Printer Friendly

PERCEPTRONICS ANNOUNCES THIRD QUARTER AND NINE-MONTH RESULTS

 WOODLAND HILLS, Calif., Feb. 12 /PRNewswire/ -- Perceptronics Inc. (NASDAQ: PERCC) today reported a net loss for the three and nine months ended Dec. 31, 1992.
 The company posted a net loss of $1,954,442, or $.56 per share, for the third quarter, compared with net income of $49,036, or $.01 per share, in the corresponding period last year. Total revenues were $1,708,582 vs. $5,819,860 a year ago.
 For the nine-month period, Perceptronics registered a net loss of $4,851,593, or $1.39 per share. This compares with net income of $380,109, or $.10 per share, for the prior-year period. Total revenues amounted to $9,502,219 vs. $18,117,548 a year ago.
 A significant decline in sales and a $1.2 million expense incurred on the completion of fixed price contracts and reserves of $400,000 provided for indirect rate adjustments under Federal Regulation Acquisition Regulations contributed to the loss for the quarter and nine-month periods.
 The nine-month loss also reflected a $1.1 million litigation reserve against unbilled receivables. This amount is a provision for the company's share of an estimated loss of the proposed settlement of the PGTS subcontract with Simtech and Tadiran. Legal, marketing, severance and fixed expenses also adversely affected Perceptronics' results.
 "The continued hiatus in new defense contracts at Perceptronics, reflecting the worldwide reduction in defense expenditures, severely affected our results for the third quarter," said Dr. Gershon Weltman, Perceptronics' chairman and chief executive officer.
 "We do not expect a significant improvement in the situation until at least the first quarter of fiscal year 1994, based on our current estimates of likely new program start dates," Weltman added. "As a result, we expect total sales for the full 1993 fiscal year will be lower than the previously estimated one-third below fiscal 1992's $25.5 million."
 "We are reducing our expenditures and shepherding our cash resources to remain viable during the anticipated period of reduced revenues," Weltman continued. "In addition, we are actively marketing our commercial products and working to position Perceptronics to capture more defense business when that market turns."
 "In that regard, we are pleased to report that the first three TT150-based Driver Skill Trainers were accepted by the U.S. Army on schedule this week, and the users are highly enthusiastic about the system. The success of this important program will help PTDS, the Perceptronics/FAAC partnership, market the TT150 truck driving simulator to commercial and defense customers internationally."
 Weltman added that negotiations continue with Perceptronics' bondholders regarding restructuring alternatives for $8.3 million in convertible debentures, which have been classified as a current liability (debt in default).
 "The progression of the talks makes me optimistic that a mutually satisfactory outcome can be achieved," Weltman said, although he cautioned that there can be no assurance as to the ultimate disposition of the negotiations.
 At Dec. 31, 1992, Perceptronics' firm contract backlog totaled $4.4 million. Option backlog was $34.1 million, bringing the company's total backlog to $38.5 million. At year end, March 31, 1992, total backlog was $47.2 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 support.
 PERCEPTRONICS INC. AND SUBSIDIARY
 Consolidated Condensed Statements of Operations
 (Unaudited)
 Three Months Nine Months
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 Total revenues $1,708,582 $5,819,860 $9,502,219 $18,117,548
 Total costs &
 expenses 3,663,024 5,765,724 14,353,812 17,698,439
 Income (loss) before
 income taxes and
 extraordinary
 item (1,954,442) 54,136 (4,851,593) 419,109
 Provision for
 income taxes --- 17,800 --- 181,500
 Income (loss)
 before
 extraordinary
 item (1,954,442) 36,336 (4,851,593) 237,609
 Extraordinary item for
 utilization of net
 operating loss
 carryforward --- 12,700 --- 142,500
 Net income
 (loss) ($1,954,442) $49,036 ($4,851,593) $380,109
 Per share amounts,
 primary and fully
 diluted:
 Income (loss) before
 extraordinary item ($0.56) $0.01 ($1.39) $0.06
 Extraordinary item --- --- --- .04
 Net income (loss) ($0.56) $0.01 ($1.39) $0.10
 Average number of
 common and common
 equivalent
 shares 3,489,086 3,562,183 3,488,953 3,679,883
 -0- 2/12/93
 /CONTACT: Dr. Gershon Weltman of Perceptronics, 818-884-7470; or Cecilia A. Wilkinson or Kim P. Feazle of Pondel Parsons & Wilkinson, 310-207-9300, for Perceptronics/
 (PERCC)


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

JL -- LA015 -- 6214 02/12/93 14:37 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 12, 1993
Words:763
Previous Article:McDONNELL DOUGLAS AEROSPACE AWARDS $23 MILLION IN CONTRACTS TO SMALL AND DISADVANTAGED BUSINESSES NATIONWIDE
Next Article:UNITED HEALTHCARE CORPORATION INTRODUCES RETIREE DRUG BENEFIT PROGRAM FOR BUSINESSES
Topics:


Related Articles
PERCEPTRONICS ANNOUNCES LIKELY LOSS FOR SECOND QUARTER AND NEW DEVELOPMENTS IN LEGAL DISPUTE, CONTRACT PROTEST
PERCEPTRONICS ANNOUNCES IT HAS NOT MADE REQUIRED PAYMENT
PERCEPTRONICS COMPLETES DEBT RESTRUCTURING AGREEMENT
PERCEPTRONICS ANNOUNCES YEAR END RESULTS
PERCEPTRONICS ANNOUNCES FIRST QUARTER RESULTS
PERCEPTRONICS ANNOUNCES SMALLER LOSSES FOR SECOND QUARTER
PERCEPTRONICS ANNOUNCES SECOND QUARTER RESULTS
PERCEPTRONICS ANNOUNCES SECOND QUARTER RESULTS
Perceptronics Announces Continued Improvement in Nine Month Results
Perceptronics Announces 1999 First Quarter Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters