Perceptron, Inc. (NASDAQ:PRCP) Q3 2019 Earnings Conference Call Transcript

May 10, 2019 • 10:00 am ET

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Perceptron, Inc. (NASDAQ:PRCP) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning, ladies and gentlemen, and welcome to Perceptron's Third Quarter Fiscal Year 2019 Investor Call. Please note that this call is being recorded.

I will now direct the call to Mike Houston, Managing Director with Lambert, Perceptron's Investor Relations firm. Please go ahead.

Executive
Mike Houston

Thank you very much, Nancy. Good morning, and welcome, everyone. Thank you for joining the Perceptron conference call and webcast to discuss the company's financial results for the third quarter of fiscal 2019. After market closed yesterday, Perceptron issued this quarter's earnings release, which is available on the website at investors.perceptron.com. The Form 10-Q was also filed yesterday.

Joining me on the call are members of the Perceptron management team; Dave Watza, President and Chief Executive Officer; Michelle Wright, Corporate Controller and Chief Accounting Officer. We will begin the call with management's prepared remarks and then open the call up to questions.

However, before we begin today's call, it is my responsibility 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 made are based upon information believed to be true as of today. Please review the release and 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 measure that we will be discussing in this call. Unless otherwise noted, comments are in US dollars and references to years will be for fiscal years, which end on June 30th.

I will now turn the call over to Dave for his comments, after which Michelle will discuss the financial results in more detail, and then we will open the call for Q&A. Dave?

Executive
David L. Watza

Thank you, Mike. And thank you to everyone who has joined us for today's call. I will 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 an update of the markets we participate in and some context around our results. A review of our strategic plan elements as well as our progress against each, an update on our people and last a review of our outlook.

First, I want to address our results for the third quarter. We are not pleased with our revenue and bookings for the quarter. We believe that the softness in the market is being driven by a few very large-scale external factors that have significantly influenced our results. We also recognized that our business is still subject to our customers' new program launches as well as the timing of those launches. While I am disappointed in these results, I believe we continue to improve the core value of this business and our ability to accelerate growth. We continue to be well positioned for