Perceptron Announce Financial Results
Perceptron has announced results for the three month period ended September 30, 2020.
For 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 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 in the fiscal first quarter, versus $0.6 million in the prior-year period.
Total new order 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.
The decrease in bookings in the first quarter of fiscal 2021 as compared to the first quarter of fiscal 2020 of $2.6 million, including a favorable currency impact of $1.0 million, is primarily due to a decrease of $1.2 million in the In-Line and Near-Line Measurement Solutions, a decrease of $0.9 million in the 3D Scanning Solutions, a decrease of $0.4 million in the Off-Line Measurement Solutions, and a decrease of $0.1 million in the Value Added Services.
On a geographic basis, the $2.3 million decrease in Americas region is primarily due to a decrease of $2.4 million in the In-Line and Near-Line Measurement Solutions, partially offset by an increase of $0.1 million in the Value Added Services. The $1.1 million decrease in Europe region is primarily due to a decrease of $0.6 million in the Off-Line Measurement Solutions, a decrease of $0.3 million in the In-Line and Near-Line Measurement Solutions, and a decrease of $0.2 million in the Value Added Services. The $0.8 million increase in Asia region is primarily due to an increase of $1.5 million in the In-Line and Near-Line Measurement Solutions, an increase of $0.2 million in the Off-Line Measurement Solutions, partially offset by a decrease of $0.9 million in the 3D Scanning Solutions.
As of September 30, 2020, the Company had cash and cash equivalents globally of $12.9 million, which includes borrowings of $4.8 million.
In September Perceptron announced that it has entered into a definitive agreement to be acquired by Atlas Copco, a world-leading provider of sustainable productivity solutions headquartered in Stockholm, Sweden, for $7.00 per share. The all-cash transaction values Perceptron at an equity valuation of approximately $68.9 million.
For more information: www.perceptron.com
