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United Kingdom Ministry of Defence Signs on for 200 Force Protection Ocelot Vehicles Business Wire "Press Releases - English"
Tuesday, November 30 2010 7:01 AM, EST
LADSON, S.C. --(BUSINESS WIRE)-- Force Protection Europe, a Force Protection, Inc. (NASDAQ: FRPT) group company, today announced that it has signed a contract with the UK Ministry of Defence (MoD) to supply an order of 200 Ocelots and an initial spares package for the Light Protected Patrol Vehicle (LPPV) program. The contract is valued at approximately 180 million (approximately US $280 million ) with delivery of the vehicles scheduled to begin in the second half of 2011 and be completed by spring 2012.
The announcement means that Force Protection Europes unique new light protected patrol vehicle can now lay claim to two important industry firsts. The Ocelot will be the first ever British designed and built protected patrol vehicle to include a fully composite pod to protect the occupants. This innovative module has been developed by drawing on technology from the motorsports industry.
Ocelot will also be the first British military vehicle to accommodate the MoDs new Generic Vehicle Architecture (GVA) requirements. The objective of the GVA project is to create a single, standard digital electronic and electrical architecture for UK vehicles that will enable crew to manage power and handle data efficiently on the vehicle, and for the vehicle to be easily adapted when the need arises.
Designed, developed and built in the UK by survivability specialist Force Protection Europe and automotive specialist Ricardo plc , together with Team Ocelot partners Thales, QinetiQ , Formaplex, DSG and Sula, the Ocelot is the most highly protected and agile vehicle of its size and weight that is available today. A clean sheet design, the Ocelot has undergone more than 12 months of rigorous blast and mobility testing before being chosen by the MoD.
David Hind , Managing Director, Force Protection Europe, said, We are absolutely delighted to be awarded this important contract. Ocelot is a step change in protected mobility for this weight and class of vehicle and I am confident that it will be used to great effect in Afghanistan and any future operations. My number one priority now is to ensure that these vehicles are delivered to the MoD within the agreed timeframe. We are fully geared up to achieve this.
Michael Moody , Chairman and Chief Executive Officer of Force Protection, Inc. , said, We are pleased to have completed the contract negotiations to supply our Ocelot vehicle for the UK forces. We believe that our success in the LPPV program gives the Ocelot significant credibility and will be a catalyst for opportunities in the U.S. and other markets around the world, including in Australia where we are pursuing a contract to manufacture up to 1,300 next-generation protected mobility vehicles under the Land 121 Phase 4 program.
About Force Protection,Inc.
Force Protection, Inc. is a leading designer, developer and manufacturer of survivability solutions, including blast- and ballistic-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. Force Protections specialty vehicles, including the Buffalo, Cougar and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from land mines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). Complementing these efforts, Force Protection is designing, developing and marketing new vehicle platforms (including the Ocelot and JAMMA) that provide increased modularity, speed, and mobility. Force Protection also develops, manufactures, tests, delivers and supports products and services aimed at further enhancing the survivability of users against additional threats, including modernization of its existing fleet of vehicles. In addition, Force Protection provides long-term sustainment of its vehicles that involve development of technical data packages, supply of spares, field and depot maintenance activities, assignment of highly-skilled field service representatives, and driver and maintenance training programs. For more information on Force Protection and its products and services, visit www.forceprotection.net.
Safe Harbor Statement
This press release contains forward looking statements that are not historical facts, including statements about our beliefs and expectations. These statements are based on beliefs and assumptions of Force Protections management, and on information currently available to management. These forward looking statements include, among other things: the growth, demand and interest for Force Protections services and products, including the Ocelot and JAMMA vehicles; current backlog, anticipated awards and expected deliveries of Ocelot vehicles; the effect of the LPPV award for future growth; expectations for future programs; the effect of operations in Afghanistan ; the ability to meet current and future requirements; and the Companys execution of its business strategy and strategic transformation, including its development initiatives and opportunities to broaden its platform. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, the ability to effectively manage the risks in the Companys business; the ability to win future awards and finalize contracts; the ability to develop new technologies and products and the acceptance of these technologies and products; and the other risk factors and cautionary statements listed in the Companys periodic reports filed with the Securities and Exchange Commission , including the risks set forth in the Companys Annual Report on Form 10-K for the year ended December 31, 2009 and as updated in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2010 .
Force Protection, Inc. Media Relations: Tommy Pruitt , 843-574-3866 Senior Director, Communications tommy.pruitt@forceprotection.net or Investor Relations: Wes Harris , 843-574-3892 Director, Investor Relations wes.harris@forceprotection.net
Source: Force Protection, Inc.
Analysts, Options Traders in Opposite Corners Regarding Force Protection, Inc.
Author
Andrea Kramer (akramer@sir-inc.com)
11/24/2010 11:37:08 AM
Analysts at Morgan Keenan this morning launched coverage of Force Protection, Inc. (FRPT) with an "outperform" endorsement and a $6 price target. However, judging by today's activity in the options pits, some options speculators are betting the shares of the military manufacturer won't make it that far in the intermediate term.
Already today, FRPT has seen more than 10,000 calls cross the tape – about 350 times its expected daily call volume. All but a handful of the contracts have centered on the equity's out-of-the-money March 6 call, which has seen 10,120 contracts change hands on open interest of fewer than 300, hinting at newly opened positions. However, the calls traded at the bid price, indicating they were likely sold.
By writing to open the March 6 calls, the sellers are essentially betting on intermediate-term resistance for the shares of FRPT. As long as the stock remains south of the $6 level through March options expiration, the written calls will expire worthless, and the sellers can pocket the entire premium received from the sale, which represents the maximum potential profit on the play.
At last check, the shares of FRPT have tacked on 1% to linger in the $5.12 region. However, the equity's upward trajectory could, in fact, run into a speed bump in the $6 area, thanks to an abundance of bullish bets. More specifically, the December 6 strike is home to more than 10,000 calls outstanding, which could exert options-related resistance in the short term.
Sentiment Snapshot FRPT
Lets see where it takes this
Force Protection Started At Outperform By Morgan Keegan >FRPTLast update: 11/23/2010 4:18:01 PM(END) Dow Jones NewswiresNovember 23, 2010 16:18 ET (21:18 GMT)
Old. They took the hit for this in the 3rd qtr.
Golden Cross
9. Force Protection Inc. (FRPT): Trucks & Other Vehicles Industry. Market cap of $360.43M. SMA50 at $5.06 vs. SMA200 at $4.92. Current price at $5.11 vs. average analyst target price at $6.88 (implies a discount of -25.73%). Short float at 3.67%, which implies a short ratio of 4.68 days. The stock has lost -1.16% over the last year.
Read more: http://community.nasdaq.com/News/2010-11...
Momentum Ideas: 15 Undervalued Stocks Approaching An Inflection Point
Kapitall
More from Kapitall:
Referenced Stocks
* AGO 0% Rate It
* ELOS 0% Rate It
* FIG 100% Rate It
* FRPT 100% Rate It
* GERN 0% Rate It
Posted 11/22/2010 1:24 PM from Kapitall in Investing, Investing Ideas
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Referenced Stocks: AGO, ELOS, FIG, FRPT, GERN, HEV, HRBN, MAPP, MITI, NM, PC, PHG, TSRA, WPP, YONG
Compiled by Eben Esterhuizen, CFA: The following is a list of stocks that are approaching an inflection point, based on moving average trends. For this article, we define an inflection point as the convergence between the 50-day and 200-day moving averages.
When these two moving averages cross, it often represents a shift in investor sentiment. If the 50-day MA moves above the 200-day MA (bullish), it's called a "Golden Cross" signal. If, on the other hand, the 50-day MA crosses below the 200-day MA (bearish), it's called the "Death Cross".
All of the stocks mentioned below have recently seen the SMA50 move above the SMA200 (bullish signal). In addition, all of these stocks are deeply undervalued, when comparing the current price against the average analyst target price (used as a proxy for fair value).
Yes, there are many limitations to this approach of finding undervalued companies, but the goal here is to give you a starting point for your own analysis. Analysts seem to think these momentum stocks are deeply undervalued, what do you think? Use the links below to dig deeper.
Target price and momentum data sourced from Finviz.
Read more: http://community.nasdaq.com/News/2010-11...
Received a Class Action notice today...FRPT for violations of the federal securities laws. $24,000,000. suit.
For those who bought from Jan 18,2007 to March 14, 2008.
I haven't read this thread for a year or so, sorry if this is old news. Sorry if it's new.
Marine 1 and Blue Horeshoe,
Nice job on this board. I first started investing/trading in FRPT back in August and this board looked dead.
This stock looks undervalued especially with the Ocelot news.
I mostly spend my time on the IDCC board but I will be checking in here.
I also spend too much time on the Yahoo FRPT board.
Happy Holidays,
Dndodd
should be back..once we have news for Ocelot in this month.
taking a hit right now.
UPDATE 1-Force Protection Q3 profit lags estimates
Wed Nov 3, 2010 5:27pm EDT
* Q3 adj EPS $0.05 vs est $0.12
* Sales down 44 pct
* Sees delivery of vehicles to UK forces in 2011
Nov 3 (Reuters) - Force Protection Inc (FRPT.O), a maker of blast- and ballistic-protected vehicles deployed by the U.S. military, posted quarterly earnings that lagged estimates on lower vehicle and spare sales.
The company, whose vehicles are designed for reconnaissance and urban operations, expects to conclude formal Light Protected Patrol Vehicle program contract negotiations with the UK Ministry of Defence this month.
The company, whose vehicles include Buffalo and Cougar variants, expects to deliver its Ocelot vehicles for training of UK forces in 2011.
For the July-September quarter, the company posted a loss of $1.9 million, or 3 cents a share, compared with net income of $3.2 million, or 5 cents a share, a year ago.
Excluding items related to litigation settlements and Cheetah vehicle inventory write-down costs, the company earned 5 cents a share.
Sales fell 44 percent to $176.3 million,
Analysts on average were expecting earnings of 12 cents a share on revenue of $171.7 million, according to Thomson Reuters I/B/E/S.
Shares of the Ladson, South Carolina-based company were down 1 percent after closing at $5.56 on Wednesday on Nasdaq. The stock has gained 44 percent from its year-low of $3.86 on Aug. 27. (Reporting by Soham Chatterjee in Bangalore; Editing by Don Sebastian)
Look at that beautiful ladder!! $5.5
Force Protection to Announce Third Quarter Fiscal 2010 Results Business Wire "Press Releases - English "
Thursday, October 21 2010 2:34 PM, EST
LADSON, S.C. --(BUSINESS WIRE)-- Force Protection, Inc. (NASDAQ: FRPT) today announced that it will release financial results for its third quarter ended September 30, 2010 , on Wednesday, November 3, 2010 , after the market close. A conference call to discuss those results will be held at 4:30 p.m. Eastern Time that same day and will include comments from Michael Moody , Chairman and Chief Executive Officer; Charles Mathis , Chief Financial Officer; and, Randy Hutcherson , Chief Operating Officer. A question and answer session will follow the management commentary portion of the call.
To listen to the call, dial 800.901.5213 (for international, dial 617.786.2962) five to ten minutes prior to the scheduled start time and provide passcode 49649751. A live Webcast will also be available at that time on the Companys website, www.forceprotection.net, under the Investor Relations? section. Please visit the website at least 15 minutes prior to the call to register for the webcast and download any necessary software. A replay will be available two hours after the end of the call through midnight Wednesday, November 17, 2010 . To access the replay, dial 888.286.8010 (for international, dial 617.801.6888) and enter passcode 29837135, or visit the Investor Relations? section of the Companys website.
About Force Protection, Inc.
Force Protection, Inc. is a leading designer, developer and manufacturer of survivability solutions, including blast- and ballistic-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. Force Protections specialty vehicles, including the Buffalo, Cougar and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs?, commonly referred to as roadside bombs). Complementing these efforts, Force Protection is designing, developing and marketing new vehicle platforms (including the Ocelot and JAMMA) that provide increased modularity, speed, and mobility. Force Protection also develops, manufactures, tests, delivers and supports products and services aimed at further enhancing the survivability of users against additional threats. In addition, Force Protection provides long-term life cycle support services of its vehicles that involve development of technical data packages, supply of spares, field and depot maintenance activities, assignment of highly-skilled field service representatives, and advanced on and off-road driver and maintenance training programs. For more information on Force Protection and its products and services, visit www.forceprotection.net.
Force Protection, Inc. Investor Relations Contact: Wes Harris , 843-574-3892 Director, Investor Relations wes.harris@forceprotection.net Media Contact: Tommy Pruitt , 843-574-3866 Senior Director, Communications tommy.pruitt@forceprotection.net
Source: Force Protection, Inc.
--
4kids
all jmo
Yeah I had to adjust my position a while back as well. This isn't one of my penny scams so news is important
GL
same here... been here from 2 yrs... made some money... some still holding..
FRPT is one of my long plays, I can sit back and watch the roller coaster in relative calmness
This is going to $10+ once we hear the confirm news of ocelot order....
Force Protection Australasia, a Force Protection, Inc. (NASDAQ:FRPT) group company, today announced it had reached agreement with the South Australian Government to manufacture and support its Ocelot vehicle in Adelaide, if it is successful in securing the contract to manufacture up to 1,300 next-generation protected mobility vehicles under the ‘Land 121 Phase 4’ program
.
Chief Executive Officer, Michael Moody, said that following discussions with the State Government and potential suppliers, South Australia offered the most suitable manufacturing base for the Ocelot.
“Since we first met with the Government and potential suppliers in 2009, it has become clear that South Australia can provide the essential ingredients we need to successfully manufacture and support the Ocelot,” Mr Moody said. “This view was confirmed during my recent discussions with Premier Mike Rann.
“The South Australian Government has been very supportive and highly professional in its discussions with us. South Australia’s reputation as Australia’s ‘Defence State’ is well-founded. I certainly believe that with our Ocelot, the strength and capability of Force Protection and our collaboration with South Australia, we will have a compelling offering for the Commonwealth of Australia.”
Force Protection has identified a site within the Edinburgh Parks precinct, in Adelaide’s northern suburbs, as a suitable location for its proposed vehicle manufacturing base.
He said today’s announcement strengthened Force Protection’s commitment to operating in Australia, and looked forward to making further announcements about the company’s plans.
This is a significant step forward in the potential development of the Ocelot in Australia.
It also follows an announcement last month that the UK’s Ministry of Defence (MoD) had selected Force Protection Europe as preferred bidder to supply its Ocelot for the MoD’s urgent operational requirement for the Light Protected Patrol Vehicle program (LPPV).
Mr. Moody concluded, “The Ocelot now has a first class endorsement from the United Kingdom and is ideally suited to the Australian requirement.”
Force Protection (FRPT)
$5.35 down -0.11
FORCE PROTECTION INC FILES (8-K) Disclosing Regulation FD Disclosure, Financial Statements and Exhibits Edgar Online "Glimpses "
Item 7.01. Regulation FD Disclosure.
Friday, October 15 2010 4:51 PM, EST
Pursuant to the Order Preliminarily Approving Settlement and Approving the Form and Manner of Notice issued by the U.S. District Court for the District of South Carolina (the "Court") on October 8, 2010 , the Summary Notice of Settlement of Force Protection, Inc. Derivative Litigation ("Summary Notice") with respect to the consolidated shareholder derivative action entitled In re Force Protection, Inc. Derivative Litigation, Civil Action No. 2:08-1907-CWH, pending in the Court was released by PR Newswire on October 15, 2010 and will be published on October 18, 2010 in the Investor's Business Daily, USA Today , Charleston Post and Courier.
On October 14, 2010 , Force Protection, Inc. (the "Company") sent the Notice of Settlement of Force Protection, Inc. Derivative Litigation to the Company's stockholders of record as of October 4, 2010 , as required by the Stipulation of Settlement. The Court has also scheduled a Settlement Hearing to be held on December 13, 2010 .
The settlement is subject to further court approvals and all parties have agreed to expeditiously seek the required court approvals of the settlement. As part of the settlement, the Company has made no admission of wrongdoing.
A copy of the Summary Notice is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Description 99.1 Summary Notice of Settlement of Force Protection, Inc. Derivative Litigation (Civil Action No. 2:08-1907-CWH) 2
----
FORM 8K FILED
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7193702
---
4kids
all jmo
Yes sir she's been talking to us for a while. From where I sit things are getting slow though.
Current report filing (8-K)
http://ih.advfn.com/p.php?pid=nmona&article=44617083&symbol=N^FRPT
Waiting to see it all happen
GL
We are on the way to double digit.. once news hit.. we will be at $10 at least....jmho
Force Protection to Present at Oppenheimer 5th Annual Industrials Conference on Thursday, September 30, 2010 Business Wire "Press Releases - English "
Monday, September 27 2010 1:31 PM, EST
LADSON, S.C. --(BUSINESS WIRE)-- Force Protection Inc. (NASDAQ:FRPT) today announced that Charles A. Mathis , Chief Financial Officer, will present at the Oppenheimer 5th Annual Industrials Conference on Thursday, September 30, 2010 at 2:00 PM EST . The conference is being held at the InterContinental The Barclay Hotel in New York, NY on September 29-30, 2010 .
Webcast Information
The Companys presentation will be webcast live and can be accessed within the Event Calendar page under the Investor Relations section of the Companys website at www.forceprotection.net. Please visit the website to register at least 15 minutes prior to the webcast. The replay of the webcast will be available on the Companys website.
About Force Protection,Inc.
Force Protection, Inc. is a leading designer, developer and manufacturer of survivability solutions, including blast- and ballistic-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. The Companys specialty vehicles, including the Buffalo, Cougar and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing new vehicle platforms (including the Ocelot and JAMMA) that provide increased modularity, speed, mobility and concealment with enhanced levels of blast- and ballistic-protection. The Company also develops, manufactures, tests, delivers and supports products and services aimed at further enhancing the survivability of users against additional threats. In addition, the Company provides long-term life cycle support services of its vehicles that involve development of technical data packages, supply of spares, field and depot maintenance activities, assignment of highly-skilled field service representatives, and advanced on and off-road driver and maintenance training programs. For more information on Force Protection and its products and services, visit www.forceprotection.net.
Force Protection, Inc. Wes Harris Director, Investor Relations 843-574-3892 wes.harris@forceprotection.net
Source: Force Protection Inc.
FORCE PROTECTION INC FILES (8-K) Disclosing Other Events, Financial Statements and Exhibits Edgar Online "Glimpses "
Item 8.01. Other Events.
Wednesday, September 22 2010 5:04 PM, EST
On September 22, 2010 , Force Protection, Inc. (the "Company") issued a press release announcing that Force Protection Europe Ltd ("FPE"), an indirectly wholly owned subsidiary of the Company, has been selected by the United Kingdom Ministry of Defence as the preferred bidder in the Light Protected Patrol Vehicle program. The initial Ocelot vehicles are expected to be available for the training of United Kingdom forces in 2011. Formal contract negotiations (including final determination of vehicle quantities and price) between FPE and the United Kingdom Ministry of Defence will begin shortly.
A copy of the press release issued on September 22, 2010 is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
This Current Report on Form 8-K contains forward looking statements that are not historical facts, including statements about the Company's beliefs and expectations. These statements are based on beliefs and assumptions of the Company's management, and on information currently available to management. These forward looking statements include, among other things: the growth, demand and interest for the Company's services and vehicles, including the Ocelot; expectations for future contracts for the Ocelot; the benefits and suitability of the Ocelot, including its survivability; the ability to meet current and future requirements, including expected work commencement and completion dates; and, the expectation that there could be significant demand for the Ocelot in the future. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, ability to effectively manage the risks in the Company's business; the ability to develop new technologies and products and the acceptance of these technologies and products; and, the other risk factors and cautionary statements listed in the Company's periodic reports filed with the Securities and Exchange Commission , including the risks set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2009 and as updated in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 .
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit Description 99.1 Press Release entitled "Force Protection Europe Selected as Preferred Bidder for U.K. Light Protected Patrol Vehicle" 2
Alright, It is about time.
Force Protection Europe Selected as Preferred Bidder for U.K. Light Protected Patrol Vehicle Business Wire "Business Wire UK Press Releases "
Initial Ocelot Vehicles Expected to be Delivered for Training in 2011
Wednesday, September 22 2010 9:20 AM, EST
LADSON, S.C. --(BUSINESS WIRE)-- Force Protection Europe Ltd (FPE) an indirectly wholly owned subsidiary of Force Protection, Inc. (NASDAQ:FRPT), a leading designer, developer and manufacturer of survivability solutions and provider of total life cycle support for those products, today announced that it has been selected by the United Kingdom (U.K.) Ministry of Defence (MoD) as the preferred bidder in the Light Protected Patrol Vehicle (LPPV) program. The initial Ocelot vehicles are expected to be available for the training of U.K. forces in 2011. Formal contract negotiations (including final determination of vehicle quantities and price) between FPE and the U.K. MoD will begin shortly.
Designed, developed and to be built in the U.K. by FPE and Ricardo plc for the LPPV program, Ocelot is the best protected and most agile vehicle of its kind. At an approximate gross vehicle weight of only 16,500 pounds, the Ocelots unique design allows crew and passengers to sit inside a protective pod made of advanced composite materials incorporating Formula One racing technology. Beneath the occupants critical components such as the engine, fuel tank and transmission are contained in a V shaped armored spine that deflects any potential blast away from the vehicle, and protecting these key components.
FPEs Managing Director, David Hind , said, This is excellent news for U.K. servicemen and women, and for the U.K. defense industry. Ocelot has been designed and developed in the U.K. from first principles, with our Team Ocelot partners, to save lives and protect against injury and to optimise maintenance and repairability. Working closely with Ricardo, our success is a tribute to the efforts of our Best of British supply chain, including Thales, QinetiQ , Formaplex, the U.K. MoDs Defence Support Group and Sula Systems.
Michael Moody , Chairman and Chief Executive Officer of Force Protection, Inc. commented, The success of Ocelot in the United Kingdoms LPPV program is extremely important to our corporate strategy of providing a broad range of survivability solutions, including in tactical wheeled vehicle programs. Our family of vehicles has proven to save thousands of lives around the world and we look forward to providing Ocelots to help ensure British troops return safely from their missions. Clearly, we are proud of what the Force Protection Europe team and related partners have achieved with Ocelot.
Mr. Moody concluded, Internationally, Ocelot is expected to play a much larger role in providing potential customers a vehicle that incorporates not only a high degree of blast and ballistic protection but also superior mobility and maintainability these levels are currently unequaled by any vehicle of its size on the battlefield. As such, we expect there could be significant demand for the Ocelot in the worldwide marketplace for years to come.
About Force Protection, Inc.
Force Protection, Inc. is a leading designer, developer and manufacturer of survivability solutions, including blast- and ballistic-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. Force Protections specialty vehicles, including the Buffalo, Cougar and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). Complementing these efforts, Force Protection is designing, developing and marketing new vehicle platforms (including the Ocelot and JAMMA) that provide increased modularity, speed, mobility and concealment with enhanced levels of blast- and ballistic-protection. Force Protection also develops, manufactures, tests, delivers and supports products and services aimed at further enhancing the survivability of users against additional threats. In addition, Force Protection provides long-term life cycle support services of its vehicles that involve development of technical data packages, supply of spares, field and depot maintenance activities, assignment of highly-skilled field service representatives, and advanced on and off-road driver and maintenance training programs. For more information on Force Protection and its products and services, visit www.forceprotection.net.
Safe Harbor Statement
This press release contains forward looking statements that are not historical facts, including statements about our beliefs and expectations. These statements are based on beliefs and assumptions of Force Protections management, and on information currently available to management. These forward looking statements include, among other things: the growth, demand and interest for Force Protections services and vehicles, including the Ocelot; expectations for future contracts for the Ocelot; the benefits and suitability of the Ocelot, including its survivability; the ability to meet current and future requirements, including expected work commencement and completion dates; and, the expectation that there could be significant demand for the Ocelot in the future. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, ability to effectively manage the risks in the Companys business; the ability to develop new technologies and products and the acceptance of these technologies and products; and, the other risk factors and cautionary statements listed in the Companys periodic reports filed with the Securities and Exchange Commission , including the risks set forth in the Companys Annual Report on Form 10-K for the year ended December 31, 2009 and as updated in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 .
Force Protection, Inc. Media Contact: Tommy Pruitt , Senior Communications Director, 843-574-3866 tommy.pruitt@forceprotection.net or Investor Relations Contact: Wes Harris , Investor Relations Director, 843-574-3892 wes.harris@forceprotection.net
Source: Force Protection, Inc.
When is this thing going to start moving up? Come on
Force Protection Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2010; Provides Revenue Guidance for the Second Half and Full Year of 2010
BY Wall Street on Demand
— 9:27 AM ET 08/04/2010
Force Protection Inc. (FRPT)
announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2010. For the quarter, the company reported net sales of $137.1 million versus $187.1 million in the second quarter of 2009. Contributing to the decrease were lower spares and sustainment sales, which were partially offset by increased modernization revenues. Operating income was $7.3 million in the second quarter of 2010 as compared to $0.6 million in the prior year period. The combination of a higher gross margin and lower general administrative expenses contributed to the year-over-year increase. Net income for the second quarter of 2010 was $4.8 million, or $0.07 per diluted share, as compared to $0.4 million, or $0.01 per diluted share, for the 2009 second quarter. Income before income tax expense was $7.4 million compared to $0.619 million for the same period a year ago.
For the six months, the company reported net sales of $272.0 million versus $371.9 million for the six months ended June 30 2009. Contributing to the decrease were lower spares and sustainment and vehicle sales, which were partially offset by increased modernization revenues. Operating income was $9.1 million for the six months ended June 30, 2010 as compared to $12.1 million in the prior year period. The 2010 year-to-date decrease was primarily associated with lower net sales, although at a higher gross margin percentage, which was partially offset by a reduction in general administrative expense during the current year period. Net income for the six months ended June 30, 2010 was $5.9 million, or $0.08 per diluted share, as compared to $7.8 million, or $0.11 per diluted share, for the comparable prior year period. Income before income tax expense was $9.7 million compared to $11.86 million for the same period a year ago. Net cash used in operating activities was $20.18 million compared to $18.34 million for the same period a year ago. Capital expenditures were $5.02 million compared to $5.30 million for the same period a year ago.
The Company currently estimates that more than three-quarters of its internally targeted revenues for the second half of 2010 are either under contract or nearing completion of agreement to terms.
For 2011, the Company expects the high level of operational tempo in Afghanistan to continue throughout the year. The Company anticipates its significant base of operations related to Buffalo and Cougar vehicles and modernization, spares and sustainment should support $400 million to $500 million of recurring revenues.
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4kids
all jmo
Form 10-Q for FORCE PROTECTION INC
3-Aug-2010
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is designed to provide information that is supplemental to, and should be read together with our unaudited condensed consolidated financial statements and the accompanying notes included in this Quarterly Report on Form 10-Q. Information in this Item 2 is intended to assist the reader in obtaining an understanding of our unaudited condensed consolidated financial statements, the changes in certain key items in those financial statements from period to period, the primary factors that accounted for those changes, and any known trends or uncertainties that we are aware of that may have a material effect on our future performance, as well as how certain accounting principles affect our unaudited condensed consolidated financial statements. MD&A includes the following sections:
? Overview
? Outlook
? Results of Operations-an analysis of our consolidated results of operations, for the three and six months presented in our unaudited condensed consolidated financial statements
? Liquidity and Capital Resources-an analysis of the effect of our operating, financing and investing activities on our liquidity and capital resources
? Off- Balance Sheet Arrangements-a discussion of such commitments and arrangements
? Contractual Obligations-a summary of our aggregate contractual obligations
? Critical Accounting Policies and Estimates-a discussion of accounting policies that require significant judgments and estimates
? New Accounting Pronouncements-a summary and discussion of our plans for the adoption of new accounting standards relevant to us
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains both historical and forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about our plans, objectives, strategies and prospects regarding, among other things, our financial position, results of operations, cash flows and business. We have identified some of these forward-looking statements with words like "believe", "may", "will", "should", "expect", "intend", "plan", "predict", "anticipate", "outlook", "estimate" or "continue" and other words and terms of similar meaning. These forward-looking statements include, among other things:
? Statements regarding the growth of the U.S. and world market for blast- and ballistic-protected vehicles and our survivability products, services and solutions,
? Statements regarding the U.S. military's plans or intentions, including operations in Iraq and in Afghanistan,
? Information regarding the number of various types of MRAP and other armored vehicles that may be purchased by the U.S. Marine Corps, the U.S. Army and other U.S. and foreign customers under various programs,
? Statements with respect to our expectations regarding our ability to obtain materials, components and supplies necessary to manufacture our vehicles, our ability to improve cost efficiencies, including, without limitation, as a result of volume purchasing, improvements in our manufacturing process and possible future changes in the efficiencies in our operations,
? Statements regarding our ability to extend our current business, including the effect of our research
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?
and development and introduction of new products,
?
? Statements regarding any changes in our cost of sales, our general and administrative expenses, our operating results or our research and development expenses as a percentage of net sales,
? Statements regarding our anticipated cash needs,
? Statements regarding our business strategy, including growing balanced diverse revenue and earnings,
? Statements regarding the revenues that may be derived from, and the quantities of vehicles, products and services that may be purchased or ordered pursuant to, existing or possible future contracts or orders by various customers, including statements regarding the estimated value of those orders and contracts and statements about the amount of vehicles in our backlog,
? Statements regarding our expectations regarding contract awards, including opportunities for the sales of our vehicles,
? Statements regarding the effects of rebalancing our workforce and manufacturing capacities,
? Statements regarding the benefits that may be realized from our joint ventures, teaming arrangements and any new ventures or business developed pursuant to them and our ability to grow through meaningful acquisitions, and
? Statements regarding our ability to utilize net operating loss carryforwards for income tax purposes and the effect of our income tax positions on our effective tax rate.
When used in this Quarterly Report on Form 10-Q, except as specifically noted otherwise, the term "Force Protection, Inc." refers to Force Protection, Inc. only, and references to the terms "Company," "we," "our," "ours" and "us" refer to Force Protection, Inc. and its consolidated subsidiaries.
Overview
Force Protection, Inc. provides survivability solutions to support the armed forces of the United States and its allies. We design, manufacture, test, deliver and support our blast- and ballistic-protected products to increase the survivability of the users of our products. Our specialty vehicles, which we believe are at the forefront of blast- and ballistic-protected technology, are designed to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs). We are a key provider of the U.S. military's Mine Resistant Ambush Protected (MRAP) vehicle program and have sold and delivered over 3,000 vehicles under this program. We also provide our Cougar and Buffalo mine-protected vehicles to several foreign customers, including the U.K. Ministry of Defence which has purchased three variants of our Cougar vehicle. Complementing these efforts, we are designing, developing and marketing new vehicle platforms (including the Ocelot and the Joint All-Terrain Modular Mobility Asset (JAMMA)) that provide increased modularity, speed, mobility and concealment with enhanced levels of blast- and ballistic-protection. Across all vehicle programs we have sold approximately 4,600 vehicles since 2005. Supporting our vehicle design, development and production initiatives, we develop, manufacture, test, deliver and support products and services aimed at further enhancing the survivability of our users against additional threats. Capitalizing on our strengths in survivability solutions, we are focused on developing additional products to protect against rocket-propelled grenades and under body armor kits to mitigate blast effects on military vehicles. We also provide long-term life cycle support services for our vehicles that involve development of technical data packages, supply of spares, field and depot maintenance activities, assignment of highly-skilled field service representatives, and advanced off-road driver and maintenance training programs. Our services are based on establishing and maintaining long-term relationships with the U.S. government and foreign military users.
Our business is heavily influenced by the needs of the U.S. military for blast- and ballistic-protected wheeled vehicles. The U.S. Department of Defense is our largest customer. For the past several years, substantially all of our net sales have been derived from the Foreign Military Sales through the U.S. government. We attempt to align our workforce to satisfy our business requirements.
We are headquartered, and have leased manufacturing facilities, in Ladson, South Carolina. We have office space in Sterling Heights, Michigan; Edgefield, South Carolina; North Charleston, South Carolina; Arlington,
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Virginia; Bristol, United Kingdom; and Leamington Spa, United Kingdom. We conduct our blast range, research and development activities and customer training requirements at properties located in Edgefield, South Carolina; Summerville, South Carolina; and Roxboro, North Carolina. We also have a vehicle support facility in Kuwait, and provide military operations support in Afghanistan and Iraq.
Outlook
The global war on terrorism, especially in Iraq and Afghanistan, has confirmed that IEDs, landmines, explosively-formed projectiles and rocket-propelled grenades pose a significant threat to coalition military personnel and civilians. We believe the world market for blast- and ballistic-protected military vehicles and other survivability solutions will remain at high levels in the short-term. The 30,000 troop surge of forces to Afghanistan will take most of 2010 to achieve and additional, or modified, MRAPs from original equipment manufacturers (OEMs) may be required to support operations in this difficult terrain. Landmines and IEDs are being used extensively by terrorists and insurgent groups in Afghanistan because of their highly effective nature and relatively low cost. The extent of the long-term presence of U.S. forces in Iraq and Afghanistan is uncertain. Consequently, U.S. and international military departments are in the process of determining long-term roles for MRAPs. The future requirements for long-term life cycle logistics plans, as well as an important effort to reset and recapitalize vehicles that come out of theater, are being determined. MRAPs can be placed into permanent military organizations for convoy security, route clearance, explosive ordnance disposal and casualty evacuation, or be placed into prepositioned storage roles for regional response, or be reassigned as home station training vehicles, or be sold to foreign military customers.
Our fiscal 2010 outlook is based on the following market assumptions and expectations:
? A reduction of combat forces and our vehicles in Iraq, which has significantly reduced the operational tempo placed on our fleet, as well as the requirement for our field service representatives resourced to support units in that theater,
? Conversely, there is growth of military forces, our vehicles and all MRAPs in Afghanistan, which is necessitating changes to our vehicles and is increasing sustainment/maintenance requirements. Our current customers are developing modernization and sustainment plans for our fielded fleet of vehicles and we will have to compete for the spares and sustainment support business for these vehicles,
? Uncertainty in defense spending, due to the current defense strategy, as well as the dynamic macroeconomic and geopolitical conditions,
? Challenges with the expansion of our customers, products and services both domestically and internationally. We will continue to try to capture contract awards for our products and services in a volatile marketplace,
? Establishing long-term programs to include upgrades, remanufacture, and sustainment for our fleet of vehicles, and then expanding this capability to sustain all MRAPs universally,
? Developing new products and services to bring to market, and
? Rationalizing our cost structure to match our sales.
Strategic Outlook
Our business strategy is focused on increasing shareholder value by providing products and services that are relevant, responsive, innovative, high-quality and affordable. We believe the global need for blast- and ballistic- protected military vehicles and other survivability solutions will remain high through 2011. The 30,000 troop surge of force in Afghanistan is expected take most of 2010 to achieve and additional, or modified, MRAPs are expected to be required to support operations in this theater. However, U.S. forces are currently drawing down from Iraq and many MRAPs are being transferred from Iraq to Afghanistan. The U.S. and foreign military departments are determining the current and future roles for MRAP vehicles. We expect a large number of our currently deployed vehicles will remain in service or be pre-positioned for rapid deployment. These vehicles will likely require an overhaul and modification to remain in optimal combat readiness. We will leverage our manufacturing skills and field services to support our customers in maintaining readiness for these highly valued assets. Although much of this work will involve large depot facilities, the magnitude of work could exceed our capacity and require strategic
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partnerships to complete work on schedule.
We intend to maintain and expand our current business as a leading supplier of survivability solutions, including protected vehicles, total life cycle support and other services, to the U.S. Department of Defense, other U.S. government agencies, foreign governments, and domestic and international commercial customers. Our strategy is focused on growing balanced diverse revenue and earnings through organic growth, cost containment, and selected investments, partnerships and acquisitions, enabling us to grow the Company. Specific components of the strategy include the following:
? Building on our base business to enable future success, including improving performance on contracts and improving our cost structure,
? Capitalizing on and extending our current business, including growing sales organically by investing in research and development and introducing new products within our core capabilities of blast- and ballistic-protection,
? Building on our core capabilities and continuing to ensure a leadership position by delivering innovative survivability solutions to market, including investing in new technologies, and
? Growing profitably through meaningful acquisitions, partnerships and investments to engage in a broader range of products, customers and markets.
As discussed in Item 4, Controls and Procedures, of this Quarterly Report on Form 10-Q, we believe that effective disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(f) under the Exchange Act) are in place as of June 30, 2010. We will continue to devote our resources, in an amount we believe to be appropriate, to maintain effective internal controls over our financial reporting and disclosures.
Recent Events
On June 4, 2010, we were awarded a contract modification under our MRAP contract with the U.S. Marine Corps Systems Command for modernization of the U.S. military's Cougar fleet. The firm, fixed price contract modification of approximately $46.1 million provides for the purchase of 2,451 enhanced Automated Fire Extinguishing Systems.
On June 11, 2010, we were awarded a contract modification under our MRAP contract for modernization of the U.S. military's Cougar fleet. The approximate $10.8 million firm, fixed price contract modification includes the design and purchase of 2,654 570-amp alternator kits and related materials.
On June 22, 2010, we were awarded a contract modification under our MRAP contract for 43 field service representatives and associated support for installation of modernization kits and to conduct general maintenance for Cougar vehicles located in Afghanistan and Iraq. The contract modification has a firm, fixed price valued at $15.4 million.
On June 23, 2010, we were awarded a contract modification under our MRAP contract for additional field service representative support. The $19.6 million firm, fixed price contract provides for 216 field service representatives and associated support for continued installation of Independent Suspension System (ISS) kits on the U.S. military's Cougar fleet in Kuwait.
Results of Operations
The following discussion and analysis is based on our unaudited condensed consolidated statements of operations, which reflect our results of operations for the three and six months ended June 30, 2010 and 2009 as prepared in accordance with generally accepted accounting principles in the United States of America (GAAP).
Comparison of Results of Operations for the Three and Six Months Ended June 30, 2010 and 2009
The following table presents our results of operations for the three and six months ended June 30, 2010 and
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2009.
For the three months ended For the six months ended
June 30, June 30,
(in thousands) 2010 2009 2010 2009
Net sales $ 137,139 $ 187,116 $ 271,986 $ 371,850
Cost of sales 105,457 161,403 214,915 309,235
Gross profit 31,682 25,713 57,071 62,615
General and administrative expenses 19,124 20,172 37,864 41,023
Research and development expenses 5,284 4,892 10,131 9,497
Operating income 7,274 649 9,076 12,095
Other income (expense), net 189 (133 ) 262 (195 )
Interest (expense) income, net (62 ) 103 (194 ) (33 )
Income before income tax expense 7,401 619 9,144 11,867
Income tax expense (2,624 ) (178 ) (3,231 ) (4,050 )
Net income $ 4,777 $ 441 $ 5,913 $ 7,817
Units sold
The following table presents our vehicle unit sales for the three and six months ended June 30, 2010 and 2009.
For the three months For the six months ended
ended June 30, June 30,
Units Sold 2010 2009 2010 2009
Buffalo 21 17 43 29
Cougar MRAP (Competitive) - - - 5
Mastiff 44 8 60 24
Ridgback - - - 83
Wolfhound 24 4 24 4
Cougar (all other variants) - 10 4 28
Cheetah - 3 - 5
Ocelot 2 - 2 -
Total 91 42 133 178
Net sales
The decrease in net sales from the three and six months ended June 30, 2010 to the comparable periods for 2009 was mostly attributable to a decrease in spares and sustainment sales, including field service representatives, training, Iraqi Light Armored Vehicle (ILAV) subcontractor revenues and technical publications; partially offset by an increase in sales resulting from modernization efforts, which include the supply and installation of ISS kits for our Cougar vehicles. The spares and sustainment sales decreased from the three and six months ended June 30, 2010 to the comparable periods for 2009 due to the current demand slowing for spares as large supplies of initial spares procurement with the initial vehicle deliveries are currently being consumed. Additionally, the modernization of Cougar independent suspension system kits has decreased the demand for straight axle spares and other components, which have been a large part of the spares revenue in the past.
The sales mix of modernization efforts and spares and sustainment in the comparative periods are set forth in the following table:
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For the three months ended For the six months ended
June 30, June 30,
(in thousands) 2010 2009 2010 2009
Buffalo $ 21,483 $ 18,630 $ 44,845 $ 29,430
Cougar MRAP (Competitive) - - - 4,029
Mastiff 22,833 4,856 33,469 11,608
Ridgback - 3,370 - 34,489
Wolfhound 11,070 2,826 11,070 2,826
Cougar (all other variants) - 7,306 2,899 21,028
Cheetah - 2,362 - 3,362
Ocelot 1,462 - 1,462 -
Modernization 31,534 27,274 79,699 27,274
Spares and sustainment 48,757 120,492 98,542 237,804
Total $ 137,139 $ 187,116 $ 271,986 $ 371,850
Cost of sales and Gross profit
For the three months ended For the six months ended
June 30, June 30,
(in thousands) 2010 2009 2010 2009
Cost of sales $ 105,457 $ 161,403 $ 214,915 $ 309,235
Gross profit $ 31,682 $ 25,713 $ 57,071 $ 62,615
Gross profit as a percentage of
net sales 23.1 % 13.7 % 21.0 % 16.8 %
The gross profit percentage increased by 9.4 and 4.2 percentage points for the three and six months ended June 30, 2010 over the comparative 2009 periods. The three month increase was primarily due to increased revenue as a result of improving program cost management and the ability to negotiate various contract modifications on work previously performed ($3.6 million), the recovery of previously written-off receivables and inventory ($0.8 million), and an accrual reversal related to an expected contract loss ($0.7 million) which all occurred in the three months ended June 30, 2010. Additionally, this three month increase was due to a lower than normal gross profit percentage as of June 30, 2009, which was due to costs incurred on the Cheetah vehicle submitted for the MRAP All Terrain Vehicle (M-ATV) competition and manufacturing costs associated with fewer vehicles produced during the second quarter of 2009, partially offset with a $2.1 million reduction of definitization reserve. These second quarter 2010 and 2009 transactions also primarily contributed to the increased gross profit percentage for the six months of 2010 as compared to 2009, partially offset by manufacturing-related costs associated with fewer vehicles and lower pricing on a limited number of Buffalo vehicles sold during 2010 as compared to 2009.
General and administrative expenses
For the three months ended June 30, For the six months ended June 30,
(in thousands) 2010 2009 2010 2009
General and administrative expenses $ 19,124 $ 20,172 $ 37,864 $ 41,023
As a percentage of net sales 13.9 % 10.8 % 13.9 % 11.0 %
General and administrative expenses decreased $1.0 million and $3.2 million for the three and six months ended June 30, 2010, from the comparable 2009 periods. The $3.2 million decrease for the six months ended June 30, 2010 from the comparative 2009 period is primarily due to $3.2 million of 2006 re-audit costs incurred during the first quarter of 2009, $0.7 million impairment for certain custom machines incurred during the second quarter of 2009, lower accounting and auditing fees ($1.3 million), lower consulting fees ($0.6 million) and lower legal fees ($1.8 million), partially offset by increased costs for business development ($2.6 million), strategy ($0.8 million), depreciation ($1.2 million), and European operations ($1.1 million). All other general and administrative expenses, net, decreased $1.3 million for the six months ended June 30, 2010 compared to 2009.
Research and development expenses
For the three months ended June 30, For the six months ended June 30,
(in thousands) 2010 2009 2010 2009
Research and development expenses $ 5,284 $ 4,892 $ 10,131 $ 9,497
As a percentage of net sales 3.9 % 2.6 % 3.7 % 2.6 %
Research and development expenses increased by $0.4 million and $0.6 million for the three and six months ended June 30, 2010, over the comparable 2009 periods. Total expenses incurred for the three and six months ended
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June 30, 2010 were for the Ocelot and other vehicle development programs, survivability enhancements for currently fielded vehicles and armor development activities. Total expenses incurred for the three and six months ended June 30, 2009 were for the M-ATV prototypes.
Other income (expense), net
For the three months ended June 30, For the six months ended June 30,
(in thousands) 2010 2009 2010 2009
Other income (expense), net $ 189 $ (133 ) $ 262 $ (195 )
As a percentage of net sales 0.1 % -0.1 % 0.1 % -0.1 %
Other income (expense), net increased in the three and six months ended June 30, 2010, as compared to the same periods for 2009, primarily due to the $0.1 million gain on our joint venture, Integrated Survivability Technologies Limited . . .
this company saves lives!!!!!!!!!!!!!!!!
nice news... so many contracts are in pipeline.... if we hit one.. we will be in double digit.... long FRPT
Force Protection and SNC-Lavalin Announce Partnership
Date : 07/27/2010 @ 11:30AM
Source : Business Wire
Stock : Force Protection Industries, Inc. (FRPT)
Quote : 4.57 0.06 (1.33%) @ 7:22AM
Force Protection and SNC-Lavalin Announce Partnership
Force Protection (MM) (NASDAQ:FRPT)
Intraday Stock Chart
Today : Tuesday 27 July 2010
Click Here for more Force Protection (MM) Charts.
Force Protection Industries, Inc., a wholly-owned subsidiary of Force Protection Inc. (NASDAQ:FRPT), a leading designer, developer and manufacturer of survivability solutions and provider of total life cycle support for those products, and SNC-Lavalin Defense Contractors, Inc. (TSX:SNC), a Canadian-based provider and one of the leading engineering and construction groups in the world, today announced the formation of a strategic partnership to collaborate on the solution for the Canadian Government’s Tactical Armoured Patrol Vehicle (“TAPV”) program.
Force Protection Industries, Inc. previously announced that it has been selected by the Canadian Government as one of the competitor companies to provide up to 600 vehicles and related long term support services, with contract award to the final selected bidder in 2011.
Randy Hutcherson, Chief Operating Officer for Force Protection Industries, Inc., said, “We are very pleased to partner with SNC-Lavalin, a highly-respected and experienced company in the Canadian defence sector, to provide the winning solution for the TAPV project. Force Protection Industries and SNC are committed to providing the Canadian Forces with the safest, most reliable vehicle while investing in Canadian industry. We are looking forward to working with SNC as they have a wide range of capabilities and experience that will help shape the winning technical, support, and industrial and regional benefit solution for the Canadian government that will help save the lives of Canadian soldiers.”
Peter Langlais, Senior Vice President and General Manager for SNC, commented, “Force Protection is bringing its expertise in design and supportability for its highly successful Cougar vehicles as the platform for the TAPV solution. Cougars are currently in use by Canada and have been instrumental in ensuring the safe transport of the men and women of the Canadian Forces. The Cougar TAPV will be specifically designed to meet the Canadian Government’s requirements. The primary manufacturing and supportability will be completed in Canada, and Force Protection and SNC will work closely together with other Canadian partners to ensure that Canadian troops get the best possible solution available in terms of safety and performance, as well as a great value for the government.”
About Force Protection, Inc.
Force Protection, Inc. is a leading designer, developer and manufacturer of survivability solutions, including blast- and ballistic-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. The Company’s specialty vehicles, including the Buffalo, Cougar and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (“IEDs”, commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing new vehicle platforms (including the Ocelot & JAMMA) that provide increased modularity, speed, mobility and concealment with enhanced levels of blast- and ballistic-protection. The Company also develops, manufactures, tests, delivers and supports products and services aimed at further enhancing the survivability of users against additional threats. In addition, the Company provides long-term life cycle support services of its vehicles that involve development of technical data packages, supply of spares, field and depot maintenance activities, assignment of highly-skilled field service representatives, and advanced on and off-road driver and maintenance training programs. For more information on Force Protection and its products and services, visit www.forceprotection.net.
Safe Harbor Statement
This press release contains forward looking statements that are not historical facts, including statements about our beliefs and expectations. These statements are based on beliefs and assumptions of Force Protection’s management, and on information currently available to management. These forward looking statements include, among other things: the growth, demand and interest for Force Protection’s services and vehicles, including the Cougar; expectations for future modernization and service-related contracts for the Cougar; the benefits and suitability of the Cougar; the ability to meet current and future requirements; the Company’s execution of its business strategy and strategic transformation, including its opportunities to grow the business; and, the Company’s expected financial and operating results, including its revenues, cash flow and gross margins, for future periods. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, ability to effectively manage the risks in the Company’s business; the ability to develop new technologies and products and the acceptance of these technologies and products; and, the other risk factors and cautionary statements listed in the Company’s periodic reports filed with the Securities and Exchange Commission, including the risks set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 and as updated in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2010.
LOL
Lets blame it on the economy
Force Protection Receives $15.4 Million Award for Additional Field Service Support Related to Ongoing Modernization of Cougar...
Force Protection, Inc. (NASDAQ: FRPT), a leading designer, developer and manufacturer of survivability solutions and provider of total life cycle support for those products, today announced it has received a modification to contract M67854-07-D-5031 from the United States Marine Corps Systems Command for additional field service support. The contract modification provides for 43 field service representatives and associated support for installation of modernization kits and to conduct general maintenance for Cougars located in Afghanistan and Iraq. The modification has a firm fixed price value of $15.4 million and is scheduled for completion by June 2011.
Randy Hutcherson, Chief Operating Officer of Force Protection, commented, “Recognizing the critical importance of this asset in its long-term operational strategy, the Marine Corps is continuing its comprehensive program to enhance the Cougar fleet with the latest technologies to ensure success in the field. We take pride in offering the warfighter a unique and proven solution that has saved countless lives, and we look forward to further supporting our customer’s ongoing initiatives.”
Some nice work to be done in new contracts, now the share price needs to start up. I do beleive it will and am willing to wait for it. Good luck to everyone, don't sell cheap
Yarddog
Force Protection Receives $10.8 Million Award for Additional Modernization of Cougar Fleet
Date : 06/14/2010 @ 6:00AM
Source : Business Wire
Stock : Force Protection, Inc. (FRPT)
Quote : 4.15 -0.08 (-1.89%) @ 7:22AM
Force Protection Receives $10.8 Million Award for Additional Modernization of Cougar Fleet
Force Protection, Inc. (NASDAQ:FRPT), a leading designer, developer and manufacturer of survivability solutions and provider of total life cycle support for those products, today announced it has received a modification to contract M67854-07-D-5031 from the United States Marine Corps Systems Command for additional modernization of the U.S. military’s Cougar fleet. The approximate $10.8 million firm, fixed price contract modification includes the design and purchase of 2,654 570-amp alternator kits and related materials. Work will be performed in Ladson, SC, with deliveries scheduled to begin in October 2010 and be completed by March 2011.
Randy Hutcherson, Chief Operating Officer of Force Protection, commented, “Complementing our June 7 announcement of a $46.1 million contract modification for the design and purchase of 2,451 enhanced Automated Fire Extinguishing Systems (“AFES”), this award represents another component of our customer’s broader program to secure additional modernization of its Cougar fleet. Driven by the enhanced level of survivability and sustainability provided by the vehicle, we expect the Cougar will retain its critical role in the U.S. military’s long-term operational strategy. As such, we plan to continue to aggressively pursue incremental opportunities for this program and future initiatives, as well as the related installation for these modernization projects.”
Force Protection Receives $46.1 Million Award for Additional Modernization of Cougar Fleet..... FRPT
Look out!
Force Protection Provides Additional Information Concerning Its Participation in the Land 121 Competition
Thursday May 27, 2010 10:13:00 EDT
LADSON, S.C., May 27, 2010 (BUSINESS WIRE) --
Force Protection, Inc. (NASDAQ:FRPT), a leading survivability solutions provider, today provided additional information related to the Australian Government's Land 121 Phase 4 Project for the Protected Mobility Vehicle -- Light (PMV-L) prototype ("Land 121").
Yesterday the Company announced that its Ocelot light protected patrol vehicle has been down-selected by the Australian Government to compete in the Land 121 competition. Ocelot was offered for the competition through Force Protection's subsidiary, Force Protection Europe, LTD.
There are six entities remaining in the Land 121 competition, including Force Protection Europe, LTD. Three of the entities are from the current US Joint Light Tactical Vehicle program, which is also working on the development of protected mobility vehicle prototypes.
The Australian Government has announced the Land 121 competition could lead to a manufacturing contract for up to 1,300 vehicles. Force Protection currently expects a final decision from the Australian Government will come no earlier than 2011.
About Force Protection, Inc.
http://www.quote.com/news/story.action?id=BIZ147b4383
--
4kids
all jmo
Force Protection Provides Additional Information Concerning Its Participation in the Land 121 Competition....... FRPT
http://www.dsca.mil/PressReleases/36-b/2010/United_Kingdom_10-22.pdf
Keep getting contracts, yet share price goes nowhere. How many years later and I still cannot figure this stock out. It's like doom and gloom are priced in, yet good news is ignored.
Good luck to you too
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About Force Protection, Inc.
Force Protection, Inc. was the first to respond to the urgent need to bring lifesaving mine-resistant ambush protected vehicles to U.S. troops in combat. The Company is a leading American manufacturer of ballistic- and blast-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. The Company’s specialty vehicles, the Cougar and the Buffalo, each have a proven track record where it matters most - in the battlefield. The Company’s newest vehicle, the Cheetah, is designed specifically for reconnaissance, forward command and control, and urban operations, and combines state-of-the-art ballistic and blast protection with the mobility of a unique light-armored vehicle. These specialty vehicles, which the Company believes are in the forefront of blast-resistant technology, are designed to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). The Company is one of the primary providers of vehicles for the U.S. military’s Mine Resistant Ambush Protected, or MRAP, vehicle program.
Want to know who owns FRPT and who's holding/selling shares?
http://www.mffais.com/frpt.html
Contract Links:
http://www.militaryindustrialcomplex.com/totals.asp?thisContractor=Force%20Protection%20Industries,%20Incorporated
You can cross reference the dates of the contracts with the DOD contract awards site
http://www.defenselink.mil/Contracts/
Recent PR's:
Nov 21st 2008: Force Protection Selected for United Kingdom Wolfhound Tactical Support Vehicle
Nov 19th 2008: More Cougar Mastiffs on the Way to UK Forces from Force Protection
Nov 17th 2008: Canadian Forces to Receive Additional Force Protection Vehicles
Nov 13th 2008: Force Protection Receives Multiple Buffalo Vehicle Orders
Nov 10th 2008: Force Protection, Inc. Announces Third Quarter Results
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Force Dynamics, LLC Breaks Production Records in December
Wednesday January 2, 9:24 am ET
http://biz.yahoo.com/bw/080102/20080102005401.html?.v=1
Force Protection Awarded $379 Million MRAP Contract, Additional Foreign Military Sales Orders to Follow
Wednesday December 19, 9:02 am ET
http://biz.yahoo.com/bw/071219/20071219005571.html?.v=1
Force Dynamics, LLC Breaks Production Records in November
Monday December 3, 8:27 am ET
http://biz.yahoo.com/bw/071203/20071203005657.html?.v=1
Force Protection Opens New Facility in North Carolina
Friday November 30, 4:10 pm ET
North Carolina Senators, Elizabeth Dole and Richard Burr, and Congressman Brad Miller, Join in Dedication Ceremony
http://biz.yahoo.com/bw/071130/20071130005620.html?.v=1
Force Protection Reports Record Third Quarter and Nine Month 2007 Financial Results
Wednesday November 14, 8:17 am ET
The Company reported net sales for the third quarter of $206.3 million, a 389% increase, compared with net sales of $42.2 million for the third quarter of 2006.
http://biz.yahoo.com/prnews/071114/nyw085.html?.v=101
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Force Protection Inc.
9801 Highway 78
Suite 3
Ladson, SC 29456
Phone: 843-740-7015
Fax: 714-895-7139
Web Site: http://www.forceprotection.net
===============================================================
Share Structure:
Authorized Shares: 300,000,000
Outstanding Shares: 68,247,649 as of 10/31/2007
Approx. Float: 65,910,000
Share Price: $4.70 2/22/2008
52 Week High: $31.16
52 Week Low: $3.05
EPS: $.70
P/E Ratio: 6.71
10-Q 10/31/2007: http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001104659-07-082525&Type=HTML
INVESTOR RELATIONS CONTACTS
Investor Relations Contact Information:
Phone: (843) 740-7015
Investorrelations@forceprotection.net
Stock Transfer Agent:
Don Maddalon
Integrity Stock Transfer
2920 N. Green Valley Pkwy
Bldg 5 - Suite 527
Henderson, NV 89014
Phone: (702) 317-7757
don@integritynevada.net
Rule 144 Opinion Letters:
Amy Trombly
Trombly Business Law
1320 Centre Street, Suite 202
Newton, MA 02459
Phone: (617) 243-0060
Efax: (309) 406-1426
amy@tromblybusinesslaw.com
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http://www.sec.gov/edgar.shtml
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EX MARINE BILLIONAIRE takes stake in FRPT!!
Rupert Johnson Jr , 62 , self made
Track This Person
Source: finance
Net Worth: $1.2 bil
Home State: California
Marital Status: married , 0 children
Washington & Lee University, Bachelor of Arts / Science
Runs mutual fund giant Franklin Resources with half-brother Charles Johnson (see). Rupert, Washington and Lee grad and ex-Marine, is vice chairman. After last year's purchase of Fiduciary Trust, firm now manages $271 billion in assets.
http://www.forbes.com/finance/lists/10/2003/LIR.jhtml?passListId=10&passYear=2003&passListType=Person&uniqueId=VIQ4&datatype=Person
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?FilingID=5702304&Type=HTML
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Important information about the other fund that grabbed over 4 Million shares of FRPT!!
http://query.nytimes.com/gst/fullpage.html?res=9C0DE4D6103CF933A15754C0A9659C8B63
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?FilingID=5705271&Type=HTML
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