Perceptronics Sells FAAC Unit for $1.33 Million
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Perceptronics in Woodland Hills has sold its FAAC Perceptronics subsidiary to FAAC’s management for $1.33 million.
The management group paid $800,000 in cash and issued a note for the rest. FAAC, based in Ann Arbor, Mich., had a pretax loss of $220,000 on sales of $3.5 million in the year that ended March 31. The subsidiary develops software related to air warfare.
Separately, Perceptronics, which develops simulators used by troops operating tanks, armored vehicles and helicopters, said it expects its loss for the fourth quarter that ended March 31 to be from $3.8 million to $5 million, which will expand the loss for its fiscal year to between $6.3 million and $7.5 million.
The company blamed its loss on cost overruns and writedowns, which are an accounting adjustment that reduce the value of an asset on a company’s books.
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