Perceptron, Inc. (PRCP) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $2.52 million, or $ 0.27 a share in the quarter, against a net loss of $1.55 million, or $0.17 a share in the last year period.
Revenue during the quarter grew 26.38 percent to $21.75 million from $17.21 million in the previous year period. Gross margin for the quarter expanded 1382 basis points over the previous year period to 43.42 percent. Operating margin for the quarter period stood at positive 14.97 percent as compared to a negative 13.14 percent for the previous year period.
Operating income for the quarter was $3.26 million, compared with an operating loss of $2.26 million in the previous year period.
David Watza, president and chief executive officer, commented, "We are pleased to announce the results for the second quarter of our 2017 fiscal year, which reflect improved company performance, sustained strength in our end markets and our continuing cost savings efforts. With bookings of $20.9 million, we have surpassed the important $20 million bookings threshold for the third consecutive quarter, a first in our history. We recognized revenue of $21.8 million in the second quarter of fiscal 2017, which was up 26.7% from the same quarter of fiscal 2016, and demonstrates strength in our end markets. Furthermore, we ended the quarter with a strong backlog of $41.7 million. All of these metrics show that our customers, around the globe see significant value in our products."
Working capital declines
Perceptron, Inc. has witnessed a decline in the working capital over the last year. It stood at $21.60 million as at Dec. 31, 2016, down 17.27 percent or $4.51 million from $26.11 million on Dec. 31, 2015. Current ratio was at 1.89 as on Dec. 31, 2016, down from 2.01 on Dec. 31, 2015.
Cash conversion cycle (CCC) has decreased to 84 days for the quarter from 168 days for the last year period. Days sales outstanding went down to 107 days for the quarter compared with 133 days for the same period last year.
Days inventory outstanding has decreased to 39 days for the quarter compared with 101 days for the previous year period. At the same time, days payable outstanding went down to 62 days for the quarter from 66 for the same period last year.
Debt increases substantially
Perceptron, Inc. has witnessed an increase in total debt over the last one year. It stood at $1.64 million as on Dec. 31, 2016, up 722.61 percent or $1.44 million from $0.20 million on Dec. 31, 2015. Perceptron has witnessed an increase in short-term debt over the last one year. It stood at $1.64 million as on Dec. 31, 2016, up 722.61 percent or $1.44 million from $0.20 million on Dec. 31, 2015. Total debt was 2.51 percent of total assets as on Dec. 31, 2016, compared with 0.23 percent on Dec. 31, 2015.
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