Perceptronics Earnings for 3rd Quarter Down 73%

Perceptronics Inc. in Woodland Hills said its third-quarter earnings plunged 73% from a year earlier on a 36% decline in revenue.

The company, which makes computer-based simulators and other equipment for the military, said net income in the quarter that ended Sept. 30 fell to $104,099 from $378,110 a year earlier. Its revenue dropped to $4.73 million from $7.4 million.

Perceptronics attributed much of the declines to the winding down of its contract on SIMNET, a project that enables tank gunnery simulators to fight each other over a computer network.

In the first nine months of this year, Perceptronics’ profit fell 48% to $253,638 from $491,706 a year earlier, and its nine-month revenue was down 23% to $10.9 million from $14.1 million.