EXHIBIT 99.1
[PERCEPTRON LOGO]
47827 Halyard Drive
Plymouth, Michigan 48170
Phone 734-414-6100 o Fax 734-414-4700
Contact: John J. Garber
Vice President Finance & CFO
734 414-6100
PERCEPTRON ANNOUNCES FIRST QUARTER RESULTS FOR FISCAL 2004
PLYMOUTH, MICHIGAN, NOVEMBER 6, 2003 - PERCEPTRON, INC. (NASDAQ: PRCP) today
announced sales of $12.3 million and net income of $1.0 million or $0.12 per
share, for the first quarter ended September 30, 2003, compared with sales from
continuing operations of $10.8 million and net income of $287,000, or $0.03 per
share, for the quarter ended September 30, 2002.
Sales were approximately $1.5 million, or 14%, higher than the same period last
year due to higher sales in the Company's European subsidiary. The sales
increase in Europe resulted from higher AutoGauge(R) product line sales and the
strong Euro.
Operating income was approximately $1.0 million better than the same period one
year ago due to higher gross profit related to the incremental sales increase
and the favorable effect of the strong Euro on gross margins. Selling, general,
and administrative and research and development expenses were slightly lower
than the first quarter of fiscal 2003 because of the Company's continuing focus
on cost control.
The Company had new order bookings during the quarter of $12.0 million compared
with new order bookings of $14.8 million in the fourth quarter of fiscal 2003
and $11.9 million for the quarter ended September 30, 2002. The Company's
backlog was $17.9 million as of September 30, 2003 compared with $18.2 million
as of June 30, 2003.
Alfred A. Pease, chairman, president and chief operating officer, commented, "We
are pleased with the operating results for the first quarter, as well as the
lower operating expenses compared with one year ago, which reflects the
commitment by all of our employees to controlling our costs."
"We expect our second quarter revenues to be comparable to those of the first
quarter, and we continue to expect strong sales overall for fiscal 2004, in the
range of $46 million to $50 million. We also expect to be profitable for fiscal
2004, although not at the same level as fiscal 2003. As previously reported, the
very strong sales and profits for the third and fourth quarters of fiscal 2003
were in part the result of a single unusually large tooling program by a single
European customer that encompassed a number of plants around Europe. Programs of
this magnitude are very rare. Though the Company does not expect a repeat of any
single order of this magnitude in fiscal 2004, the overall number of tooling
programs remains consistent with previous years, reflecting the commitment of
automakers worldwide to produce fresh vehicle models."
"Our balance sheet continues to strengthen. Shareholders' equity was $46.8
million or, $5.55 per share, cash increased by $3.8 million to $14.9 million
during the quarter, and we had no debt as of September 30, 2003."
Perceptron, Inc. will hold a conference call/webcast chaired by Alfred A. Pease,
President & CEO today at 10:00 a.m. (EDT). Investors can access the call at
http://www.firstcallevents.com/service/ajwz393020670gf12.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, November 13, 2003. You can access the rebroadcast by dialing 800
428-6051 (domestic callers) or 973-709-2089 (international callers) and entering
the passcode of 311416.
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 one year following the
call.
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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 the
Company's expectation as to future revenue and order booking 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,
including the risk that the Company's customers postpone new tooling programs as
a result of economic conditions or otherwise, 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. The Company's
expectations regarding future bookings and revenues are based upon customer
projections and discussions with customers that 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.
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PERCEPTRON, INC.
SELECTED FINANCIAL DATA
(In Thousands Except Per Share Amounts)
CONDENSED INCOME STATEMENTS THREE MONTHS ENDED
SEPTEMBER 30,
2003 2002
-------- --------
Net Sales $ 12,268 $ 10,777
Cost of Sales 6,657 6,081
-------- --------
Gross Profit 5,611 4,696
Selling, General and Administrative Expense 2,485 2,553
Engineering, Research and Development Expense 1,437 1,459
-------- --------
Operating Income 1,689 684
Interest Income (Expense), net 51 (52)
Foreign Currency and Other (11) (125)
-------- --------
Income Before Income Taxes 1,729 507
Income Tax Expense 702 220
-------- --------
Net Income $ 1,027 $ 287
======== ========
Earning Per Share
Basic $ 0.12 $ 0.03
Diluted $ 0.11 $ 0.03
Weighted Average Common Shares Outstanding
Basic 8,430 8,244
Diluted 9,234 8,247
CONDENSED BALANCE SHEETS SEPTEMBER 30 JUNE 30,
2003 2003
-------- --------
Cash and Cash Equivalents $ 14,939 $ 11,101
Other Current Assets 28,726 33,773
Property and Equipment, net 8,162 8,290
Other Non-Current Assets, net 6,258 6,250
-------- --------
Total Assets $ 58,085 $ 59,414
======== ========
Current Liabilities $ 11,321 $ 14,469
Shareholders' Equity 46,764 44,945
-------- --------
Total Liabilities and Shareholders' Equity $ 58,085 $ 59,414
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