Perceptronics Posts Drop in Annual Profit to $11,077
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Perceptronics Inc., a Woodland Hills maker of computer-based simulation systems, reported a sharp drop in profits for the fourth quarter ending March 31, and for its fiscal year.
The company reported that profits for the quarter declined 98% to $32,963 from $1.35 million during the same period a year earlier. Sales for the quarter declined 29% to $1.26 million, from $1.77 million during the fourth quarter of 1994.
For its fiscal year ending March 31, the company reported a 99% decline in profit to $11,077, from $1.53 million the year before. Sales for the fiscal year increased 6% to $6.14 million, from $5.81 million in fiscal 1994.
But the company says last year’s income figure reflects an extraordinary gain from debt retirement that colored both its annual and quarterly results. In fact, the company said, Perceptronics had an operating loss of $1.6 million in 1994, so this year’s profit puts the company in the black for the first time in three years.
Similarly, last year’s high quarterly results reflect debt retirement at a time when the company actually lost $634,000.
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