Perceptron Inc. (NASDAQ:PRCP) filed Quarterly Report for the period ended 2010-12-31.
Perceptron Inc. has a market cap of $60.1 million; its shares were traded at around $6.89 with and P/S ratio of 1.1. Hedge Fund Gurus that owns PRCP: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns PRCP: John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:Overview For the second quarter of fiscal 2011, the Company reported net income of $1.0 million, or $0.11 per diluted share, compared to a net loss of $414,000, or $0.05 per diluted share for the second quarter of fiscal 2010. Operating income was 9.2% of revenue. Specific line item results are described below.
The $4.7 million increase in backlog over the second quarter of fiscal 2010 was primarily the result of increased orders in IBU and principally occurred in the Americas. IBUs backlog of $22.5 million at December 31, 2010 is the highest in over a decade. CBUs backlog decreased $200,000 from the second quarter of fiscal 2010 and was primarily due to fewer orders in the plumbing market.
Gross Profit Gross profit was $7.1 million, or 43.6% of sales, in the second quarter of fiscal 2011, as compared to $4.8 million, or 40.9% of sales, in the second quarter of fiscal 2010. The Company achieved a gross profit margin percentage increase of 2.7% primarily related to CBU sales which had discounted margins last year related to reducing its inventory with a discontinued partner. Higher IBU sales also contributed to the increase. The effect of the weaker Euro in the second quarter of fiscal 2011 compared to 2010 decreased gross profit approximately $500,000.
Selling, General and Administrative (SG&A) Expenses SG&A expenses decreased $316,000 to $3.7 million in the second quarter of fiscal 2011 compared to $4.0 million in the quarter ended December 31, 2009. The decrease was primarily due to a decrease in CBUs sales and marketing costs from reduced salary and personnel related costs and to a lesser extent sales promotions. North American G&A costs also decreased primarily from lower depreciation expense. The Euro was weaker against the dollar in the second quarter of fiscal 2011 than in the second quarter of fiscal 2010. This had the impact of decreasing costs in fiscal 2011 on a comparative basis by approximately $100,000 or 2.5%.
Engineering, Research and Development (R&D) Expenses Engineering and R&D expenses were $2.0 million in the quarter ended December 31, 2010 compared to $1.6 million in the second quarter a year ago. The $418,000 increase was primarily due to the use of outside contractors on the development of IBUs new Helix metrology solution and to a lesser extent engineering material costs for both IBUs and CBUs new product development.
Overview The Company reported net income of $675,000, or $0.07 per diluted share, for the first half of fiscal 2011, compared with a net loss of $1.2 million, or $0.14 per diluted share for the six months ended December 31, 2009. Specific line item results are described below.
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