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Perceptron Announces Third Quarter Results for Fiscal Year 2003
PLYMOUTH, Mich., May 8, 2003 /PRNewswire-FirstCall via COMTEX/ -- Perceptron,
Inc. (Nasdaq: PRCP) today announced sales of $16.0 million and net income of
$809,000, or $0.10 per share, for the third quarter ended March 31, 2003,
compared with sales from continuing operations of $9.8 million and a loss from
continuing operations of $220,000, or $0.03 per share, for the quarter ended
March 31, 2002. For the nine-month period ended March 31, 2003 the Company
reported sales of $39.5 and net income of $2.2 million or $0.27 per share,
compared with sales from continuing operations of $33.4 million and income from
continuing operations of $659,000, or $0.08 per share, for the same period one
year ago.
Results for this quarter included a $2.4 million pre-tax charge for an
arbitration award against Perceptron B.V., a wholly-owned subsidiary of the
Company, that was previously disclosed in a press release on February 25, 2003.
Excluding this charge, the Company would have reported net income for the third
quarter of $2.4 million, or $0.28 per share, and net income for the nine-month
period of $3.8 million, or $0.46 per share. See the attached financial tables
for a reconciliation of this non-GAAP financial measure to the Company's net
income for the periods presented.
Sales during the quarter were approximately $6.1 million, or 62%, better than
one year ago primarily due to the high level of AutoGauge systems sales in
Europe compared with one year ago. Sales in Europe benefited from several new
vehicle tooling programs and the strength of the Euro against the dollar
compared with the same quarter one year ago. Gross profit this quarter was $9.3
million, or 58% of sales, compared to $4.2 million, or 43% of sales one year
ago. The improvement was primarily due to incremental gross profit related to
the strengthening Euro that yielded higher gross margins in Europe, revenue
recognition related to customer progress billings with nominal associated costs,
and favorable fixed overhead absorption on the higher level of sales.
The Company reported new order bookings of $14.0 million during the third
quarter compared with new order bookings of $17.0 million in the second quarter
of fiscal 2003 and $9.0 million for the quarter ended March 31, 2002. The high
level of bookings for the second and third quarters of fiscal year 2003
primarily reflected orders for AutoGauge systems related to new vehicle tooling
programs. The Company's backlog was $18.6 million as of March 31, 2003 compared
with $20.5 million as of December 31, 2002. In the near term the Company expects
new orders for its core product lines to return to more normal levels consistent
with the current economic climate.
Alfred A. Pease, chairman, president and chief executive officer, commented, "We
were very pleased with our operating results and the relatively high level of
new orders received during the quarter. Our balance sheet is strong.
Shareholders' equity rose to $42.7 million, or $5.14 per share, as of March 31,
2003."
Perceptron, Inc. will hold a conference call/webcast chaired by Alfred A. Pease,
President & CEO today at 10:00 a.m. (ET). Investors can access the call at
www.firstcallevents.com/service/ajwz380454703gf12.html . If you are
unable to participate during the live webcast, the call will be digitally
rebroadcast for seven days, beginning at 12:00 p.m. today and running until
11:59 p.m. on Thursday, May 15, 2003. You can access the rebroadcast by dialing
800-428-6051 (domestic callers) or 973-709-2089 (international callers) and
entering the passcode of 291336.
A replay of the call will also be available in the "Company-News" section of the
Company's website at
www.perceptron.com for approximately 90 days following the
call. Thereafter, statistical and financial information presented in the call
will be available on the Company's website at
www.perceptron.com in the
Company's Form 10-Q for the third quarter of fiscal year 2003 or in a separate
report, both of which can be found under the "Company-Financials" section of the
website.
About Perceptron
Perceptron produces information-based process improvement solutions for industry
as well as technology components for non-contact measurement and inspection
applications. Automotive and manufacturing companies throughout the world rely
on Perceptron's process management solutions to help them improve quality,
shorten product launch times and reduce overall manufacturing costs.
Headquartered in Plymouth, Michigan, Perceptron has approximately 215 employees
worldwide, with facilities in the United States, Germany, Netherlands, France,
Brazil, and Japan. For more information, please visit
www.perceptron.comSafe Harbor Statement
Certain statements in this press release may be "forward-looking statements"
within the meaning of the Securities Exchange Act of 1934, including the
Company's expectation as to fiscal 2003 and 2004 and future revenue, order
booking levels and earnings levels. The Company assumes no obligation for
updating any such forward-looking statements to reflect actual results, changes
in assumptions or changes in other factors affecting such forward-looking
statements. Actual results could differ materially from those in the
forward-looking statements due to a number of uncertainties in addition to those
set forth in the press release, including, but not limited to, the dependence of
the Company's revenue on a number of sizable orders from a small number of
customers, the timing of orders and shipments which can cause the Company to
experience significant fluctuations in its quarterly and annual revenue and
operating results, timely receipt of required supplies and components which
could result in delays in anticipated shipments, general product demand and
market acceptance risks, the ability of the Company to successfully compete with
alternative and similar technologies, the timing and continuation of the
Automotive industry's retooling programs, the ability of the Company to resolve
technical issues inherent in the development of new products and technologies,
the ability of the Company to identify and satisfy market needs, general product
development and commercialization difficulties, the ability of the Company to
attract and retain key personnel, especially technical personnel, the quality
and cost of competitive products already in existence or developed in the
future, the level of interest existing and potential new customers may have in
new products and technologies generally, rapid or unexpected technological
changes, the effect of economic conditions, particularly economic conditions in
the domestic and worldwide Automotive industry, which has from time to time been
subject to cyclical downturns due to the level of demand for, or supply of, the
products produced by companies in this industry, and the impact of cost
reduction initiatives on the Company's revenues, order bookings and earnings.
The Company's expectations regarding future bookings and revenues are based upon
oral discussions with customers and are subject to change based upon a wide
variety of factors, including economic conditions and system implementation
delays. Certain of these new orders have been delayed in the past and could be
delayed in the future. Because the Company's products are typically integrated
into larger systems or lines, the timing of new orders is dependent on the
timing of completion of the overall system or line. In addition, because the
Company's products have shorter lead times than other components and are
required later in the process, orders for the Company's products tend to be
given later in the integration process.