Perceptron Inc. (NASDAQ:PRCP) filed Annual Report for the period ended 2009-06-30.
Highlight of Business Operations:The Company sells its Technology Products to a variety of markets through OEMs, system integrators and VARs. These Technology Products target the digitizing, reverse engineering and inspection markets. The Companys commercial products are currently sold to Snap-on and Ridge Tool for distribution through their wholesale and retail distribution networks. The Companys Supply Agreement with Ridge Tool, which was scheduled to expire on September 1, 2009, has been extended until October 31, 2009. The Company and Ridge Tool are in discussions related to each others future business needs. There can be no assurances that Ridge Tool will continue as a distributor of our commercial products beyond October 31, 2009. The Company has been, and is currently in, discussions with multiple potential strategic customers in distinct market segments to distribute commercial products designed specifically for their markets. During the fiscal year ended June 30, 2009, sales to Snap-on and Ridge Tool were 19.6% and 18.1%, respectively, of the Companys total net sales. At June 30, 2009, accounts receivable from Snap-on and Ridge Tool totaled approximately $1.3 million and $473,000, respectively.
The Companys principal customers for its Automated Systems products have historically been automotive companies that the Company either sells to directly or through manufacturing line builders, system integrators or OEMs. The Companys Automated Systems products are typically purchased for installation in connection with new model retooling programs undertaken by these companies. Because sales are dependent on the timing of customers re-tooling programs, sales by customer vary significantly from year to year, as do the Companys largest customers. For the fiscal year ended June 30, 2009, approximately 25% of total net sales were derived from the Companys four largest automotive customers (Volkswagen Group, General Motors, Ford Motor, and BMW). For the fiscal year ended June 30, 2008 approximately 26% of total net sales were derived from the Companys four largest automotive customers (General Motors, Volkswagen Group, Chrysler, and BMW). For the fiscal year ended June 30, 2007, approximately 31%, of total net sales were derived from the Companys four largest automotive customers (Volkswagen Group, General Motors, DaimlerChrysler and BMW). The Company also sells to manufacturing line builders, system integrators or OEMs, who in turn sell to these same automotive companies. For the fiscal year ended June 30, 2009, 2008 and 2007, approximately 8%, 7% and 12%, respectively, of net sales were to manufacturing line builders, system integrators and OEMs for the benefit of the same four automotive companies. These numbers reflect consolidations that have occurred within the Companys four largest automotive customers. During the fiscal year ended June 30, 2009, direct sales to Volkswagen Group accounted for approximately 15.3% of the Companys total net sales. At June 30, 2009, accounts receivable from Volkswagen Group totaled approximately $2.0 million.
Europe: The Companys European operations contributed approximately 31%, 33%, and 43%, of the Companys net sales during the fiscal years ended June 30, 2009, 2008 and 2007, respectively. The Companys wholly-owned subsidiary, Perceptron Europe B.V. (Perceptron B.V.), formed in The Netherlands, holds a 100% equity interest in Perceptron (Europe) GmbH (Perceptron GmbH). Perceptron GmbH is located in Munich, Germany and is the operational headquarters for the European market. Perceptron GmbH holds a 100% interest in Perceptron E.U.R.L. located in Voisins le Bretonneux, France and a 100% interest in Perceptron Iberica SL located in Barcelona, Spain. At June 30, 2009, the Company employed 57 people in its European operations.
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