |
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$ |
55.6 |
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$ |
5.5 |
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Gross
Profit |
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$ |
7.9 |
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$ |
5.2 |
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$ |
2.7 |
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$ |
23.0 |
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$ |
19.2 |
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$ |
3.8 |
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Gross Profit as a percent of sales |
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36.9 |
% |
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31.9 |
% |
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37.6 |
% |
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34.5 |
% |
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Operating
Income (Loss) |
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$ |
1.1 |
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$ |
(0.5 |
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$ |
1.6 |
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$ |
3.1 |
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$ |
0.8 |
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$ |
2.3 |
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Operating Income (Loss) as a percent of sales |
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5.1 |
% |
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(3.0 |
%) |
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5.1 |
% |
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1.4 |
% |
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Net Income
(Loss) |
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$ |
1.0 |
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$ |
(0.6 |
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$ |
1.6 |
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$ |
2.9 |
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$ |
(0.4 |
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$ |
3.3 |
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Diluted Income (Loss) per Share |
$ |
0.11 |
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$ |
(0.06 |
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$ |
0.17 |
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$ |
0.31 |
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$ |
(0.05 |
) |
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$ |
0.36 |
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Recurring Operating Income (Loss) |
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$ |
1.1 |
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$ |
(0.5 |
) |
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$ |
1.6 |
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$ |
3.7 |
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$ |
1.5 |
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$ |
2.2 |
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Recurring Operating Income (Loss) as a percent of sales |
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5.1 |
% |
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(3.0 |
%) |
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6.1 |
% |
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2.7 |
% |
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Net sales for the third quarter of fiscal 2018
were the highest of any third quarter in company history,
increasing $5.1 million, or 31.3%, versus the same quarter in the
prior year, and reflecting increases in Europe and Americas
regions. The Europe region was up due to increases in In-Line
and Near-Line Measurement Solutions, Off-Line Measurement Solutions
and Value-Added Services. The year-over-year improvement in
the Americas region was primarily due to increases in In-Line and
Near-Line Measurement Solutions and Value-Added Services, partially
offset by decreased sales of 3D Scanning Solutions and a small
decline in Off-Line Measurement Solutions. The decline in the
Asia region was primarily due to decreases in the In-Line and
Near-Line Measurement Solutions as well as the 3D Scanning
Solutions, partially offset by an increase in sales of Off-Line
Measurement Solutions.
In the third quarter of fiscal 2018, gross
profit as a percentage of sales improved by 500 basis points
compared to the prior year period, primarily due to the higher
volume of sales, the mix of the Company’s revenue and the timing of
certain expenses in cost of goods sold under applicable accounting
rules.
During the third quarter of fiscal 2018,
SG&A, Engineering and R&D expenses were up $1.1 million,
primarily as a result of strategic investments in several
engineering, research and development initiatives, increased
employee-related costs, including a higher bonus accrual due to
improved financial results and increased usage of outside
contractors, as well as increased allowance for doubtful accounts
reserve, partially offset by lower finance and bank fees.
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Three Months Ended March 31, |
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Nine Months Ended March 31, |
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BOOKINGS (in millions) |
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2018 |
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2017 |
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Change |
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2018 |
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2017 |
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Change |
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Geographic Region |
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Americas |
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$ |
10.3 |
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$ |
11.3 |
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$ |
(1.0 |
) |
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$ |
26.8 |
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$ |
30.6 |
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$ |
(3.8 |
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Europe |
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9.4 |
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7.0 |
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2.4 |
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26.8 |
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21.8 |
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5.0 |
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Asia |
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4.4 |
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4.9 |
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(0.5 |
) |
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13.7 |
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13.5 |
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0.2 |
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Total Bookings |
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$ |
24.1 |
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$ |
23.2 |
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$ |
0.9 |
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$ |
67.3 |
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$ |
65.9 |
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$ |
1.4 |
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BACKLOG (in millions) |
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3/31/2018 |
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12/31/2017 |
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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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Geographic Region |
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Americas |
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$ |
20.2 |
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$ |
18.0 |
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$ |
21.1 |
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$ |
19.5 |
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$ |
20.9 |
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Europe |
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18.9 |
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19.6 |
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18.0 |
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16.4 |
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16.7 |
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Asia |
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12.1 |
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10.9 |
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9.8 |
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9.1 |
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11.0 |
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Total Backlog |
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$ |
51.2 |
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$ |
48.5 |
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$ |
48.9 |
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$ |
45.0 |
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$ |
48.6 |
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Third quarter bookings reached an all-time
record of $24.1 million. The increase in booking activity is
primarily due to increases in Off-Line Measurement Solutions and
Value Added Services, partially offset by decreases in In-Line and
Near-Line Measurement Solutions and 3D Scanning Solutions.
The increased booking activity in Europe was driven by increases in
Off-Line Measurement Solutions, In-Line and Near-Line Measurement
Solutions and 3D Scanning Solutions.
Bookings in the third quarter of fiscal 2018
exceeded revenue by $2.7 million, which resulted in an increase in
backlog to $51.2 million at March 31, 2018. This is the
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 $7.8
million at March 31, 2018, down from $9.0 million at December 31,
2017 and up from $5.1 million at March 31, 2017. At March 31,
2018, bank debt outstanding totaled $1.5 million, down slightly
from an outstanding balance of $1.6 million at December 31, 2017,
and up from $0.8 million at March 31, 2017.
Quarterly Investor Call and
Webcast
Perceptron, Inc., will hold its third quarter
fiscal year 2018 investor conference call/webcast, chaired by David
L. Watza, President and CEO, on Tuesday, May 8, 2018, at 10:00
AM (EDT). Investors can access the call at:
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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 |
10118897 |
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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 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, 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, 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
2017 and of our Quarterly Reports on Form 10-Q. 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. |
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SELECTED FINANCIAL DATA |
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(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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2018 |
|
2017 |
|
2018 |
|
2017 |
|
Net
Sales |
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|
|
$ |
21,397 |
|
|
$ |
16,325 |
|
|
$ |
61,099 |
|
|
$ |
55,596 |
|
|
Cost of Sales |
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|
13,475 |
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|
11,135 |
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|
38,120 |
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|
36,388 |
|
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|
Gross Profit |
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|
7,922 |
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|
5,190 |
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|
22,979 |
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|
19,208 |
|
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Operating Expenses |
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Selling,
General and Administrative Expense |
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4,700 |
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4,039 |
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13,621 |
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12,795 |
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Engineering, Research and Development Expense |
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2,132 |
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|
1,650 |
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|
5,662 |
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|
4,917 |
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Severance,
Impairment and Other Charges |
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(3 |
) |
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|
3 |
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|
603 |
|
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|
720 |
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|
Operating Income (Loss) |
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|
1,093 |
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(502 |
) |
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|
3,093 |
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|
776 |
|
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Other Income and (Expenses), net |
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Interest
Expense, net |
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(53 |
) |
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|
(94 |
) |
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|
(137 |
) |
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|
(212 |
) |
|
Foreign
Currency and Other, net |
|
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|
87 |
|
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|
122 |
|
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|
33 |
|
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(198 |
) |
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Income (Loss) Before Income Taxes |
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|
1,127 |
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|
(474 |
) |
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|
2,989 |
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|
366 |
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Income Tax Expense |
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|
(107 |
) |
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(124 |
) |
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(45 |
) |
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(795 |
) |
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Net
Income (Loss) |
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|
$ |
1,020 |
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$ |
(598 |
) |
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$ |
2,944 |
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$ |
(429 |
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Income (Loss) Per Common Share |
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Basic |
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$0.11 |
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($0.06 |
) |
|
$0.31 |
|
|
($0.05 |
) |
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Diluted |
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|
$0.11 |
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|
($0.06 |
) |
|
$0.31 |
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|
($0.05 |
) |
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Weighted Average Common Shares Outstanding |
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Basic |
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9,539 |
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|
9,400 |
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|
9,468 |
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|
9,384 |
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Diluted |
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|
9,691 |
|
|
|
9,400 |
|
|
|
9,542 |
|
|
|
9,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERCEPTRON, INC. |
|
SELECTED FINANCIAL DATA |
|
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheets |
|
|
March 31, |
|
June 30, |
|
|
|
|
|
|
2018 |
|
2017 |
|
|
|
|
|
|
(Unaudited) |
|
|
|
Cash and
Cash Equivalents |
|
|
$ |
5,365 |
|
$ |
3,704 |
|
Short-Term
Investments |
|
|
|
2,437 |
|
|
1,572 |
|
Receivables, net |
|
|
|
|
29,823 |
|
|
31,943 |
|
Inventories, net |
|
|
|
|
15,224 |
|
|
11,466 |
|
Other
Current Assets |
|
|
|
1,604 |
|
|
1,953 |
|
Total Current Assets |
|
|
|
54,453 |
|
|
50,638 |
|
|
|
|
|
|
|
|
|
|
Property
and Equipment, net |
|
|
|
6,726 |
|
|
7,377 |
|
Goodwill
and Other Intangible Assets, net |
|
|
12,693 |
|
|
11,866 |
|
Long-Term
Deferred Income Tax Asset |
|
|
853 |
|
|
9 |
|
Long-Term
Investments |
|
|
|
725 |
|
|
725 |
|
Total Non-Current Assets |
|
|
|
20,997 |
|
|
19,977 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
$ |
75,450 |
|
$ |
70,615 |
|
|
|
|
|
|
|
|
|
|
Line of
Credit and Short-Term Notes Payable |
|
$ |
1,747 |
|
$ |
1,705 |
|
Accounts
Payable |
|
|
|
7,641 |
|
|
8,280 |
|
Deferred
Revenue |
|
|
|
8,312 |
|
|
8,485 |
|
Restructuring and Other Charges Reserve |
|
|
926 |
|
|
1,113 |
|
Other
Current Liabilities |
|
|
|
7,726 |
|
|
8,572 |
|
Total Current Liabilities |
|
|
|
26,352 |
|
|
28,155 |
|
|
|
|
|
|
|
|
|
|
Long-Term
Taxes Payable |
|
|
|
608 |
|
|
969 |
|
Long-Term
Deferred Income Tax Liability |
|
|
1,530 |
|
|
871 |
|
Other
Long-Term Liabilities |
|
|
|
649 |
|
|
785 |
|
Total Long-Term Liabilities |
|
|
|
2,787 |
|
|
2,625 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
|
29,139 |
|
|
30,780 |
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
46,311 |
|
|
39,835 |
|
Total Liabilities and Shareholders'
Equity |
$ |
75,450 |
|
$ |
70,615 |
|
|
|
|
|
|
|
|
|
|
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” and
“Recurring Net Income”. 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 and
Net Income, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
PERCEPTRON, INC. |
|
Additional Information Regarding Special Items
Impacting |
|
Reported GAAP Financial Measures |
|
(Unaudited, In Thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
March 31, |
|
March 31, |
|
|
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss), as reported |
|
$ |
1,093 |
|
|
$ |
(502 |
) |
|
$ |
3,093 |
|
$ |
776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance,
Impairment and Other Charges |
|
|
(3 |
) |
|
|
3 |
|
|
|
603 |
|
|
720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding special items, |
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) would have
been |
|
$ |
1,090 |
|
|
$ |
(499 |
) |
|
$ |
3,696 |
|
$ |
1,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (Loss), as reported |
|
$ |
1,020 |
|
|
$ |
(598 |
) |
|
$ |
2,944 |
|
$ |
(429 |
) |
|
|
|
|
|
|
|
|
|
|
|
Valuation
Allowance on DTA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
511 |
|
|
|
|
|
|
|
|
|
|
|
|
Excluding special items, |
|
|
|
|
|
|
|
|
|
Net Income (Loss) would have
been |
|
$ |
1,020 |
|
|
$ |
(598 |
) |
|
$ |
2,944 |
|
$ |
82 |
|
|
|
|
|
|
|
|
Income (Loss) Per Common Share
- |
|
|
|
|
|
|
Diluted, as reported |
|
$ |
0.11 |
|
|
$ |
(0.06 |
) |
|
$ |
0.31 |
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
Diluted
Income Per Share due to Valuation |
|
|
|
|
|
|
|
|
|
Allowance on DTA |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
Excluding special items, Diluted Income |
|
|
|
|
|
|
|
|
|
per Share would have
been |
|
$ |
0.11 |
|
|
$ |
(0.06 |
) |
|
$ |
0.31 |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted Average Common
Shares |
|
|
|
|
|
|
|
|
|
Outstanding, as
reported |
|
|
9,691 |
|
|
|
9,400 |
|
|
|
9,542 |
|
|
9,384 |
|
|
|
|
|
|
|
|
|
|
Contact:Investor Relationsinvestors@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