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Perceptron, Inc. (PRCP)

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Previous Close6.95
Bid6.92 x 1800
Ask7.00 x 800
Day's Range6.94 - 6.98
52 Week Range2.34 - 7.29
Avg. Volume155,158
Market Cap68.066M
Beta (5Y Monthly)1.18
PE Ratio (TTM)N/A
EPS (TTM)-0.51
Earnings DateNov 16, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateJun 03, 2014
1y Target Est7.00
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  • Perceptron Announces Fiscal First Quarter 2021 Results

    Perceptron Announces Fiscal First Quarter 2021 Results

    PLYMOUTH, Mich., Nov. 16, 2020 (GLOBE NEWSWIRE) -- Perceptron, Inc. (NASDAQ: PRCP), a leading global provider of 3D automated metrology solutions and coordinate measuring machines, today announced results for the three months ended September 30, 2020. FISCAL FIRST QUARTER 2021 SUMMARY * Net sales of $13.9 million * Operating Loss $(0.7) million * Adjusted EBITDA1 of $(0.2) million * Total bookings of $14.6 million * Total backlog of $37.0 million * Cash and cash equivalents of $12.9 millionFINANCIAL RESULTSFor 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 790 basis points 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, or $(0.04) per share, in the fiscal first quarter, versus $0.6 million, or $0.06 per share, in the prior-year period.Adjusted EBITDA was $(0.2) million in the fiscal first quarter of 2021, versus $1.1 million in the prior year period, driven by lower sales.Total 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.As of September 30, 2020, the Company had cash and cash equivalents globally of $12.9 million, which includes borrowings of $4.8 million. On April 16, 2020, Perceptron entered into an unsecured loan with TCF National Bank as the lender in the aggregate principal amount of $2.5 million pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act. Perceptron intends to apply for forgiveness for this loan under the terms of this program in the second quarter of fiscal 2021.AGREEMENT AND PLAN MERGERPerceptron will not hold an earnings call, nor provide forward guidance for the second quarter of fiscal year 2021, due to the previously announced proposed acquisition of Perceptron by Atlas Copco.[1] See the attached “Non-GAAP Financial Measures” for a Reconciliation of Net (Loss) Income to Adjusted EBITDAABOUT 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 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, 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 STATEMENT Certain statements in this press release may be “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, including our expectations regarding the possible effects of the COVID-19 pandemic on general economic conditions, public health, and global automotive industry, and the Company’s results of operations, liquidity, capital resources, and general performance in the future, the potential impact of COVID-19 on our customers generally and their plans for retooling projects in particular, our fiscal year 2021 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, and our ability to fund our fiscal year 2020 and future cash flow requirements. We may also make forward-looking statements in our press releases or other public or shareholder communications. Whenever possible, we have identified these forward-looking statements by words such as “target,” “will,” “should,” “could,” “believes,” “expects,” “anticipates,” “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 our fiscal year 2020. 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. The proposed merger is subject to certain conditions precedent, including regulatory approvals and approval of the Company’s shareholders. The Company cannot provide any assurance that the proposed merger will be completed, nor can it give assurances as to the terms on which such proposed merger will be consummated.\--- Financial Tables Follow ---  PERCEPTRON, INC. SELECTED FINANCIAL DATA (Unaudited, In Thousands Except Per Share Amounts)    Condensed Income StatementsThree Months Ended  September 30,   2020   2019       Net Sales$13,933  $17,850  Cost of Sales 9,537   10,808  Gross Profit 4,396   7,042  Operating Expenses    Selling, General and Administrative 3,769   4,243  Engineering, Research and Development 1,324   1,828  Operating (Loss) Income (697)  971  Other Income and (Expenses), net    Interest Expense, net (42)  (24) Foreign Currency and Other, net 177   (178) (Loss) Income Before Income Taxes (562)  769  Income Tax (Expense) Benefit 155   (143)      Net (Loss) Income$(407) $626       (Loss) Income Per Common Share    Basic and Diluted($0.04) $0.06       Weighted Average Common Shares Outstanding   Basic 9,750   9,661  Diluted 9,750   9,664    PERCEPTRON, INC.  SELECTED FINANCIAL DATA  (Unaudited, In Thousands)        Condensed Balance SheetsSeptember 30, 2020 June 30, 2020        Cash and Cash Equivalents$12,868 $10,621  Short-Term Investments 427  355  Receivables, net 28,893  30,653  Inventories, net 10,280  10,387  Other Current Assets 3,355  1,854  Total Current Assets 55,823  53,870        Property and Equipment, net 5,677  5,750  Goodwill and Other Intangible Assets, net 978  1,100  Right of Use Assets 3,823  3,668  Long-Term Investments 725  725  Long-Term Deferred Income Tax Assets 595  469  Total Non-Current Assets 11,798  11,712        Total Assets$67,621 $65,582        Lines of Credit and current portion of long-term debt$3,083 $2,808  Accounts Payable 6,337  6,667  Deferred Revenue 7,294  6,032  Reserves for Severance, Impairment and Other Charges 59  148  Short-Term Operating Lease Liability 500  475  Other Current Liabilities 5,797  5,257  Total Current Liabilities 23,070  21,387        Long-Term Deferred Income Tax Liability 10  3  Long-Term Operating Lease Liability 3,376  3,245  Long-Term Deferred Revenue 181  214  Long-Term Debt, Less Current Portion 1,701  1,983  Other Long-Term Liabilities 443  449  Total Long-Term Liabilities 5,711  5,894        Total Liabilities 28,781  27,281        Shareholders' Equity 38,840  38,301  Total Liabilities and Shareholders' Equity$67,621 $65,582        PERCEPTRON, INC. NON-GAAP FINANCIAL MEASURESWhile Perceptron’s results under Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) provide significant insight into our operations and financial position, Perceptron’s management supplements its analysis of the business using “Adjusted EBITDA”. These are non-GAAP financial measures. Management believes these non-GAAP financial measures, when taken together with the corresponding GAAP measures, provide incremental insight into the underlying factors and trends affecting our performance because it excludes the effects of financing, investment, and other non-operating activities that management believes are not representative of our core business. However, it should be viewed as supplemental data, rather than as a substitute or an alternative to the comparable GAAP measure. The tables below present a reconciliation of the non-GAAP measures to the most directly comparable financial measure calculated in accordance with GAAP.            PERCEPTRON, INC.  RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA  (Unaudited, In Thousands)       Three Months Ended   September 30,    2020   2019              Net (Loss) Income$(407) $626  Interest Expense, net 42   24  Income Tax (Benefit) Expense (155)  143  Depreciation and amortization expense 350   336  Adjusted EBITDA$(170) $1,129        Fully diluted shares outstanding 9,750   9,661  Adjusted Net (Loss) Income Per Share$(0.04) $0.06        Adjusted EBITDA, for the periods presented, represents net (loss) income before interest expense, net; income tax (benefit) expense; and depreciation and amortization expense, severance costs, impairment charges and litigation settlements. Adjusted EBITDA does not represent net income, as that term is defined under GAAP, and should not be considered as an alternative to net income as an indicator of our operating performance. Adjusted EBITDA is not intended to be a measure of free cash flow available for management and discretionary use of such measures do not consider certain cash requirements such as capital expenditures, tax payments and debt service requirements.Contact:Investor Relations investors@perceptron.com

  • ALERT: Halper Sadeh LLP Investigates the Following Mergers; Shareholders are Encouraged to Contact the Firm – MOBL, BSTC, PRCP, WPX

    ALERT: Halper Sadeh LLP Investigates the Following Mergers; Shareholders are Encouraged to Contact the Firm – MOBL, BSTC, PRCP, WPX

    NEW YORK, NY / ACCESSWIRE / November 14, 2020 / Halper Sadeh LLP, a global investor rights law firm, announces it is investigating:MobileIron, Inc.

  • WeissLaw LLP Reminds PRCP, DMYD, XLNX, and RESI Shareholders About Its Ongoing Investigations
    PR Newswire

    WeissLaw LLP Reminds PRCP, DMYD, XLNX, and RESI Shareholders About Its Ongoing Investigations

    If you own shares in any of the companies listed above and would like to discuss our investigations or have any questions concerning this notice or your rights or interests, please contact: