Earnings out, as expected.
CEO says it all:
"we are in the right place at the right time"
____________________________________________
Tuesday June 22, 12:00 pm Eastern Time
Company Press Release
SOURCE: Perceptronics, Inc.
Perceptronics Announces 1999 Year End
Results
WOODLAND HILLS, Calif., June 22 /PRNewswire/ -- Perceptronics, Inc. (OTC Bulletin Board: PCTR - news) today
announced that the Company reported a profit of approximately $122,000 on sales of approximately $4,315,000 for
the fiscal year ended March 31, 1999. Sales for 1999 were up by about 22 percent and net income increased by
about 12 percent from the prior year.
For the fiscal year ended March 31, 1999 Perceptronics' net income was $121,992, or $0.02 a share, on total
revenues of $4,315,285. This compares with a net income of $108,609, or $0.02 per share on sales of $3,541,373 for
fiscal year 1998.
For the fourth fiscal quarter ended March 31, 1999, Perceptronics showed a loss of $18,403, or $0.00 a share, on
total revenues of $747,401. For the same period a year ago, Perceptronics showed a net income of $13,271, or $0.00
a share, on total revenues of $962,850.
Dr. Gershon Weltman, chairman and chief executive officer said, ''The 22% improvement in fiscal 1999 revenues
resulted primarily from a combination of two factors: deliveries under a major international order for TOW PGTS
training simulators and new work under DoD and California contracts on development and commercialization of
Perceptronics' IC3D(TM) Framework for Collaborative 3D over the Internet.
''Gross profits increased by approximately 28% from the previous year, while operating profits increased by 16%.
The relatively smaller increase in operating profits was mainly due to increases in marketing costs. There was also
an increase in interest expense associated with the PGTS contract, which resulted in the overall 12% increase in
net income.
''Fiscal year 1999 was one of major accomplishments in our new Internet commercial product area. With the aid of
resources provided by the U.S. Army STRICOM SBIR contract, the California Technology Investment Partnership
grant and private investors, we achieved several important milestones. These included a proof-of-principle
demonstration of our HLA-based IC3D Framework for Internet Collaborative 3D via a collaborative rowing
simulation game created together with Shout Interactive, full connection of the demonstration game over the
Internet, and start of work on our initial Software Developers Kit. We also entered into a marketing agreement with
November Lazar Scher focused on customers and partners in the entertainment and e-commerce industries. This
agreement has already resulted in a number of very promising contacts, which are being vigorously pursued.
''In the present fiscal year 2000, we are planning to build on these accomplishments to continue our development
of the IC3D Framework and to increase our marketing efforts in order to enter the Internet market with our early
software products as well as with a number of strategic partnerships and/or total solution application projects.
Successful expansion into the rapidly growing Internet market could have long-term positive effects on future
revenues and earnings. As previously stated, these plans will require additional outside investment, which we are
actively seeking.
''The market for Internet Collaborative 3D appears to be developing even faster than we had predicted a year ago.
Multi-player, online entertainment is leading, as expected, but e-commerce is building very rapidly, and in some
cases, the two market segments are combined. The IC3D Framework's initial success and positive reception
strengthens our belief that we are in the right place at the right time.''
Perceptronics performs research and development and manufactures and markets computer-based simulation
systems and software for military and commercial training and decision support. Further information about
Perceptronics and its products can be found on the Internet at www.perceptronics.com.
Statements regarding the Company's expectations about growth and marketing strategies, new and existing
products, future financial performance and other Forward Looking Statements are subject to various risks and
uncertainties, including, without limitation, technological factors, competitive factors, cash flow factors, ability to
obtain required financing and uncertainties relating to foreign and defense-related sales. These and other risks
and uncertainties are discussed in greater detail from time to time in the Company's SEC filings and reports.
SOURCE: Perceptronics, Inc.
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