Printer Friendly

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
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 30, 1992
Words:898
Previous Article:WALT DISNEY CONCERT HALL GAINS FINAL APPROVAL WITH THE VOTE OF THE MUSIC CENTER BOARD OF GOVERNORS
Next Article:PERKINS COIE OPENS OFFICE IN TAIPEI TO SERVE DOMESTIC, MULTINATIONAL CLIENTS
Topics:


Related Articles
PERCEPTRONICS ANNOUNCES FIRST QUARTER RESULTS
PERCEPTRONICS REPORTS 1992 RESULTS
PERCEPTRONICS RETIRES $1.6 MILLION OF DEBT AND PREFERRED SHARES, AGREES TO RETIRE REMAINING $2.4 MILLION
PERCEPTRONICS REPORTS $750,000 THIRD QUARTER PROFIT AND OVERALL PROFITABILITY FOR FISCAL YEAR TO DATE
PERCEPTRONICS ANNOUNCES THIRD QUARTER RESULTS
PERCEPTRONICS REPORTS 1995 YEAR END RESULTS
PERCEPTRONICS ANNOUNCES FIRST QUARTER RESULTS
PERCEPTRONICS ANNOUNCES THIRD QUARTER RESULTS
PERCEPTRONICS REPORTS 1996 YEAR END RESULTS
Perceptronics Announces Completion of 1997 Audit

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