Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
even after getting orders.. this is going down... WTH
Looks like short squeeze is started... all the way to .50
All my shares are on sale for .50... come and get it...this is on fire baby
EOD push is coming... lets close above 0.09
EOD run is started.... lets cross .09 today..and tomorrow.. in teens....
This thing reached to $2 before few years just on news of this discovery.. And, now..we already have FDA approval.... this is going much higher....imp
DTSL.... order in at 0.0012.. not filling it up
0.0013...lets go baby..to 0.002+
should be back..once we have news for Ocelot in this month.
UPDATE 1-Force Protection Q3 profit lags estimates
Wed Nov 3, 2010 5:27pm EDT
* Q3 adj EPS $0.05 vs est $0.12
* Sales down 44 pct
* Sees delivery of vehicles to UK forces in 2011
Nov 3 (Reuters) - Force Protection Inc (FRPT.O), a maker of blast- and ballistic-protected vehicles deployed by the U.S. military, posted quarterly earnings that lagged estimates on lower vehicle and spare sales.
The company, whose vehicles are designed for reconnaissance and urban operations, expects to conclude formal Light Protected Patrol Vehicle program contract negotiations with the UK Ministry of Defence this month.
The company, whose vehicles include Buffalo and Cougar variants, expects to deliver its Ocelot vehicles for training of UK forces in 2011.
For the July-September quarter, the company posted a loss of $1.9 million, or 3 cents a share, compared with net income of $3.2 million, or 5 cents a share, a year ago.
Excluding items related to litigation settlements and Cheetah vehicle inventory write-down costs, the company earned 5 cents a share.
Sales fell 44 percent to $176.3 million,
Analysts on average were expecting earnings of 12 cents a share on revenue of $171.7 million, according to Thomson Reuters I/B/E/S.
Shares of the Ladson, South Carolina-based company were down 1 percent after closing at $5.56 on Wednesday on Nasdaq. The stock has gained 44 percent from its year-low of $3.86 on Aug. 27. (Reporting by Soham Chatterjee in Bangalore; Editing by Don Sebastian)
lets break 0.001 then 0.002 is next...
DTSL ... lets see... 0.002 today
DTSL.. volume coming in ...
DTSL ..heating up....
BB.... DTSL what a drop... u still holding ??? any chances coming back on this ?
DTSL should go much higher.... nice news
same here... been here from 2 yrs... made some money... some still holding..
This is going to $10+ once we hear the confirm news of ocelot order....
We are on the way to double digit.. once news hit.. we will be at $10 at least....jmho
Form 10-Q for FORCE PROTECTION INC
3-Aug-2010
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is designed to provide information that is supplemental to, and should be read together with our unaudited condensed consolidated financial statements and the accompanying notes included in this Quarterly Report on Form 10-Q. Information in this Item 2 is intended to assist the reader in obtaining an understanding of our unaudited condensed consolidated financial statements, the changes in certain key items in those financial statements from period to period, the primary factors that accounted for those changes, and any known trends or uncertainties that we are aware of that may have a material effect on our future performance, as well as how certain accounting principles affect our unaudited condensed consolidated financial statements. MD&A includes the following sections:
? Overview
? Outlook
? Results of Operations-an analysis of our consolidated results of operations, for the three and six months presented in our unaudited condensed consolidated financial statements
? Liquidity and Capital Resources-an analysis of the effect of our operating, financing and investing activities on our liquidity and capital resources
? Off- Balance Sheet Arrangements-a discussion of such commitments and arrangements
? Contractual Obligations-a summary of our aggregate contractual obligations
? Critical Accounting Policies and Estimates-a discussion of accounting policies that require significant judgments and estimates
? New Accounting Pronouncements-a summary and discussion of our plans for the adoption of new accounting standards relevant to us
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains both historical and forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about our plans, objectives, strategies and prospects regarding, among other things, our financial position, results of operations, cash flows and business. We have identified some of these forward-looking statements with words like "believe", "may", "will", "should", "expect", "intend", "plan", "predict", "anticipate", "outlook", "estimate" or "continue" and other words and terms of similar meaning. These forward-looking statements include, among other things:
? Statements regarding the growth of the U.S. and world market for blast- and ballistic-protected vehicles and our survivability products, services and solutions,
? Statements regarding the U.S. military's plans or intentions, including operations in Iraq and in Afghanistan,
? Information regarding the number of various types of MRAP and other armored vehicles that may be purchased by the U.S. Marine Corps, the U.S. Army and other U.S. and foreign customers under various programs,
? Statements with respect to our expectations regarding our ability to obtain materials, components and supplies necessary to manufacture our vehicles, our ability to improve cost efficiencies, including, without limitation, as a result of volume purchasing, improvements in our manufacturing process and possible future changes in the efficiencies in our operations,
? Statements regarding our ability to extend our current business, including the effect of our research
Table of Contents
?
and development and introduction of new products,
?
? Statements regarding any changes in our cost of sales, our general and administrative expenses, our operating results or our research and development expenses as a percentage of net sales,
? Statements regarding our anticipated cash needs,
? Statements regarding our business strategy, including growing balanced diverse revenue and earnings,
? Statements regarding the revenues that may be derived from, and the quantities of vehicles, products and services that may be purchased or ordered pursuant to, existing or possible future contracts or orders by various customers, including statements regarding the estimated value of those orders and contracts and statements about the amount of vehicles in our backlog,
? Statements regarding our expectations regarding contract awards, including opportunities for the sales of our vehicles,
? Statements regarding the effects of rebalancing our workforce and manufacturing capacities,
? Statements regarding the benefits that may be realized from our joint ventures, teaming arrangements and any new ventures or business developed pursuant to them and our ability to grow through meaningful acquisitions, and
? Statements regarding our ability to utilize net operating loss carryforwards for income tax purposes and the effect of our income tax positions on our effective tax rate.
When used in this Quarterly Report on Form 10-Q, except as specifically noted otherwise, the term "Force Protection, Inc." refers to Force Protection, Inc. only, and references to the terms "Company," "we," "our," "ours" and "us" refer to Force Protection, Inc. and its consolidated subsidiaries.
Overview
Force Protection, Inc. provides survivability solutions to support the armed forces of the United States and its allies. We design, manufacture, test, deliver and support our blast- and ballistic-protected products to increase the survivability of the users of our products. Our specialty vehicles, which we believe are at the forefront of blast- and ballistic-protected technology, are designed to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs). We are a key provider of the U.S. military's Mine Resistant Ambush Protected (MRAP) vehicle program and have sold and delivered over 3,000 vehicles under this program. We also provide our Cougar and Buffalo mine-protected vehicles to several foreign customers, including the U.K. Ministry of Defence which has purchased three variants of our Cougar vehicle. Complementing these efforts, we are designing, developing and marketing new vehicle platforms (including the Ocelot and the Joint All-Terrain Modular Mobility Asset (JAMMA)) that provide increased modularity, speed, mobility and concealment with enhanced levels of blast- and ballistic-protection. Across all vehicle programs we have sold approximately 4,600 vehicles since 2005. Supporting our vehicle design, development and production initiatives, we develop, manufacture, test, deliver and support products and services aimed at further enhancing the survivability of our users against additional threats. Capitalizing on our strengths in survivability solutions, we are focused on developing additional products to protect against rocket-propelled grenades and under body armor kits to mitigate blast effects on military vehicles. We also provide long-term life cycle support services for our vehicles that involve development of technical data packages, supply of spares, field and depot maintenance activities, assignment of highly-skilled field service representatives, and advanced off-road driver and maintenance training programs. Our services are based on establishing and maintaining long-term relationships with the U.S. government and foreign military users.
Our business is heavily influenced by the needs of the U.S. military for blast- and ballistic-protected wheeled vehicles. The U.S. Department of Defense is our largest customer. For the past several years, substantially all of our net sales have been derived from the Foreign Military Sales through the U.S. government. We attempt to align our workforce to satisfy our business requirements.
We are headquartered, and have leased manufacturing facilities, in Ladson, South Carolina. We have office space in Sterling Heights, Michigan; Edgefield, South Carolina; North Charleston, South Carolina; Arlington,
Table of Contents
Virginia; Bristol, United Kingdom; and Leamington Spa, United Kingdom. We conduct our blast range, research and development activities and customer training requirements at properties located in Edgefield, South Carolina; Summerville, South Carolina; and Roxboro, North Carolina. We also have a vehicle support facility in Kuwait, and provide military operations support in Afghanistan and Iraq.
Outlook
The global war on terrorism, especially in Iraq and Afghanistan, has confirmed that IEDs, landmines, explosively-formed projectiles and rocket-propelled grenades pose a significant threat to coalition military personnel and civilians. We believe the world market for blast- and ballistic-protected military vehicles and other survivability solutions will remain at high levels in the short-term. The 30,000 troop surge of forces to Afghanistan will take most of 2010 to achieve and additional, or modified, MRAPs from original equipment manufacturers (OEMs) may be required to support operations in this difficult terrain. Landmines and IEDs are being used extensively by terrorists and insurgent groups in Afghanistan because of their highly effective nature and relatively low cost. The extent of the long-term presence of U.S. forces in Iraq and Afghanistan is uncertain. Consequently, U.S. and international military departments are in the process of determining long-term roles for MRAPs. The future requirements for long-term life cycle logistics plans, as well as an important effort to reset and recapitalize vehicles that come out of theater, are being determined. MRAPs can be placed into permanent military organizations for convoy security, route clearance, explosive ordnance disposal and casualty evacuation, or be placed into prepositioned storage roles for regional response, or be reassigned as home station training vehicles, or be sold to foreign military customers.
Our fiscal 2010 outlook is based on the following market assumptions and expectations:
? A reduction of combat forces and our vehicles in Iraq, which has significantly reduced the operational tempo placed on our fleet, as well as the requirement for our field service representatives resourced to support units in that theater,
? Conversely, there is growth of military forces, our vehicles and all MRAPs in Afghanistan, which is necessitating changes to our vehicles and is increasing sustainment/maintenance requirements. Our current customers are developing modernization and sustainment plans for our fielded fleet of vehicles and we will have to compete for the spares and sustainment support business for these vehicles,
? Uncertainty in defense spending, due to the current defense strategy, as well as the dynamic macroeconomic and geopolitical conditions,
? Challenges with the expansion of our customers, products and services both domestically and internationally. We will continue to try to capture contract awards for our products and services in a volatile marketplace,
? Establishing long-term programs to include upgrades, remanufacture, and sustainment for our fleet of vehicles, and then expanding this capability to sustain all MRAPs universally,
? Developing new products and services to bring to market, and
? Rationalizing our cost structure to match our sales.
Strategic Outlook
Our business strategy is focused on increasing shareholder value by providing products and services that are relevant, responsive, innovative, high-quality and affordable. We believe the global need for blast- and ballistic- protected military vehicles and other survivability solutions will remain high through 2011. The 30,000 troop surge of force in Afghanistan is expected take most of 2010 to achieve and additional, or modified, MRAPs are expected to be required to support operations in this theater. However, U.S. forces are currently drawing down from Iraq and many MRAPs are being transferred from Iraq to Afghanistan. The U.S. and foreign military departments are determining the current and future roles for MRAP vehicles. We expect a large number of our currently deployed vehicles will remain in service or be pre-positioned for rapid deployment. These vehicles will likely require an overhaul and modification to remain in optimal combat readiness. We will leverage our manufacturing skills and field services to support our customers in maintaining readiness for these highly valued assets. Although much of this work will involve large depot facilities, the magnitude of work could exceed our capacity and require strategic
Table of Contents
partnerships to complete work on schedule.
We intend to maintain and expand our current business as a leading supplier of survivability solutions, including protected vehicles, total life cycle support and other services, to the U.S. Department of Defense, other U.S. government agencies, foreign governments, and domestic and international commercial customers. Our strategy is focused on growing balanced diverse revenue and earnings through organic growth, cost containment, and selected investments, partnerships and acquisitions, enabling us to grow the Company. Specific components of the strategy include the following:
? Building on our base business to enable future success, including improving performance on contracts and improving our cost structure,
? Capitalizing on and extending our current business, including growing sales organically by investing in research and development and introducing new products within our core capabilities of blast- and ballistic-protection,
? Building on our core capabilities and continuing to ensure a leadership position by delivering innovative survivability solutions to market, including investing in new technologies, and
? Growing profitably through meaningful acquisitions, partnerships and investments to engage in a broader range of products, customers and markets.
As discussed in Item 4, Controls and Procedures, of this Quarterly Report on Form 10-Q, we believe that effective disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(f) under the Exchange Act) are in place as of June 30, 2010. We will continue to devote our resources, in an amount we believe to be appropriate, to maintain effective internal controls over our financial reporting and disclosures.
Recent Events
On June 4, 2010, we were awarded a contract modification under our MRAP contract with the U.S. Marine Corps Systems Command for modernization of the U.S. military's Cougar fleet. The firm, fixed price contract modification of approximately $46.1 million provides for the purchase of 2,451 enhanced Automated Fire Extinguishing Systems.
On June 11, 2010, we were awarded a contract modification under our MRAP contract for modernization of the U.S. military's Cougar fleet. The approximate $10.8 million firm, fixed price contract modification includes the design and purchase of 2,654 570-amp alternator kits and related materials.
On June 22, 2010, we were awarded a contract modification under our MRAP contract for 43 field service representatives and associated support for installation of modernization kits and to conduct general maintenance for Cougar vehicles located in Afghanistan and Iraq. The contract modification has a firm, fixed price valued at $15.4 million.
On June 23, 2010, we were awarded a contract modification under our MRAP contract for additional field service representative support. The $19.6 million firm, fixed price contract provides for 216 field service representatives and associated support for continued installation of Independent Suspension System (ISS) kits on the U.S. military's Cougar fleet in Kuwait.
Results of Operations
The following discussion and analysis is based on our unaudited condensed consolidated statements of operations, which reflect our results of operations for the three and six months ended June 30, 2010 and 2009 as prepared in accordance with generally accepted accounting principles in the United States of America (GAAP).
Comparison of Results of Operations for the Three and Six Months Ended June 30, 2010 and 2009
The following table presents our results of operations for the three and six months ended June 30, 2010 and
Table of Contents
2009.
For the three months ended For the six months ended
June 30, June 30,
(in thousands) 2010 2009 2010 2009
Net sales $ 137,139 $ 187,116 $ 271,986 $ 371,850
Cost of sales 105,457 161,403 214,915 309,235
Gross profit 31,682 25,713 57,071 62,615
General and administrative expenses 19,124 20,172 37,864 41,023
Research and development expenses 5,284 4,892 10,131 9,497
Operating income 7,274 649 9,076 12,095
Other income (expense), net 189 (133 ) 262 (195 )
Interest (expense) income, net (62 ) 103 (194 ) (33 )
Income before income tax expense 7,401 619 9,144 11,867
Income tax expense (2,624 ) (178 ) (3,231 ) (4,050 )
Net income $ 4,777 $ 441 $ 5,913 $ 7,817
Units sold
The following table presents our vehicle unit sales for the three and six months ended June 30, 2010 and 2009.
For the three months For the six months ended
ended June 30, June 30,
Units Sold 2010 2009 2010 2009
Buffalo 21 17 43 29
Cougar MRAP (Competitive) - - - 5
Mastiff 44 8 60 24
Ridgback - - - 83
Wolfhound 24 4 24 4
Cougar (all other variants) - 10 4 28
Cheetah - 3 - 5
Ocelot 2 - 2 -
Total 91 42 133 178
Net sales
The decrease in net sales from the three and six months ended June 30, 2010 to the comparable periods for 2009 was mostly attributable to a decrease in spares and sustainment sales, including field service representatives, training, Iraqi Light Armored Vehicle (ILAV) subcontractor revenues and technical publications; partially offset by an increase in sales resulting from modernization efforts, which include the supply and installation of ISS kits for our Cougar vehicles. The spares and sustainment sales decreased from the three and six months ended June 30, 2010 to the comparable periods for 2009 due to the current demand slowing for spares as large supplies of initial spares procurement with the initial vehicle deliveries are currently being consumed. Additionally, the modernization of Cougar independent suspension system kits has decreased the demand for straight axle spares and other components, which have been a large part of the spares revenue in the past.
The sales mix of modernization efforts and spares and sustainment in the comparative periods are set forth in the following table:
Table of Contents
For the three months ended For the six months ended
June 30, June 30,
(in thousands) 2010 2009 2010 2009
Buffalo $ 21,483 $ 18,630 $ 44,845 $ 29,430
Cougar MRAP (Competitive) - - - 4,029
Mastiff 22,833 4,856 33,469 11,608
Ridgback - 3,370 - 34,489
Wolfhound 11,070 2,826 11,070 2,826
Cougar (all other variants) - 7,306 2,899 21,028
Cheetah - 2,362 - 3,362
Ocelot 1,462 - 1,462 -
Modernization 31,534 27,274 79,699 27,274
Spares and sustainment 48,757 120,492 98,542 237,804
Total $ 137,139 $ 187,116 $ 271,986 $ 371,850
Cost of sales and Gross profit
For the three months ended For the six months ended
June 30, June 30,
(in thousands) 2010 2009 2010 2009
Cost of sales $ 105,457 $ 161,403 $ 214,915 $ 309,235
Gross profit $ 31,682 $ 25,713 $ 57,071 $ 62,615
Gross profit as a percentage of
net sales 23.1 % 13.7 % 21.0 % 16.8 %
The gross profit percentage increased by 9.4 and 4.2 percentage points for the three and six months ended June 30, 2010 over the comparative 2009 periods. The three month increase was primarily due to increased revenue as a result of improving program cost management and the ability to negotiate various contract modifications on work previously performed ($3.6 million), the recovery of previously written-off receivables and inventory ($0.8 million), and an accrual reversal related to an expected contract loss ($0.7 million) which all occurred in the three months ended June 30, 2010. Additionally, this three month increase was due to a lower than normal gross profit percentage as of June 30, 2009, which was due to costs incurred on the Cheetah vehicle submitted for the MRAP All Terrain Vehicle (M-ATV) competition and manufacturing costs associated with fewer vehicles produced during the second quarter of 2009, partially offset with a $2.1 million reduction of definitization reserve. These second quarter 2010 and 2009 transactions also primarily contributed to the increased gross profit percentage for the six months of 2010 as compared to 2009, partially offset by manufacturing-related costs associated with fewer vehicles and lower pricing on a limited number of Buffalo vehicles sold during 2010 as compared to 2009.
General and administrative expenses
For the three months ended June 30, For the six months ended June 30,
(in thousands) 2010 2009 2010 2009
General and administrative expenses $ 19,124 $ 20,172 $ 37,864 $ 41,023
As a percentage of net sales 13.9 % 10.8 % 13.9 % 11.0 %
General and administrative expenses decreased $1.0 million and $3.2 million for the three and six months ended June 30, 2010, from the comparable 2009 periods. The $3.2 million decrease for the six months ended June 30, 2010 from the comparative 2009 period is primarily due to $3.2 million of 2006 re-audit costs incurred during the first quarter of 2009, $0.7 million impairment for certain custom machines incurred during the second quarter of 2009, lower accounting and auditing fees ($1.3 million), lower consulting fees ($0.6 million) and lower legal fees ($1.8 million), partially offset by increased costs for business development ($2.6 million), strategy ($0.8 million), depreciation ($1.2 million), and European operations ($1.1 million). All other general and administrative expenses, net, decreased $1.3 million for the six months ended June 30, 2010 compared to 2009.
Research and development expenses
For the three months ended June 30, For the six months ended June 30,
(in thousands) 2010 2009 2010 2009
Research and development expenses $ 5,284 $ 4,892 $ 10,131 $ 9,497
As a percentage of net sales 3.9 % 2.6 % 3.7 % 2.6 %
Research and development expenses increased by $0.4 million and $0.6 million for the three and six months ended June 30, 2010, over the comparable 2009 periods. Total expenses incurred for the three and six months ended
Table of Contents
June 30, 2010 were for the Ocelot and other vehicle development programs, survivability enhancements for currently fielded vehicles and armor development activities. Total expenses incurred for the three and six months ended June 30, 2009 were for the M-ATV prototypes.
Other income (expense), net
For the three months ended June 30, For the six months ended June 30,
(in thousands) 2010 2009 2010 2009
Other income (expense), net $ 189 $ (133 ) $ 262 $ (195 )
As a percentage of net sales 0.1 % -0.1 % 0.1 % -0.1 %
Other income (expense), net increased in the three and six months ended June 30, 2010, as compared to the same periods for 2009, primarily due to the $0.1 million gain on our joint venture, Integrated Survivability Technologies Limited . . .
nice news... so many contracts are in pipeline.... if we hit one.. we will be in double digit.... long FRPT
bb.. its 1.70 AH.. did you bought at 2.10 ???
Looks like it will break 5.00 today AH....itself... lets see $6 before earning...
we will see green close today..and monday.. up we go.. we will see $7 next week
Holding it nicely.... instead of market giving up the gain..
FRPT ....above $6
UPDATE 1-Force Protection Q4 results beat estimates; shares rise
Mon Mar 8, 2010 4:28pm EST
Stocks
Force Protection, Inc.
FRPT.O
$5.48
-0.03-0.54%
3:00pm EST
* Q4 EPS $0.27 vs est $0.22
* Sales up 21 pct
* Shares up 14 pct in extended trade
March 8 (Reuters) - Defense contractor Force Protection Inc (FRPT.O) posted better-than-expected quarterly results, helped by strength at modernization, spares and sustainment business, sending its shares up 14 percent.
For the fourth quarter, net income was $18.4 million, or 27 cents a share, compared with $11.7 million, or 17 cents a share a year ago.
Sales rose 21 percent to $289 million.
Analysts on average had expected earnings of 22 cents a share, before special items, on revenue of $279.1 million, according to Thomson Reuters I/B/E/S.
Shares of the company rose 77 cents to $6.25 in trading after the bell. They closed at $5.48 Monday on Nasdaq. (Reporting by Divya Sharma in Bangalore; Editing by Maju Samuel)
Komando.. when is the 1000-1 reverse split effective for USCO ?
SHAR 1 for 100 Reverse Split on Proxy 3/10/10
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=47367070
V crossed $90.... weeeee... now lets see tripple digit....
SHAR is monster.... i missed at 0.0045 and.went outside..now 0.03...wow..
what a manipulation... we received an order and then...we go down...
wow.. she is running.. any idea why ?? after going down to 4.80...now at hod...
What you think guys.. about reverse split... will that be coming in near future ????
Guys.. i just written off the investment in BKMP.... it was a worst experience.. to loose all the money.. hope.. it may work out for you guys some day...
Check ACTC.... ready for a upward movement.. great news yesterday...
look at the manipulations.. after such a great news... we are going down....
Added some more cheap shares....
This is huge news for the company..from here onwards.. we see only upward movement....go ACTC
This should be over $6 now..after such a strong result.... i love to see this back to double digit.... thats where it belongs...jmho