Perceptronics Reports 92% Drop in Income

Perceptronics reported a 92% drop in income and a 60% decline in sales for the first quarter ended June 30. The company’s profit fell to $42,000, or 1 cent per share, compared to $555,000, or 15 cents a share, a year earlier. Revenue was $6.2 million, compared to $15.5 million a year earlier.

The Woodland Hills company makes simulators used by troops who operate tanks, armored vehicles and helicopters.

President Gershon Weltman blamed the decreases partly on a two-month freeze by the Department of Defense on certain kinds of research and development contracts. The freeze has been lifted, but it created a slowdown in orders for Perceptronics. Weltman also said the company had completed work on a subcontract that had accounted for a high percentage of income and revenue last year.