Company Quick10K Filing
Perceptron
Price5.17 EPS-1
Shares10 P/E-7
MCap50 P/FCF-22
Net Debt-4 EBIT-7
TEV46 TEV/EBIT-7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-06-01
10-Q 2019-12-31 Filed 2020-02-10
10-Q 2019-09-30 Filed 2019-11-12
10-K 2019-06-30 Filed 2019-09-12
10-Q 2019-03-31 Filed 2019-05-09
10-Q 2018-12-31 Filed 2019-02-11
10-Q 2018-09-30 Filed 2018-11-07
10-K 2018-06-30 Filed 2018-08-30
10-Q 2018-03-31 Filed 2018-05-07
10-Q 2017-12-31 Filed 2018-02-05
10-Q 2017-09-30 Filed 2017-11-06
10-K 2017-06-30 Filed 2017-09-07
10-Q 2017-03-31 Filed 2017-05-08
10-Q 2016-12-31 Filed 2017-02-06
10-Q 2016-09-30 Filed 2016-11-07
10-K 2016-06-30 Filed 2016-09-09
10-Q 2016-03-31 Filed 2016-05-09
10-Q 2015-12-31 Filed 2016-02-09
10-Q 2015-09-30 Filed 2015-11-09
10-K 2015-06-30 Filed 2015-09-14
10-Q 2015-03-31 Filed 2015-05-08
10-Q 2014-12-31 Filed 2015-02-09
10-Q 2014-09-30 Filed 2014-11-10
10-K 2014-06-30 Filed 2014-09-15
10-Q 2014-03-31 Filed 2014-05-15
10-Q 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-11-14
10-K 2013-06-30 Filed 2013-09-27
10-Q 2013-03-31 Filed 2013-05-15
10-Q 2012-12-31 Filed 2013-02-14
10-Q 2012-09-30 Filed 2012-11-13
10-K 2012-06-30 Filed 2012-09-28
10-Q 2012-03-31 Filed 2012-05-15
10-Q 2011-12-31 Filed 2012-02-13
10-Q 2011-09-30 Filed 2011-11-14
10-K 2011-06-30 Filed 2011-09-26
10-Q 2011-03-31 Filed 2011-05-16
10-Q 2010-12-31 Filed 2011-02-11
10-Q 2010-09-30 Filed 2010-11-15
10-K 2010-06-30 Filed 2010-09-27
10-Q 2010-03-31 Filed 2010-05-14
10-Q 2009-12-31 Filed 2010-02-16
8-K 2020-09-01 Officers, Exhibits
8-K 2020-06-05
8-K 2020-05-28
8-K 2020-05-04
8-K 2020-04-16
8-K 2020-02-24
8-K 2020-02-04
8-K 2020-01-07
8-K 2019-12-19
8-K 2019-11-22
8-K 2019-11-18
8-K 2019-11-11
8-K 2019-11-11
8-K 2019-09-16
8-K 2019-09-16
8-K 2019-09-04
8-K 2019-09-04
8-K 2019-08-09
8-K 2019-07-25
8-K 2019-06-13
8-K 2019-05-16
8-K 2019-05-09
8-K 2019-02-11
8-K 2018-12-20
8-K 2018-12-07
8-K 2018-10-25
8-K 2018-08-29
8-K 2018-08-20
8-K 2018-08-09
8-K 2018-06-21
8-K 2018-05-07
8-K 2018-04-04
8-K 2018-02-05

PRCP 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4.Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.57 prcp-ex1057_164.htm
EX-31.1 prcp-ex311_167.htm
EX-31.2 prcp-ex312_165.htm
EX-32.1 prcp-ex321_166.htm

Perceptron Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
957657381902012201420172020
Assets, Equity
25167-2-11-202012201420172020
Rev, G Profit, Net Income
4.32.50.7-1.1-2.9-4.72012201420172020
Ops, Inv, Fin

prcp-10q_20200331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number:  0-20206

 

PERCEPTRON, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Michigan

(State or Other Jurisdiction of

Incorporation or Organization)

 

38-2381442

(I.R.S. Employer

Identification No.)

47827 Halyard Drive, Plymouth, Michigan

(Address of Principal Executive Offices)

 

48170-2461

(Zip Code)

 

(734) 414-6100

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

PRCP

NASDAQ Global Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes

No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit  such files).

 

Yes

No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes

No

 

As of May 28, 2020, there were 9,720,914 shares of common stock ($0.01 par value per share) are outstanding.

 

 

 

1


 

 

Explanatory Note

On March 25, 2020, the Securities and Exchange Commission (the “SEC”) issued the Order under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies, (Release No. 34-88465) (the “Order”), which provides conditional relief to public companies that are unable to timely comply with certain filing obligations as a result of the COVID-19 pandemic. Due to the ongoing COVID-19 pandemic, Perceptron, Inc. (the “Company”) delayed the filing of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (this “Quarterly Report”) in reliance on the Order.

The Company's operations and business have experienced disruptions due to the ongoing COVID-19 pandemic and the various measures that the countries in which the Company conducts operations have taken in response. The Company has implemented widespread work-from-home arrangements for many of its employees, who are mainly located in the United States, Europe and China. In connection with the preparation of this Quarterly Report, the Company experienced delays in its normal processes and interactions among its accounting personnel and others responsible for preparation of this Quarterly Report. As a result, this Quarterly Report for the three months ended March 31, 2020, which prior to the Order was due on May 11, 2020, has been filed on June 1, 2020.

 

2


PERCEPTRON, INC. AND SUBSIDIARIES

INDEX TO FORM 10-Q

For the Quarter Ended March 31, 2020

 

 

 

Page

Number

COVER

 

1

 

 

 

INDEX

 

3

 

 

 

PART I.  FINANCIAL INFORMATION

 

 

Item 1.  Financial Statements

 

4

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

Item 4.  Controls and Procedures

 

35

 

 

 

PART II.  OTHER INFORMATION

 

 

Item 1A. Risk Factors

 

36

Item 6. Exhibits

 

38

 

 

 

SIGNATURES

 

39

 

3


PERCEPTRON, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

March 31,

 

 

June 30,

 

(In Thousands, Except Per Share Amount)

 

2020

 

 

2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

10,564

 

 

$

4,585

 

Short-term investments

 

 

323

 

 

 

1,431

 

Receivables:

 

 

 

 

 

 

 

 

Billed receivables, net of allowance for doubtful accounts of $550 and $541, respectively

 

 

23,922

 

 

 

27,449

 

Unbilled receivables, net

 

 

4,468

 

 

 

5,394

 

Other receivables

 

 

540

 

 

 

200

 

Inventories, net of reserves of $1,860 and $1,778 respectively

 

 

10,072

 

 

 

10,810

 

Other current assets

 

 

1,984

 

 

 

1,529

 

Total current assets

 

 

51,873

 

 

 

51,398

 

 

 

 

 

 

 

 

 

 

Property and Equipment, Net

 

 

5,910

 

 

 

6,538

 

Goodwill

 

 

-

 

 

 

1,741

 

Intangible Assets, Net

 

 

1,176

 

 

 

1,816

 

Right of Use Assets

 

 

3,660

 

 

 

-

 

Long-Term Investment

 

 

725

 

 

 

725

 

Long-Term Deferred Income Tax Assets

 

 

918

 

 

 

620

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

64,262

 

 

$

62,838

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Lines of credit

 

 

2,500

 

 

 

-

 

Accounts payable

 

 

5,961

 

 

 

7,397

 

Accrued liabilities and expenses

 

 

3,763

 

 

 

3,609

 

Accrued compensation

 

 

1,373

 

 

 

1,646

 

Current portion of taxes payable

 

 

172

 

 

 

320

 

Income taxes payable

 

 

640

 

 

 

536

 

Short-term operating lease liability

 

 

462

 

 

 

-

 

Reserves for severance and other charges

 

 

468

 

 

 

44

 

Deferred revenue

 

 

5,646

 

 

 

6,649

 

Total current liabilities

 

 

20,985

 

 

 

20,201

 

 

 

 

 

 

 

 

 

 

Long-Term Taxes Payable

 

 

-

 

 

 

114

 

Long-Term Deferred Income Tax Liability

 

 

-

 

 

 

41

 

Long-Term Operating Lease Liability

 

 

3,249

 

 

 

-

 

Long-Term Deferred Revenue

 

 

243

 

 

 

-

 

Other Long-Term Liabilities

 

 

439

 

 

 

556

 

Total Liabilities

 

$

24,916

 

 

$

20,912

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

Preferred stock, no par value, authorized 1,000 shares, issued none

 

 

-

 

 

 

-

 

Common stock, $0.01 par value, 19,000 shares authorized; issued and outstanding 9,721 and 9,656, respectively

 

 

97

 

 

 

97

 

Accumulated other comprehensive loss

 

 

(3,612

)

 

 

(3,079

)

Additional paid-in capital

 

 

49,595

 

 

 

49,083

 

Retained deficit

 

 

(6,734

)

 

 

(4,175

)

Total Shareholders' Equity

 

$

39,346

 

 

$

41,926

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

 

$

64,262

 

 

$

62,838

 

 

The notes to the consolidated financial statements are an integral part of these statements.

4


PERCEPTRON, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

(In Thousands, Except Per Share Amounts)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

(As Revised)

 

 

 

 

 

 

(As Revised)

 

Net Sales

 

$

12,673

 

 

$

15,632

 

 

$

49,655

 

 

$

58,627

 

Cost of Sales

 

 

8,267

 

 

 

10,485

 

 

 

31,076

 

 

 

37,338

 

Gross Profit

 

 

4,406

 

 

 

5,147

 

 

 

18,579

 

 

 

21,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

4,044

 

 

 

4,415

 

 

 

12,596

 

 

 

13,992

 

Engineering, research and development

 

 

1,472

 

 

 

1,812

 

 

 

4,932

 

 

 

6,090

 

Severance, impairment and other charges

 

 

2,836

 

 

 

-

 

 

 

3,307

 

 

 

(609

)

Total operating expenses

 

 

8,352

 

 

 

6,227

 

 

 

20,835

 

 

 

19,473

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (Loss) Income

 

 

(3,946

)

 

 

(1,080

)

 

 

(2,256

)

 

 

1,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income and (Expenses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(25

)

 

 

(16

)

 

 

(92

)

 

 

(72

)

Foreign currency loss

 

 

(352

)

 

 

(127

)

 

 

(531

)

 

 

(178

)

Other income, net

 

 

40

 

 

 

28

 

 

 

164

 

 

 

33

 

Total other income and (expense)

 

 

(337

)

 

 

(115

)

 

 

(459

)

 

 

(217

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Income Before Income Taxes

 

 

(4,283

)

 

 

(1,195

)

 

 

(2,715

)

 

 

1,599

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax (Expense) Benefit

 

 

347

 

 

 

193

 

 

 

156

 

 

 

(38

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(3,936

)

 

$

(1,002

)

 

$

(2,559

)

 

$

1,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Income Per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.41

)

 

$

(0.10

)

 

$

(0.26

)

 

$

0.16

 

Diluted

 

$

(0.41

)

 

$

(0.10

)

 

$

(0.26

)

 

$

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

9,708

 

 

 

9,627

 

 

 

9,687

 

 

 

9,601

 

Dilutive effect of stock options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

110

 

Diluted

 

 

9,708

 

 

 

9,627

 

 

 

9,687

 

 

 

9,711

 

 

The notes to the consolidated financial statements are an integral part of these statements.


5


PERCEPTRON, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

(In Thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

(As Revised)

 

 

 

 

 

 

(As Revised)

 

Net (Loss) Income

 

$

(3,936

)

 

$

(1,002

)

 

$

(2,559

)

 

$

1,561

 

Other Comprehensive Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(217

)

 

 

(93

)

 

 

(533

)

 

 

(859

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (Loss) Income

 

$

(4,153

)

 

$

(1,095

)

 

$

(3,092

)

 

$

702

 

 

The notes to the consolidated financial statements are an integral part of these statements.

6


PERCEPTRON, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOW

(UNAUDITED)

 

 

Nine Months Ended

 

 

 

March 31,

 

(In Thousands)

 

2020

 

 

2019

 

 

 

 

 

 

 

(As Revised)

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(2,559

)

 

$

1,561

 

Adjustments to reconcile net (loss) income to net cash provided by

   operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization, includes $388 amortization of ROU assets (imputed)

 

 

1,380

 

 

 

1,692

 

Goodwill and intangible asset impairment

 

 

2,246

 

 

 

-

 

Stock compensation expense

 

 

527

 

 

 

533

 

Deferred income taxes

 

 

(362

)

 

 

186

 

Loss on disposal of assets

 

 

289

 

 

 

15

 

Allowance for doubtful accounts

 

 

9

 

 

 

124

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

3,133

 

 

 

1,216

 

Inventories

 

 

498

 

 

 

339

 

Accounts payable

 

 

(1,252

)

 

 

(783

)

Accrued liabilities and expenses

 

 

324

 

 

 

(1,593

)

Deferred revenue

 

 

(626

)

 

 

(462

)

Other assets and liabilities

 

 

(415

)

 

 

(2,200

)

Net cash provided by operating activities

 

 

3,192

 

 

 

628

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

 

Purchases of short-term investments

 

 

(1,486

)

 

 

(2,199

)

Sales of short-term investments

 

 

2,624

 

 

 

2,431

 

Capital expenditures

 

 

(440

)

 

 

(809

)

Capital expenditures - intangibles

 

 

(202

)

 

 

(311

)

Net cash provided by (used for) investing activities

 

 

496

 

 

 

(888

)

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

 

Proceeds from lines of credit

 

 

2,500

 

 

 

-

 

Payments on short-term borrowings

 

 

-

 

 

 

(155

)

Proceeds from stock plans

 

 

15

 

 

 

329

 

Cash payment for shares surrendered upon vesting of RSU's to cover taxes

 

 

(28

)

 

 

(55

)

Net cash provided by financing activities

 

 

2,487

 

 

 

119

 

 

 

 

 

 

 

 

 

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

 

 

(131

)

 

 

(150

)

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash

 

 

6,044

 

 

 

(291

)

Cash, Cash Equivalents and Restricted Cash, July 1

 

 

4,843

 

 

 

5,996

 

Cash, Cash Equivalents and Restricted Cash, March 31

 

$

10,887

 

 

$

5,705

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosure of Cash Flow Information

 

 

 

 

 

 

 

 

Cash paid during the period for interest

 

$

44

 

 

$

73

 

Cash paid during the period for income taxes

 

$

247

 

 

$

553

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

March 31, 2019

 

Cash and Cash Equivalents

 

$

10,564

 

 

$

5,429

 

Restricted Cash included in Short-term Investments

 

 

323

 

 

 

276

 

Total Cash, Cash Equivalents and Restricted Cash

 

$

10,887

 

 

$

5,705

 

 

 

 

 

 

 

 

 

 

The notes to the consolidated financial statements are an integral part of these statements.

 

 

7


PERCEPTRON, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

March 31,

 

 

March 31,

 

(In Thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Common Stock

 

 

 

 

 

(As Revised)

 

 

 

 

 

 

(As Revised)

 

Beginning balance

 

$

97

 

 

$

96

 

 

$

97

 

 

$

96

 

Issued

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Ending balance

 

 

97

 

 

 

96

 

 

 

97

 

 

 

96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Other Comprehensive Loss