Earnings Results under Review: Perceptron, Inc. (NASDAQ: PRCP)

On Friday, Perceptron, Inc. (NASDAQ: PRCP) stock price moved up at 3.26%. Its total market capitalization is $45918250. Its day lowest price was $4.58 and its hit its day highest price at $4.79. The stock recent volume is 20520 shares in comparison to its average trading volume of 33492 shares. Looking at the stock’s price level on the past 52-week graph, PRCP recorded a 52-week high of $9.61 and its 52-week low of $3.56.

Perceptron, Inc. (PRCP) recently reported fourth quarter and fiscal year results for its 2019 fiscal year (period ended June 30, 2019).

David Watza, President and CEO of Perceptron, commented, “Despite continued challenging macro conditions for our major industrial consumers during the quarter, we remain optimistic for the future as bookings increased over 10 percent over the previous year fourth quarter on a constant currency basis. The increase in bookings was driven, in large part, by our Americas and Asia regions. As some consumers adjust to consumer demand trends toward electric and autonomous vehicles, we believe we are well positioned to benefit from these changes in the longer term Because of our continued product development efforts. Our optimism is supported by recently reported orders for electric vehicle production, our first AutoGauge®ACF order which was in the white-goods industry and a 13-system order from a prominent North American OEM. We continue to see broad, important interest in our technology across all regions, both from current and prospective consumers.”

“While we did not achieve our objectives during the previous fiscal year, we enter fiscal 2020 energized and committed to returning to growth in bookings and revenue. Our investments to update and expand our suite of metrology solutions over the past several years have further positioned us to meet consumers’ demand with top-of-the-line solutions. We continue to see strong evidence that our established development path will generate new business opportunities within our existing consumer relationships and help us grow into adjacent markets.”

Jay Freeland, Chairman of the Board, added, “We are confident in the core value of this business, which has been reflected in the recently reported new product orders both inside and outside of automotive, and the long-term growth potential of Perceptron remains strong as we continue to make progress in key regions of the world.”

The Company adopted the new revenue recognition rules outlined by Accounting Standards Update No. 2014-09 (“ASC 606”) on July 1, 2018, utilizing the modified retrospective transition method. As a result of these new rules, the Company recorded a positive net transition adjustment to retained deficit in the amount of $2.0M in the first quarter of fiscal 2019. Included in the net transition adjustment was a gross revenue adjustment of $3.8M, which reduced the backlog level by the same amount. Under previous revenue recognition rules, the Company would have recognized $20.0M in revenue in the fourth quarter of fiscal 2019 and $72.8M for fiscal year 2019.

Analyst recommendation for this stock stands at 2.00. The volatility in the previous week has experienced by 5.32% and observed of 5.14% in the previous month.64.20% ownership is held by institutional investors while insiders hold ownership of 1.10%.

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