Perceptronics Pays Off $4 Million in Debt, Shares

Perceptronics Inc., a Woodland Hills maker of computer simulation software used for commercial and military training programs, said it has paid off $4 million of debt and preferred shares convertible into about 2.5 million shares of common stock.

The debt and preferred shares were retired in exchange for about $414,000 and 259,000 shares of common stock.

Perceptronics said the move eliminates $1.25 million in annual debt payments that were scheduled to begin in June and returns the company to a positive net worth, meaning that its assets now exceed its debts. It will also result in a $2-million onetime gain in the fiscal fourth quarter that ended March 31.