Perceptron Inc. (PRCP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Perceptron Inc. has a market cap of $40.6 million; its shares were traded at around $4.54 with and P/S ratio of 0.6. PRCP is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
IBU backlog increased $2.4 million, primarily in automated systems orders with technology components backlog increasing to a lesser extent. CBU backlog increased $3.3 million and was fairly evenly split between Ridge Tool and Snap-on orders. The increase in CBU backlog was the primary reason for the increase in the Americas backlog with automated systems orders increasing to a lesser extent. European backlog decreased $2.7 million primarily from lower automated systems orders. Asian backlog increased as a result of higher automated systems orders.
Gross Profit Gross profit was $5.0 million, or 36.9% of sales, in the third quarter of fiscal 2010, as compared to $4.7 million, or 35.2% of sales, in the third quarter of fiscal 2009. The gross margin percentage increase was primarily the result of lower expenses related to the IBU cost reduction actions taken by the Company in the third quarter of fiscal 2009 offset by a lower gross margin percentage for CBU products which was negatively impacted by existing inventory sales to Ridge. The stronger Euro in the third quarter of fiscal 2010 compared to 2009 had the effect of increasing gross profit by approximately $190,000.
Selling, General and Administrative (SG&A) Expenses SG&A expenses decreased $508,000 to $3.6 million compared to $4.1 million in the quarter ended March 31, 2009. The decrease was primarily due to lower bad debt expense and depreciation compared to the fiscal 2009 quarter. The current quarter also included lower personnel related costs resulting from the cost reduction actions taken by the Company in the third quarter of fiscal 2009 that were offset by higher audit and contract services costs. The stronger Euro in the fiscal 2010 quarter compared to fiscal 2009 had the effect of increasing costs by approximately $60,000.
Engineering, Research and Development (R&D) Expenses Engineering and R&D expenses were $1.8 million in the quarter ended March 31, 2010 compared to $1.9 million in the third quarter a year ago. The $119,000 decrease was primarily due to lower personnel related costs resulting from the IBU cost reduction actions taken by the Company in the third quarter of fiscal 2009 mitigated by higher contract services and engineering materials to accelerate investment in new product development in its IBU segment. Engineering and R & D expenses for the CBU segment were flat compared to the same quarter a year ago.
Overview The Company reported a net loss of $1.4 million, or $0.15 per diluted share, for the first nine months of fiscal 2010, compared with a net loss of $1.7 million, or $0.19 per diluted share for the nine months ended March 31, 2009. Specific line item results are described below.
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Perceptron Inc. has a market cap of $40.6 million; its shares were traded at around $4.54 with and P/S ratio of 0.6. PRCP is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Overview For the third quarter of fiscal 2010, the Company reported a net loss of $131,000, or $0.01 per diluted share, compared to a net loss of $2.7 million, or $0.31 per diluted share for the third quarter of fiscal 2009. Specific line item results are described below.IBU backlog increased $2.4 million, primarily in automated systems orders with technology components backlog increasing to a lesser extent. CBU backlog increased $3.3 million and was fairly evenly split between Ridge Tool and Snap-on orders. The increase in CBU backlog was the primary reason for the increase in the Americas backlog with automated systems orders increasing to a lesser extent. European backlog decreased $2.7 million primarily from lower automated systems orders. Asian backlog increased as a result of higher automated systems orders.
Gross Profit Gross profit was $5.0 million, or 36.9% of sales, in the third quarter of fiscal 2010, as compared to $4.7 million, or 35.2% of sales, in the third quarter of fiscal 2009. The gross margin percentage increase was primarily the result of lower expenses related to the IBU cost reduction actions taken by the Company in the third quarter of fiscal 2009 offset by a lower gross margin percentage for CBU products which was negatively impacted by existing inventory sales to Ridge. The stronger Euro in the third quarter of fiscal 2010 compared to 2009 had the effect of increasing gross profit by approximately $190,000.
Selling, General and Administrative (SG&A) Expenses SG&A expenses decreased $508,000 to $3.6 million compared to $4.1 million in the quarter ended March 31, 2009. The decrease was primarily due to lower bad debt expense and depreciation compared to the fiscal 2009 quarter. The current quarter also included lower personnel related costs resulting from the cost reduction actions taken by the Company in the third quarter of fiscal 2009 that were offset by higher audit and contract services costs. The stronger Euro in the fiscal 2010 quarter compared to fiscal 2009 had the effect of increasing costs by approximately $60,000.
Engineering, Research and Development (R&D) Expenses Engineering and R&D expenses were $1.8 million in the quarter ended March 31, 2010 compared to $1.9 million in the third quarter a year ago. The $119,000 decrease was primarily due to lower personnel related costs resulting from the IBU cost reduction actions taken by the Company in the third quarter of fiscal 2009 mitigated by higher contract services and engineering materials to accelerate investment in new product development in its IBU segment. Engineering and R & D expenses for the CBU segment were flat compared to the same quarter a year ago.
Overview The Company reported a net loss of $1.4 million, or $0.15 per diluted share, for the first nine months of fiscal 2010, compared with a net loss of $1.7 million, or $0.19 per diluted share for the nine months ended March 31, 2009. Specific line item results are described below.
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