Perceptronics Reports Loss of $4.92 Million
Perceptronics, a Woodland Hills maker of training simulators for the military, reported a $4.92-million loss and a 62% drop in revenue for its fiscal fourth quarter that ended March 31.
A year earlier, the company had earned a $184,522 profit. Perceptronics’ revenue fell to $6.03 million from $16 million. For its full fiscal year, Perceptronics lost $7.43 million, compared with a $1.56 million profit the previous year, and its annual revenue tumbled to $28.5 million from $57.1 million.
Separately, the company hired the investment firm Bear, Stearns & Co. to help it consider a merger, recapitalization or other transaction that would help the company bolster its financial health.
And in another announcement, Perceptronics said the U.S. government will buy 35 of its trainers for missile systems, generating $800,000 for the company.
Perceptronics will develop and produce the trainers--simulators that help military personnel learn to fire two types of missiles--under a subcontracting agreement with Fairchild Weston Systems. The government may buy 960 more trainers over the next three years, generating $23 million more in sales.
Perceptronics also said it was awarded a $513,000 contract to provide two cockpit simulators of the F-16 jet fighter to the University of Central Florida in Orlando, which recently set up a flight simulation and training institute. It is the first sale of the F-16 product for Perceptronics.