Perceptron profit tumbles

PLYMOUTH — Perceptron Inc. (NASDAQ:PRCP), the Plymouth-based manufacturer of industrial automation equipment, posted net income of $366,000 or 4 cents a share in the second quarter of its fiscal year ended Dec. 31, down from net income of $2.5 million or 27 cents a share in the same quarter a year earlier. Revenue was $20.4 million, down from $21.8 million a year earlier.

For the six months, net income was $1.9 million or 20 cents a share, vs. $169,000 or 2 cents a share a year earlier. Revenue was $39.7 million, up from $39.3 million a year earlier.

Higher engineering, research and development expenses, higher severance and other charges, and a smaller gain on foreign currency exchange from a year ago led to the decline in quarterly net income.

The company said the quarterly revenue decline stemmed from lower sales in Europe and Asia.

“We are pleased with the progress we continue to make this fiscal year, as we were able to achieve recurring operating income in excess of $1.0 million for the third consecutive quarter, excluding the $0.7 million charge related to a court award in a trade secrets case, which we plan to appeal,” Perceptron President and CEO David Watza said. “Year-to-date bookings and backlog remain strong, while revenue grew slightly. Our elevated backlog levels mark a second quarter record for the company.”

Watza said the company expects third quarter revenue of $18 million to $21 million, and affirmed previous guidance of mid-single-digit percentage growth in revenue for the full fiscal year.

A conference call and webcast are scheduled for 10 a.m. Tuesday, Feb. 6 to discuss the results. To listen in, call (877) 317-6789 in the United States or (412) 317-6789 elsewhere, using conference ID 10115732. A replay will be posted to the company’s website after the conference call concludes.

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