PERCEPTRON ANNOUNCES PROFIT AND GROWTH FOR THIRD QUARTER
PERCEPTRON ANNOUNCES PROFIT AND GROWTH FOR THIRD QUARTER FARMINGTON HILLS, Mich., Nov. 13 /PRNewswire/ -- Perceptron, Inc.
(OTC: PRCP) announced today the results for the third quarter ended Sept. 30, 1992. Net sales for the quarter were $3.54 million, compared to $1.86 million in the third quarter of 1991, an increase of 90 percent. Net income for the third quarter increased to $418,000 or $.13 per share, compared to a net loss of $124,000 or $.18 per share in the comparable 1991 quarter.
Net sales for the nine months ended Sept. 30, 1992, were $10.53 million, compared to $6.39 million in the comparable 1991 period, an increase of 65 percent. Net income for the first nine months increased to $1.22 million, or $.42 per share, compared to a net loss of $2.58 million, or $3.71 per share, in the comparable period of 1991. Last year's loss included a one-time write-off of an intangible asset of $2.01 million. Excluding the one-time write-off, the net loss for the period would have been approximately $570,000. Noting that in 1991, almost half of the company's sales were concentrated in the fourth quarter, Dwight D. Carlson, president and chief executive officer, said, "Our delivery flow seems to be smoothing. This more consistent growth pattern helps us to better manage our manufacturing process and control our costs, but is expected to result in lower fourth-quarter sales in 1992 than 1991." "We are extremely pleased with the excellent results for the period, that show continuing improvement in both sales and earnings. The company's increases in sales outpaced increases in the costs of sales and operating expenses, resulting in a net profit of 12 percent of net sales," added Carlson. Perceptron develops, manufactures and markets laser-based sensor and image-processing systems used in the production of large formed parts and assemblies such as cars, trucks and appliances. Perceptron products are marketed in North America, Europe and Japan. PERCEPTRON, INC. SELECTED FINANCIAL DATA CONDENSED CONSOLIDATED OPERATING RESULTS (Unaudited; in 000s, except per-share data) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 1991 1992 1991 1992 Net sales $1,863 $3,538 $6,392 $10,530 Cost of sales 710 1,503 2,750 4,481 Gross profit 1,153 2,035 3,642 6,049 Selling, general and administrative 787 1,290 2,662 3,366 Research and development 388 417 1,089 1,293 Write-off of intangible asset --- --- 2,011 --- Other expenses (income) 102 (90) 462 173 Net income (loss) ($124) $418 ($2,582) $1,217 Historical net income (loss) per share ($.18) $.13 ($3.71) $.42 CONDENSED CONSOLIDATED BALANCE SHEET (In 000s) Dec. 31, Sept. 30, 1991 1992 Current assets $6,858 $8,203 Property and equipment, net 619 642 Other assets 70 13 Total assets $7,547 $8,858 Current liabilities $3,397 $2,172 Long-term debt 4,391 --- Redeemable convertible preferred stock 19,407 --- Shareholders' equity (deficit) (19,648) 6,686 Total liabilities and shareholders' equity $7,547 $8,858 -0- 11/13/92 /CONTACT: Dwight D. Carlson, president & CEO, or Joseph Ben-Gal, vice president-Finance & CFO, Perceptron, 313-478-7710/ (PRCP) CO: Perceptron, Inc. ST: Michigan IN: CPR SU: ERN
SB-ML -- DE013 -- 0659 11/13/92 11:37 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 13, 1992|
|Previous Article:||MINVEN ANNOUNCES 1992 THIRD QUARTER PROFIT|
|Next Article:||BARR LABORATORIES RELEASES FIRST QUARTER FINANCIAL RESULTS|