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 WOODLAND HILLS, Calif., Aug. 16 /PRNewswire/ -- Perceptronics Inc. (OTC) today reported a net loss for its first fiscal quarter ended June 30, 1993, of $480,849, or $0.14 per share, on total revenues of $1,903,164. In its year ago first quarter, the company had net income of $13,616, or less than 1 cent per share, on total revenues of $5,395,480. Included in this year's first quarter loss was $192,000 representing the cumulative effect through March 31, 1993, of adopting the SFAS No. 109 accounting for income taxes.
 "The results for the first quarter were as expected," said Dr. Gershon Weltman, chairman and chief executive officer. "In fact, our total loss for the quarter was slightly less than we had predicted in July 1993. The operating loss of $288,849 for the quarter represents a significant reduction over the losses we had been experiencing, and reflects the results of our cost cutting efforts -- which still continue. In that regard, we have recently signed a lease for more suitably sized office and production facilities, which we expect to occupy on Sept. 1, 1993, and which should help to reduce further our overhead expenses."
 Weltman continued, "Our revenues for the first quarter remain low and cash remains tight, but we are starting to see some relief to the contract drought, and are making progress toward obtaining the cash payments required for short-term liquidity, although final receipt cannot yet be fully assured."
 During the quarter, the company successfully settled a repricing claim with the U.S. Government on the PGTS program. As a result, Perceptronics will receive an additional $952,000 for sales of field spare modules and spare repair parts over the program life. Approximately $400,000 of this was collected after the end of the quarter for units already delivered. Also, the company announced on July 28, 1993, a new $1.4 million contract for development work in the area of distributed interactive simulation, on which work has now begun.
 "As a result of these events, and the other business opportunities we see ahead of us, we are currently planning for revenue growth of up to approximately 15 percent over the previous fiscal year, and are anticipating that we will be profitable if the plan is fully executed," said Weltman. "Although the plan assumes receipt of several new contracts in the second and third quarters that would significantly increase our revenues in the third and fourth quarters, we are optimistic that it can be achieved. We believe sales of our commercial products, including our PERCNET(TM) and CACE/PM(TM) software and the TT150 Truck Driving Simulator, will contribute to revenues, but expect that the greatest portion will come from the defense sector through PGTS and our CACE-related application software activities."
 At July 31, 1993, Perceptronics' firm backlog was $4.6 million; with option backlog of $33.4 million, the company's total backlog amounted to $38 million. At year end, March 31, 1993, Perceptronics' firm backlog was $3.9 million and its total backlog was $37.3 million.
 Perceptronics is engaged in research and development and in the manufacture and marketing of computer based simulation software and systems for commercial and military training and decision support.
 Consolidated Condensed Statements of Operations
 Three Months
 Ended June 30,
 1993 1992
 Total revenues $1,903,164 $5,395,480
 Total costs and expenses 2,192,013 5,380,464
 Income (loss) before income taxes
 and accounting change (288,849) 15,016
 Provision for income taxes --- 1,400
 Income (loss) before
 accounting change (288,849) 13,616
 Accounting change (192,000) ---
 Net income (loss) (480,849) 13,616
 Per share amounts:
 Income (loss) before
 accounting change (0.08) ---
 Accounting change (0.06) ---
 Net income (loss) (0.14) ---
 Average number of common
 and equivalent shares 3,493,586 3,488,686
 -0- 8/16/93
 /CONTACT: Dr. Gershon Weltman, chairman and CEO of Perceptronics, (phone) 818-884-7470, or (fax) 818-340-6067/

CO: Perceptronics Inc. ST: California IN: CPR ARO SU: ERN

JB-MF -- LA018 -- 3077 08/16/93 12:25 EDT
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Publication:PR Newswire
Date:Aug 16, 1993

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