PRCP 1.40 Nasdaq:
(PR NEWSWIRE) Perceptron Announces Fourth Quarter and Twelve-Month Results fo
Perceptron Announces Fourth Quarter and Twelve-Month Results for Fiscal Year
2002
PLYMOUTH, Mich., Aug. 15 /PRNewswire-FirstCall/ --
Perceptron, Inc. (Nasdaq: PRCP) today announced somewhat better than expected
sales from continuing operations of $10.5 million and income from continuing
operations of $283,000, or $0.03 per share, for the fourth quarter ended June
30, 2002, compared with sales from continuing operations of $12.5 million and
income from continuing operations of $775,000, or $0.09 per share, for the
quarter ended June 30, 2001. For the twelve month period ended June 30, 2002,
the Company reported sales from continuing operations of $43.9 million and
income from continuing operations of $942,000, or $0.11 per share, compared
with sales from continuing operations of $40.4 million and a loss from
continuing operations of $2.5 million, or $0.31 per share, for the same period
one year ago.
North American fourth quarter sales of $7.5 million increased $1.1 million
from last fiscal year, while fourth quarter sales in Europe and Asia were
$3.0 million, $3.1 million less that the fourth quarter of fiscal 2001. These
sales differences from one year ago reflected changes in the timing of
deliveries rather than changes in the market conditions of the regions being
served. Overall fiscal year 2002 sales in both Europe and Asia were
comparable to last year despite the weakening economies.
Income from continuing operations for fiscal year 2002 increased by more
than $3.4 million on a sales increase of $3.5 million, compared with fiscal
year 2001, and on the strength of a $2.7 million reduction in operating
expenses during the fiscal year.
The Company had new order bookings of $11.6 million during the quarter,
compared with new order bookings of $9.0 million in the third quarter of
fiscal 2002 and $10.9 million for the same period one year ago. The Company's
backlog was $15.2 million as of June 30, 2002 compared with $14.1 million as
of March 31, 2002.
Despite the uncertainties facing the global economy, Perceptron's outlook
for new orders remains good as all of our account sales teams have active new
program opportunities with many customers.
Alfred A. Pease, Chairman, President and Chief Executive Officer,
commented, "The cost reduction programs that we implemented during the second
half of fiscal year 2001 and the third quarter of fiscal year 2002 have become
even more important in light of the continuing uncertainties facing the global
economy. Our current cost structure, our portfolio of new products, and our
strong market presence all serve to position us for net income growth as the
economy rebounds."
Mr. Pease continued, "Due to some uncertainty in the timing for delivery
of orders in our backlog and of potential new orders, the Company's sales
outlook for the first half of fiscal 2003 remains at about the same level as
the past six months. Our balance sheet remains strong. Bank debt was reduced
from $8.5 million at the beginning of the quarter to $5.8 million as of June
30, 2002, and total shareholders' equity was $39.2 million resulting in a book
value per share of $4.76."
Perceptron will hold a conference call/webcast chaired by Alfred A. Pease,
today at 10:00 a.m. (ET). Investors can access the call at
firstcallevents.com. If you are
unable to participate during the live webcast, the call will be digitally
rebroadcast for seven days, beginning at 1:00 PM today and running until
1:00 PM on Thursday, August 22, 2002. You can access the rebroadcast by
dialing 800 428-6051 (domestic callers) or 973 709-2089 (international
callers) and entering the passcode of 256628.
Perceptron produces information-based process improvement solutions for
industry as well as technology components for non-contact measurement and
inspection applications. Automotive and manufacturing companies throughout
the world rely on Perceptron's process management solutions to help them
improve quality, shorten product launch times and reduce overall manufacturing
costs. Headquartered in Plymouth, Michigan, Perceptron has approximately
220 employees worldwide, with facilities in the United States, Germany,
Netherlands, France, Brazil, and Japan. For more information, please visit
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 the Company's expectation as to fiscal 2003 and future revenue,
order booking levels and earnings levels, and the impact of the Company's cost
reduction initiatives. The Company assumes no obligation for updating, any
such forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting such forward-looking
statements. Actual results could differ materially from those in the
forward-looking statements due to a number of uncertainties in addition to
those set forth in the press release, including, but not limited to, the
dependence of the Company's revenue on a number of sizable orders from a small
number of customers, the timing of orders and shipments which can cause the
Company to experience significant fluctuations in its quarterly and annual
revenue and operating results, timely receipt of required supplies and
components which could result in delays in anticipated shipments, general
product demand and market acceptance risks, the ability of the Company to
successfully compete with alternative and similar technologies, the timing and
continuation of the Automotive industry's retooling programs, the ability of
the Company to resolve technical issues inherent in the development of
products and technologies, the ability of the Company to identify and satisfy
market needs, general product development and commercialization difficulties,
the ability of the Company to attract and retain key personnel, especially
technical personnel, the quality and cost of competitive products already in
existence or developed in the future, the level of interest existing and
potential new customers may have in new products and technologies generally,
rapid or unexpected technological changes, the effect of economic conditions,
particularly economic conditions in the domestic and worldwide Automotive
industry, which has from time to time been subject to cyclical downturns due
to the level of demand for, or supply of, the products produced by companies
in this industry, variations in the amount of cost savings anticipated from
the cost reduction initiatives and the impact of cost reduction initiatives on
the Company's revenues, order bookings and earnings. The Company's
expectations regarding future bookings and revenues are based upon oral
discussions with customers and are subject to change based upon a wide variety
of factors, including economic conditions and system implementation delays.
Certain of these new orders have been delayed in the past and could be delayed
in the future. Because the Company's products are typically integrated into
larger systems or lines, the timing of new orders is dependent on the timing
of completion of the overall system or line. In addition, because the
Company's products have shorter lead times then other components and are
required later in the process, orders for the Company's products tend to be
given later in the integration process.
PERCEPTRON, INC.
SELECTED FINANCIAL DATA
(In Thousands Except Per Share Amounts)
Three Months Twelve Months
Condensed Income Statements Ended Ended
June 30, June 30,
2002 2001 2002 2001
Net Sales $10,543 $12,479 $43,943 $40,430
Cost of Sales 4,885 5,121 21,356 20,311
Gross Profit 5,658 7,358 22,587 20,119
Selling, General and Administrative
Expense 4,250 3,638 14,977 13,662
Engineering, Research and Development
Expense 1,358 1,916 6,189 10,008
Restructuring Charge -- 304 251 495
Operating Income (Loss) 50 1,500 1,170 (4,046)
Interest Income (Expense), net 121 (80) (249) (349)
Foreign Currency Gain (Loss) and Other 15 (225) (162) (252)
Income (Loss) From Continuing Operations
Before Income Taxes 186 1,195 759 (4,647)
Income Tax Expense (Benefit) (97) 420 (183) (2,098)
Income (Loss) From Continuing Operations 283 775 942 (2,549)
Net Discontinued Forest Products
Operations (Note 1) -- (1,538) (3,236) (3,656)
Net Loss on Sale of Forest Products
Business Unit (Note 1) -- -- (1,408) --
Net Cumulative Effect of Change in
Accounting Principle (Note 2) -- -- -- (1,333)
Net Income (Loss) $283 $(763) $(3,702) $(7,538)
Earnings (Loss) Per Share From
Continuing Operations, Before
Cumulative Effect of Change in
Accounting Principle
Basic $0.03 $0.09 $0.11 ($0.31)
Diluted $0.03 $0.09 $0.11 ($0.31)
Earnings (Loss) Per Share
Basic $0.03 ($0.09) ($0.45) ($0.92)
Diluted $0.03 ($0.09) ($0.45) ($0.92)
Weighted Average Common Shares Outstanding
Basic 8,232 8,185 8,209 8,178
Diluted 8,351 8,185 8,213 8,178
Condensed Balance Sheets June 30, June 30,
2002 2001
Cash and Cash Equivalents $8,143 $6,680
Other Current Assets (Note 3) 31,123 43,791
Property and Equipment, Net 8,483 8,826
Other Non-Current Assets, Net 6,944 6,950
Total Assets $54,693 $66,247
Current Liabilities $14,442 $24,912
Long-term Notes Payable 1,040 1,040
Shareholders' Equity 39,211 40,295
Total Liabilities and Shareholders' Equity $54,693 $66,247
Note 1: In March 2002, Perceptron sold its Forest Products business
unit. Prior periods have been restated to reflect the
operations of the Forest Products business unit as discontinued.
Note 2: In fiscal 2001, Perceptron implemented the SEC's SAB 101 revenue
recognition guidelines. As a result, Perceptron reported a
cumulative effect of a change in accounting as of July 1, 2000
and restated the first three quarters of fiscal 2001 to reflect
the change in accounting.
Note 3: Other current assets for June 30, 2001 include net assets of
discontinued operations of $6.5 million.
MAKE YOUR OPINION COUNT - Click Here
tbutton.prnewswire.com
SOURCE Perceptron, Inc.
-0- 08/15/2002
/CONTACT: John J. Garber, Vice President Finance & CFO, Perceptron, Inc.,
+1-734-414-6100/
/Web site: perceptron.com
(PRCP)
CO: Perceptron, Inc.
ST: Michigan
IN: CPR
SU: ERN CCA
*** end of story *** |
