Automated Metrology Supplier Announces Half-Year Financial Result

Global provider of 3D automated metrology solutions, Perceptron, has announced its half year financial results for its  2018 fiscal year which ended December 31, 2017.

  • Year-to-date consolidated net sales increased 1.0% to $39.7 million
  • Year-to-date consolidated gross profit increased $1.1 million to $15.1 million
  • Consolidated gross margin was 38.0%, an increase of 240 basis points
  • Year-to-date reported operating income totaled $2.0 million and recurring operating income was $2.6 million
  • Net income increased by $1.8 million to $1.9 million for year-to-date fiscal 2018
  • New order bookings increased 1.2% to $43.2 million for year-to-date fiscal 2018

David Watza, President and CEO, commented, “We are pleased with the progress we continue to make this fiscal year, as we were able to achieve recurring operating income in excess of $1.0 million for the third consecutive quarter, excluding the $0.7 million charge related to a court award in a trade secrets case. Year-to-date bookings and backlog remain strong, while revenue grew slightly. Our elevated backlog levels mark a second quarter record for the Company.”

“We remain well positioned this fiscal year with an increase of 54% in our year-to-date reported operating income, while we also generated strong operating cash flows of $4.0 million so far in fiscal 2018,” added Watza.  “The strategic plan we put into place continues to drive strength in key customer demand metrics, as evidenced by the robust backlog this quarter. We are confident that a relentless focus in our core markets will continue to provide sustainable and profitable long-term growth opportunities as we continue to remove cost from our system and deliver more value to our customers.”

“Finally, and most importantly, when I look at our development initiatives, we made several significant steps during the quarter,” continued Watza.  “We launched our Helix®evo product line in October and delivered several systems with this product during our fiscal second quarter.  The Helix®evo product is our most advanced 3D scanning sensor and we are very excited about its potential, based on customer feedback.  In addition, we demonstrated our AccuSite™ product line at the Quality Show in Chicago with several customer deliveries expected during our current fiscal year.  AccuSite™ is our next evolution in accurate measurement. Perceptron pioneered Absolute Accuracy for robotic measurement systems in 2005. Our AccuSite™ solution provides best-in-class system accuracy and eliminates the need to offset to a CMM. This capability dramatically increases the applications available in the marketplace.”

Total sales for the second quarter of fiscal 2018 decreased $1.4 million, or 6.4%, versus the same quarter in the prior year, reflecting decreases in Europe and Asia regions.  The Europe region was down due to decreases in In-Line and Near-Line Measurement Solutions, partially offset by small increases in Off-Line Measurement Solutions and Value-Added Services.  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.  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.

Second quarter bookings were $20.0 million. The decrease in booking activity was primarily due to decreases in 3D Scanning Solutions and Value Added Services, partially offset by increases in Off-Line Measurement Solutions and In-Line and Near-Line Measurement Solutions.

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