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Perceptron Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 16, 2011 04:29PM

Perceptron Inc. (PRCP) filed Quarterly Report for the period ended 2011-03-31. Perceptron Inc. has a market cap of $55.43 million; its shares were traded at around $6.21 with a P/E ratio of 31.05 and P/S ratio of 1.06.

Highlight of Business Operations:

Overview — For the third quarter of fiscal 2011, the Company reported net income of $606,000 or $0.07 per diluted share, compared to a net loss of $131,000, or $0.01 per diluted share for the third quarter of fiscal 2010. Specific line item results are described below.

Sales in the IBU segment increased $1.4 million, primarily due to increased sales of Technology Components product sales. Sales in the CBU segment decreased by approximately $800,000 primarily due to lower sales in the plumbing market, partially offset by initial sales in the construction market. The increase in sales in the Americas reflected an increase in Automated System sales in the IBU segment offset by lower sales in the commercial products segment. Sales in Europe were down $1.2 million primarily due to lower Automated System sales. Sales in Asia were approximately $200,000 lower primarily due to lower IBU sales of Automated Systems products.

IBU backlog increased $8.9 million, primarily in Automated Systems orders. IBU’s backlog of $25.7 million at March 31, 2011 is the highest in over 10 years. CBU backlog decreased $1.5 million primarily due to a reduction in the level of new orders in the plumbing market. The increase in all three geographic locations related to an increase in Automated Systems orders.

Engineering, Research and Development (R&D) Expenses — Engineering and R&D expenses were $2.1 million in the quarter ended March 31, 2011 compared to $1.8 million in the third quarter a year ago. The $372,000 increase was primarily due to an increase in salary and employee related costs in IBU and higher contractor costs in IBU and CBU, partially offsetting these higher costs were lower salary and related costs in CBU.

Interest Income, net — Net interest income was $59,000 in the third quarter of fiscal 2011 compared with net interest income of $48,000 in the third quarter of fiscal 2010. The increase of $11,000 was related to higher average cash and investment balances and higher interest rates compared to one year ago.

Overview — The Company reported net income of $1.3 million, or $0.14 per diluted share, for the first nine months of fiscal 2011, compared with a net loss of $1.4 million, or $0.15 per diluted share for the nine months ended March 31, 2010. Specific line item results are described below.

Read the The complete Report

Stocks Discussed: PRCP,
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