Perceptronics Posts Profit on Lower Revenue

Perceptronics Inc., a Woodland Hills-based developer of computer-generated simulators for military and commercial training, reported net income of $1.36 million for its fiscal fourth quarter ended March 31, marking a turnaround from the same quarter a year ago, when the company posted a net loss of $4.67 million.

The company’s revenue for the recent quarter totaled $1.78 million, compared to revenue of $1.92 million for the same quarter a year ago. For the fiscal year ended March 31, Perceptronics reported net income of $1.53 million on revenue of $5.81 million. A year earlier, the company suffered a net loss of $9.52 million on revenue of $11.4 million.

Revenue for fiscal year 1994 declined partly because of defense spending cutbacks, the company said. However, it attributed its profit turnaround for the year to the retirement of $4 million of long-term debt and preferred shares.

Perceptronics also announced that it is a member of a consortium of industrial and academic organizations proposing to the National Institute of Standards and Technology a virtual reality system that could be used to train workers for operations in hazardous environments. Other members of the consortium include Caterpillar Corp. and Silicon Graphics Inc.