Perceptronics Loss in 4th Quarter Put at $2.2 Million
Perceptronics Inc. said cost overruns and one-time charges produced a $2.2-million loss for its fiscal fourth quarter, against a year-earlier profit of $330,493, or 9 cents a share.
The loss, which came despite a sharp rise in revenue from $7.9 million to $13.3 million, also resulted in a $1.3-million loss for the full fiscal year. The company earned $831,486, or 23 cents a share, in fiscal 1986. Annual revenue rose 32%, from $29 million to $38.4 million, according to the Woodland Hills-based provider of defense simulators and training services.
The latest loss, which Perceptronics had forecast in May, reflected cost overruns on domestic and foreign defense contracts, and write-downs in the value of selected gunnery-training products whose future sales are uncertain, the company said.