Perceptronics’ Earnings Decline for Quarter, Year

Perceptronics Inc. in Woodland Hills reported that its profit declined in its fiscal fourth quarter and year ended March 31, despite a big jump in revenues.

The maker of tank simulators and other military training equipment said its profit fell 38% in the fourth quarter, to $154,476 from $247,502 a year earlier. Its revenue, however, climbed 50% to $7.34 million from $4.88 million.

Perceptronics’ annual profit totaled $534,585, down 19% from a profit of $663,723 in the previous year. Its revenue for the fiscal year was $25.5 million, a 20% gain from $21.2 million a year earlier.

The company blamed its lower earnings for the year on $1.2 million in losses because of “improper and excessive charges by one of our subcontractors.” It said it is pursuing its previously announced legal action against the Israeli subcontractor.