20
Confidential December 2013

December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

  • Upload
    others

  • View
    1

  • Download
    0

Embed Size (px)

Citation preview

Page 1: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential

December 2013

Page 2: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential 2

Safe Harbor Statement

Cautionary Statement

Certain statements made or incorporated by reference in this presentationreflect management’s estimates and beliefs and are intended to be, and arehereby identified as, “Forward-Looking Statements” for purposes of the safeharbor provisions of the Private Securities Litigation Reform Act of 1995.These statements often include words such as “believe,” “expect,” “anticipate,”“intend,” “plan,” “estimate” or similar expressions. These statements arebased on certain assumptions that Perceptron has made in light of itsexperience in the industry as well as its perspective of historical trends,current conditions, expected future developments and other factors it believesare appropriate under the circumstances. Actual results may differ materiallyfrom the anticipated results because of risks and uncertainties. These risksand uncertainties are set forth in Perceptron’s Annual Report on Form 10-Kand other filings from time to time with the Securities and ExchangeCommission. We disclaim any obligation to publicly update our forward-looking statements after the date of this presentation.

Page 3: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential

• Market and technical leader for in-line and near-line machinery control vision solutions for the automotive industry.

• Provide automotive OEMs and other manufacturers with:– Automated 3D laser based in-line, real-time measurement, analysis and

reporting for:• Automated assembly e.g. doors, hoods, windshields, etc.• Panel gap, flush, fit and finish.

– Inspection and reverse engineering.

• Two elements to our business:– Automated Systems Group (ASG), ~90% of FY2013 revenues:

o Provides large in-line and near-line systems in automotive assembly plants.

– Technology Components Group (TCG):o Provides sensors and software that is integrated into partners’ products.

• Approximately 46 patents granted or pending.

3

What We Do

Page 4: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential 4

Perceptron, Inc. NASDAQ: PRCP

Corporate Headquarters Plymouth, MI

Stock Price (11-26-2013) / 52-Week Range $9.90 / $5.50 - $14.89

Shares Outstanding 8.84M

Daily Volume (50-day average at 11-26-2013) 136,000

Market Capitalization (11-26-2013) $89.9M

Debt (9-30-13) $0.00

Cash and Short Term Investments (9-30-13) $32.8M

Enterprise Value (11-26-13) $57.1M

Fy2013 Revenue/EBITDA/Net Income (TTM) $60.9M / $7.5M / $6.2M

Forward Annual Dividend Yield 1.5%

Price/Book (11-26-13) 1.50

Fiscal Year Ends June 30

Independent Audit Firm BDO LLP

Key Facts

Page 5: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential

Ownership Profile as of 9/30/13

5

TOP TEN HOLDERS SHARES

Ariel Investments LLC 667,000

Dimensional Fund Advisors, Inc. 621,000

Rutabaga Capital Management LLC 535,000

Thomson, Horstmann & Bryant, Inc. 474,000

Renaissance Technologies LLC 453,000

Wellington Management Co. LLP 432,000

Royce & Associates LLC 358,000

Moab Capital Partners LLC 351,000

Bridgeway Capital Management 135,000

BlackRock Fund Advisors 122,000

TOTAL 4,148,000

Other Institutional Holders 1,011,000

Total Institutional Ownership 5,159,000

Total Shares Outstanding 8,844,000

Float Percentage 94%

Total Shares Float 8,308,000

Retail36%

Institutional58%

Insider6%

Page 6: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential

Commitment to growth and increasing shareholder value:

• Profitable Organic Growth in Core Markets:– Capitalize on the recovering automotive market by leveraging our experience,

expertise and relationships to:o Expand application scope with existing customers in all three regions.o Gain new customers (Transplants & Tier Suppliers) with a focus on Asia growth and an

emphasis on China.o Develop new applications for all customers.

– Provide market-leading, worldwide product support and customer service.– Maintain discipline and accountability.– Intend to continue regular dividend payments.

• Broaden and Extend Our Technology Leadership:– Pursue appropriate Helix-based developments for new applications.– Increase our competitive advantages.

• Market Diversification:– Explore prudent diversification while the automotive cycle is positive.

6

Strategies for Growth

Page 7: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential

Revenue Streams

Automated Systems Group (ASG) Products:• Helix and Tri-Cam based in-line and near-line measurement solutions.• ASG sales are closely tied to new model introductions and refreshes:

– Approximately 55% - 65% of revenue in each of past three years.

• Provide follow-on additions, upgrades, services, and training:– Approximately 25% - 30% of revenue in each of past three years.

• Revenue occurs during the life of a model in addition to launch.

Technology Components Group (TCG) Products:

• Sells ScanWorks based sensors and software as components used in others’ end products:– Approximately 10% - 15% of revenue in each of past three years.

Note: In the past two fiscal years approximately 5 - 10% of revenue has been non-automotive related.

7

Page 8: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential

Revenue Gross Profit and Margins

EBITDA Income from Continuing Operations

Source: Perceptron filings and Barrington reporting.

Note: Fiscal years ended June 30.

Numbers are restated as a result of sale of Commercial Products Business Unit.

Financial Snapshot

8

2008 2009 2010 2011 2012 2013

Revenue $54,307 $38,287 $40,199 $50,847 $57,379 $60,886

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

2008 2009 2010 2011 2012 2013

Income (C Ops) -$1,345 -$6,595 $70 $2,650 $2,827 $6,130

-$8,000

-$6,000

-$4,000

-$2,000

$0

$2,000

$4,000

$6,000

$8,000

2008 2009 2010 2011 2012 2013

EBITDA -$332 -$8,395 -$1,240 $4,080 $6,192 $7,526

-$10,000

-$8,000

-$6,000

-$4,000

-$2,000

$0

$2,000

$4,000

$6,000

$8,000

$10,000

2008 2009 2010 2011 2012 2013

GP $22,897 $12,788 $16,126 $22,622 $24,170 $28,120

Margins 42.2% 33.4% 40.1% 44.5% 42.1% 46.2%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Page 9: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential 9

Automated Systems Products

Multi-sensor Robotic

Automated In-line, Real-Time Measurement Solutions

Provide competitive cost and quality advantages

Hybrid

Page 10: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential 10

Automated Systems Products

Automated Robot Guidance Assembly Solutions

Roof Door

Page 11: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential 11

Automated Systems Products

Automated Fit and Finish Measurement Solutions

Page 12: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential 12

Technology Components Products

WheelWorks

Non-Contact Solutions for Rapid Prototyping, Reverse

Engineering and Inspection Applications

ScanWorks

Portable ScanningCMM Scanning

Page 13: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential

• Helix is our new family of 3D sensors and software for the most demanding applications.

– Cutting edge, patented imaging and optical technologies

– Utilizes Intelligent Illumination versus fixed projection

• Fulfills market demand for more functionality, flexibility, ease of use, and real time 3D content.

• Recently completed the release of all five sensors.

• Vector software developments are ongoing.

– New applications to take advantage of Helix capabilities

– Used for both Helix and Tri-Cam sensors

13

Page 14: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential

Market Leading Technology:

• Configures the number of laser lines, line density, and orientation.• Measure multiple features per part.

Intelligent Illumination

3D Feature Extraction14

Page 15: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential

TriCam

Sensor Capability Advancements:

Expanded Measurement Volume

15

Perceptron content expected to increase as a percentage of total project cost to customer.

Page 16: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential 16

Positive Industry Outlook

• Financial health of the automobile industry continues to improve− Industry sales and production forecasts are being raised.− Vehicle inventory levels remain well-controlled.− OEM cost structures continue to be a focus area for reduction.

• Global Sales and Production volumes are expected to grow steadily over the next several years.

• In the US:– Average vehicle age continues on an upward path (now 11 years). – Consumer credit remains available and interest rates remain low.– US economy continues to show slow, but steady recovery.

• Number of new program launches expected to grow over next few years:– ASG sales most closely tied to new model launches.

• Helix provides a competitive advantage.

Page 17: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential 17

Global Light Vehicle Production

Page 18: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential 18

Global Light Vehicle Production

Page 19: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential 19

• Focused growth strategy in place.

• Continued growth in our core automotive business is expected over the next five years.

• Industry-leading reputation for in-line and near-line measurement: >50% market share.

• Large adjacent markets for future product expansion.

• Global capability – the only company in our space with worldwide market experience, sales and customer support.

• Innovative new product development continues.

• Financially strong company.

• Experienced senior management team.

Summary

Page 20: December 2013...2013/12/05  · • Helix and Tri-Cam based in-line and near-line measurement solutions. • ASG sales are closely tied to new model introductions and refreshes: –

Confidential

Powerful SolutionsMade Possible by Perceptron

Thank You!