Perceptronics Reports Losses, Missed Payment

Perceptronics Inc., suffering the effects of the nation’s defense slowdown, reported a fiscal second-quarter loss of $2.91 million and said it missed a $1.7-million principal payment on its debt.

The Woodland Hills-based maker of simulators and other training equipment said the loss in the quarter ended Sept. 30 compared with year-earlier profit of $240,601. Perceptronics’ revenue plunged 64%, to $2.40 million from $6.72 million, “reflecting delays, postponements and cancellations of both domestic and foreign defense programs,” the company said.

For the first half of its fiscal year, Perceptronics lost $2.90 million, compared with year-earlier profit of $331,073, and its six-month revenue fell 37%, to $7.79 million from $12.3 million.

With regard to its debt payments, Perceptronics said it is continuing talks with its debt holders over a possible restructuring of the debt, but “there is no assurance that those discussions will be successful.”