Perceptron, Inc. (NASDAQ: PRCP), a leading global
provider of 3D automated metrology solutions and coordinate
measuring machines, today announced third quarter and nine month
results for its 2019 fiscal year (period ended March 31,
2019).
FINANCIAL HIGHLIGHTS (in millions, except per share
data) |
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Three Months Ended March 31, |
|
Nine Months Ended March 31, |
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2019 |
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2018 |
|
Change |
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|
2019 |
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|
2018 |
|
Change |
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|
Sales |
$ |
15.6 |
|
|
$ |
21.4 |
|
$ |
(5.8 |
) |
|
$ |
58.6 |
|
$ |
61.1 |
|
$ |
(2.5 |
) |
Net (Loss) Income |
|
(1.1 |
) |
|
|
1.0 |
|
|
(2.1 |
) |
|
|
1.4 |
|
|
2.9 |
|
|
(1.5 |
) |
Diluted (Loss) Income per
Share |
$ |
(0.11 |
) |
|
$ |
0.11 |
|
$ |
(0.22 |
) |
|
$ |
0.14 |
|
$ |
0.31 |
|
$ |
(0.17 |
) |
Third quarter fiscal 2019 results:
- Third quarter consolidated net sales were $15.6 million, a
decrease of 27.1% from the third quarter of fiscal year 2018
- Consolidated gross profit was $5.1 million and gross margin was
32.7%
- Third quarter reported and recurring operating loss totaled
$1.1 million
- Net loss for the third quarter of fiscal 2019 was $1.1
million
- Third quarter diluted loss per share was $0.11
- Bookings totaled $13.2 million
- Backlog was $35.7 million
- Cash and short-term investments totaled $6.2 million at March
31, 2019
Year-to-date fiscal 2019 results:
- Consolidated net sales decreased 4.1% to $58.6 million
- Consolidated gross profit decreased by $1.7 million to $21.3
million
- Consolidated gross margin was 36.3%
- Year-to-date reported operating income totaled $1.8 million and
recurring operating income was $1.2 million
- Net income was $1.4 million for year-to-date fiscal 2019
- Year-to-date diluted earnings per share was $0.14, compared to
$0.31 in fiscal year-to-date 2018
- Bookings decreased 24.8% to $50.6 million for year-to-date
fiscal 2019
New revenue recognition rules:
- The Company adopted the new revenue recognition rules outlined
by Accounting Standards Update No. 2014-09 (“ASC 606”) on July 1,
2018, utilizing the modified retrospective transition
method
- As a result of these new rules, the Company recorded a positive
net transition adjustment to retained earnings in the amount of
$2.0 million in the first quarter of fiscal 2019
- Included in the net transition adjustment was a gross revenue
adjustment of $3.8 million, which reduced the backlog level by the
same amount
- Under prior revenue recognition rules, the Company would have
recognized $12.4 million in revenue in the third quarter of fiscal
2019 and $52.8 million for the first nine months of fiscal
2019
Fourth quarter and full year 2019 guidance:
- Revenue for the fiscal fourth quarter is expected to be in the
range of $15.5 million to $18.5 million
- Given expectations of a flat macro environment in our key
industry segments in 2019, lower short-term demand in the Americas
region and foreign currency exchange headwinds, the Company tempers
its guidance for full year fiscal 2019 revenue to be down
approximately 10% compared with the prior fiscal year.
- Continued early success with new product launches, despite
moderating global growth, reinforces Perceptron’s confidence in
achieving its long-term growth targets.
- In reaction to the short-term revenue trends, the Company has
implemented a plan to reduce fixed costs, including position
eliminations and headcount reductions. These changes are
expected to create over $2.0 million in estimated full run-rate
annual pre-tax cost savings. Cash pre-tax charges related to the
actions are expected to be approximately $0.4 million.
David Watza, President and CEO of Perceptron,
commented, “The market for our Americas region continued to be
challenging this quarter as some of our larger OEM customers
delayed certain purchasing decisions to accommodate dramatic
strategic changes in their product plans. These customers are
adjusting to consumer demand trends toward electric and autonomous
vehicles and we believe we have positioned Perceptron to benefit
from these changes in the longer term. We have already received
some of these orders that were delayed and have not lost any
customers. While I am disappointed in these results, I
believe the core value of this business and our ability to
accelerate growth remain in place. The Company is well positioned
for the future due to our ongoing investments in new product
innovation and development. We remain very confident in our
ability to supply our customers their metrology solutions in the
coming quarters and years.
“As a result of the recent demand challenges, we
implemented a plan to reduce fixed and variable costs. These
changes are designed to right size the business to more closely
match our near-term revenue, with the intent of making us leaner
and improve profitability and cash flow without impacting our
long-term growth initiatives.
“We have been pleased with the activity and
demand we’re experiencing in our Europe and Asia regions in the
face of uncertainties caused by trade disputes. Underlying
customer activities in the early part of our fourth quarter have
shown improvements, and we believe that bookings will return to
higher levels in the near term.
“We continue to implement our product plan for
our core automotive business, which was highlighted by the new gap
and flush solution announced during the quarter. Our unique
AutoFit® and AccuSite™ solutions instill confidence for increased
automotive market penetration in each of our key geographies, as
well as additional product offerings in the future. We
believe that our investments to update and expand our suite of
metrology solutions over the past several years have further
enhanced our market position, with top-of-the-line solutions
designed to meet customer requirements,” Watza added.
“Our confidence in the long-term growth
potential of Perceptron remains strong. We believe there are
significant upside and value creation opportunities ahead for
Perceptron and will continue to aggressively execute the Company’s
strategic plan, with the goal of maximizing value for Perceptron
shareholders. To that end, the Board has formed a Strategic
Planning Committee to assist management in identifying and
evaluating new business development opportunities to significantly
grow the business,” Watza concluded.
Highlights of Operations
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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2019 |
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2018 |
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|
Change |
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2019 |
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2018 |
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|
Change |
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Americas Sales |
$ |
4.4 |
|
|
$ |
8.1 |
|
|
$ |
(3.7 |
) |
|
$ |
19.7 |
|
|
$ |
26.1 |
|
|
$ |
(6.4 |
) |
|
Europe Sales |
|
8.0 |
|
|
|
10.1 |
|
|
|
(2.1 |
) |
|
|
25.7 |
|
|
|
24.3 |
|
|
|
1.4 |
|
|
Asia Sales |
|
3.2 |
|
|
|
3.2 |
|
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|
- |
|
|
|
13.2 |
|
|
|
10.7 |
|
|
|
2.5 |
|
Total Net
Sales |
$ |
15.6 |
|
|
$ |
21.4 |
|
|
$ |
(5.8 |
) |
|
$ |
58.6 |
|
|
$ |
61.1 |
|
|
$ |
(2.5 |
) |
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Gross Profit |
$ |
5.1 |
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|
$ |
7.9 |
|
|
$ |
(2.8 |
) |
|
$ |
21.3 |
|
|
$ |
23.0 |
|
|
$ |
(1.7 |
) |
|
Gross Profit as a percent of
sales |
|
32.7 |
% |
|
|
36.9 |
% |
|
|
|
|
36.3 |
% |
|
|
37.6 |
% |
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|
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Operating (Loss)
Income |
$ |
(1.1 |
) |
|
$ |
1.1 |
|
|
$ |
(2.2 |
) |
|
$ |
1.8 |
|
|
$ |
3.1 |
|
|
$ |
(1.3 |
) |
|
Operating (Loss) Income as a
percent of sales |
|
(7.0 |
%) |
|
|
5.1 |
% |
|
|
|
|
3.1 |
% |
|
|
5.1 |
% |
|
|
|
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|
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|
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|
Net (Loss)
Income |
$ |
(1.1 |
) |
|
$ |
1.0 |
|
|
$ |
(2.1 |
) |
|
$ |
1.4 |
|
|
$ |
2.9 |
|
|
$ |
(1.5 |
) |
Diluted
(Loss) Income per Share |
$ |
(0.11 |
) |
|
$ |
0.11 |
|
|
$ |
(0.22 |
) |
|
$ |
0.14 |
|
|
$ |
0.31 |
|
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring
Operating (Loss) Income |
$ |
(1.1 |
) |
|
$ |
1.1 |
|
|
$ |
(2.2 |
) |
|
$ |
1.2 |
|
|
$ |
3.7 |
|
|
$ |
(2.5 |
) |
|
Recurring Operating (Loss)
Income as a percent of sales |
|
(7.0 |
%) |
|
|
5.1 |
% |
|
|
|
|
2.0 |
% |
|
|
6.1 |
% |
|
|
|
|
|
|
|
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|
Perceptron generated third quarter net sales for fiscal 2019 in
the amount of $15.6 million, decreasing $5.8 million, or 27.1%,
versus the same quarter in the prior year which included an
unfavorable currency impact of $0.9 million. The decrease in
the Americas region was due to softness across all product
lines. The Europe region decline was due to decreases in
In-Line and Near-Line Measurement Solutions as well as Off-Line
Measurement Solutions.
In the third quarter of fiscal 2019, gross
profit as a percentage of sales was down 420 basis points compared
to the prior year period, primarily due to the volume and mix of
the Company’s revenue.
During the third quarter of fiscal 2019,
SG&A, Engineering and R&D expenses were down $0.6 million,
primarily as a result of decreased employee-related costs,
including a reduction of the accrual related to the short-term
incentive compensation plan due to estimates that the level of
actual performance for fiscal year 2019 will not meet the targets
set to earn this incentive compensation, a decrease on Board of
Director fees due to a change in the composition of the Board and a
decrease in costs related to specialized supplies utilized in the
development of products. These decreases are partially offset
by increases in legal and audit fees, other third-party expenses
and building-related expenses.
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|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
BOOKINGS (in
millions) |
|
2019 |
|
|
2018 |
|
Change |
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|
2019 |
|
|
2018 |
|
Change |
|
|
|
|
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|
|
|
|
|
|
|
|
Geographic Region |
|
|
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|
|
|
|
|
|
|
Americas |
$ |
3.3 |
|
$ |
10.3 |
|
$ |
(7.0 |
) |
|
$ |
9.9 |
|
$ |
26.8 |
|
$ |
(16.9 |
) |
|
Europe |
|
5.9 |
|
|
9.4 |
|
|
(3.5 |
) |
|
|
27.2 |
|
|
26.8 |
|
|
0.4 |
|
|
Asia |
|
4.0 |
|
|
4.4 |
|
|
(0.4 |
) |
|
|
13.5 |
|
|
13.7 |
|
|
(0.2 |
) |
Total
Bookings |
$ |
13.2 |
|
$ |
24.1 |
|
$ |
(10.9 |
) |
|
$ |
50.6 |
|
$ |
67.3 |
|
$ |
(16.7 |
) |
|
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|
BACKLOG (in
millions) |
3/31/2019 |
|
12/31/2018 |
|
9/30/2018 |
|
6/30/2018* |
|
3/31/2018 |
|
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|
|
|
|
|
|
Geographic Region |
|
|
|
|
|
|
|
|
|
|
Americas |
$ |
7.9 |
|
$ |
9.0 |
|
$ |
13.0 |
|
|
$ |
19.8 |
|
$ |
20.2 |
|
|
Europe |
|
19.5 |
|
|
21.6 |
|
|
18.5 |
|
|
|
19.0 |
|
|
18.9 |
|
|
Asia |
|
8.3 |
|
|
7.5 |
|
|
7.7 |
|
|
|
8.7 |
|
|
12.1 |
|
Total Backlog |
$ |
35.7 |
|
$ |
38.1 |
|
$ |
39.2 |
|
|
$ |
47.5 |
|
$ |
51.2 |
|
|
|
|
|
|
|
|
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|
|
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|
* Prior to
Transition Adjustment for Implementation of ASC 606 adopted on July
1, 2018; Impact of Transition is a reduction of Total Backlog of
$3.8 million |
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|
Third quarter bookings were $13.2 million, a decrease of 45.2%
compared to the third quarter of fiscal 2018 and included an
unfavorable currency impact of $0.5 million. The principal
driver of the bookings decrease was softness in the Americas
region.
Revenue in the third quarter of fiscal 2019
exceeded bookings by $2.4 million, which caused a decrease in
backlog to $35.7 million.
FINANCIAL POSITION
Cash and short-term investment balance totals
$6.2 million at March 31, 2019, down slightly from $6.7 million at
June 30, 2018 and down compared to $7.8 million at March 31,
2018. At March 31, 2019 and June 30, 2018, the Company did
not have any bank debt outstanding, down from an outstanding
balance of $1.5 million at March 31, 2018.
Quarterly Investor Call and
Webcast
Perceptron, Inc., will hold its third quarter
fiscal 2019 investor conference call/webcast, chaired by David L.
Watza, President and CEO, on May 10, 2019, at 10:00 AM (EDT).
Investors can access the call at:
Webcast |
investors.perceptron.com on the Event page |
Conference Call |
833-535-2207 (domestic callers) or |
|
412-317-5405 (international callers) |
Conference ID |
10131085 |
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, 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 2019 and future results,
operating data, new order bookings, revenue, expenses, net income
and backlog levels, savings from cost reduction actions, 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 2019 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 cost savings actions,
including position eliminations and headcount reductions 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 2018. 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, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Net
Sales |
|
$ |
15,632 |
|
|
$ |
21,397 |
|
|
$ |
58,627 |
|
|
$ |
61,099 |
|
Cost of
Sales |
|
10,485 |
|
|
|
13,475 |
|
|
|
37,338 |
|
|
|
38,120 |
|
|
Gross
Profit |
|
5,147 |
|
|
|
7,922 |
|
|
|
21,289 |
|
|
|
22,979 |
|
Operating
Expenses |
|
|
|
|
|
|
|
Selling, General
and Administrative Expense |
|
4,415 |
|
|
|
4,700 |
|
|
|
13,992 |
|
|
|
13,621 |
|
Engineering,
Research and Development Expense |
|
1,812 |
|
|
|
2,132 |
|
|
|
6,090 |
|
|
|
5,662 |
|
Severance,
Impairment and Other Charges |
|
- |
|
|
|
(3 |
) |
|
|
(609 |
) |
|
|
603 |
|
|
Operating (Loss)
Income |
|
(1,080 |
) |
|
|
1,093 |
|
|
|
1,816 |
|
|
|
3,093 |
|
Other
Income and (Expenses), net |
|
|
|
|
|
|
|
Interest Expense,
net |
|
(16 |
) |
|
|
(53 |
) |
|
|
(72 |
) |
|
|
(137 |
) |
Foreign Currency
and Other, net |
|
(99 |
) |
|
|
87 |
|
|
|
(145 |
) |
|
|
33 |
|
(Loss)
Income Before Income Taxes |
|
(1,195 |
) |
|
|
1,127 |
|
|
|
1,599 |
|
|
|
2,989 |
|
Income Tax
Benefit (Expense) |
|
130 |
|
|
|
(107 |
) |
|
|
(225 |
) |
|
|
(45 |
) |
|
|
|
|
|
|
|
|
|
Net (Loss)
Income |
$ |
(1,065 |
) |
|
$ |
1,020 |
|
|
$ |
1,374 |
|
|
$ |
2,944 |
|
|
|
|
|
|
|
|
|
|
(Loss)
Income Per Common Share |
|
|
|
|
|
|
|
|
Basic |
($ |
0.11 |
) |
|
$ |
0.11 |
|
|
$ |
0.14 |
|
|
$ |
0.31 |
|
|
Diluted |
($ |
0.11 |
) |
|
$ |
0.11 |
|
|
$ |
0.14 |
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
Weighted
Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
Basic |
|
9,627 |
|
|
|
9,539 |
|
|
|
9,601 |
|
|
|
9,468 |
|
|
Diluted |
|
9,627 |
|
|
|
9,691 |
|
|
|
9,711 |
|
|
|
9,542 |
|
|
|
|
|
|
|
|
|
|
|
PERCEPTRON, INC. |
SELECTED FINANCIAL DATA |
(In Thousands) |
|
|
|
|
Condensed Balance
Sheets |
March 31, |
|
June 30, |
|
2019 |
|
2018 |
|
(Unaudited) |
|
|
Cash and Cash Equivalents |
$ |
5,429 |
|
$ |
5,830 |
Short-Term Investments |
|
741 |
|
|
877 |
Receivables, net |
|
32,037 |
|
|
32,143 |
Inventories, net |
|
11,905 |
|
|
13,829 |
Other Current Assets |
|
2,280 |
|
|
1,327 |
Total Current Assets |
|
52,392 |
|
|
54,006 |
|
|
|
|
Property and Equipment,
net |
|
6,529 |
|
|
6,613 |
Goodwill and Other Intangible
Assets, net |
|
10,864 |
|
|
11,805 |
Long-Term Deferred Income Tax
Asset |
|
658 |
|
|
1,055 |
Long-Term Investments |
|
725 |
|
|
725 |
Total Non-Current Assets |
|
18,776 |
|
|
20,198 |
|
|
|
|
Total Assets |
$ |
71,168 |
|
$ |
74,204 |
|
|
|
|
Line of Credit and Short-Term
Notes Payable |
$ |
17 |
|
$ |
175 |
Accounts Payable |
|
6,642 |
|
|
7,592 |
Deferred Revenue |
|
6,155 |
|
|
8,691 |
Reserve for Restructuring and
Other Charges |
|
- |
|
|
675 |
Other Current Liabilities |
|
6,872 |
|
|
8,705 |
Total Current Liabilities |
|
19,686 |
|
|
25,838 |
|
|
|
|
Long-Term Taxes Payable |
|
194 |
|
|
450 |
Long-Term Deferred Income Tax
Liability |
|
1,748 |
|
|
1,717 |
Other Long-Term
Liabilities |
|
573 |
|
|
601 |
Total Long-Term Liabilities |
|
2,515 |
|
|
2,768 |
|
|
|
|
Total Liabilities |
|
22,201 |
|
|
28,606 |
|
|
|
|
Shareholders'
Equity |
|
48,967 |
|
|
45,598 |
Total Liabilities and Shareholders' Equity |
$ |
71,168 |
|
$ |
74,204 |
|
|
|
|
Non-GAAP Financial MeasuresWhile 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”. This is a non-GAAP financial measure.
Management believes that this 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
reconciliation of the non-GAAP measure to Operating Income.
|
PERCEPTRON, INC. |
Additional Information Regarding Special Items
Impacting |
Reported GAAP Financial Measure |
(Unaudited, In Thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
March 31, |
|
March 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
Operating (Loss)
Income, as reported |
$ |
(1,080 |
) |
|
$ |
1,093 |
|
|
$ |
1,816 |
|
|
$ |
3,093 |
|
|
|
|
|
|
|
|
Severance, Impairment and
Other Charges |
|
- |
|
|
|
(3 |
) |
|
|
(609 |
) |
|
|
603 |
|
|
|
|
|
|
|
|
Excluding special
items, |
|
|
|
|
|
|
|
Operating
(Loss) Income would have been |
$ |
(1,080 |
) |
|
$ |
1,090 |
|
|
$ |
1,207 |
|
|
$ |
3,696 |
|
|
|
|
|
|
|
|
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