Perceptron Reports Strong Quarterly Results; Trading To Resume At 4:45pm (PRCP)

Perceptron PRCP, currently halted and scheduled to resume trading at 4:45pm, today announced net sales of $16.3 million and net profit of $1.0 million, or $0.11 per diluted share, for its fiscal 2011 second quarter ended December 31, 2010. Sales grew by $4.5 million, or 38%, compared with sales of $11.8 million for the quarter ended December 31, 2009. The second quarter of fiscal year 2010 had a net loss of $414,000, or $0.05 per diluted share. For the first six months of fiscal year 2011, net sales were $29.1 million, with net income of $675,000, or $0.07 per diluted share. This compares with net sales of $22.6 million and a net loss of $1.2 million, or $0.14 per diluted share, for the six months ended December 31, 2009. "The Company had excellent financial results in the second quarter," reported Jack Lowry, Perceptron's Chief Financial Officer. "It marks our return to profitability after several quarters of operating losses. Operating income for the Company, for the quarter, was $1.5 million, or 9.2% of revenue. In addition to strong sales and profitability, our bookings and backlog were also at high levels for the quarter. Our strong performance was attributable to the Industrial Business Unit (IBU), which posted its highest sales since the fourth quarter of fiscal year 2007. IBU's bookings were its best in five years and its backlog is the highest it has been in over a decade."