Perceptron, Inc. (NASDAQ: PRCP), a leading global
provider of 3D automated metrology solutions and coordinate
measuring machines, today announced first quarter results for its
2020 fiscal year (period ended September 30, 2019).
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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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2019 |
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2018 |
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Change |
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(As Revised) |
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Net Sales |
$ |
17.9 |
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$ |
21.4 |
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$ |
(3.5 |
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Net Income |
0.6 |
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1.0 |
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(0.4 |
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Diluted Income per Share |
$ |
0.06 |
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$ |
0.10 |
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$ |
(0.04 |
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First quarter fiscal 2020 results:
- First quarter consolidated net sales were $17.9 million, a
decrease of 16.4% from the first quarter of fiscal year 2019
- Consolidated gross profit was $7.1 million and gross margin was
39.7%
- First quarter operating income totaled $1.0 million
- Net income for the first quarter of fiscal 2020 was $0.6
million
- First quarter diluted earnings per share was $0.06
- Bookings totaled $17.2 million
- Backlog was $37.7 million
- Cash and short-term investments totaled $4.7 million at
September 30, 2019
Full year fiscal 2020 outlook and guidance:
- Double-digit forecasted increase in bookings
- Low to mid-single digit forecasted revenue growth
- Mid-single digit forecasted operating income margins
“During the quarter, continued growth in our new
product launches supported improvement in our operating
profitability, exceeding our expectations despite some revenue and
bookings delays. Prolonged uncertainty around global economic
conditions surrounding our major industrial customers has resulted
in cautious order activity that we believe may rebound later in the
year,” said David Watza, President and CEO of Perceptron. “Despite
these challenges, our order in-take for the first quarter was up
5.6% over the same period in the prior year on a constant currency
basis. In this uncertain environment, we believe that we are
maintaining our market share and see increasing opportunities to
grow our bookings at double digit rates and capture additional
market share over time. However, given the continued challenging
economic environment, we have reduced visibility into timing of
orders for the next few quarters.
We continue to aggressively pursue revenue
growth, although progress will ultimately be determined by timing
of customer orders and delivery expectations. Our focus on cost
reductions and operational efficiency across the organization
should continue to deliver mid-single digit operating margins
through fiscal 2020. Should we see more stability in the global
trade outlook and business environment, we believe these cost and
operational measures should result in accelerating profitable
growth.”
Jay Freeland, Perceptron’s Chairman of the
Board, comments “Amidst the prolonged uncertainty in our largest
industry vertical, we see a building opportunity set for our
technology. We are well positioned to benefit from the increasing
consumer demand trends toward electric and autonomous vehicles due
to our continued product development efforts. We continue to see
broad, significant interest in our technology across all regions,
both from current and prospective customers, and we are already
seeing strong evidence that our investments to update and expand
our suite of metrology solutions over the past several years have
further positioned us to meet customers’ demand with
top-of-the-line solutions.
Perceptron’s new AccuSite® Optical Tracking
product continues to resonate with customers and industry experts
as evidenced by our recent selection as a PACE Award finalist.
“We believe that our established development
path will generate new business opportunities within our existing
customer relationships and enable us to further grow into adjacent
markets,” concluded Watza. “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 ultimate goal of maximizing value for
Perceptron’s shareholders.”
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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 September 30, |
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2019 |
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2018 |
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Change |
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(As Revised) |
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Americas Sales |
$ |
6.2 |
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$ |
8.3 |
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$ |
(2.1 |
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Europe Sales |
7.1 |
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8.8 |
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(1.7 |
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Asia Sales |
4.6 |
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4.3 |
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0.3 |
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Total Net Sales |
$ |
17.9 |
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$ |
21.4 |
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$ |
(3.5 |
) |
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Gross Profit |
$ |
7.1 |
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$ |
8.3 |
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$ |
(1.2 |
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Gross Profit as a percent of sales |
39.7% |
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38.8% |
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Operating Income |
$ |
1.0 |
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$ |
1.5 |
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$ |
(0.5 |
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Operating Income as a percent of sales |
5.7% |
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7.0% |
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Net Income |
$ |
0.6 |
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$ |
1.0 |
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$ |
(0.4 |
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Diluted
Income per Share |
$ |
0.06 |
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$ |
0.10 |
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$ |
(0.04 |
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Perceptron generated first quarter net sales for fiscal 2020 in
the amount of $17.9 million, decreasing $3.5 million, or 16.4%,
versus the same quarter in the prior year, which included an
unfavorable currency impact of $0.5 million. The
Americas region decline was due to decreases in In-Line and
Near-Line Measurement Solutions. The decrease in the Europe region
was due to softness across all product lines.
In the first quarter of fiscal 2020, gross
profit as a percentage of sales was up 90 basis points compared to
the prior year period, primarily due to the mix of the Company’s
revenue, impact of new products and benefit of cost saving
initiatives.
During the first quarter of fiscal 2020,
SG&A, Engineering and R&D expenses were down $0.7 million,
primarily as a result of decreased legal fees, employee-related
costs through cost savings initiatives, commissions and
amortization expense.
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Three Months Ended September 30, |
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BOOKINGS (in
millions) |
2019 |
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2018 |
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Change |
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Geographic
Region |
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Americas |
$ |
6.9 |
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$ |
3.6 |
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$ |
3.3 |
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Europe |
7.5 |
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9.3 |
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(1.8 |
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Asia |
2.8 |
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4.0 |
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(1.2 |
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Total Bookings |
$ |
17.2 |
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$ |
16.9 |
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$ |
0.3 |
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BACKLOG (in
millions) |
9/30/2019 |
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6/30/2019 |
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3/31/2019 |
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12/31/2018 |
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9/30/2018 |
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Geographic
Region |
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Americas |
$ |
12.3 |
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$ |
11.6 |
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$ |
7.9 |
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$ |
9.0 |
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$ |
13.0 |
Europe |
18.6 |
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18.2 |
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19.5 |
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21.6 |
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18.5 |
Asia |
6.8 |
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8.6 |
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8.3 |
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7.5 |
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7.7 |
Total Backlog |
$ |
37.7 |
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$ |
38.4 |
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$ |
35.7 |
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$ |
38.1 |
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$ |
39.2 |
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First quarter bookings were $17.2 million, an
increase of 1.8% compared to the first quarter of fiscal 2019.
The $3.3 million increase in our Americas region is primarily
due to an increase in our In-Line and Near-Line Measurement
Solutions. The $1.8 million decrease in our Europe region is
primarily due to a decrease in 3D Scanning Solutions. The
$1.2 million decrease in our Asia region is due to decreases in
both our Off-Line and our In-Line and Near-Line Measurement
Solutions. First quarter bookings included an unfavorable currency
impact of $0.5 million.
Revenue in the first quarter of fiscal 2020
exceeded bookings by $0.7 million, which caused a decrease in
backlog to $37.7 million.
FINANCIAL POSITION
Cash and short-term investment balance totaled
$4.7 million at September 30, 2019, down from $6.0 million at June
30, 2019 and $8.0 million at September 30, 2018. At September
30, 2019, and June 30, 2019, we did not have any bank debt
outstanding, nor did we have any bank debt outstanding at September
30, 2018.
Quarterly Investor Call and
Webcast
Perceptron, Inc., will hold its first quarter
fiscal 2020 investor conference call/webcast, chaired by David L.
Watza, President and CEO, on November 12, 2019, at 8:30
AM (EDT). Investors can access the call at:
Webcast |
investors.perceptron.com on the Event page |
Conference Call |
833-535-2207 (domestic callers) or |
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412-317-5405 (international callers) |
Conference ID |
10136469 |
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 2020 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 2020 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
2019. 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.
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PERCEPTRON, INC. |
SELECTED FINANCIAL DATA |
(Unaudited, In Thousands Except Per Share Amounts) |
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Condensed Income
Statements |
Three Months Ended |
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September 30, |
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2019 |
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2018 |
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(As revised) |
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Net Sales |
$ |
17,850 |
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$ |
21,442 |
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Cost of
Sales |
10,808 |
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13,150 |
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Gross Profit |
7,042 |
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8,292 |
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Operating
Expenses |
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Selling, General and
Administrative Expense |
4,243 |
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4,635 |
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Engineering, Research and
Development Expense |
1,828 |
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2,198 |
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Operating Income |
971 |
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1,459 |
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Other Income and
(Expenses), net |
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Interest Expense, net |
(24 |
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(27 |
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Foreign Currency and Other,
net |
(178 |
) |
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(202 |
) |
Income Before Income
Taxes |
769 |
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1,230 |
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Income Tax
Expense |
(143 |
) |
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(276 |
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Net
Income |
$ |
626 |
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$ |
954 |
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Income Per Common
Share |
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Basic |
$0.06 |
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$0.10 |
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Diluted |
$0.06 |
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$0.10 |
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Weighted Average
Common Shares Outstanding |
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Basic |
9,661 |
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9,560 |
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Diluted |
9,664 |
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9,772 |
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*During fourth quarter of fiscal 2019, the Company identified an
error related to the accounting for our deferred tax liabilities
associated with certain amortizable intangible assets acquired in
2015. The error relates to not appropriately reducing the
associated deferred tax liabilities for the tax effect of
amortization of the intangible assets since 2016. The error was
immaterial to our previously issued financial statements, but the
cumulative correction would have had a material effect on the 2019
financial statements. Accordingly, the results for the quarter
ended September 30, 2018 throughout this earnings announcement have
been adjusted to incorporate the revised amounts, where applicable.
The revision reduced income tax expense and increased net income by
approximately $62,000 for the three months ended September 30,
2018, in the Condensed Income Statements for that period. These
changes are reflected in this earnings announcement in the columns
labeled as revised.
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PERCEPTRON, INC. |
SELECTED FINANCIAL DATA |
(In Thousands) |
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Condensed Balance
Sheets |
September 30, |
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June 30, |
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2019 |
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2018 |
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(Unaudited) |
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Cash and Cash Equivalents |
$ |
3,998 |
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$ |
4,585 |
Short-Term Investments |
722 |
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1,431 |
Receivables, net |
35,136 |
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33,043 |
Inventories, net |
10,056 |
|
10,810 |
Other Current Assets |
2,304 |
|
1,529 |
Total Current Assets |
52,216 |
|
51,398 |
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Property and Equipment,
net |
6,457 |
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6,538 |
Goodwill and Other Intangible
Assets, net |
3,487 |
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3,557 |
Right of Use Assets |
3,850 |
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- |
Other Long-Term Assets |
85 |
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- |
Long-Term Deferred Income Tax
Asset |
424 |
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620 |
Long-Term Investments |
725 |
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725 |
Total Non-Current Assets |
15,028 |
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11,440 |
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Total Assets |
$ |
67,244 |
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$ |
62,838 |
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Accounts Payable |
$ |
7,248 |
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$ |
7,397 |
Deferred Revenue |
7,305 |
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6,649 |
Reserve for Restructuring and
Other Charges |
- |
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44 |
ST Operating Lease
Liability |
514 |
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- |
Other Current Liabilities |
6,261 |
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6,111 |
Total Current Liabilities |
21,328 |
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20,201 |
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Long-Term Taxes Payable |
44 |
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114 |
Long-Term Deferred Income Tax
Liability |
35 |
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41 |
Long-Term Operating Lease
Liability |
3,384 |
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- |
Other Long-Term
Liabilities |
541 |
|
556 |
Total Long-Term Liabilities |
4,004 |
|
711 |
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Total Liabilities |
25,332 |
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20,912 |
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Shareholders'
Equity |
41,912 |
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41,926 |
Total Liabilities and Shareholders' Equity |
$ |
67,244 |
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$ |
62,838 |
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Contact:Investor
Relationsinvestors@perceptron.com
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