Perceptron, Inc. (NASDAQ:PRCP) Q4 2020 Earnings Conference Call - Final Transcript

Sep 28, 2020 • 08:30 am ET

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Perceptron, Inc. (NASDAQ:PRCP) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Bill Roeschlein

project engineer and labor costs of $800,000 to G&A as a result of the COVID-19 shelter-in-place orders, as well as lower ongoing fixed cost expenses, resulting from our restructuring in February 2020. On a year-over-year basis, gross margin increased due to both changes in revenue mix and lower fixed manufacturing costs, resulting from a restructuring and cost containment activities.

Turning to operating expenses. Engineering and R&D expenses were $1.2 million in the fiscal fourth quarter, a decrease of approximately $0.3 million compared to the previous quarter, and a decrease of approximately $0.8 million from Q4 of the prior year. The decline in both periods is primarily due to lower labor costs as a result of our third quarter restructuring. Selling, general, and administrative expenses were $4.6 million in the quarter, an increase of $0.6 million from the previous quarter and a decrease of $400,000 from Q4 of the prior year. Excluding the labor cost reclass from cost of goods sold in the quarter, expenses declined by $0.2 million sequentially in line with expectations outlined in our last call.

Income taxes for the quarter were $0.5 million, reflective of NOL and other valuation allowances taken for certain geographies. Net loss for the quarter was $1.4 million or $0.15 per diluted share, compared with a net loss of $8.4 million or $0.87 per diluted share in Q4 of the prior year. Adjusted net loss for the quarter, which excludes the impact of severance, impairment and other charges was $1.4 million or $0.15 per diluted share, compared with $0.8 million or $0.08 per fully diluted share in the prior year comparable period. As of quarter end, we had $4.8 million in borrowings outstanding and $10.6 million in total cash and cash equivalents globally. Included in our borrowings is a $2.5 million PPP loan and we intend to submit our loan forgiveness application related to this loan in the current quarter.

I would now like to turn the call over to the operator who will be -- to open the call for your questions.