Perceptron, Inc. (PRCP) Prelim. Q1 Revs Miss Views

Perceptron, Inc. (NASDAQ: PRCP) announced preliminary first quarter fiscal 2015 results, reiterated the Company's full year outlook and scheduled the final first quarter release and conference call/webcast.

Preliminary First Quarter Results and Comment on Full Year Outlook

While still finalizing its financial results for the first quarter that ended September 30, 2014, Perceptron expects revenue for the quarter to be approximately $11.2 million with a net loss, for the quarter, to be significantly larger than the loss reported in the first quarter of 2014. Reiterating its outlook for fiscal 2015, management remains confident that revenue for the full year will show strong growth compared with fiscal 2014, and that the higher full year revenue will drive improved profitability in fiscal 2015 over the level reported for fiscal 2014.

*** The Street sees Q1 revs of $14.9 million with loss of $0.01 per share.

Jeff Armstrong, President and CEO, observed, "We had anticipated first quarter revenue would be the lowest of the fiscal year, but are disappointed that we are below our first quarter 2014 level. This is primarily a timing issue and our second quarter revenue is expected to recover to a level consistent with meeting our full year revenue and profit growth guidance. We continue to see significant demand for our products, with record bookings in the first quarter. Our backlog, which is very secure, will approach $50 million at the end of the first quarter and gives us confidence in our forecasted organic growth for fiscal year 2015. First quarter revenue was impacted by project delays that moved revenue into the second quarter and by the strength of the dollar, which reduces our overseas revenue, the source of more than 55 percent of our total sales."

"Our management team continues to move forward with the strategic plan we laid out in the spring; a plan designed to expand revenues and increase shareholder value over the longer term. We expect solid contributions over the next several years from each of the four elements of the plan: continuing to expand profitability in our core markets, pursuing prudent diversification, extending our technological leadership, and maintaining fiscal discipline to ensure strong profitability," Armstrong added.

First Quarter Release and Conference Call/Webcast Schedule

Perceptron will hold its conference call/webcast to discuss first quarter fiscal 2015 financial results on Thursday, November 6, at 10:00 AM (ET). Perceptron plans to release final financial results for the first quarter after the market closes on Wednesday, November 5.

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