Perceptron to Release Q3 Earnings and Hold Q3 Financial Update Call in Early June
04 Mayo 2020 - 3:15PM
Perceptron (NASDAQ: PRCP), a leading global
provider of 3D automated metrology solutions and coordinate
measuring machines, announced its intention today to postpone the
filing of its Form 10-Q and the issuance of its fiscal third
quarter results and related conference call until early June
2020. The delay is the result of operational disruptions to
its normal processes resulting from the COVID-19 pandemic. On
March 25, 2020, the U.S. Securities and Exchange Commission issued
an order granting public issuers impacted by COVID-19 an exemption
from filing requirements due on or before July 1, 2020.
Perceptron intends to complete all necessary filings well before
the revised deadline.
Throughout the pandemic, Perceptron has closely
monitored and adjusted for the impact of COVID-19 on its global
operations, customers and strategic sourcing partners. Over
the last eight weeks, first in China and then in Europe and the
United States, the Company either closed or limited operations at
its facilities due to local government mandates requiring citizens
to shelter-in-place. During that period, Perceptron employees
continued to operate remotely and in some cases, on site with
customers where allowable. In the coming weeks, the Company
anticipates a gradual reopening of previously closed facilities and
resuming full operational capacity at all its facilities, pending
government approvals.
The Company believes that it currently has
sufficient raw material and finished goods inventory to support
customer demand and, to date, it has experienced minimal disruption
to its supply chain. As a result of a loan with TCF National
Bank under the Small Business Administration’s Paycheck Protection
Program in the principal amount $2.5 million (previously announced
on April 16, 2020), utilization of an existing credit facility, and
improved collection of customer receivables, the Company also
believes it has sufficient cash to resume full operations when
permitted.
Management looks forward to providing a full
update to investors during its fiscal Q3 earnings call.
ABOUT PERCEPTRON
Perceptron (NASDAQ: PRCP) develops, produces and
sells a comprehensive range of automated industrial metrology
products and solutions to manufacturing organizations for
dimensional gauging, dimensional inspection and 3D scanning.
Products include 3D machine vision solutions, robot guidance,
coordinate measuring machines, laser scanning and advanced analysis
software. Global automotive, aerospace and other manufacturing
companies rely on Perceptron’s metrology solutions to assist in
managing their complex manufacturing processes to improve quality,
shorten product launch times and reduce costs. Headquartered in
Plymouth, Michigan, USA, Perceptron has subsidiary operations in
Brazil, China, Czech Republic, France, Germany, India, Italy,
Japan, Slovakia, Spain and the United Kingdom. For more
information, please visit www.perceptron.com.
SAFE HARBOR STATEMENT
Certain
statements in this press release may be “forward-looking
statements” within the meaning of the Securities Exchange Act of
1934, including, without limitation, statements regarding the
impact of COVID-19 virus pandemic on our business, results of
operations, liquidity and financial condition. When we use
words such as “target,” “will,” “should,” “could,” “believes,”
“expects,” “anticipates,” “estimates,” “prospects,” “outlook,”
“guidance” or similar expressions, we are making forward-looking
statements. We claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 for all of our forward-looking
statements. While we believe that our forward- looking statements
are reasonable, you should not place undue reliance on any such
forward-looking statements, which speak only as of the date made.
Because these forward-looking statements are based on estimates and
assumptions that are subject to significant business, economic and
competitive uncertainties, many of which are beyond our control or
are subject to change, actual results could be materially
different. Factors that might cause such a difference include,
without limitation, the impact of the COVID-19 virus pandemic on
our business and the world economy, the regulatory response to the
COVID-19 pandemic and the risks and uncertainties discussed
from time to time in our periodic reports filed with the Securities
and Exchange Commission, including those discussed above or listed
in “Item 1A – Risk Factors” of our Annual Report on Form 10-K for
fiscal 2019 and of our Quarterly Report on Form 10-Q for the
quarterly period ended December 31, 2019 and our Current Report on
Form 8-K dated May 4, 2020. Except as required by applicable
law, we do not undertake, and expressly disclaim, any obligation to
publicly update or alter our statements whether as a result of new
information, events or circumstances occurring after the date of
this report or otherwise.
CONTACT
Mr. Noel Ryan, IRCinvestors@perceptron.com
Perceptron (NASDAQ:PRCP)
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