Perceptron Announces Q1 Results
4 May 1998
Perceptron Announces First Quarter Results
PLYMOUTH, Mich., May 4 -- Perceptron, Inc. --
Perceptron today announced sales and earnings for the first quarter ended
March 31, 1998. Sales were slightly higher than previously estimated and
amounted to $8.8 million. A net loss of $1.7 million or $.20 per share was
incurred. For the comparable period in 1997, sales were $12.4 million and
earnings were $911,000 or $.11 per diluted share.
As previously announced, the primary impact on the quarter was a delay in
the receipt and shipment of automotive orders totaling $2 million. These
orders are now expected to be received in the second quarter and shipped in
the third quarter. Order backlog at the end of the first quarter was
$20.8 million, with new order bookings for the quarter at $5.4 million. Order
backlog at April 30, 1998 stood at nearly $26 million. The Company is subject
to quarter-to-quarter fluctuations due to the granular nature of its
businesses. In addition to the delay, first quarter results were influenced
by increased investment initiatives, particularly in the research and
development and marketing and sales areas.
Alfred A. Pease, chairman, president, and chief executive officer, stated,
"We continue to build a larger company with a more expansive product line in
order to position the Company for sustainable revenue and earnings growth. In
addition to the continuing growth of our forest products business, 1998 is an
important investment year for Perceptron as new markets and product
introductions unfold. New automotive solutions to serve an increasing number
of process centers, from prototyping to trim and final assembly, have been
introduced. These include the Dimensional Data System, which provides for
enterprise-wide collection and analysis of process information, and a new Gap
and Flush system, which measures the uniformity of gaps on painted vehicles as
well as the fit of the panels to the body."
The Company also announced a marketing relationship with Romer, Inc. of
Carlsbad, CA, a technology leader in portable coordinate measuring equipment
and software. An important adaptation of Perceptron's new OCF product line
has been implemented on Romer's 1000 and 2000 series portable articulating arm
coordinate measurement systems. This achievement opens up a new market
segment for the measurement and reverse engineering of a wide variety of
products, including sheet metal panels and sub-assemblies, hydro-formed
components, foam seats, fabric covered trim, plastic moldings, and many other
non-rigid parts with complex contours.
Mr. Pease continued, "The automotive paint and coatings inspection areas
in particular represent a significant market potential for the company. We
have experienced short-term delays in bringing some of our new products to
market in this area. We understand the nature of the delays and are dealing
with them. We expect the results for the second quarter to be significantly
better than those of the first quarter, but below those of the second quarter
of 1997. As a result of the delays, a net loss is possible for the first half
as a whole. As these and other new product introductions take hold, we expect
to see a marked improvement in the second half of the year and are optimistic
for the year as a whole."
Perceptron designs, manufactures and markets information-based process
measurement and guidance solutions for industry. Perceptron's systems are
Cash and cash equivalents $ 15,828 $ 16,448
Other current assets 35,937 39,419
Property and equipment, net 10,849 10,624
Other non-current assets, net 1,509 1,651
Total assets $ 64,123 $ 68,142
Total liabilities $ 8,093 $ 10,263
Shareholders' equity 56,030 57,879
Total liabilities and
shareholders' equity $ 64,123 $ 68,142
SOURCE Perceptron, Inc.