Perceptron Confirm Global Economic Uncertainty Reporting Revenue Decline

Perceptron has announced first quarter results for its 2020 fiscal year (period ended September 30, 2019).

  • 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%
  • Bookings totaled $17.2 million
  • Backlog was $37.7 million

The following tables summarizes Preceptron revenue, based on shipping location (in thousands):

Three Months Ended September 30,
Geographic Region: 2019 2018
Americas Sales $ 6,167 $ 8,379
Europe Sales 7,120 8,782
Asia Sales 4,563 4,281
Total Net Sales $ 17,850 $ 21,442

New order bookings by geographic location were (in millions):

Three Months Ended September 30,
2019 2018 Increase/(Decrease)
Geographic Region
Americas $ 6.9 40.1 % $ 3.6 21.3 % $ 3.3 91.7 %
Europe 7.5 43.6 % 9.3 55.0 % (1.8 ) (19.4 %)
Asia 2.8 16.3 % 4.0 23.7 % (1.2 ) (30.0 %)
Totals $ 17.2 100.0 % $ 16.9 100.0 % $ 0.3 1.8 %

“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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