Perceptron, Inc. (NASDAQ:PRCP) Q2 2019 Earnings Conference Call Transcript

Feb 12, 2019 • 10:00 am ET


Perceptron, Inc. (NASDAQ:PRCP) Q2 2019 Earnings Conference Call Transcript


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Good day, and welcome to the Perceptron Second Quarter Fiscal Year 2019 Financial Results Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Michelle Wright, Corporate Controller and Chief Accounting Officer. Please go ahead.

Michelle Wright

Thank you very much, Alison. Good morning, and welcome everyone. Thank you for joining our call today. We are glad that to continued to be interest in Perceptron and our results. Late yesterday, we issued a release with the second quarter results for our 2019 fiscal year, which is available on our website at We also filed our Form 10-Q last night. On the call with me today from Perceptron is David Watza, President and Chief Executive Officer.

Before we begin, I need to inform you that some of the material that we will be discussing today constitutes forward-looking information under the meaning of the Private Securities Litigation Reform Act. Any forward-looking statements that we make are based upon information we believe to be true as of today. Please see the release and our SEC filings for information on the risks and uncertainties that may cause actual results to differ materially from the forward-looking information provided. Perceptron is not responsible for transcripts of this call made by independent third parties.

Finally, in yesterday's press release, we provided a reconciliation of the non-GAAP measures that we will be discussing in this call. Unless otherwise noted, our comments are in US dollars, plus references to years will be for our fiscal years, which end on June 30.

I will now turn the call over to Dave for his comments, after which, I will come back to discuss our financial results in more detail, and then we will open for question-and-answer. Dave?

David L. Watza

Thank you, Michelle. And thank you to everyone who has joined us for today's call. I'm very excited to update you on our business and the progress we continue to make against our long-term strategic plan. During my prepared remarks this morning, I will be providing a review of our strategic plan elements, as well as our progress against each; some key updates on our customers and the markets we currently participate in; an update on our people; and last, a review of our top line performance and outlook.

Let's start with the strategic plan. As a reminder, there are four key elements. First, continuous investment in our engineering capabilities to further expand our technical advantages. Second, broadening our product offering to automotive customers. Third, tenaciously pursuing greater cost efficiencies as we continue lean practices throughout the organization. And fourth, management of working capital such that we can maximize free cash flows and reinvest in the growth of the business, advancing our technology. At the heart of this plan is maintaining our focus on improving the total enterprise value of our company as this will