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FRPT not for sale anymore... GD though, may partner with FRPT for JLTV. That would give GD/AMG/DRS/FRPT vs. BAE/NAVZ vs. LMT vs Northrop/OSK.
Now who is goign to sell for a double, or hold for the 5x payoff?
FRPT back on the SHO list today... that's why we didn't run to $2.50 yesterday.
No debt, $70m in cash, Cheetah a candidate for JLTV, ILS revenue for years to come...
$5 coming up.
Total house cleaning...
Ok, we'll see what happens, huh chief?
It's not being delisted, it's MAY be delisted... read it.
And... considering it went from .69 to $24 on the OTC.BB, I'd kill to be on the exchange again...
No earnings at CC (that is a fact), and good news is leaking... I wonder what it could be.. hmm..
Short covering.. never know what they may say at the CC.
Where is that from?
Hahaha, that's a good one.
I still have some.
At this point, you're buying the cash... the rest of this company is worthless right now. Question is, with restatement of earnings, who knows how much cash they really have?
1. Cheetah hasn't even officially been ordered for MRAP II, modifications or not.
2. ILS revenue may go away... there are articles out there that the military wants to takeover sustainment.
3. This whole theory that just because institutions own a large piece = PPS going up. If instead of Fidelity, Bear Sterns bought in months ago, everyone would be going nuts... but look at Bear now. Even institutions aren't right 100% of the time, or even close. Tute ownership means jack sh1t.
I see Roxboro being sold off, Ladson continue to make Buffalos for the DoD, and a few Cougars built here and there for some sparse foreign orders. The stock may recover to $3... may.
Confirmed - layoffs coming, no more US orders for MRAP.
Force Protection, Shut Out of Pentagon Award, Seeks New Clients
By Edmond Lococo
March 15 (Bloomberg) -- Force Protection Inc., all but shut out of a $1.1 billion Pentagon order for blast-resistant trucks, must now focus on seeking customers beyond the U.S. military and has enough orders to last just eight months, an executive said.
``We are not closing our doors,'' Michael Aldrich, vice president for government relations, said in an interview after the U.S. Defense Department gave 99 percent of the latest award to larger rivals. ``In the past two years we were highly focused on the U.S. Department of Defense. It's very likely we will spend more resources now courting other customers.''
Force Protection won 29 of the 2,243 trucks the military ordered yesterday to protect troops from roadside bombs. The award was valued at just $17.5 million, with the rest going to BAE Systems Plc and Navistar International Corp. Until yesterday the split was more even, with Force Protection's sales to date exceeding 3,000 trucks, or about 21 percent of the 14,000 total.
The company doesn't anticipate winning more U.S. orders for the so-called MRAPs, or Mine-Resistant, Ambush-Protected vehicles, Aldrich said. The company will have to ``right-size,'' he said, declining to elaborate and adding that there is still a ``huge sustainment business'' for the existing fleet.
The news was ``fairly devastating'' for Force Protection, said Timothy Quillin, an analyst with Stephens Inc. in Little Rock, Arkansas, who rates the shares ``equal weight'' and doesn't own any. ``This speaks pretty strongly to their future potential and it raises questions about the company's viability.''
Setbacks
The order is the latest setback for Force Protection, whose stock price has plummeted to $1.79 a share from a record $31.16 on May 22 as the Marine Corps, the main customer, scaled back its buying plans. In recent weeks the company has replaced its chief executive officer, delayed its annual report after finding accounting errors, and been hit with shareholder lawsuits.
Force Protection fell 26 percent yesterday, the most since Dec. 12, even before the order was announced. The stock dropped 62 cents to $1.79 in Nasdaq Stock Market trading. Its market value has declined to $122 million.
Prior to yesterday's contract, Force Protection had MRAP orders to fund production through September. The new awards extend that until November, Aldrich said.
The Pentagon said in September it planned to buy 15,274 trucks through the program, so there may be more awards. Still, the Marine Corps' requirements have been met and the Army has said it plans to focus on BAE and Navistar vehicles, Aldrich said.
`Right-Size the Company'
``If we are getting more MRAP orders, it's a great secret to us,'' Aldrich said. ``It's particularly bad timing because it's at a time we were peaking in our ramp-up. We will right-size the company.'' He declined to say what that would entail.
Force Protection's Web site says it has more than 1,000 employees. It builds its Cougar MRAP vehicles in a joint venture with Falls Church, Virginia-based General Dynamics Corp., the largest maker of armored vehicles for the U.S. military. The team in November lifted monthly output 43 percent to 297 trucks, which was almost triple August's production of 100.
The production ramp-up occurred after Defense Secretary Robert Gates made MRAP vehicles the highest priority acquisition program in May to improve troop safety. Starting from November, the Marine Corps began reducing requirements for the vehicles, saying they lacked the ``maneuverability and mobility'' needed to pursue the enemy off-road or in confined areas.
The Marine Corps and the Army are now planning a contest for June to purchase a new truck called the Joint Light Tactical Vehicle, which is intended to offer better protection than the current Humvee transports and be more mobile than MRAPs.
Force Protection will bid for that work, Aldrich said. It will face competition from some of the largest defense companies in the world including Lockheed Martin Corp., Northrop Grumman Corp., BAE and General Dynamics.
Accounting Errors
The company has been named in at least four shareholder lawsuits in the past week, including one filed March 10 in U.S. District Court in South Carolina. It accuses Force Protection of issuing ``materially false and misleading statements regarding the company's business, financial results and prospects,'' Coughlin Stoia Geller Rudman & Robbins LLP said in a statement.
Force Protection on Feb. 29 delayed its annual report after saying it found ``significant accounting errors'' during a year- end review. Those errors included mistakes related to the recording of accounts payable for inventory purchased from a subcontractor as a result of a contract termination.
On March 3, the company announced Chief Operating Officer Raymond Pollard and Chief Financial Officer Michael Durski left the company ``to pursue other interests.'' Former Chief Executive Officer Gordon McGilton left Jan. 31 and was officially replaced by Michael Moody on March 3.
``I don't know what you have left now,'' analyst Quillin said. ``You don't have much.''
DoD has sh1t on FRPT. Game over here folks.
Well, the orders are coming.. question is now: Do you have the balls to hold long or short and see what FRPT gets???
Nope.
Haha, even if you sign up and win, you'll get a check for like $.30...
what happened to leonidas as assistant mod? Sold and moved on?
You sold out! You've got balls coming back and saying to buy now.
And you all cursed me about this post...
Posted by: GhostRM
In reply to: None Date:2/29/2008 4:20:30 PM
Post #of 8013
You guys can kiss your azzes goodbye. $2 on Monday.
"The Company continues to evaluate the impact of the matters described above on its internal control over financial reporting and the Company’s disclosure controls and procedures. Management noted it had previously identified and described material weaknesses in its internal control over financial reporting in its Quarterly Report on Form 10-Q filing dated November 13, 2007. As a result of these previously identified material weaknesses and other deficiencies identified during the review of financial statements for the year ended December 31, 2007, management has concluded internal controls over financial report were not effective as of December 31, 2007. Additionally, management does not believe that the material weaknesses identified as of December 31, 2007 will be remediated by March 31, 2008 and anticipates that material weaknesses will be identified in its Quarterly Report on Form 10-Q for the first quarter of 2008. Therefore, management expects that internal control over financial reporting is likely to be ineffective as of March 31, 2008."
Dude, you're adding the daily totals... it's not accurate.
$8 - $10 I told you.
GOOD.
Now the only moron left is Aldrich. Fire his ass as well.
No new CEO.. selling the joint. Hello DRS or BAE.
Durski gone, GOOD.
Mentioned the partnership with DRS.
I'm of the school of thought that says "Teach a man to fish... and he will eat forever. Give a man a fish, and he will be back tomorrow asking for more fish."
Let me get you going... you will need the following info.:
1. Revenue (projected and past)
2. Acceptable P/E's
3. Outstanding shares
4. Book value
I would say it is undervalued, but not for that fluff piece you just gave. Give us some math, not some figures.
Why do you keep saying we are way undervalued? Let me hear your financial analysis of what we are worth, and how you calculate.
Remember, 68 million shares outstanding.
GO.
Why so defensive? I didn't buy and was just asking if it was your call.
The new plant was supposed to be paid off primarily from the original PIPE.
Didn't you recommend CCAJ?? What a nose dive.
My take is this whole accounting mess, while a mess, is a non event in terms of profit impact.
HOWEVER, if they booked that much more revenue, what did they spend it on?
Are you asking me if I wish it goes to $2? NO, of course not. If they go private, do THEY want it at $2?? OF COURSE THEY DO.
Wake up and smell what you're shoveling.
Just pray they don't go private for $2 per share...
Nope. I have a yahoo account, but that ain't it, and I don't post there. Too crazy.
Not that much but quite a few.
No, because some of you weak daytraders are going to sell for a BIG loss when I hold and add when I can because this company is going to be bought out for $8 - $10.
I told you all back in Jan.. if no CEO is named by earnigns, they are selling the joing.