Perceptron Chairman Jay Freeland Named Interim CEO (Nov. 12, 2019)

Perceptron Chairman Jay Freeland Named Interim CEO

PLYMOUTH, Mich., Nov. 12, 2019 — Perceptron, Inc. (NASDAQ: PRCP), a leading global provider of 3D automated metrology solutions and coordinate measuring machines, today announced that the Company’s Chairman of the Board, Jay Freeland, will also become Interim President and Chief Executive Officer effective immediately, following the resignation of David Watza as a director and officer of the Company.  The search for a permanent CEO has already been initiated, under the Board’s guidance and direction.

“I’m excited to work with Perceptron’s Board to maximize the value of this Company for our shareholders,” Mr. Freeland stated.  “The strength of Perceptron’s core technology, its new products and its talented employees is not reflected in the current share price.  I have a number of ideas around our strategic direction and the best path forward, and will explore all of our options vigorously.”

“Following discussions with the Board and the management team over the course of this year, I believe that in the near-term, a thorough evaluation of our cost and organizational structure should drive improved margins and enable greater productivity,” Mr. Freeland added.  “Moreover, as we look for the optimal go-to-market strategy, we will also consider our product and business mix to ensure we are only pursuing the highest return products and business lines.

“The Board is encouraged by the Company’s growth potential, yet we also recognize that the global automotive market is changing rapidly and uncertainty is increasing.  In order to anticipate and benefit from this change, the Board will take a critical eye to various strategic options, including potential divestitures and strategic business partnerships.  I expect to weigh our organic growth prospects against the benefits of larger partnerships and other alternatives.”

Mr. Freeland joined Perceptron’s Board of Directors in December of 2018 and became Chairman in May of 2019.  Prior to joining Perceptron, he served as President and CEO of FARO Technologies, Inc. (NASDAQ: FARO) for approximately ten years, before retiring in December of 2015.  He also served in a variety of executive capacities at General Electric for almost twelve years before that.

“Perceptron is an excellent company with highly motivated and skilled professionals,” Mr. Freeland concluded.  “We have great technology that offers significant value to our customers.  Along with Perceptron’s senior leadership team, I will look to make informed decisions and drive substantial value creation.  I look forward to updating our shareholders throughout the year on our progress.”

Quarterly Investor Call and Webcast

As a reminder, Perceptron, Inc., will hold its first quarter fiscal 2020 investor conference call/webcast, chaired by Jay Freeland, Chairman and Interim CEO, on November 12, 2019, at 8:30 AM (EDT). Investors can access the call at:

Webcast
investors.perceptron.com on the Event page
Conference Call
833-535-2207 (domestic callers) or 412-317-5405 (international callers)
Conference ID
10136469

A replay will be posted to the Company’s website after the conference call concludes.

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 our expectation as to our fiscal year 2020 and future results, operating data, new order bookings, revenue, expenses, net income and backlog levels, trends affecting our future revenue levels, the rate of new orders, the timing of revenue and net income increases from new products which we have recently released or have not yet released, the timing of the introduction of new products and our ability to fund our fiscal year 2020 and future cash flow requirements.  Whenever possible, we have identified these forward-looking statements by words such as “target,” “will,” “should,” “could,” “believes,” “expects,” “anticipates,” “estimates,” “prospects,” “outlook,” “guidance” or similar expressions.  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 risks and uncertainties discussed from time to time in our periodic reports filed with the Securities and Exchange Commission, including those listed in “Item 1A: Risk Factors” of our Annual Report on Form 10-K for fiscal 2019.  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.

Perceptron Named 2020 Automotive News PACE Award Finalist for AccuSite Optical Tracking Technology (Oct. 31, 2019)

Perceptron Named 2020 Automotive News PACE Award Finalist for AccuSite Optical Tracking Technology

AccuSite Optical Tracking Enables CMM Level Accuracy for Plant Floor Metrology

PLYMOUTH, Mich., Oct. 31, 2019 — Perceptron, Inc. (NASDAQ:PRCP), a leading global provider of 3D automated metrology solutions and coordinate measuring machines, today announced its AccuSite® Optical Tracking technology is a finalist for the Automotive News PACE Awards. Conducting the PACE Awards for 26 years, Automotive News recognizes suppliers for their advancement of automotive technologies and processes with proven success in the market.

“We are excited to once again be recognized by the Automotive News judging committee as a finalist,” said Dave Watza, CEO for Perceptron. “This finalist nomination validates Perceptron’s ability to continuously improve, develop and deliver innovative, market-driven solutions to help our customers find and solve problems on the plant floor. Many of our customers were able to see our AccuSite product in action on several demonstration systems during our customer open house this past week. Our successful launch of AccuSite to the global manufacturing market provides the first ‘zero-compromise’ plant floor robotic measurement solution.”

Perceptron has combined almost 40 years of metrology, customer input and manufacturing experience to create a truly absolute robotic measurement solution. As the Helix®evo sensor scans various features on the part within the manufacturing line, the AccuSite tracker instantly locates the sensor’s exact position and orientation in space. The AccuSite option eliminates all mechanical drift and temperature influence from the measurement results, without markers or other part preparation and within measurement cycle time.

Perceptron is one of 28 automotive supplier finalists and winners that will be announced on March 23, 2020, in Detroit. Additional information about Automotive News PACE Awards program is available at paceaward.com.

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 the Company’s expectation relating to the ability to successfully develop and introduce new products and expand into new customers and markets. 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 risks and uncertainties discussed from time to time in our periodic reports filed with the Securities and Exchange Commission, including those listed in “Item 1A – Risk Factors” of our Annual Report on Form 10-K for fiscal 2019 and of our Quarterly Reports on Form 10-Q. 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.

Perceptron Receives Order for Seven In-Line Automated Metrology Systems (Oct. 24, 2019)

Perceptron Receives Order for Seven In-Line Automated Metrology Systems

Prominent Automotive OEM Selects Perceptron for 100% Measurement on their Plant Floor

PLYMOUTH, Mich., October 24, 2019 — Perceptron, Inc. (NASDAQ:PRCP), a leading global provider of 3D automated metrology solutions and coordinate measuring machines, today announced a prominent automotive OEM selected Perceptron as their in-line measurement supplier for their next major car program.

“We have worked closely to form a collaborative partnership with this manufacturer and have more than 20 years of experience measuring their vehicles in-line,” said Rick Van Valkenburg, Vice President Global Sales and Marketing for Perceptron. “Our product development prioritizes functionality that helps solve manufacturing challenges on the plant floor where they happen. Perceptron solutions feature a full data analytics package for root cause analysis of process and product problems, as well as corporate level reporting highlighting where plant management should focus their attention. The combination of our experience, product capability, and local support team created the differentiation needed to win this project.”

The project includes Perceptron’s integration of seven in-line systems measuring the frame, underbody, and motor compartment on six unique vehicle models. These innovative systems utilize robot mounted Helix®evo sensors to scan a variety of features, including threaded studs, rivets, and hybrid holes without part preparation, like powders, sprays, or inserts. All measurement results are analyzed in real-time using Perceptron’s built-in, reporting and data visualization package.

“This large order is a testament to the continual high standard Perceptron sets for accurate, non-contact metrology and automated manufacturing,” added Van Valkenburg.  “We continue to develop breakthrough product innovations through a strategic commitment to these initiatives as well as years of plant floor metrology experience.”

All systems are currently being designed with installation scheduled for Winter 2019.

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 the Company’s expectation relating to the ability to successfully develop and introduce new products and expand into new customers and markets.  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 risks and uncertainties discussed from time to time in our periodic reports filed with the Securities and Exchange Commission, including those listed in “Item 1A – Risk Factors” of our Annual Report on Form 10-K for fiscal 2019 and of our Quarterly Reports on Form 10-Q.  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.

Perceptron Wins AutoGauge®ACF Order at Global Appliance Manufacturer (Aug. 22, 2019)

Perceptron Wins AutoGauge®ACF Order at Global Appliance Manufacturer

New Order for Flexible Near-Line Station Emphasizes Company’s Pursuit for Growth in Adjacent Industries

PLYMOUTH, Mich., August 22, 2019 — Perceptron, Inc. (NASDAQ:PRCP), a leading global provider of 3D automated metrology solutions and coordinate measuring machines, today announced it received an order from a leading global appliance manufacturer to measure oven cavities.

“Manufacturers are often looking for a partner to help them automate their measurement in the most efficient way,” commented Rick Van Valkenburg, Vice President Global Sales and Marketing for Perceptron. “This specific manufacturer turned to Perceptron based on our extensive experience with high-speed measurement in the automotive industry. Their pursuit of automation in their manufacturing process made measuring on the plant floor the next logical step and Perceptron the most suitable solution.”

The turnkey system consists of a robot, a single Helix-evo sensor, and a portable base for movement around the manufacturing floor. The cavities will be measured at multiple points in the manufacturing process to ensure proper build dimensions. This allows the manufacturer to root cause any variation their build process is adding to the assembly. For example, the oven cavities can be measured in their raw metal state and again after the enamel is baked on to determine if the enamel application caused dimensional changes. The Helixevo sensor has the dynamic range to easily handle the different material finishes.

As emphasized through industry veteran Jay Freeland’s appointment as Chairman of the Board, Perceptron continues to focus on core competencies and market share penetration within the automotive industry, while pursuing growth within adjacent industries as well.

“Perceptron’s robust technology and automotive experience was instrumental in establishing this relationship,” continued Van Valkenburg. “Our proven plant floor technology and execution team is designed and trained to provide solutions for high throughput manufacturing facilities where quality and time is critical.”

The system is currently in design with installation scheduled for winter 2019.

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.

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 the Company’s expectation relating to the ability to successfully develop and introduce new products and expand into new customers and markets. 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 risks and uncertainties discussed from time to time in our periodic reports filed with the Securities and Exchange Commission, including those listed in “Item 1A – Risk Factors” of our Annual Report on Form 10-K for fiscal 2018. 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.

Perceptron Announces In-Line Bookings in North America (July 29, 2019)

Perceptron Announces In-Line Bookings in North America New Order for 13 Systems to Measure New Vehicle Platform

PLYMOUTH, Mich., July 29, 2019 — Perceptron, Inc. (NASDAQ:PRCP), a leading global provider of 3D automated metrology solutions and coordinate measuring machines, today announced it has received an order for 13 systems from a prominent North American OEM for their  upcoming 2021 model year vehicle launch.

“We continue to see significant interest in our technology throughout the Americas and with both current and prospective customers,” Rick Van Valkenburg, Vice President Global Sales and Marketing for Perceptron, commented. “Parallel to this demand, we remain committed to our established development path and continuously improving our product line. This order includes nine robot guidance systems, three automated metrology stations and one gap and flush system. All systems are in-line, measuring or guiding 100 percent of production on every model manufactured at the OEM plant.”

Robot guidance applications include net form and pierce, hinge attachment, roof load, door load and liftgate load; while automated metrology systems measure the rails, underbody, pallet; and gap and flush station for closure panel fit. Perceptron utilizes a combination of robot mounted and structure mounted Helix-evo and Helix-solo sensors to perform the required 10 to 70 measurements per station.

“Perceptron’s experience, accuracy, and reliability are competitive advantages that helped secure this order,” added Van Valkenburg. “All of the stations are connected to exchange data as ‘virtual measurements’ for the next assembly operation, decreasing redundant measurements and sensor count. This capability of using robotic, structure, and virtual measurements significantly reduces the cycle time and enables significant cost savings for our OEM partners.”

All systems are currently in design with installation scheduled for Fall 2019.

 

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. 

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 the Company’s expectation relating to the ability to successfully develop and introduce new products and expand into new customers and markets. 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 risks and uncertainties discussed from time to time in our periodic reports filed with the Securities and Exchange Commission, including those listed in “Item 1A – Risk Factors” of our Annual Report on Form 10-K for fiscal 2018.  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.