Perceptron Inc. (PRCP) saw its loss widen to $2.36 million, or $0.25 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $2.11 million, or $0.23 a share. Revenue during the quarter grew 16.27 percent to $17.52 million from $15.07 million in the previous year period. Gross margin for the quarter contracted 327 basis points over the previous year period to 26.11 percent. Operating margin for the quarter stood at negative 11.30 percent as compared to a negative 20.39 percent for the previous year period.
Operating loss for the quarter was $1.98 million, compared with an operating loss of $3.07 million in the previous year period.
W. Richard Marz, Chairman of the Board, President and CEO, commented, "We opened the first quarter of our 2017 fiscal year with continued momentum in bookings and backlog. Our bookings number of $21.8 million is a record and we see strong customer activity continuing into our second quarter. The strength of bookings buoys our confidence in current guidance of high single-digit revenue growth for fiscal 2017. We are proud of the quarter just ended, which shows that customer activity and demand for Perceptron’s products and services remains strong."
Working capital drops significantly
Perceptron has witnessed a decline in the working capital over the last year. It stood at $19.42 million as at Sep. 30, 2016, down 32.68 percent or $9.43 million from $28.85 million on Sep. 30, 2015. Current ratio was at 1.84 as on Sep. 30, 2016, down from 2.16 on Sep. 30, 2015. Cash conversion cycle (CCC) has decreased to 123 days for the quarter from 201 days for the last year period. Days sales outstanding went down to 138 days for the quarter compared with 162 days for the same period last year.
Days inventory outstanding has decreased to 38 days for the quarter compared with 109 days for the previous year period. At the same time, days payable outstanding went down to 53 days for the quarter from 70 for the same period last year.
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