Perceptron collapses 24.4% AH on surprise loss, steep margin decline

Perceptron (PRCP) shares dive 24.4% AH following the company's FQ1 report, which saw an unexpected loss of $0.07/share.

Gross margins collapsed to 34.7% in FQ1 from 46.1% in the prior year, "due primarily to timing differences between the recognition of revenue and material and labor costs." Management "expects margins to return to more normal levels for the rest of fiscal year 2014."

Sales backlog climbed 16.6% Y/Y $35.9M at the end of FQ1.

CFO Jack Lowry: "we expect quarterly sales improvement during the fiscal year, with the second half ... expected to be considerably stronger than the first half, and a profitable fiscal 2014."

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