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 million
FINANCIAL RESULTS
For the three months ended
Total gross profit declined 38% on a year-over-year basis, or
The Company reported a net loss of
Adjusted EBITDA was
Total bookings declined 15% on a year-over-year basis to
As of
AGREEMENT AND PLAN MERGER
[1] See the attached “Non-GAAP Financial Measures” for a Reconciliation of Net (Loss) Income to Adjusted EBITDA
ABOUT
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
--- Financial Tables Follow ---
SELECTED FINANCIAL DATA | |||||||
(Unaudited, In Thousands Except Per Share Amounts) | |||||||
Condensed Income Statements | Three Months Ended | ||||||
2020 | 2019 | ||||||
$ | 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 | |||||
SELECTED FINANCIAL DATA | ||||||
(Unaudited, In Thousands) | ||||||
Condensed Balance Sheets | 2020 | 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 | ||||
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 | ||
NON-GAAP FINANCIAL MEASURES
While Perceptron’s results under Generally Accepted Accounting Principles in
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA | |||||||
(Unaudited, In Thousands) | |||||||
Three Months Ended | |||||||
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
Source:
2020 GlobeNewswire, Inc., source