Activism Clearly The Cure For What Ails Perceptron
Perceptron: The Beauty Of Low Expectations
Left Shark Investing
Left Shark Investing
Perceptron: A Fifty-Cent Dollar
Default Investing • 21 Comments
Default Investing • 21 Comments
Mon, May 9, 4:36 PM
Thu, Mar. 3, 1:06 PM
- Perceptron (PRCP -1.8%) is cutting 10% of its workforce as part of a restructuring meant to achieve $4.5M/year in pre-tax savings. $3M worth of one-time charges are expected. The cuts will be spread across geographic regions, departments, and roles.
- The 3D scanning/measurement tool provider has also issued FQ3 sales guidance of $16M-$19M, almost entirely below an $18.95M 2-analyst consensus. FQ4 revenue is expected to be "slightly higher" Q/Q; consensus is for revenue to grow to $22.4M.
- The announcement comes three weeks after shares tumbled in response to an FQ1 miss.
Tue, Feb. 9, 12:42 PM
- Perceptron (NASDAQ:PRCP) has tumbled to new 52-week lows after missing FQ2 sales estimates. The company insists demand for its core In-Line measurement systems remained strong among automotive clients in FQ2, but does report seeing "some localized challenges," such as scheduling delays from Chinese clients.
- Bookings/backlog: Bookings remained strong in FQ2, rising 62% Y/Y to $20.6M (above revenue of $17.2M). Americas bookings totaled $7.4M, European bookings $8.8M, and Asian bookings $4.4M. Backlog rose by $3.3M Q/Q and $1.4M Y/Y to $40.4M.
- Financials: Gross margin was 29.6% vs. 29.4% in FQ1 and 48% a year ago. The Y/Y drop is blamed on lower revenue, mix changes caused by acquisitions, and forex. SG&A spend rose by $500K Y/Y to $5.4M; R&D/engineering spend was nearly flat at $2M. Perceptron ended FQ2 with $8.7M in cash and no debt.
- Perceptron's FQ2 results, earnings release
Mon, Feb. 8, 4:45 PM
Nov. 5, 2015, 10:34 AM
- Perceptron (NASDAQ:PRCP) has tumbled to new 52-week lows after missing FQ1 estimates and reporting a 39% Y/Y drop in bookings to $13.2M (compares with a 34% increase in revenue to $15.1M). The bookings drop led backlog to fall 5% Q/Q and 26% Y/Y to $37.1M.
- FQ1 bookings are blamed on order timings, soft Chinese and Brazilian demand - other tech firms with strong industrial exposure have reported seeing similar trends - and a strong dollar. Americas bookings fell by $5.1M to $4.8M, European bookings by $0.4M to $6.6M, and Asian bookings by $3M to $1.8M.
- FQ1 details: European sales more than doubled Y/Y in Q3 thanks in part to acquisitions, while Americas and Asia sales were flat. Gross margin rose 170 bps Y/Y to 29.4%, SG&A spend rose by $1.2M to $5.3M, and R&D spend by $0.5M to $2.2M. Perceptron ended FQ1 with $13.9M in cash, and no debt.
- FQ1 results, PR
Nov. 4, 2015, 5:02 PM
- Perceptron (NASDAQ:PRCP): FQ1 EPS of -$0.23 may not be comparable to consensus of -$0.09.
- Revenue of $15.1M (+34.8% Y/Y) misses by $1.76M.
Aug. 26, 2015, 4:38 PM
- Perceptron (NASDAQ:PRCP): FQ4 EPS of $0.04 misses by $0.07.
- Revenue of $23.4M (+34.5% Y/Y) beats by $3.72M.
May 6, 2015, 5:43 PM
- Perceptron (NASDAQ:PRCP): FQ3 EPS of -$0.17 misses by $0.03.
- Revenue of $16.2M (-6.4% Y/Y) beats by $0.15M.
Apr. 27, 2015, 5:54 PM
- Perceptron (NASDAQ:PRCP) expects to report FQ3 (March quarter) revenue of "just over" $16M and EPS (excluding $0.11 worth of one-time expenses) of -$0.05 to -$0.07; consensus is at $17.3M and $0.09.
- The 3D measurement/scanning hardware maker says it's still on track to produce FY15 (ends June '15) revenue of ~$70M, up from FY14's $59.6M; consensus is at $70.3M.
- A weak euro had an impact on Q1 results. In addition, gross margin was hurt by project timing issues.
- Shares have fallen to $12.33 AH. The news comes 5 days after Perceptron announced CFO Keith Marchiando is leaving to take a position with a private company.
Feb. 4, 2015, 5:20 PM
- Perceptron (NASDAQ:PRCP): FQ2 EPS of $0.30 beats by $0.06.
- Revenue of $23.56M (+88.2% Y/Y) beats by $6.92M.
Jan. 9, 2015, 4:49 PM
- Perceptron (NASDAQ:PRCP) still expects FQ2 revenue of $20M+; the sole analyst estimate (perhaps outdated?) is at $16.6M. The 3D measurement/inspection toolmaker also reiterates it expects 2015 revenue to "show strong growth" relative to 2014.
- Q4 results arrive after the close on Wednesday, Feb. 4. CC at 10AM ET the following morning. Shares +4% since Perceptron posted an FQ1 miss on Nov. 5.
Nov. 5, 2014, 4:51 PM
- Perceptron (NASDAQ:PRCP): FQ1 EPS of -$0.22 may not be comparable to consensus of -$0.13.
- Revenue of $11.2M (-9.5% Y/Y) misses by $3.65M.
Aug. 20, 2014, 5:22 PM
- Perceptron's (NASDAQ:PRCP) FQ4 revenue of $17.4M missed a sole analyst estimate of $18.3M. EPS of $0.10 missed an estimate of $0.23.
- The 3D industrial measurement/inspection system vendor says "several customers delayed system installations" in FQ4, pushing revenue into FY15 and (due to fixed costs) hurting margins.
- Perceptron adds profits were also hurt by "additional operating costs, primarily related to the management changes made over the course of the year, higher costs associated with additional Sarbanes Oxley compliance requirements and investments we are making to implement our new strategic plan."
- Bookings totaled $20.4M, -5% Y/Y but exceeding revenue by $3M. Backlog rose by $3M Q/Q and $8.9M Y/Y to $39.3M. Americas sales totaled $6.1M, European sales $7.8M, and Asia-Pac sales $3.5M.
- Gross margin fell 540 bps Y/Y to 42.7%. SG&A spend was roughly flat at $4.2M, while R&D spend fell 11% to $1.8M.
- FQ4 results, PR
Aug. 20, 2014, 4:11 PM
- Perceptron (NASDAQ:PRCP): FQ4 EPS of $0.10.
- Revenue of $17.4M (-15.9% Y/Y).
May 6, 2014, 6:36 PM
- Perceptron (PRCP): FQ3 EPS of $0.26 beats by $0.06.
- Revenue of $17.3M (+17% Y/Y) misses by $0.13M. Shares +4.6% AH.
Perceptron, Inc. develops, produces and sells non-contact measurement and inspection solutions for industrial applications. The Company's products provide solutions for manufacturing process control as well as sensor and software technologies for non-contact measurement, scanning, and inspection... More
Industry: Scientific & Technical Instruments
Country: United States
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