Printer Friendly

PERCEPTRONICS REPORTS 130 PERCENT INCREASE IN SECOND QUARTER EARNINGS

           PERCEPTRONICS REPORTS 130 PERCENT INCREASE IN
                      SECOND QUARTER EARNINGS
    WOODLAND HILLS, Calif. Nov. 1 /PRNewswire/ -- Perceptronics, Inc. (NASDAQ: PERC) today reported markedly higher income and revenues for its fiscal 1992 second quarter and six-month periods.
    For the three months ended September 30, 1991, net income rose to $240,601, or $.07 per share, more than double the $104,099, or $.03 per share, the company earned in the second quarter last year.  A significant portion of second quarter net income reflects profits not previously recognized on the Leopard 2 production program.  Net income for the current quarter includes an extraordinary credit of $94,300, or $.03 per share, compared with $42,800, equal to $.01 per share last year, reflecting utilization of net operating loss carryforwards.
    Total revenues for the second quarter advanced 42 percent to $6,724,116 from $4,731,479 in the second quarter last year.
    For its current first half, Perceptronics' net income totalled $331,073, or $.09 per share, up 31 percent from $253,638, or $.07 per share, in the corresponding prior year period.  Of the current first half net income, $129,800, equal to $.04 per share, represents utilization of a net operating loss carryforward, compared with $104,300, or $.03 per share, a year ago.
    Total revenues for Perceptronics' first six months rose 13 percent to $12,297,688 from $10,903,988 a year ago.
    "Revenues for the second quarter reflect an increased level of activity on Perceptronics' subcontract for Leopard 2 tank simulator components, as well as ongoing development and production work on subcontracts for the Special Operations Forces Air Crew Training System (SOF ATS) and the Precision Gunnery Training System (PGTS)," said Dr. Gershon Weltman, Perceptronics' chairman and chief executive officer.
    "Our cost of sales as a percentage of sales increased during the quarter, primarily due to a foreign subcontractor on the PGTS program," Weltman said.  "At the same time, total costs and expenses as a percentage of sales came down, despite increased expenditures relating to marketing of commercial products and simulation software.  We are actively pursuing cost control measures on the PGTS program."
    Weltman added: "On November 1, 1991, the company made the first $1.67 million sinking fund payment on its outstanding debentures.  This payment, and the cash requirements of several development and production programs, has caused what is expected to be a temporary decline in cash.  However, management believes that its available sources of financing are adequate for present company needs."
    Perceptronics' firm contract backlog at September 30, 1991, increased to $21.4 million from $20.1 million at March 31, 1991, the close of the prior fiscal year.  A current options backlog of $38.7 million brings total backlog to $60.1 million at September 30, 1991 compared with total backlog at fiscal 1991 year end of $66.5 million.
    Perceptronics is engaged in research and system development -- primarily for the Department of Defense -- and in the manufacture and marketing of computer-based simulation systems for training and decision support.
                 PERCEPTRONICS, INC. AND SUBSIDIARY
            CONSOLIDATED CONDENSED STATEMENTS OF INCOME
                            (Unaudited)
                         Three Months                 Six Months
                      Ended September 30,         Ended September 30,
                      1991          1990          1991          1990
    REVENUES
     Sales      $ 6,626,311   $ 4,544,136   $12,083,824  $10,471,338
     Interest        97,805       187,343       213,864      432,650
    TOTAL
    REVENUES      6,724,116     4,731,479    12,297,688  10,903,988
    COST AND
    EXPENSES
     Cost of
     sales        5,517,831     3,399,466     9,813,859   8,324,009
     General &
     administra-
     tive           646,822       584,398     1,416,067   1,323,518
     Research &
     development     43,612       421,136       218,278     546,961
     Interest       250,650       220,280       484,511     450,762
    TOTAL COST
     & EXPENSES   6,458,915     4,625,280    11,932,715  10,645,250
    Income before
    income
    taxes and
    extraordinary
    item             265,201       106,199       364,973     258,738
    Provision for
    income taxes     118,900         44,900       163,700     109,400
    Income before
    extraordinary
    item             146,301        61,299       201,273     149,338
    Extraordinary
    credit for
    utilization of net
    operating loss
    carryforward      94,300        42,800       129,800     104,300
    Net income   $   240,601   $   104,099    $  331,073 $   253,638
    Per share amounts -
     Primary and fully
     diluted:
     Income before
      extraordinary
      item            $0.04         $ 0.02        $0.05     $   0.04
     Extraordinary
      item             0.03           0.01         0.04         0.03
     Net Income       $0.07         $ 0.03        $0.09      $  0.07
    Average number of
    common shares
    outstanding   3,724,259      3,461,829     3,736,445   3,461,765
    -0-                   11/1/91
    /CONTACT:  Dr. Gershon Weltman of Perceptronics, Inc. 818-884-7470; or Cecilia A. Wilkinson of Rifkind Pondel & Parsons, 213-207-9300, for Perceptronics/
    (PERC) CO:  Perceptronics Inc. ST:  California IN: SU:  ERN CH -- LA017 -- 0298 11/01/91 14:33 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 1, 1991
Words:794
Previous Article:THE WASHINGTON WATER POWER COMPANY DECLARES DIVIDEND
Next Article:AIM STRATEGIC INCOME FUND, INC. DIVIDEND DECLARATION FOR THE MONTH OF NOVEMBER 1991
Topics:


Related Articles
PERCEPTRONICS REPORTS YEAR END RESULTS
PERCEPTRONICS ANNOUNCES FIRST QUARTER RESULTS
PERCEPTRONICS ANNOUNCES LIKELY LOSS FOR SECOND QUARTER AND NEW DEVELOPMENTS IN LEGAL DISPUTE, CONTRACT PROTEST
PERCEPTRONICS RECEIVES MORATORIUM ON DEBENTURE PAYMENT
PERCEPTRONICS REPORTS 1992 RESULTS
PERCEPTRONICS ANNOUNCES FIRST QUARTER RESULTS
Perceptronics Announces Improved Six Month Results
Perceptronics Announces Continued Improvement in Nine Month Results
Perceptronics Announces Continued Improvement in Six-Month Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters