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Force Protection Receives $71.3 Million in Awards for Additional Buffalo Vehicles and Field Service Representative Support PR Newswire "Press Releases US - English"
Tuesday, June 28 2011 5:33 PM, EST
LADSON, S.C. , June 28, 2011 /PRNewswire/ -- Force Protection Industries, Inc ., a FORCE PROTECTION, INC. (NASDAQ: FRPT) group company, today announced it has received two awards totaling $71.3 million .
(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO )
The first award is a firm fixed price modification under contractW56HZV-08-C-0028totaling $63.8 million from U.S. Army Contracting Command for delivery of 56 Buffalo Mine Protected Clearance Vehicles. Work will be performed in Ladson and is expected to begin in January 2012 and be completed by July 31 , 2012.
The second award is a $7.5 million firm-fixed-price modification under previously awarded contract M67854-07-D-5031 for a six-month renewal of 55 Field Service Representatives (FSRs) to conduct general maintenance and upgrade operations on Mine Resistant Ambush Protected (MRAP) vehicles. Work will be performed in overseas theaters of operation, and is expected to be completed by Dec. 31 , 2011.
Randy Hutcherson , Chief Operating Officer of Force Protection , said, "The Buffalo remains the cornerstone of the U.S. Army 's route clearance operations. It has performed exceptionally well since going into initial service in 2003 and saved countless lives. Complementing our vehicle design, development and manufacturing efforts, we are also supporting the U.S. military with exceptional service and support of our vehicles. Today's announcement of the U.S. Marine Corps ' extension of FSR support is another clear indicator of the key role of our vehicles in combat operations. We take pride in working closely with our customers and will continue to ensure they have the critical resources to promote operational success in the current conflict and beyond."
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, Ocelot and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced driver and maintenance training programs. For more information on Force Protection and its products and services, visit http://www.forceprotection.net/.
Force Protection, Inc. 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 Buffalo, Cougar and Field Service Representatives, expectations for future orders of vehicles and services; the benefits and suitability of our services and vehicles; expected work completion and delivery dates; 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, the ability to effectively manage the risks in the Company's 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 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, 2010 and in the Company's Quarterly Report on Form 10-Q for the three months ended March 31 , 2011.
Media Contact:
Investor Relations Contact:
Tommy Pruitt
Wes Harris
Senior Communications Director
Investor Relations Director
843.574.3866
843.574.3892
tommy.pruitt@forceprotection.net
wes.harris@forceprotection.net
SOURCE Force Protection Industries, Inc. [img][/img]
Force Protection Receives $22.48 Million in Awards to Extend Field Service Representatives PR Newswire "Press Releases US - English"
Monday, June 20 2011 8:00 AM, EST
LADSON, S.C. , June 20, 2011 /PRNewswire/ -- Force Protection Industries, Inc. , a FORCE PROTECTION, INC. (NASDAQ: FRPT) group company, today announced it has received two firm fixed price modification awards under contract M67854-07-D-5031 totaling approximately $22.48 million from U.S. Marine Corps Systems Command for the extension of field service representatives in Afghanistan .
(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO)
On June 14, 2011 Force Protection received a $14,430,546 firm-fixed-price modification under previously awarded firm-fixed-price, indefinite-delivery/indefinite-quantity contract (M67854-07-D-5031) for a six-month renewal of 87 field service representatives and their life support to install spall liner blanket kits, independent suspension kits, modernization safety kits and conduct general maintenance on the Cougar Mine Resistant Ambush Protected vehicle fleet supporting Operation Enduring Freedom.
On June 15, 2011 Force Protection received an $8,089,860 firm-fixed-price modification under previously awarded contract (M67854-07-D-5031) for a six-month renewal of 43 field service representatives to support operations at Vehicle Support Facility-Afghanistan.
Work on both modifications will be performed in Afghanistan , and is expected to be completed by Dec. 31 , 2011.
Randy Hutcherson , Chief Operating Officer of Force Protection , said, "The important sustainment, upgrade and modernization work continues for the Cougar vehicles in Afghanistan . We are pleased to continue to provide this critical service to our Marine Corps customer to support the ongoing operations in Afghanistan ."
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, Ocelot and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced driver and maintenance training programs. For more information on Force Protection and its products and services, visit www.forceprotection.net.
Force Protection, Inc. 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; the ability to meet current and future requirements; and, the Company's execution of its business strategy and strategic transformation, including its opportunities to grow the business. 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 Company's 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 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, 2010 and in the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2011 .
Media Contact:
Investor Relations Contact:
Tommy Pruitt
Wes Harris
Senior Communications Director
Investor Relations Director
843.574.3866
843.574.3892
tommy.pruitt@forceprotection.net
wes.harris@forceprotection.net
SOURCE Force Protection Industries, Inc.
They just need to get this bad boy back up
Force Protection to Present at Stephens Inc. Spring Investment Conference on Wednesday, May 25, 2011 PR Newswire "Press Releases US - English"
Thursday, May 19 2011 9:05 AM, EST
SUMMERVILLE, S.C. , May 19, 2011 /PRNewswire/ -- FORCE PROTECTION, INC. (NASDAQ: FRPT) today announced that Charles A. Mathis , Chief Financial Officer, will present at the Stephens Inc. Spring Investment Conference on Wednesday, May 25, 2011 at 8:30 AM EDT . The conference is being held at The New York Palace Hotel in New York, NY on May 24-25, 2011 .
(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO )
The Company's presentation will be webcast live and can be accessed within the "Event Calendar" page under the "Investor Relations" section of the Company's 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 also be available on the Company's 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 Company's specialty vehicles, including the Buffalo, Cougar, Ocelot and the related variants of each, are designed specifically for reconnaissance and other operations and protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced driver and maintenance training programs. For more information on Force Protection and its products and services, visit www.forceprotection.net.
Contact: Wes Harris Director, Investor Relations Force Protection, Inc. 843.574.3892 wes.harris@forceprotection.net
SOURCE Force Protection, Inc.
and, of course, he sells at peak of 5.23 - amazing isnt it?!?....what a joke.
as expected, down she goes. Lots of sellers here....only 1M in stock buyback doesnt send a very strong message......
Force Protection and CAE Partner to Offer Solution for Canada's Wheeled Combat Vehicle Requirement PR Newswire "Press Releases US - English"
Monday, May 09 2011 3:35 PM, EST
LADSON, S.C. and MONTREAL , May 9, 2011 /PRNewswire/ -- Force Protection Industries, Inc. , a FORCE PROTECTION, INC. (Nasdaq: FRPT) group company, and CAE (TSX: CAE, NYSE: CAE) today announced the companies have entered into a teaming agreement to compete for the Canadian Forces Tactical Armoured Patrol Vehicle (TAPV) project.
(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO )
(Logo: http://photos.prnewswire.com/prnh/20110509/CL98016LOGO )
Force Protection Industries, Inc. previously announced that it has been selected by the Canadian Government as one of the competitor companies qualified to provide up to 600 wheeled combat vehicles and related long term support services. The Canadian Department of National Defence (DND) expects to award a contract to the final selected bidder by early 2012.
Randy Hutcherson , Chief Operating Officer of Force Protection , said, "We are pleased to partner with CAE, a global leader and one of Canada 's most respected companies, to provide what we believe is the optimal solution for the TAPV project. Force Protection and CAE are committed to offering the Canadian Forces the safest and most reliable vehicle and to provide Industrial and Regional Benefits (IRB) that will contribute to the continuing viability of Canadian companies' capability and improve their competitiveness in both the domestic and international markets while continuing to strongly invest in the Canadian industry. We are looking forward to working with CAE as they have a wide range of capabilities and in-service support experience that will help us shape a winning technical, support, and industrial and regional benefit solution for the Canadian government."
Force Protection is offering the Canadian Forces variants of the Cougar wheeled combat vehicles to meet TAPV requirements. As the main Canadian partner, CAE would have overall responsibility for the comprehensive in-service support (ISS) solution, including: vehicle operator and mission training systems; engineering information environment; fleet management services; systems engineering support; and, lifecycle and integrated logistics support services. CAE would also be responsible for assembling a pan-Canadian team of companies to develop and support any country-specific requirements for Canada 's replacement fleet of tactical armoured patrol vehicles.
"We look forward to partnering with Force Protection to develop a comprehensive in-service support solution for Canada 's TAPV program," said Martin Gagne , CAE's Group President, Military Products, Training and Services. "We have a wealth of experience in comprehensive in-service support solutions, as we have demonstrated over many years for Canadian Forces air, land, and sea platforms. This partnership with Force Protection will produce a turnkey solution that is flexible, high-performing, cost-effective, and most importantly, supports our Canadian Forces in performing their missions safely."
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, Ocelot and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced driver and maintenance training programs. For more information on Force Protection and its products and services, visit www.forceprotection.net.
About CAE
CAE is a world leader in providing simulation and modelling technologies for the civil aviation industry and defence forces around the globe. With annual revenues exceeding C$1.5 billion , CAE employs more than 7,500 people at more than 100 sites and training locations in more than 20 countries. We have the largest installed base of civil and military full-flight simulators and training devices. Through our global network of 32 civil aviation, military and helicopter training centres, we train more than 80,000 crewmembers yearly. We offer comprehensive in-service support solutions to the air, land and sea domains, modelling and simulation software to various market segments and, through CAE's professional services division, we assist clients in applying simulation to analysis, training and operations. www.cae.com
Force Protection Contacts:
Tommy Pruitt , Senior Director, Communications, (843) 574-3866, tommy.pruitt@forceprotection.net
Investor relations: Wes Harris, Director, Investor Relations, (843) 574-3892, wes.harris@forceprotection.net
CAE Contacts:
Nathalie Bourque , Vice President, Public Affairs and Global Communications , (514) 734-5788, nathalie.bourque@cae.com
Trade media: Chris Stellwag , Director, Marketing Communications Military, (813) 887-1242, chris.stellwag@caemilusa.com
Investor relations: Andrew Arnovitz , Vice President, Investor Relations and Strategy, (514) 734-5760, andrew.arnovitz@cae.com
Force Protection, Inc. 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; the ability to meet current and future requirements; and, the Company's execution of its business strategy and strategic transformation, including its opportunities to grow the business. 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 Company's 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 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, 2010 .
SOURCE Force Protection, Inc.
Close red? My long agonizing history of this tells me this things closes red for the day after the morning run-up (bull trap)
lol .. thx .. but i'm from the otc bb days <frcp>
with 4 years to uplist <naz> on 1/18/07 .. i have a
soft spot for frpt and in hindsight wished i'd listened
to the locals <who knew the co. best> a little more often
back in 2005 after co. did their r/s in prep of uplist :)
take care
==
4kids
all jmo
sell into this strenght tomorrow - this is normal stuff for FRPT....they need BIG orders and then to execute on them....once that is proven (maybe about 1 year from now??) you can invest comfortably in this one - otherwise dead money.
Force Protection Receives $106.9 Million Award for Additional 1,000 Independent Suspension System Kits for U.S. Marine Corps Cougar Fleet PR Newswire "Press Releases US - English"
Monday, May 02 2011 6:53 PM, EST
LADSON, S.C. , May 2, 2011 /PRNewswire/ -- Force Protection Industries, Inc. , a FORCE PROTECTION INC. (NASDAQ: FRPT) group company, today announced that it has received a firm fixed price modification to existing contract M67854-07-C-5031 from U.S. Marine Corps Systems Command with a total value of approximately $106.9 million for the purchase of 1,000 independent suspension system ("ISS") kits. The award consists of 650 ISS kits for Cougar Category I vehicles and 350 ISS kits for Cougar Category II vehicles. Delivery of the kits is expected to begin in the Company's 2011 third quarter and be completed by December 31, 2011 .
(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO )
Randy Hutcherson , Chief Operating Officer for Force Protection Industries, Inc. , said, "The Cougar with independent suspension continues to perform exceptionally well in Afghanistan , and this award is another clear indicator of how vital the Cougar is to the troops in theater. The delivery of these kits and subsequent installation will help ensure that our Cougar vehicles continue to perform critical missions in extremely rugged areas."
The combination of today's announcement, other awards previously secured in 2011, and the portion of funded backlog at December 31, 2010 that is anticipated for delivery this year, results in solid visibility for the Company's previously disclosed outlook for 2011. As such, the Company reiterates its expectation of year-over-year growth in total revenue and earnings, with the majority of its 2011 full year financial results anticipated to be recorded in the second half of the year. Similar to 2010, the Company continues to expect its fourth quarter will be the most financially significant of 2011.
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, Ocelot and the related variants of each, are designed specifically for reconnaissance and other operations and protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced 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, including its survivability enhancements; the ability to meet current and future requirements, including expected work completion dates; 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, the ability to effectively manage the risks in the Company's 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 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, 2010 .
Media Contact:
Investor Relations Contact:
Tommy Pruitt
Wes Harris
Senior Director, Communications
Director, Investor Relations
Force Protection, Inc.
Force Protection, Inc.
843.574.3866
843.574.3892
tommy.pruitt@forceprotection.net
wes.harris@forceprotection.net
SOURCE Force Protection Industries, Inc.
Force Protection Receives $18.8 Million Award for Fuel Tank Protection Kits PR Newswire "Press Releases US - English"
Monday, May 02 2011 4:05 PM, EST
LADSON, S.C. , May 2, 2011 /PRNewswire/ -- Force Protection Industries, Inc. , a Force Protection, Inc. (Nasdaq: FRPT) group company, today announced that it has received a firm fixed price modification to existing contract M67854-07-C-5031 from U.S. Marine Corps Systems Command with a total value of approximately $18.8 million for 1,130 fuel tank protection modernization kits for the Cougar Mine Resistant Ambush Protected vehicle fleet supporting Operation Enduring Freedom. Work will be performed in Ladson, S.C. , and is expected to be completed by Dec. 31, 2011 .
(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO )
Randy Hutcherson , Chief Operating Officer of Force Protection , said, "The fuel tank protection kit is another important modernization component for the installed Cougar fleet. As threats evolve in the course of Operation Enduring Freedom it is vitally important that the vehicles continue to receive the best available protection for critical vehicle systems."
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, Ocelot and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced 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, including its survivability enhancements; the ability to meet current and future requirements, including expected work completion dates; 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, the ability to effectively manage the risks in the Company's 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 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, 2010 .
Media Contact:
Investor Relations Contact:
Tommy Pruitt
Wes Harris
Senior Director, Communications
Director, Investor Relations
Force Protection, Inc.
Force Protection, Inc.
843.574.3866
843.574.3892
tommy.pruitt@forceprotection.net
wes.harris@forceprotection.net
SOURCE Force Protection, Inc.
more than welcome :)
==
4kids
all jmo
Force Protection to Announce First Quarter 2011 Results PR Newswire "Press Releases US - English"
Friday, April 29 2011 1:45 PM, EST
SUMMERVILLE, S.C. , April 29, 2011 /PRNewswire/ -- Force Protection, Inc. (NASDAQ: FRPT) today announced that it will release financial results for its first quarter ended March 31, 2011 on Monday, May 9, 2011 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.
(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO )
To listen to the call, dial 800.510.9661 (for international, dial 617.614.3452) five to ten minutes prior to the scheduled start time and provide passcode 46586946. A live Webcast will also be available at that time on the Company's 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 Monday, May 23, 2011 . To access the replay, dial 888.286.8010 (for international, dial 617.801.6888) and enter passcode 71486097, or visit the "Investor Relations" section of the Company's 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 Company's specialty vehicles, including the Buffalo, Cougar, Ocelot and the related variants of each, are designed specifically for reconnaissance and other operations and protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced driver and maintenance training programs. For more information on Force Protection and its products and services, visit www.forceprotection.net.
Investor Relations Contact:
Media Contact:
Wes Harris
Tommy Pruitt
Director, Investor Relations
Senior Director, Communications
Force Protection, Inc.
Force Protection, Inc.
843.574.3892
843.574.3866
wes.harris@forceprotection.net
tommy.pruitt@forceprotection.net
SOURCE Force Protection, Inc.
orders mean nothing, execution on the orders does and the street has burned by this company before so its waiting to see actual results (margins) before providing any support - I expect this to be dead money for at least another 2 quarters.
even after getting orders.. this is going down... WTH
Anyone attend, or hear anything from, the Annual Meeting??
Force Protection Receives $27.4 Million Contract for Delivery of 47 Mastiffs to the U.K. PR Newswire "Press Releases US - English"
Thursday, April 21 2011 9:00 AM, EST
LADSON, S.C. , April 21, 2011 /PRNewswire/ -- Force Protection Industries, Inc. , a FORCE PROTECTION INC. (NASDAQ:FRPT) group company, today announced it has received a $27.4 million sub-contract from Integrated Survivability Technologies Limited ("IST") for the delivery of 47 Cougar Mastiff vehicles to the United Kingdom Ministry of Defence (" U.K. MoD"). IST is a joint venture between Force Protection Europe Limited , a subsidiary of Force Protection Industries, Inc. , and NP Aerospace Limited , a subsidiary of The Morgan Crucible Company plc . Work under this sub-contract will be performed in Ladson, South Carolina , and is scheduled to be completed by December 31 , 2011.
(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO )
Randy Hutcherson , Chief Operating Officer for Force Protection , commented, "The performance of the Cougar Mastiff continues to be outstanding.This additional order demonstrates that the Mastiff remains a proven life saver for British troops. The installed fleet of Cougar vehicle variants in the United Kingdom is growing and we remain pleased that the U.K. MoD continues to view Force Protection as an important partner in sustaining its military needs."
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, Ocelot and the related variants of each, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced 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, including its survivability enhancements; the ability to meet current and future requirements, including expected work completion dates; 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, the ability to effectively manage the risks in the Company's 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 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, 2010 .
Company Contact:
Investor Relations Contact:
Tommy Pruitt
Wes Harris
Senior Director, Communications
Director, Investor Relations
Force Protection, Inc.
Force Protection, Inc.
843.574.3866
843.574.3892
tommy.pruitt@forceprotection.net
wes.harris@forceprotection.net
SOURCE Force Protection Industries, Inc.
He's got some work ahead of him imo.
Force Protection Appoints Chief Human Resources Officer PR Newswire "Press Releases US - English"
Tuesday, April 19 2011 4:05 PM, EST
SUMMERVILLE, S.C. , April 19, 2011 /PRNewswire/ -- Force Protection Industries, Inc. , a FORCE PROTECTION INC. (NASDAQ: FRPT) group company, today announced the appointment of Gregory T. Troy as its Chief Human Resources Officer, a new position within the Company's senior management structure. Mr. Troy, who has responsibility for global human resources functions, is based at the Company's corporate headquarters in Summerville, South Carolina .
(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO )
Mr. Troy comes to Force Protection from Modine Manufacturing Company (" Modine ") where he held the position of Vice President and Chief Human Resources Officer since February 2006 . Modine is a NYSE -listed global manufacturer of heat thermal devices located in Racine, Wisconsin , with approximately 7,000 employees in 33 locations and 17 countries.
Michael Moody , Chairman and Chief Executive Officer for Force Protection, Inc. , said, "Greg brings over 25 years of extensive international human resources management experience to the Company, and I am pleased he is joining the Force Protection family. Our commitment to a highly focused, professional approach to human resources around the world is extremely important to us. We look forward to utilizing Greg's valuable insights and perspective as we further develop our employee base to ensure we continue to provide our customers with what we view as the best survivability products available."
Mr. Troy is a United States Army veteran, serving seven years as a transportation officer, where he attained the rank of Captain and was honorably discharged having been awarded the Meritorious Service Medal.
Mr. Troy commented, "I am excited to join Force Protection in this critical role. The employees of Force Protection have developed innovative products that have saved countless lives, and the pride they feel in their work is a key reason I wanted to join the Company. I look forward to continuing to build on the solid foundation that Force Protection has established in the marketplace."
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, Ocelot and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced 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; the ability to meet current and future requirements; and, the Company's execution of its business strategy and strategic transformation, including its opportunities to grow the business. 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 Company's 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 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, 2010 .
Media Contact: Tommy Pruitt Senior Director, Communications Force Protection, Inc. 843.574.3866 tommy.pruitt@forceprotection.net
Investor Relations Contact: Wes Harris Director, Investor Relations Force Protection, Inc. 843.574.3892 wes.harris@forceprotection.net
SOURCE Force Protection, Inc.
8K FILED
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agreed :)
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Force Protection Receives $46.6 Million Award for Delivery of 40 Buffalo Vehicles PR Newswire "Press Releases US - English"
Wednesday, April 06 2011 8:01 AM, EST
LADSON, S.C. , April 6, 2011 /PRNewswire/ -- Force Protection Industries, Inc. , a Force Protection Inc. (NASDAQ: FRPT), group company, today announced that it has received contract M67854-11-C-5063 from the United States Marine Corps Systems Command with an approximate value of $46.6 million . The award is a Foreign Military Sale (FMS) for 40 Program of Record (POR) Buffalo Mine Protected Clearance Vehicles (MPCV). All work under this contract will be performed in Ladson, SC and is expected to be completed by September 30, 2011 .
(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO )
Randy Hutcherson , Chief Operating Officer for Force Protection Industries, Inc. , said, "The demand for Buffalo continues to be solid due to its effectiveness as the premier route clearance vehicle available today. Buffalos have saved untold numbers of lives over the last several years in combat operations in Iraq and Afghanistan . We are extremely proud to provide these vehicles to conduct the critical work of clearing the way for coalition troops in harm's way."
Separately, Force Protection Industries, Inc. was awarded on March 30, 2011 a firm fixed price modification to existing contract M67854-07-D-5031 for approximately $11.4 million for a 10-month renewal of 46 field service representatives to install liner blanket kits, modernization safety kits, and conduct general maintenance work on the Cougar Mine Resistant Ambush Protected (MRAP) vehicle fleet supporting Operation Enduring Freedom and Operation New Dawn. All work will be performed in Afghanistan and Iraq , and will be completed by Dec. 31, 2011 .
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, Ocelot and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced 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 Buffalo and Cougar; expectations for future modernization and service-related contracts for the Cougar; the benefits and suitability of the Buffalo and Cougar, including related survivability enhancements; the ability to meet current and future requirements, including expected work completion dates; 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, the ability to effectively manage the risks in the Company's 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 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, 2010 .
Media Contact: Tommy Pruitt Senior Director, Communications Force Protection, Inc. 843.574.3866 tommy.pruitt@forceprotection.net Investor Relations Contact: Wes Harris Director, Investor Relations Force Protection, Inc. 843.574.3892 wes.harris@forceprotection.net
SOURCE Force Protection Industries, Inc. Force Protection Receives $46.6 Million Award for Delivery of 40 Buffalo Vehicles PR Newswire "Press Releases US - English"
LADSON, S.C. , April 6, 2011 /PRNewswire/ -- Force Protection Industries, Inc. , a Force Protection Inc. (NASDAQ: FRPT), group company, today announced that it has received contract M67854-11-C-5063 from the United States Marine Corps Systems Command with an approximate value of $46.6 million . The award is a Foreign Military Sale (FMS) for 40 Program of Record (POR) Buffalo Mine Protected Clearance Vehicles (MPCV). All work under this contract will be performed in Ladson, SC and is expected to be completed by September 30, 2011 .
(Logo: http://photos.prnewswire.com/prnh/20110321/CL67729LOGO )
Randy Hutcherson , Chief Operating Officer for Force Protection Industries, Inc. , said, "The demand for Buffalo continues to be solid due to its effectiveness as the premier route clearance vehicle available today. Buffalos have saved untold numbers of lives over the last several years in combat operations in Iraq and Afghanistan . We are extremely proud to provide these vehicles to conduct the critical work of clearing the way for coalition troops in harm's way."
Separately, Force Protection Industries, Inc. was awarded on March 30, 2011 a firm fixed price modification to existing contract M67854-07-D-5031 for approximately $11.4 million for a 10-month renewal of 46 field service representatives to install liner blanket kits, modernization safety kits, and conduct general maintenance work on the Cougar Mine Resistant Ambush Protected (MRAP) vehicle fleet supporting Operation Enduring Freedom and Operation New Dawn. All work will be performed in Afghanistan and Iraq , and will be completed by Dec. 31, 2011 .
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, Ocelot and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced 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 Buffalo and Cougar; expectations for future modernization and service-related contracts for the Cougar; the benefits and suitability of the Buffalo and Cougar, including related survivability enhancements; the ability to meet current and future requirements, including expected work completion dates; 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, the ability to effectively manage the risks in the Company's 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 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, 2010 .
Media Contact: Tommy Pruitt Senior Director, Communications Force Protection, Inc. 843.574.3866 tommy.pruitt@forceprotection.net Investor Relations Contact: Wes Harris Director, Investor Relations Force Protection, Inc. 843.574.3892 wes.harris@forceprotection.net
SOURCE Force Protection Industries, Inc.
FRPT Shareholder Meeting Info
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(2nd) FORCE PROTECTION INC FILES (8-K) Disclosing Change in Directors or Principal Officers Edgar Online "Glimpses"
Friday, March 18 2011 4:40 PM, EST
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 14, 2011 , the board of directors of Force Protection, Inc. (the "Company") increased the size of its board of directors from seven to nine members. Upon the recommendation of its Governance Committee, the board appointed Lynn Brubaker as a Class II board member and Thomas A. Corcoran as a Class III board member to increase the size of the board. The board of directors determined that both Ms. Brubaker and Ms. Corcoran are independent because each person had no material relationship with the Company that would interfere with his or her ability to exercise independent judgment to carry out his or her responsibilities as a director of the Company and otherwise meet the independence standards of the Nasdaq Stock Market . The board also determined that each of the new director's current and future commitments should not materially interfere with their service on the Company's board of directors.
Ms. Brubaker has over 30 years of experience in the aviation and aerospace industries. Ms. Brubaker currently serves on the board of directors of Hexcel , a $1.2 billion NYSE -listed multi-national company that is a leader in advance materials and technology and FARO Technologies , a multi-national high technology company that is the world leader in portable computer-aided measurement and imaging innovations. Ms. Brubaker also currently serves on the board of directors of The Nordam Group , the largest private aerospace company in high technology manufacturing and repair and as Chairman of the Board of Flight Safety Foundation . From 1999 until June 2005 , Ms. Brubaker was Vice President/General Manager - Commercial Aerospace for Honeywell International , with a primary focus on global business strategies and customer operations. From 1997 to 1999, Ms. Brubaker was Vice President Americas for Honeywell , and from 1995 to 1997, prior to AlliedSignal's merger with Honeywell , she was Vice President, Marketing, Sales and Support Operations for AlliedSignal. Prior to joining AlliedSignal, Ms. Brubaker held a variety of management positions with McDonnell Douglas , Republic (predecessor to Northwest Airlines ) and Comair . Ms. Brubaker holds a Master of Business Administration from the UCLA .
Mr. Corcoran has over 40 years of experience in aerospace-related industries. Mr. Corcoran currently serves as a director with three U.S. publicly listed companies: L-3 Communications Holdings, Inc. , GenCorp, Inc. and LaBarge, Inc. Mr. Corcoran is also a director with Aer Lingus, Ltd. based in Dublin, Ireland and was a director of Serco, Ltd. based in Surry, United Kingdom from 2007 to 2010 and REMEC, Inc. from 1997 to 2010. Since 2001, Mr. Corcoran has been a Senior Advisor of The Carlyle Group , a private equity investment firm, and the President of Corcoran Enterprises, LLC , a management consulting company. From 2001 to 2004, Mr. Corcoran was the President and Chief Executive Officer of Gemini Air Cargo, Inc. , a cargo airline owned by The Carlyle Group . From 1999 to 2000, Mr. Corcoran was President and CEO of Allegheny Teledyne Incorporated , a specialty metals producer. From 1983 to 1999, Mr. Corcoran was President and Chief Operating Officer of Lockheed Martin's Electronics and Space Sectors. Mr. Corcoran began his career in 1967 at General Electric Company , and rose to the position of Vice President and General Manager of G.E. Aerospace Operations. Mr. Corcoran serves as a director of American Ireland Fund , is on the board of trustees of Stevens Institute of Technology and is a trustee emeritus at Worcester Polytechnic Institute . Mr. Corcoran holds a Bachelor of Science in Chemical and Mechanical Engineering from Stevens Institute of Technology .
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FORCE PROTECTION INC FILES (8-K) Disclosing Change in Directors or Principal Officers Edgar Online "Glimpses"
Friday, March 18 2011 4:36 PM, EST
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 14, 2011 , Force Protection, Inc. (the "Company") entered into a Consulting Agreement with Lenna Ruth Macdonald (the "Consulting Agreement") effective as of March 18, 2011 . Previously, on January 25, 2011 , the Company determined that Ms. Macdonald was no longer an executive officer as defined by Rule 3b-7 of the Securities Exchange Act of 1934, as amended, and that as of such date, would not be acting in the capacity of Chief Strategy Officer, General Counsel and Corporate Secretary of the Company. Ms. Macdonald agreed to remain with the Company until March 18, 2011 .
The Consulting Agreement commences on March 18, 2011 and has a term of eighteen (18) months, during which time Ms. Macdonald will provide certain services to the Company and will act as an independent contractor. In consideration for her services, the Company will pay Ms. Macdonald $27,000 per month, and all payments will accelerate upon the expiration of sixty days after a change in control of the Company, upon the death or disability of Ms. Macdonald or upon the failure by the Company to make the payments to Ms. Macdonald. Ms. Macdonald also agreed to certain covenants, including covenants not to disclose trade secrets or confidential information of the Company, not to solicit employees of the Company and not to engage in a competitive activity with the Company (which was expanded in breadth from her Severance Agreement), as well as to abide by a duty of care and the Company's Code of Conduct and Ethics.
Ms. Macdonald also entered into a General Release effective as of March 18, 2011 as part of her Severance Agreement dated March 24, 2008 , as amended on December 24, 2008 and January 12, 2009 . (See the Severance Agreement filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 24, 2008 , the First Amendment filed as Exhibit 10.76 to the Company's Annual Report on Form 10-K filed on March 26, 2009 and the Second Amendment filed as filed as Exhibit 10.83 to the Company's Annual Report on Form 10-K filed March 26, 2009 ).
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Force Protection Announces Financial Results for 2010 Fourth Quarter and Full Year Business Wire "Press Releases - English"
Wednesday, March 09 2011 4:20 PM, EST
~Reports 2010 Fourth Quarter Revenue of $207.7 Million and EPS of $0.16~
~Ends 2010 with Approximately $562 Million in Funded Backlog~
~Board of Directors Authorizes $20 Million Open Market Share Repurchase~
LADSON, S.C. --(BUSINESS WIRE)-- Force Protection, Inc. (NASDAQ: FRPT) today reported financial results for the three and twelve months ended December 31, 2010 .
Fourth Quarter
In the fourth quarter of 2010, the Company reported net sales of $207.7 million versus $289.0 million in the fourth quarter of 2009. Contributing to the decrease were lower vehicle and spares and sustainment sales, which were partially offset by increased modernization revenues.
Gross margin for the 2010 fourth quarter was 20.7 percent, as compared to 18.1 percent in the fourth quarter of 2009.
The Company reported operating income of $15.9 million in the fourth quarter of 2010 as compared to operating income of $28.1 million in the prior year period. Net income for the fourth quarter of 2010 was $11.2 million , or $0.16 per diluted share, as compared to net income of $18.4 million , or $0.27 per diluted share, for the 2009 fourth quarter.
Michael Moody , Chairman and Chief Executive Officer of Force Protection,Inc., said, We were pleased to end 2010 with quarterly results that were the strongest of the year. In addition to continued deliveries of our existing vehicle platforms and an increase in spares and sustainment sales from the third quarter of 2010, highlights of the 2010 fourth quarter included modernization revenues of $140.7 million and a gross margin in excess of 20 percent. Of course, the most significant highlight of the quarter was the $280 million contract award we secured for the delivery of 200 vehicles under the United Kingdom Ministry of Defences Light Protected Patrol Vehicle, or LPPV, program.
Full Year
For the twelve months ended December 31, 2010 , the Company reported net sales of $656.0 million versus $977.1 million for the twelve months ended December 31, 2009 . Contributing to the decrease were lower spares and sustainment and vehicle sales, which were partially offset by increased modernization revenues.
Gross margin for the full year of 2010 was 20.4 percent, as compared to 14.5 percent for the 2009 full year. Impacting the 2009 gross margin was a $19.3 million write-down of the Companys Cheetah inventory and other associated costs recorded in the third quarter of 2009. Excluding this charge, the 2009 full year non-GAAP adjusted gross margin was 16.5 percent(1). The increase in gross margin for the 2010 full year was attributed to a favorable product mix and enhancements in the Companys program cost management and control systems. The reconciliations of adjusted gross margin and gross margin are included at the end of this press release.
Operating income was $23.4 million for the twelve months ended December 31, 2010 as compared to $43.3 million in the prior year period. Contributing to the year-over-year decrease in operating income was the 2010 third quarter $8.5 million charge associated with the net impact of the approved settlement of the federal shareholder class action and proposed settlements related to the derivative actions that began in early 2008. Adjusted operating income(1) for the twelve months ended December 31, 2010 was $31.9 million , which excludes the litigation settlements. For the twelve months ended December 31, 2009 , the Company recorded adjusted operating income(1) of $62.6 million , which excludes the aforementioned $19.3 million write-down of the Companys Cheetah inventory and other associated costs. The reconciliations of adjusted operating income and operating income are included at the end of this press release.
Net income for the full year of 2010 was $15.2 million , or $0.22 per diluted share, as compared to $29.5 million , or $0.43 per diluted share, for the comparable prior year period. The Company recorded adjusted net income(1) of $20.7 million , or $0.30 per diluted share, in the 2010 full year, as compared to adjusted net income(1) of $42.4 million , or $0.61 per diluted share, in 2009. Adjusted net income excludes the litigation settlements and Cheetah expenses in their respective periods. The reconciliations of adjusted net income and adjusted net income per share to net income and net income per share are included at the end of this press release.
Mr. Moody continued, As we look back at last year, it is clear to me that 2010 marked an important and successful year for Force Protection that puts us on a solid foundation to grow the Company going forward. One key indicator of our success in 2010 was the more than $1 billion in new orders that allowed us to enter 2011 with more than $560 million in funded backlog. Approximately three-quarters of this amount is expected to be recognized in 2011.
Enhanced Financial Position
During 2010, the Company generated cash from operations of $37.4 million , which contributed to its December 31, 2010 cash balance of $150.0 million . Also at December 31, 2010 , accounts receivable was $124.8 million , including $53.8 million of earned but unbilled receivables, inventories were $90.1 million , and accounts payable was $94.6 million .
During the 2010 fourth quarter, the Company definitized a number of contracts that resulted in the net collection of approximately $32 million during the period. The Company is focused on resolving all remaining undefinitized contracts over the coming months, which should further increase its cash position.
Significant Business Development Initiatives
Since late November 2010 , after securing the contract award for the LPPV program, the Company has begun to stand up the necessary infrastructure and requirements to perform under the contract. The primary focus over the coming months is associated with performing reliability growth trials and critical design reviews with the United Kingdoms Ministry of Defence . The Company anticipates that vehicle deliveries will begin in the fall of this year and conclude in the spring of 2012.
The Company is also making important progress with the Ocelot in the Manufactured and Supported in Australia , or MSA, option for the Land 121 Phase 4 program, including the delivery of two prototype variants to the customer in February 2011 . The more than $1.3 billion Land 121 program is designed to provide approximately 1,300 vehicles and trailers, as well as related long-term support, for Australias core fleet of military assets. In addition to the MSA option, the Australian government has collaborated with the U.S. government on the development of the Joint Light Tactical Vehicle, or JLTV. The evaluation for the MSA option in the Land 121 program is currently scheduled to conclude later in 2011, at which point the Australian government is expected to make a decision on whether to continue with stage two MSA prototyping, JLTV, or a combination of both options.
The Companys Cougar 4x4 and 6x6 variants were down-selected in 2010 as potential solutions for Canadas TAPV program, which requires procurement for up to 600 vehicles and related long-term support services. Consistent with the LPPV and the MSA Land 121 requirements, the more than $1 billion TAPV program requires that primary manufacturing and supportability be completed in the host country. The formal Request for Proposal, or RFP, for the program is expected within the next 60 days, followed by a multi-step evaluation process by the customer. A contract award to the final selected bidder is expected as early as the end of 2011.
Complementing its new vehicle program efforts, as part of an experienced team, the Company is pursuing the U.S. Armys Route Clearance Vehicle MRAP Contractor Logistics Support Service program requirement for the maintenance of its thousands of related vehicles. The Company anticipates the issuance of the formal RFP for the program by this summer, with a selection as to the preferred provider by late 2011.
Outlook
Randy Hutcherson , Chief Operating Officer of Force Protection commented, We believe that there will be a continued high-level of operational tempo in Afghanistan throughout 2011, which will provide additional vehicle sales as well as continued operational support through modernization, spares and sustainment services. However, we expect that we will be challenged to show a profit through the first six months of the year primarily due to the timing of orders and one-time costs associated with a recent workforce reduction.
As we look to the remainder of the year, we continue to anticipate the generation of significant cash from operations and growth of our 2011 full year revenue and earnings over 2010 levels. Contributing to this view is current backlog that includes deliveries under the LPPV program beginning in the second half of 2011, as well as future orders from both domestic and international customers.
Authorization of $20 Million Open Market Share Repurchase Program
Separately, the Company announced today that its board of directors has authorized the Company to repurchase up to $20 million of its common stock. The repurchase program calls for shares to be purchased in the open market or in private transactions. The Company may suspend or discontinue the program at any time.
The Company may repurchase shares from time to time depending upon market conditions, the market price of the Companys common stock, and managements assessment of liquidity and cash flow needs. The Company currently expects to finance any repurchases from cash-on-hand.
Mr. Moody concluded, As we consider the strategic use of our cash, we are employing a balanced strategy that provides the necessary working capital to run the business and flexibility to pursue our critical internal and external growth initiatives. In addition, we continue to evaluate opportunities to broaden the Company through strategic acquisitions and investments.
Complementing reinvestment in the business, we view share repurchase as an appropriate use of capital. With our strong cash balance at the end of 2010 and expectations for the generation of additional operating cash flow in 2011, we believe it is an appropriate time to repurchase shares. We also believe that the size of the repurchase program provides us with the necessary flexibility to continue to invest in our internal initiatives and external strategies to broaden our business.
Conference Call Information
The Company will hold a conference call today at 4:30 p.m. Eastern Time to discuss its results. The call 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 866.825.3308 (for international, dial 617.213.8062) five to ten minutes prior to the scheduled start time and provide passcode 18151996. 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, March 23, 2011 . To access the replay, dial 888.286.8010 (for international, dial 617.801.6888) and enter passcode 30715227, 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. The Companys specialty vehicles, including the Buffalo, Cougar, Ocelot and related variants, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (commonly referred to as roadside bombs). Complementing these efforts, the Company is designing, developing and marketing the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed and mobility. 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 skilled field service representatives, and advanced 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 Buffalo, Cougar, 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, including Land 121, TAPV and GAARV and the timing of proposals and awards; modernization and spares and sustainment contracts and the effect of operations in Afghanistan ; the ability to meet current and future requirements; the Companys execution of its business strategy and strategic transformation, including its development initiatives and opportunities to broaden its platform; the effect of the Companys undefinitized contracts; the Companys expected financial and operating results, including its revenues, cash flow and margins, for future periods; and, the Companys share repurchase program. 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, 2010 .
(1) Use of Non-GAAP Financial Measures
Certain disclosures in this press release include non-GAAP financial measures. A non-GAAP financial measure is defined as a numerical measure of a companys financial performance, financial position or cash flows that excludes or includes amounts so as to be different from the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP). The Company defines adjusted gross margin, adjusted operating income, adjusted net income and adjusted net income per share as gross margin, operating income, net income and net income per share as reported under GAAP less the impact of the charge for the approved settlement of federal shareholder class action and proposed settlements related to derivative actions in 2010 and the one-time write-down of the Companys Cheetah inventory and other associated costs in 2009. By excluding these charges, management is able to compare the Companys ongoing operations to prior periods and to the ongoing operations of other companies in its industry. Management believes that excluding the charges related to the legal settlements and Cheetah expenses is useful to investors because it is more representative of the ongoing business of the Company and reflects the financial indicators used by management to evaluate the Companys financial results.
These amounts are not measures of financial performance under GAAP. They should be considered supplemental to and not a substitute for financial performance in accordance with GAAP. These non-GAAP measures should not be considered measures of the Companys liquidity. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Companys definition of adjusted gross margin, adjusted operating income, adjusted net income and adjusted net income per share may differ from similar measures used by other companies and may differ from period to period. Subject to the review and approval of the Companys audit committee, management may make other adjustments for expenses and gains that it does not consider reflective of core operating performance in a particular period and may modify adjusted gross margin, adjusted operating income, adjusted net income and adjusted net income per share by excluding these expenses and gains. This information should not be construed as an alternative to the reported results, which have been determined in accordance with GAAP. A reconciliation of adjusted gross margin, adjusted operating income, adjusted net income and adjusted net income per share with gross margin, operating income, net income and net income per share are included in the accompanying financial data.
Force Protection, Inc. and Subsidiaries
Consolidated Statements of Operations
For the three months ended
For the twelve months ended
December 31,
December 31,
2010
2009
2010
2009
(In Thousands, Except Share and Per Share Data)
Net sales
$
207,722
$
289,037
$
655,973
$
977,051
Cost of sales
164,636
236,692
522,241
835,555
Gross profit
43,086
52,345
133,732
141,496
General and administrative expenses
21,218
17,833
86,950
78,052
Research and development expenses
5,920
6,364
23,365
20,100
Operating income
15,948
28,148
23,417
43,344
Other income, net
323
588
398
645
Interest expense, net
(77
)
(22
)
(293
)
(101
)
Income before income tax expense
16,194
28,714
23,522
43,888
Income tax expense
(5,030
)
(10,290
)
(8,309
)
(14,428
)
Net income
$
11,164
$
18,424
$
15,213
$
29,460
Earnings per common share:
Basic
$
0.16
$
0.27
$
0.22
$
0.43
Diluted
$
0.16
$
0.27
$
0.22
$
0.43
Weighted average common shares outstanding:
Basic
68,942
68,532
68,828
68,450
Diluted
69,747
69,261
69,786
69,066
Force Protection, Inc. and Subsidiaries
Consolidated Balance Sheets
As of December 31,
2010
2009
(In Thousands)
Assets
Current assets:
Cash and cash equivalents
$
149,965
$
147,254
Accounts receivable, net
124,831
143,480
Inventories
90,110
74,075
Deferred income tax assets
12,336
16,235
Income taxes receivable
-
1,352
Other current assets
41,520
3,031
Total current assets
418,762
385,427
Property and equipment, net
60,422
58,918
Investment in unconsolidated joint ventures
2,815
2,541
Other assets
705
202
Total assets
$
482,704
$
447,088
Liabilities and Shareholders Equity
Current liabilities:
Accounts payable
$
94,593
$
86,588
Due to United States government
1,331
25,965
Advance payments on contracts
5,875
1,164
Other current liabilities
50,943
21,044
Total current liabilities
152,742
134,761
Deferred income tax liabilities
973
1,236
Other long-term liabilities
562
-
154,277
135,997
Commitments and contingencies
Shareholders equity:
Common stock
71
70
Additional paid-in capital
262,451
260,112
Accumulated other comprehensive (loss) income
(88
)
129
Retained earnings
65,993
50,780
Total shareholders equity
328,427
311,091
Total liabilities and shareholders equity
$
482,704
$
447,088
Force Protection, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the year ended December 31,
2010
2009
(In Thousands)
Cash flows from operating activities:
Net income
$
15,213
$
29,460
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization
16,197
13,969
Deferred income tax provision (benefit)
3,358
(2,639
)
Income tax effect realized from stock transactions
219
(206
)
Stock-based compensation
2,533
2,886
Provision for litigation settlement
7,833
-
Provision for asset impairment
-
748
Provision for inventory
5,864
20,700
Other
31
(4
)
(Increase) decrease in assets
Accounts receivable
9,773
(44,277
)
Inventories
(20,773
)
(6,273
)
Income taxes receivable
1,352
(1,352
)
Other current assets
(2,381
)
(613
)
Increase (decrease) in liabilities
Accounts payable
7,010
38,799
Due to United States government
(15,758
)
(2,133
)
Advance payments on contracts
4,711
(11
)
Other current liabilities
2,235
467
Total adjustments
22,204
20,061
Net cash provided by operating activities
37,417
49,521
Cash flows from investing activities:
Capital expenditures
(16,168
)
(11,235
)
Purchases of marketable securities
-
(9,985
)
Proceeds from maturity of marketable securities
-
9,985
Other
(18,180
)
(2,149
)
Net cash used in investing activities
(34,348
)
(13,384
)
Cash flows from financing activities:
Proceeds from issuance of common stock
49
80
Income tax effect realized from stock transactions
(219
)
206
Other
-
(139
)
Net cash (used in) provided by financing activities
(170
)
147
Effect of foreign currency rate changes on cash
(188
)
(31
)
Increase in cash and cash equivalents
2,711
36,253
Cash and cash equivalents at beginning of year
147,254
111,001
Cash and cash equivalents at end of year
$
149,965
$
147,254
GAAP to Non-GAAP Reconciliation of Gross Margin, Operating Income, Net Income and Net Income Per Share
The following financial information is presented below using other than U.S. generally accepted accounting principles ("non-GAAP"), and is reconciled to comparable information presented using GAAP. See Footnote (1) for further discussion.
The adjustments relate to:
For 2010, the estimated settlements of federal shareholder class action and related derivative actions that began in early 2008.
For 2009, the write-down of the Companys Cheetah inventory and other associated costs.
Each of these adjustments were recorded in the fiscal third quarter of their respective periods.
Force Protection, Inc. and Subsidiaries Reconciliation
(In Thousands, Except Per Share Data)
For the year ended December 31,
For the year ended December 31,
2010
2009
Reported Basis (GAAP)
Litigation settlements
Comparable Basis (Adjusted)
Reported Basis (GAAP)
Cheetah-Related Expenses
Comparable Basis (Adjusted)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net sales
$
655,973
$
-
$
655,973
$
977,051
$
-
$
977,051
Cost of sales
522,241
-
522,241
835,555
19,264
816,291
Gross profit
133,732
-
133,732
141,496
(19,264
)
160,760
Gross margin
20.4
%
20.4
%
14.5
%
16.5
%
General and administrative expenses
86,950
8,500
78,450
78,052
-
78,052
Research and development expenses
23,365
-
23,365
20,100
-
20,100
Operating income (loss)
23,417
(8,500
)
31,917
43,344
(19,264
)
62,608
Other income, net
398
-
398
645
-
645
Interest expense, net
(293
)
-
(293
)
(101
)
-
(101
)
Income (loss) before income tax expense
23,522
(8,500
)
32,022
43,888
(19,264
)
63,152
Income tax expense
(8,309
)
3,029
(11,338
)
(14,428
)
6,357
(20,785
)
Net income (loss)
$
15,213
$
(5,471
)
$
20,684
$
29,460
$
(12,907
)
$
42,367
Earnings (loss) per common share:
Basic
$
0.22
$
(0.08
)
$
0.30
$
0.43
$
(0.19
)
$
0.62
Diluted
$
0.22
$
(0.08
)
$
0.30
$
0.43
$
(0.19
)
$
0.61
Weighted average common shares outstanding:
Basic
68,828
68,828
68,828
68,450
68,450
68,450
Diluted
69,786
69,786
69,786
69,066
69,066
69,066
Force Protection, Inc. Investor Relations Contact: Wes Harris , 843-574-3892 Director, Investor Relations wes.harris@forceprotection.net or Media Contact: Tommy Pruitt , 843-574-3866 Senior Director, Communications tommy.pruitt@forceprotection.net
Source: Force Protection, Inc.
==
4kids
all jmo
Consensus Estimate: $0.16
Release Date: 3/9/2011
After Close
Expected Time 2: 4:05 PM ET
Conference Call:
Great for the bottom line considering this decline in price, NICE!
Force Protection Establishes Canadian Subsidiary Business Wire "Press Releases - English"
Office to be Located in Ottawa, Ontario
Monday, March 07 2011 10:31 AM, EST
LADSON, S.C. --(BUSINESS WIRE)-- Force Protection Industries, Inc. , a Force Protection Inc. (NASDAQ:FRPT) group company, today announced the establishment of a Canadian subsidiary company, Force Protection Survivability Solutions Canada, Inc.
This subsidiary will allow us to better support the Canadian market and align more closely with our many Canadian partners and suppliers, said Michael Moody , Chief Executive Officer of Force Protection Inc. Force Protection has developed and is offering a highly survivable and mobile vehicle for the Canadian Ministry of Defenses Tactical Armored Vehicle Patrol, or TAPV, program. We are committed to supporting this solution for the TAPV, as well as servicing our Cougar and Buffalo vehicles currently in service with the Canadian Forces.
The head office will be located in Ottawa, Ontario , with partnerships and supplier relationships extending across Canada .
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, Ocelot 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 the JAMMA, a new vehicle platform that provides increased modularity, transportability, speed, and mobility. 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 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; expectations for future modernization and service-related contracts; the benefits and suitability of vehicles and service-related contracts; expected work completion and delivery dates; the Companys execution of its business strategy and strategic transformation, including its opportunities to grow the business; and, the Companys 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 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 September 30, 2010 .
Force Protection Industries, Inc. Media Contact: Tommy Pruitt , 843-574-3866 Senior Communications Director tommy.pruitt@forceprotection.net or Investor Relations Contact: Wes Harris , 843-574-3892 Investor Relations Director wes.harris@forceprotection.net
Source: Protection Industries, Inc.
Alright FRPT lets see some retrace!
blackrock sure has been busy in some of my stocks :)
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7379186
==
4kids
all jmo
Nice breakout of a sideways pattern.
Then take the other opportunities and enjoy your life.
I see your point. But again, we are not talking about a cheap penny stock at triple O. That's already above $5! The price is not justified, anyway. There are tons of better options for a lot lower....just my 2 cents
Ocelot.
Listen to the last CC to get a true grasp of how their financials will look at the end of this qtr.
They have no debt and will have cash approaching $250MM which means you are buying the underlying business very cheaply.
That being said unless their is news, I expect the stock to trend with the market or sideways until the next qtrly results.
Why do you expect FRPT to go up? I looked at the financials, and they do not support the actual price!
It looks like it follows its MA(50) which means the trend is down!
Lets see how this baby can finish off the week
Force Protection Announces Over $1 Billion in New Orders During 2010 Business Wire "Press Releases - English"
~$13.4 Million Order for Field Service Representative Support Pushes Total Orders Over $1 Billion~
~Orders Reflect a Balanced Mix of 53% for Modernization, Spares and Sustainment and 47% for Vehicles~
Thursday, December 16 2010 4:04 PM, EST
LADSON, S.C. --(BUSINESS WIRE)-- Force Protection Industries, Inc. , a Force Protection Inc. (NASDAQ:FRPT) group company, today announced that it has reached a significant milestone during 2010 with the receipt to date of more than $1 billion in new orders. A modification to contract M67854-07-C-5031 on December 15, 2010 for approximately $13.4 million from the U.S. Marine Corps Systems Command to provide additional field service support propelled the total orders received during 2010 beyond the $1 billion mark. Of the orders received, approximately 53% were associated with modernization, spares and sustainment for the Companys installed fleet of over 4,500 vehicles worldwide. New vehicle orders accounted for approximately 47% of the total.
Randy Hutcherson , Chief Operating Officer for Force Protection Industries, Inc. , said, This important milestone is the result of the hard work and attention that we placed on a number of initiatives during 2010. These efforts included continued expansion of our Kuwait operations and leaning forward in Afghanistan to capitalize on opportunities to provide much needed upgrades and modernization on our existing fleet of vehicles and MRAPs supplied by other OEMs, as well as providing spares and sustainment for our vehicles in the ongoing operations that have now transitioned from Iraq to Afghanistan . Just as important was our focus on obtaining additional Buffalo and Cougar vehicle orders, as well as the design, development and successful marketing of the Ocelot for competition in, and ultimate contract award for, the United Kingdoms Light Protected Patrol Vehicle program in which deliveries are scheduled to begin in the second half of 2011. I am extremely proud of the outstanding efforts from all of our employees worldwide who contributed to the success of the company in 2010. We look forward to continuing to grow the business from the strong base that has been established.
Michael Moody , Chairman and Chief Executive Officer of Force Protection Inc. , further commented, Responding to the needs of the customer remains paramount, and todays announcement is a direct reflection on the significant efforts we have undertaken to further differentiate Force Protection in the marketplace. As we have done with the development of the uniquely-positioned Ocelot, Force Protection will continue to leverage its innovative and nimble operating culture to provide our customers with exceptional survivability solutions and ensure that the troops have the best resources available to promote success on the battlefield.
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, the Cougar and its related variants, and the Ocelot 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 a new vehicle platform, the JAMMA, which provides increased modularity, speed, and mobility. 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 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 products and services, expectations for future vehicle spares, modernization and service-related contracts; the benefits and suitability of the Companys products and service-related contracts; the effects of the Companys survivability solutions; expected work completion and delivery dates;and the Companys execution of its business strategy and strategic transformation, including its opportunities to grow the business. 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 develop new technologies and products and the acceptance of these technologies and products; andthe 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 Industries, Inc. Media Contact: Tommy Pruitt , 843-574-3866 Senior Communications Director tommy.pruitt@forceprotection.net or Force Protection, Inc. Investor Relations Contact: Wes Harris , 843-574-3892 Investor Relations Director wes.harris@forceprotection.net
Source: Force Protection Industries, Inc.
---
4kids
all jmo
Force Protection Receives $17.4 Million in Additional Field Service Awards Business Wire "Press Releases - English"
Work Extended in Kuwait Location through End of 2011
Tuesday, December 07 2010 9:04 AM, EST
LADSON, S.C. --(BUSINESS WIRE)-- Force Protection Industries, Inc. , a Force Protection Inc. (NASDAQ:FRPT) group company, today announced that it has received a firm fixed price modification to existing contract M67854-07-C-5031 from U.S. Marine Corps Systems Command with a total value of approximately $17.4 million extending 54 field service representatives to provide the full spectrum of support, modernization, and upgrade work on the Cougar Mine Resistant Ambush Protected (MRAP) vehicle fleet. All work under this modification is to be performed in Kuwait and expected to be completed by December 31, 2011 .
Randy Hutcherson , Chief Operating Officer for Force Protection Industries, Inc. , said, This award provides for the continued modernization and upgrade work for the installed Cougar fleet in the Middle East . These upgrades and modernization activities improve the combat proven Cougars performance to meet ongoing mission requirements in Afghanistan.
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 & JAMMA) that provide increased modularity, speed, and mobility. 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 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 Cougar; expectations for future modernization and service-related contracts for the Cougar; the benefits and suitability of the Cougar and service-related contracts; expected work completion and delivery dates; the Companys execution of its business strategy and strategic transformation, including its opportunities to grow the business; and, the Companys 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 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 September 30, 2010 .
Media Contact: Force Protection Industries, Inc. 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.
--
4kids
all jmo
Force Protection signs Ocelot deal
By Allyson Bird
abird@postandcourier.com
Wednesday, December 1, 2010
Buzz
Ladson-based Force Protection Inc. has signed a deal with the British military that takes the armored-vehicle maker to new prominence in international combat.
The U.K. Ministry of Defence signed a contract valued at about $280 million with Force Protection late Monday to order 200 of the company's newly-developed lightweight Ocelots. British forces will use the vehicle in Afghanistan, replacing trucks built atop Land Rover frames, beginning in about a year.
photo
Force Protection Inc.
Provided
Force Protection's lightweight Ocelot is much more mobile than the company's Buffalo vehicle, but provides the same protection.
It marks the first Ocelot sales for the company, providing it with an opportunity to develop a track record for the vehicle that it can show other potential buyers.
As part of the deal, Force Protection agreed to build the trucks in the U.K., marking the first order the company will complete outside of the United States. Deliveries should begin in the second half of next year and run through spring of 2012.
The 16,500-pound Ocelot, weighing a fraction of Force Protection's better-known Buffalo, delivers better mobility through narrow passages, over bridges and in urban settings, according to company spokesman Tommy Pruitt.
"The weight is significantly less, the mobility significantly greater, but protection is essentially the same as what they have in these larger vehicles," Pruitt said.
The Ocelot underwent a year of
extensive testing at a blast site in Edgefield, England, with British military representatives looking on, according to Pruitt.
Force Protection officials have said that a detonation can launch a Ford F-250 truck 300 feet into the air, while the Ocelot lifts less than a foot off the ground.
While Monday's deal holds significance for Force Protection, the Ocelot also marks the first British military vehicle that meets the Ministry of Defence's new requirements to create a standard electronic and electrical architecture in vehicles.
Additional coverage
Military news and events
The Ocelot also includes a pod constructed completely from composite to protect that crew of as many as six troops, a design inspired by the motorsports industry and the first of its kind built in Britain.
Force Protection beat out about two dozen competitors to win the contract, according to Pruitt. The Ministry of Defence named the local company its preferred bidder in September.
Next up, Force Protection hopes to secure a similar deal in Australia that could call for 1,300 Ocelots. Pruitt said company officials traveled to the continent a few weeks ago as part of an ongoing discussion, and that Force Protection plans to deliver two test vehicles there in February.
Reach Allyson Bird at 937-5594.
Force Protection gets $280M UK vehicle contract Associated Press, The "AP Financial News"
Tuesday, November 30 2010 8:55 AM, EST
LADSON, S.C. -- Armored vehicle maker Force Protection Industries Inc. said Tuesday that its European operation has signed a $280 million contract with the United Kingdom to buy 200 Ocelot light patrol vehicles.
Force Protection Europe is expected to start delivering the vehicles during the second half of next year, with the project completed by the spring of 2012, the company said in a statement.
The Ocelot is the first British designed and built protected patrol vehicle. It has a composite pod to protect the soldiers inside, drawing on technology from the auto racing industry.
Auto specialist Ricardo PLC helped with the design and development of the Ocelot, which has undergone more than a year of blast and mobility testing, the Ladson, S.C. -based Force Protection said in the statement.
David Hind , managing director of Force Protection Europe, said the Ocelot will be used in Afghanistan and in future operations.
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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
..............................................................................................................................................................................................................................................
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
===============================================================
http://www.sec.gov/edgar.shtml
=============================================================
===============================================================
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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