Boston, MA 05/07/2014 (wallstreetpr) – Giant seller of non-contact measurement and inspection solutions for industrial applications, Perceptron, inc. (NASDAQ:PRCP), is surging in the market by a high of 4.11% after reporting solid financial results for the third quarter.
Sales for automated systems in Asia and delivery of shipments in Europe continued to drive growth in the quarter. The third quarter also saw Perceptron starting a reduction in Backlog from record levels that had reached in the previous quarters.
Perceptron Sales up by 16.9%
Non-contact 3D solutions continued to offer manufacturer’s significant sale prepositions thus helping in improving quality while also reducing costs and shortening product development cycle. Sales for the quarter stood at $17.3 million representing an improvement of 16.9%. Largest increase in sales was reported in Asia driven by increased sales in automated system sales
European markets continue to offer great opportunities in terms of sales seen by an increase of $470,000 in sales for the quarter compared to the same quarter last year. Perceptron, inc. (NASDAQ:PRCP),has been quick to point out that sales fluctuations that have been reported from time to time has been as a result of delivery schedules from customers that greatly differ.
Bookings, on the other hand, dropped as expected in estimates primarily due to high bookings that had been reported in the second quarter. Backlog was up by 21.8% in the quarter, to 6.5 million as automated systems sales continued to pick in all geographical regions.
Product Mix Driving Gross Margin
Gross margin was up by 11.1% to $8.2 million representing an improvement of $8.2 million. Improvement in this case was as a result of improved product mix for Perceptron. Fixed nature of certain goods continues to have a variation in gross margin percentages as seen in the third quarter.
Salary and other related costs, as well as expenses associated with the recent executive hiring, caused Selling, General and Administrative Expenses to increase by 14.6% to $500,000. Despite an increase in operating expenses, Perceptron, inc. (NASDAQ:PRCP) liquidity level remained strong coming in at $33.9 million in cash and short-term investments.
