Perceptronics’ Profit Falls 40% in 1st Quarter

Perceptronics Inc., a Woodland Hills maker of electronic tank simulators and other military training equipment, said its fiscal first-quarter profit dropped 40% from a year earlier on a 10% decline in revenue.

For the quarter ended June 30, Perceptronics’ earnings fell to $90,472 from $149,539 a year earlier, and its revenue fell to $5.6 million from $6.2 million. The company attributed the decline in revenues to a slower-than-expected start of two production programs.

Perceptronics said its lower earnings were due to a delay in a $1.56-million subcontract for work on a tank simulator for the German army. “While these monies have been booked as revenue and recorded as cost, we have not recognized any profit on them,” Perceptronics Chairman Gershon Weltman said in a statement.

The latest quarterly profit also included a $35,500 tax benefit, whereas the company’s earnings included a tax credit of $61,500 in the year-earlier quarter.