Perceptron, Inc. (NASDAQ: PRCP), a leading global
provider of 3D automated metrology solutions and coordinate
measuring machines, today announced fourth quarter and full year
results for its 2018 fiscal year (period ended June 30,
2018).
FINANCIAL HIGHLIGHTS (in millions, except per
share data) |
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Three Months Ended June 30, |
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Twelve Months Ended June 30, |
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2018 |
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2017 |
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Change |
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2018 |
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2017 |
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Change |
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Sales |
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$ |
23.6 |
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$ |
22.3 |
|
$ |
1.3 |
|
$ |
84.7 |
|
$ |
77.9 |
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$ |
6.8 |
Net Income (Loss) |
|
|
0.8 |
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|
0.2 |
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|
0.6 |
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|
3.7 |
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(0.2 |
) |
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3.9 |
Diluted Income (Loss)
per Share |
|
$ |
0.08 |
|
$ |
0.03 |
|
$ |
0.05 |
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$ |
0.39 |
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$ |
(0.02 |
) |
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$ |
0.41 |
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Fourth quarter fiscal 2018 results compared to fourth quarter
fiscal 2017:
- Fourth quarter consolidated net sales were $23.6 million, the
Company’s highest quarterly revenue ever and an increase of 5.8%,
compared to the fourth fiscal quarter one year ago
- Consolidated gross profit was $9.0 million and gross margin was
38.1%
- Fourth quarter reported and recurring operating income totaled
$1.8 million
- Net income for the fourth quarter of fiscal 2018 was $0.8
million, up significantly compared to net income of $0.2 million in
the prior-year quarter
- Fourth quarter diluted earnings per share was $0.08, compared
to $0.03 per share in the fourth fiscal quarter one year ago
- Bookings totaled $19.9 million
- Backlog was $47.5 million, a record high for year-end backlog
for the Company
- Cash and short-term investments totaled $6.7 million at June
30, 2018
Full year fiscal 2018 results compared to full year fiscal
2017:
- Full year consolidated net sales increased 8.7% to $84.7
million compared to $77.9 million in fiscal 2017
- Year-to-date consolidated gross profit increased $4.3 million
to $32.0 million
- Consolidated gross margin was 37.8%, an increase of 220 basis
points over the prior fiscal year
- Full year reported operating income totaled $4.9 million and
recurring operating income was $5.5 million, representing increases
of 172% and 53%, respectively, when compared to the same period in
the prior year
- Net income increased dramatically, growing by $3.9 million to
$3.7 million for fiscal 2018
- Fiscal year 2018 diluted earnings per share also improved
significantly, achieving $0.39, compared to a loss of $0.02 per
share in the prior fiscal year
- Bookings increased 3.1% to a record $87.2 million for fiscal
2018
New revenue recognition rules:
- The Company is adopting the new revenue recognition rules
outlined by Accounting Standards Update No. 2014-09 on July 1,
2018, utilizing the modified retrospective transition
method
- As a result of these new rules, the Company expects to record a
positive net transition adjustment to retained earnings in the
range of $1.8 million to $2.3 million
- Included in the net transition adjustment is a gross revenue
adjustment of approximately $3.9 million to $4.2 million
First quarter and full year 2019 guidance:
- Revenue for the first quarter is expected to be in the range of
$18.0 million to $21.0 million, partially impacted by the revenue
recognition rules that the Company is adopting as of July 1,
2018
- The Company expects revenue growth for the full year of fiscal
2019 to be in the mid-single digits
David Watza, President and CEO, commented, “We
are very pleased with the strong financial results we were able to
achieve throughout this fiscal year, as we experienced record
sales, strong profitability as well as record bookings and record
backlog levels for 2018. Fourth quarter results were also record
setting with over $23 million in net sales.
“As a result of this record year, we are well
positioned to continue to invest in our strategic plan. Our strong
balance sheet and cash flows allow us to focus on developing unique
and disruptive products, which we believe will enable us to expand
our business and capture additional share of our addressable
market.
“By maintaining a consistent focus throughout
this year, our team has done a phenomenal job and expanded our
technical expertise with the addition of Helix®evo, as well as
AccuSite™ , this past year, which contributed to our record
performance,” continued Watza. “We expect to identify and
develop additional opportunities to further expand our addressable
market within the automotive field, and other industries
longer-term. We believe this strategy will provide Perceptron
with long-lasting, sustainable growth.
“As a reminder, effective July 1, 2018, we have
prospectively adopted the new revenue recognition rules. This
one-time adjustment immediately strengthened our balance sheet as
we recognized approximately $3.9 to $4.2 million of revenue, netted
by the associated costs, which was recorded directly to retained
earnings.” Watza concluded, “Looking ahead to our first
quarter of fiscal year 2019, we expect revenue in the range of
$18.0 million to $21.0 million, which is partially impacted by
those newly adopted rules, and affirm our previous guidance of
mid-single digit growth in our top line results for the full year
fiscal 2019. If we had remained on the old revenue
recognition rules, our revenue guidance would have been $19.0 to
$22.0 million for our first quarter of fiscal year 2019. Our
longer-term aspirations continue to aim for sustained high
single-digit revenue growth and double-digit earnings growth.”
Highlights of Operations
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INCOME STATEMENT KEY METRICS
(in millions, except per share data) |
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Three Months Ended June 30, |
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Twelve Months Ended June 30, |
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2018 |
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2017 |
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Change |
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2018 |
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2017 |
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Change |
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Americas Sales |
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$ |
8.6 |
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$ |
10.0 |
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$ |
(1.4 |
) |
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$ |
34.7 |
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$ |
30.3 |
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$ |
4.4 |
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Europe Sales |
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9.2 |
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7.9 |
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1.3 |
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33.5 |
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32.1 |
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1.4 |
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Asia Sales |
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5.8 |
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4.4 |
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1.4 |
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16.5 |
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15.5 |
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1.0 |
Total Sales |
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$ |
23.6 |
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$ |
22.3 |
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$ |
1.3 |
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$ |
84.7 |
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$ |
77.9 |
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$ |
6.8 |
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Gross Profit |
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$ |
9.0 |
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$ |
8.5 |
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$ |
0.5 |
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$ |
32.0 |
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$ |
27.7 |
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$ |
4.3 |
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Gross
Profit as a percent of sales |
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38.1 |
% |
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38.1 |
% |
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37.8 |
% |
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35.6 |
% |
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Operating Income |
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$ |
1.8 |
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$ |
1.0 |
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$ |
0.8 |
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$ |
4.9 |
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$ |
1.8 |
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$ |
3.1 |
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Operating Income as a percent of sales |
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7.6 |
% |
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4.5 |
% |
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5.8 |
% |
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2.3 |
% |
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Net Income
(Loss) |
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$ |
0.8 |
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$ |
0.2 |
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$ |
0.6 |
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$ |
3.7 |
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$ |
(0.2 |
) |
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$ |
3.9 |
Diluted Income (Loss) per Share |
$ |
0.08 |
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$ |
0.03 |
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$ |
0.05 |
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$ |
0.39 |
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$ |
0.41 |
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Recurring Operating Income |
|
$ |
1.8 |
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$ |
2.1 |
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$ |
(0.3 |
) |
|
$ |
5.5 |
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$ |
3.6 |
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$ |
1.9 |
|
Recurring Operating Income as a percent of sales |
|
7.6 |
% |
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|
9.4 |
% |
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|
6.5 |
% |
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|
4.6 |
% |
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Perceptron generated record net sales for the fourth quarter of
fiscal 2018, increasing $1.3 million, or 5.8%, versus the same
quarter in the prior year, and reflecting increases in Europe and
Asia regions. The Europe region was up due to increases in
In-Line and Near-Line Measurement Solutions, Value-Added Services
and 3D Scanning Solution, partially offset by a decrease in
Off-Line Measurement Solutions. The year-over-year
improvement in the Asia region was primarily due to increases in
In-Line and Near-Line Measurement Solutions and Off-Line
Measurement Solutions, partially offset by decreased sales of 3D
Scanning Solutions. The decline in the Americas 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 Value-Added Services and Off-Line
Measurement Solutions.
In the fourth quarter of fiscal 2018, gross
profit as a percentage of sales was flat compared to the prior year
period, primarily due to the mix of the Company’s revenue and the
timing of certain expenses in cost of goods sold under applicable
accounting rules as well as increased warranty costs.
During the fourth quarter of fiscal 2018,
SG&A, Engineering and R&D expenses were up $0.7 million,
primarily as a result of planned strategic investments in several
engineering, research and development initiatives, increased
employee-related costs including a higher bonus accrual due to
improved financial results, partially offset by lower legal and
audit fees, a decrease related to specialized supplies utilized in
development of our products and lower advertising and marketing
costs.
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Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
BOOKINGS (in millions) |
2018 |
|
2017 |
|
Change |
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2018 |
|
2017 |
|
Change |
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|
Geographic
Region |
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Americas |
|
$ |
8.2 |
|
$ |
8.6 |
|
$ |
(0.4 |
) |
|
$ |
35.0 |
|
$ |
39.2 |
|
$ |
(4.2 |
) |
Europe |
|
|
9.3 |
|
|
7.6 |
|
|
1.7 |
|
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|
36.1 |
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29.4 |
|
|
6.7 |
|
Asia |
|
|
2.4 |
|
|
2.5 |
|
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(0.1 |
) |
|
|
16.1 |
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|
16.0 |
|
|
0.1 |
|
Total
Bookings |
|
$ |
19.9 |
|
$ |
18.7 |
|
$ |
1.2 |
|
|
$ |
87.2 |
|
$ |
84.6 |
|
$ |
2.6 |
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BACKLOG (in millions) |
6/30/2018 |
|
3/31/2018 |
|
12/31/2017 |
|
9/30/2017 |
|
6/30/2017 |
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Geographic
Region |
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|
Americas |
|
$ |
19.8 |
|
$ |
20.2 |
|
$ |
18.0 |
|
|
$ |
21.1 |
|
$ |
19.5 |
|
Europe |
|
|
19.0 |
|
|
18.9 |
|
|
19.6 |
|
|
|
18.0 |
|
|
16.4 |
|
Asia |
|
|
8.7 |
|
|
12.1 |
|
|
10.9 |
|
|
|
9.8 |
|
|
9.1 |
|
Total
Backlog |
|
$ |
47.5 |
|
$ |
51.2 |
|
$ |
48.5 |
|
|
$ |
48.9 |
|
$ |
45.0 |
|
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|
Fourth quarter bookings were $19.9 million, an increase of 6.4%
compared to the fourth quarter of fiscal 2017. The increase
in booking activity was primarily due to increases in In-Line and
Near-Line Measurement Solutions, partially offset by declines in 3D
Scanning Solutions. The increased booking activity in Europe
was driven by increases in In-Line and Near-Line Measurement
Solutions, Value Added Services and 3D Scanning Solutions,
partially offset by decreases in Off-Line Measurement
Solutions.
Revenue in the fourth quarter of fiscal 2018
exceeded bookings by $3.7 million, which resulted in a decrease in
backlog to $47.5 million at June 30, 2018. This is the
highest backlog level at a fiscal year end in the Company’s
history. As the levels of bookings and backlog typically fluctuate
from quarter to quarter, management does not necessarily consider
these metrics to be indicative of the future operating performance
of the Company.
FINANCIAL POSITION
Cash and short-term investment balance was $6.7
million at June 30, 2018, down from $7.8 million at March 31, 2018
and up from $5.3 million at June 30, 2017. At June 30, 2018,
the Company did not have any bank debt outstanding, down from
outstanding balances of $1.5 million at both March 31, 2018 and
June 30, 2017.
Quarterly Investor Call and
Webcast
Perceptron, Inc., will hold its fourth quarter
and full year fiscal 2018 investor conference call/webcast, chaired
by David L. Watza, President and CEO, on Thursday, August 30, 2018,
at 10:00 AM (EDT). Investors can access the call at:
Webcast |
investors.perceptron.com on the Event page |
Conference Call |
877-317-6789 (domestic callers) or
|
|
412-317-6789 (international callers) |
Conference ID |
10122079 |
A replay will be posted to the Company's website
after the conference call concludes.
About Perceptron®Perceptron (NASDAQ: PRCP)
develops, produces and sells a comprehensive range of automated
industrial metrology products and solutions to manufacturing
organizations for dimensional gauging, dimensional inspection and
3D scanning. Products include 3D machine vision solutions, robot
guidance, coordinate measuring machines, laser scanning and
advanced analysis software. Global automotive, aerospace and other
manufacturing companies rely on Perceptron's metrology solutions to
assist in managing their complex manufacturing processes to improve
quality, shorten product launch times and reduce costs.
Headquartered in Plymouth, Michigan, USA, Perceptron has subsidiary
operations in Brazil, China, Czech Republic, France, Germany,
India, Italy, Japan, Slovakia, Spain and the United Kingdom.
For more information, please visit www.perceptron.com.
Safe Harbor StatementCertain statements in this
press release may be “forward-looking statements” within the
meaning of the Securities Exchange Act of 1934, including our
expectation as to our fiscal year 2019 and future results,
operating data, new order bookings, revenue, expenses, net income
and backlog levels, trends affecting our future revenue levels, the
rate of new orders, the timing of revenue and net income increases
from new products which we have recently released or will release
in the future, the timing of the introduction of new products and
our ability to fund our fiscal year 2019 and future cash flow
requirements. Whenever possible, we have identified these
forward-looking statements by words such as “target,” “will,”
“should,” “could,” “believes,” “expects,” “anticipates,”
“aspirations,” “estimates,” “prospects,” “outlook,” “guidance” or
similar expressions. We claim the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 for all of our
forward-looking statements. While we believe that our
forward-looking statements are reasonable, you should not place
undue reliance on any such forward-looking statements, which speak
only as of the date made. Because these forward-looking
statements are based on estimates and assumptions that are subject
to significant business, economic and competitive uncertainties,
many of which are beyond our control or are subject to change,
actual results could be materially different. Factors that
might cause such a difference include, without limitation, the
risks and uncertainties discussed from time to time in our periodic
reports filed with the Securities and Exchange Commission,
including those listed in “Item 1A – Risk Factors” of our Annual
Report on Form 10-K for fiscal 2017 and of our Quarterly Reports on
Form 10-Q. Except as required by applicable law, we do not
undertake, and expressly disclaim, any obligation to publicly
update or alter our statements whether as a result of new
information, events or circumstances occurring after the date of
this report or otherwise.
--- Financial Tables Follow ---
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PERCEPTRON, INC. |
SELECTED FINANCIAL DATA |
(Unaudited, In Thousands Except Per Share
Amounts) |
|
|
|
|
|
|
|
|
|
Condensed
Income Statements |
|
Three Months Ended |
|
Twelve Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net
Sales |
|
$ |
23,594 |
|
|
$ |
22,351 |
|
|
$ |
84,693 |
|
|
$ |
77,947 |
|
Cost of
Sales |
|
|
14,573 |
|
|
|
13,790 |
|
|
|
52,693 |
|
|
|
50,178 |
|
Gross Profit |
|
|
9,021 |
|
|
|
8,561 |
|
|
|
32,000 |
|
|
|
27,769 |
|
Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
General and Administrative Expense |
|
|
4,848 |
|
|
|
4,552 |
|
|
|
18,469 |
|
|
|
17,347 |
|
Engineering, Research and Development Expense |
|
|
2,318 |
|
|
|
1,909 |
|
|
|
7,980 |
|
|
|
6,826 |
|
Severance, Impairment and Other Charges |
|
|
- |
|
|
|
1,057 |
|
|
|
603 |
|
|
|
1,777 |
|
Operating Income |
|
|
1,855 |
|
|
|
1,043 |
|
|
|
4,948 |
|
|
|
1,819 |
|
Other Income
and (Expenses), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense, net |
|
|
(44 |
) |
|
|
(52 |
) |
|
|
(181 |
) |
|
|
(264 |
) |
Foreign
Currency and Other, net |
|
|
(311 |
) |
|
|
(95 |
) |
|
|
(278 |
) |
|
|
(293 |
) |
Income Before
Income Taxes |
|
|
1,500 |
|
|
|
896 |
|
|
|
4,489 |
|
|
|
1,262 |
|
Income Tax
Expense |
|
|
(728 |
) |
|
|
(635 |
) |
|
|
(773 |
) |
|
|
(1,430 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
$ |
772 |
|
|
$ |
261 |
|
|
$ |
3,716 |
|
|
$ |
(168 |
) |
|
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|
Income (Loss)
Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.39 |
|
|
$ |
(0.02 |
) |
Diluted |
|
$ |
0.08 |
|
|
$ |
0.03 |
|
|
$ |
0.39 |
|
|
$ |
(0.02 |
) |
|
|
|
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|
Weighted
Average Common Shares Outstanding |
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
Basic |
|
|
9,553 |
|
|
|
9,426 |
|
|
|
9,469 |
|
|
|
9,382 |
|
Diluted |
|
|
9,691 |
|
|
|
9,487 |
|
|
|
9,579 |
|
|
|
9,382 |
|
|
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|
PERCEPTRON, INC. |
SELECTED FINANCIAL DATA |
(In Thousands) |
|
|
|
|
Condensed
Balance Sheets |
June 30, |
|
June 30, |
|
2018 |
|
2017 |
|
(Unaudited) |
|
|
Cash and Cash
Equivalents |
$ |
5,830 |
|
$ |
3,704 |
Short-Term
Investments |
|
877 |
|
|
1,572 |
Receivables, net |
|
32,143 |
|
|
31,943 |
Inventories, net |
|
13,829 |
|
|
11,466 |
Other Current
Assets |
|
1,327 |
|
|
1,953 |
Total Current Assets |
|
54,006 |
|
|
50,638 |
|
|
|
|
|
|
Property and Equipment,
net |
|
6,613 |
|
|
7,377 |
Goodwill and Other
Intangible Assets, net |
|
11,805 |
|
|
11,866 |
Long-Term Deferred
Income Tax Asset |
|
1,055 |
|
|
9 |
Long-Term
Investments |
|
725 |
|
|
725 |
Total Non-Current Assets |
|
20,198 |
|
|
19,977 |
|
|
|
|
|
|
Total Assets |
$ |
74,204 |
|
$ |
70,615 |
|
|
|
|
|
|
Line of Credit and
Short-Term Notes Payable |
$ |
175 |
|
$ |
1,705 |
Accounts Payable |
|
7,592 |
|
|
8,280 |
Deferred Revenue |
|
8,691 |
|
|
8,485 |
Reserve for
Restructuring and Other Charges |
|
675 |
|
|
1,113 |
Other Current
Liabilities |
|
8,705 |
|
|
8,572 |
Total Current Liabilities |
|
25,838 |
|
|
28,155 |
|
|
|
|
|
|
Long-Term Taxes
Payable |
|
450 |
|
|
969 |
Long-Term Deferred
Income Tax Liability |
|
1,717 |
|
|
871 |
Other Long-Term
Liabilities |
|
601 |
|
|
785 |
Total Long-Term Liabilities |
|
2,768 |
|
|
2,625 |
|
|
|
|
|
|
Total Liabilities |
|
28,606 |
|
|
30,780 |
|
|
|
|
|
|
Shareholders'
Equity |
|
45,598 |
|
|
39,835 |
Total Liabilities and Shareholders' Equity |
$ |
74,204 |
|
$ |
70,615 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
While Perceptron’s results under Generally Accepted Accounting
Principles in the United States of America (“U.S. GAAP”) provide
significant insight into our operations and financial position,
Perceptron’s management supplements its analysis of the business
using “Recurring Operating Income” and “Recurring Net
Income”. These are non-GAAP financial measures. Management
believes that these non-GAAP financial measures, when taken
together with the corresponding GAAP measures, provides incremental
insight into the underlying factors and trends affecting our
performance. However, it should be viewed as supplemental data,
rather than as a substitute or an alternative to the comparable
GAAP measure. The table below presents reconciliations of each
non-GAAP measure to Operating Income and Net Income,
respectively.
|
PERCEPTRON, INC. |
Additional Information Regarding Special Items
Impacting |
Reported GAAP Financial Measures |
(Unaudited, In Thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
Operating
Income, as reported |
|
$ |
1,855 |
|
$ |
1,043 |
|
$ |
4,948 |
|
$ |
1,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance, Impairment
and Other Charges |
|
|
- |
|
|
1,057 |
|
|
603 |
|
|
1,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding
special items, |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income would have been |
|
$ |
1,855 |
|
$ |
2,100 |
|
$ |
5,551 |
|
$ |
3,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss), as reported |
|
$ |
772 |
|
$ |
261 |
|
$ |
3,716 |
|
$ |
(168 |
) |
Valuation Allowance on
DTA |
|
|
- |
|
|
- |
|
|
- |
|
|
568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding
special items, |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income would have been |
|
$ |
772 |
|
$ |
261 |
|
$ |
3,716 |
|
$ |
400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
Per Common Share - |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted, as reported |
|
$ |
0.08 |
|
$ |
0.03 |
|
$ |
0.39 |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Income Per
Share due to Valuation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
on DTA |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding
special items, Diluted Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
per Share would have been |
|
$ |
0.08 |
|
$ |
0.03 |
|
$ |
0.39 |
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Weighted Average Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding, as reported |
|
|
9,691 |
|
|
9,487 |
|
|
9,579 |
|
|
9,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive Effect of
Stock Options |
|
|
- |
|
|
- |
|
|
- |
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding
special items, Weighted Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding |
|
|
9,691 |
|
|
9,487 |
|
|
9,579 |
|
|
9,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:Investor Relationsinvestors@perceptron.com
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