PERCEPTRONICS REPORTS YEAR END RESULTS
PERCEPTRONICS REPORTS YEAR END RESULTS WOODLAND HILLS, Calif., June 30 /PRNewswire/ -- Perceptronics
Inc. (NASDAQ: PERC) today reported net income for the fiscal year ended March 31, 1992 of $534,585, or $.15 per share, on total revenues of $25,457,672. This compares with net income of $663,723, or $.19 per primary share ($.18 fully diluted), on total revenues of $21,181,321 a year ago.
Net income for the fiscal 1992 year included an extraordinary credit of $185,000, or $.05 per share, stemming from use of net operating loss carryforwards. In fiscal 1991, that benefit amounted to $298,000, or $.09 per primary share ($.08 fully diluted). For the fiscal 1992 fourth quarter, Perceptronics' net income was $154,476, or $.04 per share, on total revenues of $7,340,124. A year ago, the company registered fourth quarter net income of $247,502, or $.07 per share (primary and fully diluted), on total revenues of $4,881,053. Included in fourth quarter net income was an extraordinary credit of $42,500, or $.01 per share, in fiscal 1992, and $122,500, or $.03 per share (primary and fully diluted), in fiscal 1991. "In a year of continuing pressure on defense spending, we are certainly pleased we were able to increase revenues by 20 percent," said Dr. Gershon Weltman, chairman and chief executive officer. "Bottom line earnings growth was inhibited, however, by losses totaling $1.2 million on the PGTS program, due in large part to improper and excessive charges by one of our subcontractors," Weltman said. As previously announced, Perceptronics is pursuing legal action against the Israeli subcontractor in order to recover costs and damages and prevent further losses on this program. Weltman attributed the company's 1992 revenue growth largely to increased work on existing defense contracts, including work with Wegmann & Co. for production of Leopard 2 networked tank training simulators for the German Army; and two contracts with Loral Corporation, one for production of indoor TOW and DRAGON anti-tank missile trainers for the U.S. Army and U.S. Marine Corps, and the other for development and production of reconfigurable mission rehearsal simulators for the U.S. Air Force. "While we made progress also this year in broadening our base of commercial products, I hope to accelerate that pace because this area holds the most promise for Perceptronics' future," Weltman added. "We finished development during the year of our PERCNET/HSI modeling software and our AES-1000 audio environment simulator, and began marketing activities. We also achieved the first sale of a TT150 truck driving simulator through our 50-50 joint venture, Professional TruckDriving Simulators, and are pursuing numerous additional prospects." Weltman especially noted the company's continuing work on software tools for management of concurrent engineering activities in electronic product development and manufacturing. The strength of its CACE proprietary software line, which was introduced in prototype form at the recent Design Automation Conference, has yielded several invitations to join major research and development proposal teams. Initial CACE products are scheduled for Beta test in approximately six months, and commercial sale several months later. At March 31, 1992, Perceptronics' firm contract backlog was approximately $12.8 million, down from $20.1 million a year ago. Total contract backlog, which includes existing but unexercised options, at March 31, 1992 was $47.2 million, contrasted to $66.5 million at March 31, 1991. "The level of our backlog is of concern because traditionally this number has paced our revenues for the coming year," noted Weltman. "While we are hopeful that several near-term opportunities in the proposal stage will help make up some of the shortfall, we are planning now for reduced revenues in fiscal 1993 and directing our efforts to increasing contributions from our commercial products, which only accounted for 1 percent of revenues this past year." 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. PERCEPTRONICS INC. AND SUBSIDIARY Consolidated Condensed Statements of Income (Unaudited) Year ended Fourth Quarter ended March 31, March 31, 1992 1991 1992 1991 Revenues $25,457,672 $21,181,321 $7,340,124 $4,881,053 Costs and expenses 24,871,087 20,517,598 7,172,648 4,641,951 Income before income taxes and extra- ordinary credit 586,585 663,723 167,476 239,102 Provision for income taxes 237,000 298,000 55,500 114,100 Income before extraordinary credit 349,585 365,723 111,976 125,002 Extraordinary credit for utilization of NOL carryforward 185,000 298,000 42,500 122,500 Net income $534,585 $663,723 $154,476 $247,502 Per share amount: Primary Income before extraordinary credit $.10 $.10 $.03 $.04 Extraordinary credit .05 .09 .01 .03 Net income $.15 $.19 $.04 $.07 Fully diluted Income before extraordinary credit --- $0.10 --- $.04 Extraordinary credit --- .08 --- .03 Net income --- $.18 --- $.07 Average number of common and common equivalent shares outstanding: Primary 3,632,642 3,493,677 3,532,294 3,551,500 Fully diluted --- 3,692,607 --- 3,693,721 -0- 6/30/92 /CONTACT: Dr. Gershon Weltman, chairman and CEO of Perceptronics, 818-884-7470; or Cecilia A. Wilkinson or Kim P. Feazle of Pondel Parsons & Wilkinson, 310-207-9300, for Perceptronics/ (PERC) CO: Perceptronics Inc. ST: California IN: CPR SU: ERN EH-KJ -- LA005 -- 5024 06/30/92 09:03 EDT
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|Date:||Jun 30, 1992|
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