Perceptron Announces Fiscal First Quarter 2021 Results

PLYMOUTH, Mich., Nov. 16, 2020 (GLOBE NEWSWIRE) — Perceptron, Inc. (NASDAQ: PRCP), a leading global provider of 3D automated metrology solutions and coordinate measuring machines, today announced results for the three months ended September 30, 2020.
FISCAL FIRST QUARTER 2021 SUMMARYNet sales of $13.9 millionOperating Loss $(0.7) millionAdjusted EBITDA1 of $(0.2) millionTotal bookings of $14.6 millionTotal backlog of $37.0 millionCash and cash equivalents of $12.9 millionFINANCIAL RESULTSFor the three months ended September 30, 2020, the Company generated net sales of $13.9 million, versus $17.9 million in the prior-year period. Sales in the Americas, Europe and Asia declined 42%, 3% and 19% on a year-over-year basis, respectively, in the period. Sales of Measurement Solutions, which represented 95% of total sales in the period, declined 19% in the fiscal first quarter, when compared to the prior-year period.  Total gross profit declined 38% on a year-over-year basis, or $2.6 million, to $4.4 million in the fiscal first quarter. Gross profit margin decreased 790 basis points to 32%, versus 40% in the prior-year period, primarily due to the mix of revenue and increased cost of sales.  The Company reported a net loss of $(0.4) million, or $(0.04) per share, in the fiscal first quarter, versus $0.6 million, or $0.06 per share, in the prior-year period.Adjusted EBITDA was $(0.2) million in the fiscal first quarter of 2021, versus $1.1 million in the prior year period, driven by lower sales.Total bookings declined 15% on a year-over-year basis to $14.6 million in the fiscal first quarter, with decreased bookings in Europe, and Americas, partially off-set by increased bookings in Asia. Total backlog declined 2% on a year-over-year basis to $37.0 million in the fiscal first quarter, as improved backlog in Asia was more than offset by a decline in the Americas and Europe. Both bookings and backlog were adversely impacted by work stoppages and shelter-in-place orders resulting from the COVID-19 pandemic.As of September 30, 2020, the Company had cash and cash equivalents globally of $12.9 million, which includes borrowings of $4.8 million. On April 16, 2020, Perceptron entered into an unsecured loan with TCF National Bank as the lender in the aggregate principal amount of $2.5 million pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act. Perceptron intends to apply for forgiveness for this loan under the terms of this program in the second quarter of fiscal 2021.AGREEMENT AND PLAN MERGERPerceptron will not hold an earnings call, nor provide forward guidance for the second quarter of fiscal year 2021, due to the previously announced proposed acquisition of Perceptron by Atlas Copco.[1] See the attached “Non-GAAP Financial Measures” for a Reconciliation of Net (Loss) Income to Adjusted EBITDAABOUT 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, 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 expectations regarding the possible effects of the COVID-19 pandemic on general economic conditions, public health, and global automotive industry, and the Company’s results of operations, liquidity, capital resources, and general performance in the future, the potential impact of COVID-19 on our customers generally and their plans for retooling projects in particular, our fiscal year 2021 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, and our ability to fund our fiscal year 2020 and future cash flow requirements. We may also make forward-looking statements in our press releases or other public or shareholder communications. 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 our fiscal year 2020. 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. The proposed merger is subject to certain conditions precedent, including regulatory approvals and approval of the Company’s shareholders. The Company cannot provide any assurance that the proposed merger will be completed, nor can it give assurances as to the terms on which such proposed merger will be consummated.— Financial Tables Follow —

PERCEPTRON, INC.
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 “Adjusted EBITDA”. These are non-GAAP financial measures. Management believes these non-GAAP financial measures, when taken together with the corresponding GAAP measures, provide incremental insight into the underlying factors and trends affecting our performance because it excludes the effects of financing, investment, and other non-operating activities that management believes are not representative of our core business. However, it should be viewed as supplemental data, rather than as a substitute or an alternative to the comparable GAAP measure. The tables below present a reconciliation of the non-GAAP measures to the most directly comparable financial measure calculated in accordance with GAAP.Adjusted EBITDA, for the periods presented, represents net (loss) income before interest expense, net; income tax (benefit) expense; and depreciation and amortization expense, severance costs, impairment charges and litigation settlements. Adjusted EBITDA does not represent net income, as that term is defined under GAAP, and should not be considered as an alternative to net income as an indicator of our operating performance. Adjusted EBITDA is not intended to be a measure of free cash flow available for management and discretionary use of such measures do not consider certain cash requirements such as capital expenditures, tax payments and debt service requirements.Contact:Investor Relations
investors@perceptron.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.