Perceptron Report Financial Performance
Perceptron has announced financial results for the three and twelve month period ending June 30, 2020.
For the 3 months ended June 30, 2020, the Company generated net sales of $12.6 million, versus $18.2 million in the prior-year period. Sales in the Americas, Europe and Asia declined 47.9%, 22.7% and 25.1% on a year-over-year basis, respectively, in the period. Sales of Measurement Solutions, which represented 95.7% of total sales in the period, declined 28.6% in the fiscal fourth quarter, when compared to the prior-year period. For the twelve months ended June 30, 2020, the Company generated net sales of $62.3 million, versus $76.8 million in the prior-year period.
Total gross profit declined 20% on a year-over-year basis, or $1.2 million, to $4.7 million in the fiscal fourth quarter. For the twelve months ended June 30, 2020, the Company generated gross profit of $23.3 million, versus $27.2 million in the prior-year period.
The Company reported a net loss of $(1.4) million in the fiscal fourth quarter, versus $(8.4) million, in the prior-year period. For the twelve months ended June 30, 2020, the Company reported a net loss of $(3.9) million versus $(6.8) million in the prior-year period.
Adjusted EBITDA was $(0.4) million in the fiscal fourth quarter of 2020, versus $(0.5) million in the prior year period, driven by improved operating results on lower sales. For the twelve months ended June 30, 2020, adjusted EBITDA was $1.6 million, versus $2.2 million in the prior year period, driven primarily by the effects of the COVID-19 pandemic.
Total bookings declined 15.3% on a year-over-year basis to $17.7 million in the fiscal fourth quarter, as improved bookings in Asia and Europe were more than offset by a decline in the Americas. Total backlog declined 5.5% on a year-over-year basis to $36.3 million in the fiscal fourth 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 order resulting from the COVID-19 pandemic.
“Our business performed ahead of expectations during the fiscal fourth quarter,” stated Jay Freeland, Chairman and Interim CEO of Perceptron. “Bookings increased 62.4% on a sequential basis during the period, driven by increased customer demand in Asia and Europe. Both China and Germany reported strong sequential and year-over-year growth in bookings, as customers returned to work following the expiration of COVID-19 shelter-in-place orders.”
“Operations at our Asian facilities resumed in March, while Europe and the U.S. restarted in mid-May,” continued Freeland. “As our facilities re-opened, we were able to capitalize on pent-up customer demand, a trend that continued into the fiscal first quarter. On the business development front, we continue to grow our project pipeline and leverage our established expertise within the automotive sector, which includes long-term opportunities within the electric and autonomous vehicle markets,” stated Freeland.
“Although COVID-19 remains a headwind, we anticipate a continued, gradual recovery in our end-markets as business conditions begin to normalize,” continued Freeland. “Looking ahead, we anticipate a steady increase in activity levels in the Americas and Europe during the coming months, similar to what we experienced in Asia during the fiscal fourth quarter, as work stoppages conclude, facilities reopen and new installation activity resumes.”
As previously announced on September 28, 2020, Perceptron has agreed to be acquired by Atlas Copco, a global supplier of automated metrology 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
