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Freshpet Inc

Freshpet Inc (FRPT)

120.385
0.655
( 0.55% )
Updated: 13:00:19

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Key stats and details

Current Price
120.385
Bid
120.34
Ask
120.49
Volume
136,686
119.625 Day's Range 122.22
54.60 52 Week Range 136.35
Market Cap
Previous Close
119.73
Open
120.58
Last Trade
1
@
120.34
Last Trade Time
13:00:20
Financial Volume
$ 16,489,552
VWAP
120.6382
Average Volume (3m)
594,656
Shares Outstanding
48,431,049
Dividend Yield
-
PE Ratio
-172.70
Earnings Per Share (EPS)
-0.69
Revenue
766.9M
Net Profit
-33.61M

About Freshpet Inc

Freshpet Inc makes and distributes natural pet foods across North America. The company's products include Nature's Fresh, Deli Fresh, Vital, and Freshpet among others. Freshpet Inc makes and distributes natural pet foods across North America. The company's products include Nature's Fresh, Deli Fresh, Vital, and Freshpet among others.

Sector
Grain Mill Products
Industry
Grain Mill Products
Headquarters
Wilmington, Delaware, USA
Founded
1970
Freshpet Inc is listed in the Grain Mill Products sector of the NASDAQ with ticker FRPT. The last closing price for Freshpet was $119.73. Over the last year, Freshpet shares have traded in a share price range of $ 54.60 to $ 136.35.

Freshpet currently has 48,431,049 shares outstanding. The market capitalization of Freshpet is $5.80 billion. Freshpet has a price to earnings ratio (PE ratio) of -172.70.

FRPT Latest News

Freshpet, Inc. to Report Second Quarter 2024 Results on Monday, August 5, 2024

BEDMINSTER, N.J., July 15, 2024 (GLOBE NEWSWIRE) -- Freshpet, Inc. (Nasdaq: FRPT) (“Freshpet” or the “Company”) today announced it will report results for the second quarter ended June 30, 2024...

UPDATE - Freshpet, Inc. to Participate in the Deutsche Bank Global Consumer Conference

SECAUCUS, N.J., May 29, 2024 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet” or the “Company”) (Nasdaq: FRPT) today announced that members of the executive management team will participate in the...

Freshpet, Inc. to Participate in the Deutsche Bank Global Consumer Conference

SECAUCUS, N.J., May 21, 2024 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet” or the “Company”) (Nasdaq: FRPT) today announced that members of the executive management team will participate in the...

Index Futures Point to Strong Monday Opening, Building on Last Week’s Gains; Oil Prices Rise

U.S. index futures indicate a positive opening in Monday’s pre-market, extending the robust gains achieved last week. At 06:36 AM, the futures for the Dow Jones Industrial Average...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
1-9.055-6.99551915946129.44130.44116.53616744120.61525467CS
4-8.945-6.91641537153129.33136.35116.53559634126.14575543CS
1213.15512.2680220088107.23136.35104.44594656125.10955673CS
2632.16536.459986397688.22136.3584.0155593452113.89208355CS
5255.00584.131232792965.38136.3554.660280492.67419575CS
156-37.275-23.6426487378157.66159.66536.0266180078.35285836CS
26077.545181.01073762842.84187.8335.9554199683.76505602CS

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FRPT Discussion

View Posts
Monksdream Monksdream 2 weeks ago
FRPT new 5 week high
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Monksdream Monksdream 3 months ago
FRPT. 10Q due 5/6
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Monksdream Monksdream 5 months ago
FRPT new 52 week high
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Monksdream Monksdream 5 months ago
Freshpet, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results
February 26 2024 - 06:30AM

Alert
Print
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Freshpet, Inc. (“Freshpet” or the “Company”) (Nasdaq: FRPT) today reported financial results for its fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 Financial Highlights Compared to Prior Year Period

Net sales of $215.4 million, an increase of 29.9%
Net income of $15.3 million, compared to net loss of $2.9 million
Adjusted EBITDA of $31.3 million, compared to $18.8 million 1
2023 Financial Highlights Compared to Prior Year

Net sales of $766.9 million, an increase of 28.8%
Net loss of $33.6 million compared to net loss of $59.5 million
Adjusted EBITDA of $66.6 million compared to $20.1 million 1
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Monksdream Monksdream 5 months ago
FRPT 10Q 2/26
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Monksdream Monksdream 5 months ago
FRPT new 52 week
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Monksdream Monksdream 7 months ago
FRPT new 52 week high
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Monksdream Monksdream 12 months ago
FRPT new 52 week high
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Monksdream Monksdream 12 months ago
FRPT new 52 week high
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stocktrademan stocktrademan 8 years ago
FRPT bullish 9.83




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2jz no shh 2jz no shh 10 years ago
Didn't know Freshpet was public, found out via the website.

I've been feeding my 4 yr old lab/greyhound mix and 13 yr old golden retriever freshpet for about a month. It's been quite the experience. The 13 yr olds appetite is back after months of not eating. The 4 yr old is twice as excited about eating as before.

The food actually smells good, like a herby smell. Some dog foods look and smell like something you can't recognize, but it's "dog food". I can clearly see, unmistakably the white chicken breast meat and some of the what I presume to be dried fruit.

Cost is the downside. It's rather expensive when you're used to cheap generic dog foods. Even premium brands such as blue buffalo would be a tremendous savings over freshpet.

Just sharing. I have zero motive and no position, although I might down the road.
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UserAlias1 UserAlias1 10 years ago
Nice! Freshpet took Force Protections old ticker! About time somebody did! Yeah $FRPT is interesting. Good business imo, most people surely love their pets. More and more are switching to higher quality foods! Wonder if they get bought out in a few years?
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tradeherpete tradeherpete 10 years ago
This area is now open for discussions and comments regarding FreshPet.

Please disregard previous messages that are no longer relevant.

If this goes down a little monday morning, I'll buy some. It could catch on. People have lots of money and love their pets. What better to squander it on?

If it does well I might be able to afford the double wide.

No more kibbles. It's sirloin tips from now on. Here Bowser!
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fourkids_9pets fourkids_9pets 13 years ago
Force Protection Receives $150.3 Million in Awards to Extend Field Service Representatives in Kuwait and Afghanistan; Force Protection Europe Not Selected as Preferred Bidder in REDFIN and Land 121 Projects in Australia, Ending Force Protection's Participation in Those Competitions PR Newswire   "Press Releases US - English"

Thursday, December 15 2011 8:11 PM, EST



LADSON, S.C. , Dec. 15, 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 for the extension of field service representatives (FSR) in Afghanistan and Kuwait from U.S. Marine Corps Systems Command , totaling approximately $150.3 million .

(Logo: http://photos.prnewswire.com/prnh/20110321/CL67729LOGO )

On December 12, 2011 , Force Protection received an $88,860,348 firm fixed price modification under previously awarded contract (M67854-07-D-5031) for a 12-month renewal of 240 field service representatives to install liner blanket kits, install modernization safety kits, and conduct general maintenance work on the Cougar Mine Resistant Ambush Protected (MRAP) vehicle fleet supporting Operation Enduring Freedom. Work will be performed in the theater of operations throughout Afghanistan , and is expected to be completed December 31 , 2012.

On December 14, 2011 , Force Protection received a $61,569,512 firm-fixed-price modification under previously awarded contract (M67854-07-D-5031) for a 12-month renewal of 177 field service representatives to install independent suspension systems; conduct battle damage assessment and repair; install block modification kits; and perform maintenance to bring vehicles back to full mission capable status on the Cougar MRAP vehicle fleet. The modification also provides for FSR sponsorship, lodging, vehicle, bus, and heavy equipment rentals. All work will be performed at the MRAP sustainment facility in Kuwait , and is expected to be completed December 31, 2012 .

Separately, Force Protection Europe Ltd. , a subsidiary of Force Protection Industries, Inc. has received notices from the Australian Government that it has not been selected to continue as the preferred bidder on either of the REDFIN or Land 121 projects, ending Force Protection 's participation in those competitions. Australia 's REDFIN project is a program designed to provide up to 76 vehicles for the Australian Special Forces. Australia 's Land 121 (MSA option) project is a program designed to provide approximately 1,300 vehicles and trailers, as well as related long-term support, for Australia 's core fleet of military assets.


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 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 communication may contain, in addition to historical information, certain forward-looking statements regarding future events, conditions, circumstances or the future financial performance of the Company. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "expected," "scheduled," "estimates," "intends," "anticipates" or "believes," or variations of such words and phrases or state that certain actions, events, conditions, circumstances or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Such forward-looking statements are not guarantees or predictions of future performance, and are subject to known and unknown risks, uncertainties and other factors, many of which are beyond our control, that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include: (i)the risk that not all conditions to the cash tender offer, the merger or the other transactions contemplated by the Agreement and Plan of Merger by and among General Dynamics Corporation, a Delaware corporation, Falcon Acquisition Corp. , a Nevada corporation and wholly-owned subsidiary of General Dynamics Corporation, and the Company dated as of November 7, 2011 (the "Merger Agreement") will be satisfied or waived, (ii)the completion of the merger described in the Merger Agreement taking longer than expected, (iii)expectations regarding the growth of the U.S. and world market for blast and ballistic-protected vehicles, products or services, (iv)expectations regarding the U.S. military's plans or intentions, including the drawdown of operations in Iraq and Afghanistan , (v)expectations regarding the Company's business development plans and strategy, including the Company's plans to expand the Company's product lines, diversify the Company's business mix, and expand the Company's markets internationally, (vi)expectations with respect to the Company's ability to obtain materials, the Company's ability to improve cost efficiencies and possible future changes in the efficiencies in the Company's operations, (vii)expectations regarding the Company's vehicles, products and services that may be purchased by the Company's customers, including the type of vehicles demanded and other customer demands and expected changes in demand, (viii)expectations regarding the benefits of the Company's products, services and programs, including the Company's vehicles' capabilities and the use of the Company's vehicles, products and services for other than military purposes, (ix)expectations regarding the Company's investments in research and development activities for the Company's vehicles, products and services, (x)expectations regarding any changes in the Company's cost of sales, the Company's general and administrative expenses, the Company's asset impairment expense, the Company's operating results or the Company's research and development expenses as a percentage of net sales, (xi)expectations 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 Company's backlog, (xii)expectations regarding the benefits that may be realized from the Company's joint ventures, teaming arrangements and any new ventures or business developed pursuant to them, (xiii)expectations regarding the Company's expectation to apply prepaid 2011 federal income taxes to the Company's projected tax obligation during the second half of 2011, (xiv)expectations regarding the Company's expected cash flow, cash needs and expected capital expenditures, (xv)expectations regarding the Company's share repurchase program, (xvi)expectations regarding the Company's derivative instruments and hedging activities, (xvii)expectations regarding the effect of the Company's income tax positions on the Company's effective tax rate, (xviii)the Company's expectations with respect to the matters pending with the U.S. Equal Employment Opportunity Commission (EEOC), (xix)expectations regarding final approval of the state and federal derivative actions and (xx)uncertainties associated with any aspect of the transactions described in the Merger Agreement, including uncertainties relating to the anticipated timing of filings and approvals relating to the transactions, the outcome of legal proceedings that may be instituted against the Company and/or others relating to the transactions, the expected timing of completion of the transactions, the satisfaction of the conditions to the consummation of the transactions and the ability to complete the transactions. Such risks and uncertainties also include the risk factors and cautionary statements presented 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 the Forms 10-Q for the periods ended March 31, 2011 , June 30, 2011 and September 30, 2011 , respectively. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, and any or all of the Company's forward-looking statements may turn out to be wrong. The Company cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to unduly rely on these forward-looking statements. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company unless otherwise stated. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.








Media Contact:



Investor Relations Contact:











Tommy Pruitt



Ronald Low



Senior Communications Director



Sard Verbinnen and Company



843.574.3866



415.618.8750



tommy.pruitt@forceprotection.net



investorrelations@forceprotection.net






SOURCE Force Protection Industries, Inc.
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shirleytemple shirleytemple 13 years ago
Just bought by (GD)for a 31% premium, sounds good to me. Sitting on 10k shares ,.

http://www.dailyfinance.com/2011/11/17/this-defense-contractor-just-got-more-protection/?source=TheMotleyFool

About time for the payoff..


st
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trade2much trade2much 13 years ago
Site for FRPT with news on company

http://finviz.com/quote.ashx?t=frpt
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trade2much trade2much 13 years ago
M1 not sure what those posters were doing but I seriously doubt that Gen Dyn. would be interested in FRPT if it were not a serious company. For someone to post slander about it being a scam is not a wise move unless they wish to prove it and become party in such litigation. jmho

The suit I see filed has to do with a breach of fiduciary responsibility about the price of the stock in a sale proceeding, but no indication of what a couple of posters were posting about.
Perhaps I am missing something, I will review it further,

(I am a NON stockholder), but intensely dislike internet accusations made by folks with only Alias', although some companies have cracked down on it through the ISPs from what I am told since it becomes slander against their CEOs. Note the phone # if anyone wishes to get the real skinny.

This is what I found:

Bull & Lifshitz, LLP Announces Investigation of Force Protection, Inc.

Business WirePress Release: Bull & Lifshitz, LLP – Thu, Nov 10, 2011 10:00 PM EST

Email
Print

Companies:

Force Protection Inc.

RELATED QUOTES
Symbol Price Change
FRPT 5.52 +0.02

NEW YORK--(BUSINESS WIRE)-- Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Force Protection, Inc. (NASDAQ: FRPT - News) (referred to as "Force Protection" or the “Company”) to General Dynamics Corporation (“General Dynamics”) at a price of $5.52 per share of common stock, or approximately $360 million.

Under the terms of the merger agreement, General Dynamics will commence a tender offer for all of the outstanding shares of common stock of Force Protection. The Company’s board of directors has resolved to recommend that the Company’s stockholders tender their shares into the tender offer in accordance with the terms of the merger agreement.

Bull & Lifshitz, LLP's investigation is focused on whether the proposed deal provides adequate value to the Company’s shareholders.

If you are a holder of Force Protection common stock and want to discuss your legal rights, you may e-mail or call Bull & Lifshitz, LLP who will, without obligation or cost to you, attempt to answer your questions.

If you are a shareholder of Force Protection and would like more information about our investigation, please contact Peter D. Bull, Esq. by telephone at (866) 313-6222 or by sending an e-mail including your contact information to: counsel@nyclasslaw.com. All e-mail correspondence should make reference to Force Protection.

Bull & Lifshitz, LLP is a New York City-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please visit our website at www.nyclasslaw.com.

ATTORNEY ADVERTISING. © 2010 Bull & Lifshitz, LLP. The law firm responsible for this advertisement is Bull & Lifshitz, LLP, 18 East 41st Street, New York, New York 10017, (212) 213-6222. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact:
Bull & Lifshitz, LLP
Peter D. Bull, Esq.
Phone: 212-213-6222
Fax: 212-213-9405
counsel@nyclasslaw.com

Article #2

The Law Firm of Levi & Korsinsky, LLP Notifies Investors of Claims of Breaches of Fiduciary Duty by the Board of Force Protection, Inc. in Connection With the Sale of the Company to General Dynamics Corporation
MarketwirePress Release: Levi & Korsinsky, LLP – 1 hour 46 minutes ago

Email
Print

Companies:

Force Protection Inc.
General Dynamics Corp.

RELATED QUOTES
Symbol Price Change
FRPT 5.52 +0.02

NEW YORK, NY--(Marketwire -11/15/11)- Levi & Korsinsky notifies investors of Force Protection, Inc. ("Force Protection" or the "Company") (NASDAQ: FRPT - News) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to General Dynamics Corporation (NYSE: GD - News). Under the terms of the transaction, Force Protection shareholders will receive $5.52 for each share of Force Protection stock they own. The transaction has a total approximate value of $360 million. A complaint was filed in Nevada state court.

Click here to learn how to join the action: http://zlk.9nl.com/force-protection, or call: 877-363-5972.

The claims concern whether the Force Protection Board of Directors breached their fiduciary duties to Force Protection stockholders by failing to adequately shop the Company before entering into this transaction and whether General Dynamics Corporation is underpaying for Force Protection shares, thus unlawfully harming Force Protection stockholders. In particular, at least one analyst set a price target of $8.00 per Force Protection share and Force Protection stock traded as high as $5.73 per share as recently as February 2011.

If you own common stock in Force Protection and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com/force-protection-frpt.html.

Levi & Korsinsky is a national firm with offices in New York, California and Washington D.C. The firm has extensive expertise in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
CONTACT:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com
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waterchaser waterchaser 13 years ago
10-4. This looked a bit organized to me.
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*MARINE 1* *MARINE 1* 13 years ago
Folks
I'm sure you've heard of board stalkers?

That's what this is......Pay it no mind. Pinksheet scammers named Mina-mar have hired people to do this on IHUB. Hell, this crew couldn't tell ya what Force does let alone name a vehicle.

M-1





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col_brewer col_brewer 13 years ago
Yeah, FRPT is a real fraud

The government is so stupid as to award a fraud company over $317,000,000 in contracts in the past few months. Yeah, a real sham !!

Force Protection Industries, Inc., Ladson, S.C., was awarded an $185,864,608 firm-fixed-price contract. The award will provide for the modification of an existing contract to procure 167 Buffalo A2 vehicles, without bar armor installed, and 102 bar armor kits. Work will be performed in Ladson, S.C., with an estimated completion date of Nov. 1, 2012. One bid was solicited, with one bid received. The U.S. Army TACOM, Warren, Mich., is the contracting activity (W56HZV-08-C-0028).

http://www.defense.gov/contracts/contract.aspx?contractid=4661

Force Protection Industries, Inc., Ladson, S.C., is being awarded a $16,941,232 firm-fixed-priced modification under previously awarded contract (M67854-07-D-5031) for the procurement of 961 fuel protection kits, and eight sets of capability insertion enhanced and inspect or repair only as necessary tools, for Mine Resistant Ambush Protected vehicles. Work will be performed in Charleston, S.C., and is expected to be completed no later than March 30, 2012. Contract funds in the amount of $5,289,902 will expire at the end of the current fiscal year. The Marine Corps Systems Command, Quantico, Va., is the contracting activity.

http://www.defense.gov/contracts/contract.aspx?contractid=4629

Force Protection Industries, Inc., Ladson, S.C., is being awarded a $106,921,400 firm-fixed-price modification under previously awarded contract (M67854-07-D-5031) for procurement of 650 Category I Vehicle Independent Suspension System (ISS) kits and 350 Category II Vehicle ISS kits, for the Cougar Mine Resistant Ambush Protected (MRAP) vehicle fleet supporting Operation Enduring Freedom. Work will be performed in Oshkosh, Wis. (95 percent), and Ladson, SC. (5 percent), and is expected to be completed no later than Dec. 31, 2011. Fiscal 2009 Other Procurement Air Force funds in the amount of $1,407,765 will expire at the end of the current fiscal year. These funds will expire at the end of the current fiscal year. Marine Corps Systems Command, Quantico, Va., is the contracting activity.

http://www.defense.gov/contracts/contract.aspx?contractid=4525

Force Protection Industries, Inc., Ladson, S.C., is being awarded 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 will be performed in Afghanistan, and is expected to be completed by Dec. 31, 2011. Contract funding will expire at the end of the current fiscal year. Marine Corps Systems Command, Quantico, Va., is the contracting activity.

http://www.defense.gov/contracts/contract.aspx?contractid=4557

If you will check further,I believe you will find FRPT "conned" the government out of over $1,000,000,000 over the years. The actual figure is higher, but I don't have the link on this computer.
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MorganaGordona MorganaGordona 13 years ago
Thank you very much for letting us know. It`s hard to believe that company this huge is actually worth nothing and a complete fraud.
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MorganaGordona MorganaGordona 13 years ago
New York Times? Can`t get more serious then that. But this company used to do good job before, why would they switch to the dark side?
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Peggy Peggy 13 years ago
Please provide a full citation of the date, section and page number of this article that you claim was published in the NY Times. I was unaware that the Times published in Clownese.
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Peggy Peggy 13 years ago
Law suite! What floor is that on? LMFAO.
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Peggy Peggy 13 years ago
I believe the intent of that last post was seriously toxic, not toxic serious.

Makes you want to go Hmmm!

Heads up.
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waterchaser waterchaser 13 years ago
I'm not sure what toxic serious means

with regards to FRPT... maybe you could expound on

your thought? Your post is a bit confusing.
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*MARINE 1* *MARINE 1* 13 years ago
I hate to tell ya but miro and the gang could never affect a real stock... Too funny

Miro z-ecivic stalking boards wont work? lol









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newshkalo newshkalo 13 years ago
Read carefully and that case isn't alone out there FRPT is serious thing but TOXIC serious
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newshkalo newshkalo 13 years ago
Yup, and I'm only posting facts, actually, that was published in New York Times, so you know how serious matter that is
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MorganaGordona MorganaGordona 13 years ago
Sweet Mother of God! This company is actually a fraud?
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MorganaGordona MorganaGordona 13 years ago
Law suite?
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newshkalo newshkalo 13 years ago
And the price went down as it was expected
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newshkalo newshkalo 13 years ago
Force Protection Inc. (Nasdaq: FRPT) said its $24 million settlement to end a shareholder derivative suit without admitting any wrongdoing had won the preliminary approval of a federal court, according to an SEC filing.

YEAH MONEY CAN BUY EVERYTHING, RIGHT?! WELL GUYS IT'S WRONG YOU SHUT THEM UP BUT THERE ARE MORE PEOPLE WHO WILL PROCEED

The Summerville, S.C.-based maker of armored vehicles said the U.S. District Court, District of South Carolina, Charleston division, had issued a preliminary approval, but a final order on the class-action suit was due after a hearing scheduled for Dec. 13.

The suit accused several former and current executives of the company of withholding key accounting and other information to keep the stock price high as they sold shares worth tens of millions of dollars. Former Chairman Frank Kavanaugh and former President Gordon McGilton were among those named in the lawsuit
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newshkalo newshkalo 13 years ago
Ooooo RED AGAIN, seems that these guys are going down to November 1st value, Have heard about law suite?
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MorganaGordona MorganaGordona 13 years ago
What do you mean by blood money? What are you saying?
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MorganaGordona MorganaGordona 13 years ago
They didn`t?
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Ted Liverman Ted Liverman 13 years ago
This is blood money. Price will go down and i don't see a way for this to recover. IMO this stock is toxic and people should understand that and get out. Everybody try to save your money.
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newshkalo newshkalo 13 years ago
Why $FRPT never reported any financials, might that be a sign that they are frauds?
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$King $King 13 years ago
FRPT @ 5.48
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fourkids_9pets fourkids_9pets 13 years ago
Force Protection Announces Financial Results for 2011 Third Quarter PR Newswire   "Press Releases US - English"

Monday, November 07 2011 7:15 AM, EST

SUMMERVILLE, S.C. , Nov. 7, 2011 /PRNewswire/ -- FORCE PROTECTION, INC. (NASDAQ: FRPT) today reported financial results for the three months ended September 30, 2011 , including net sales of $143.6 million and net income of $0.07 per diluted share. The Company ended the 2011 third quarter with funded backlog of $652 million and cash of $122 million . The Company is also continuing to make progress in its business development efforts, with near-term customer decisions expected on a number of substantial programs.

Michael Moody , Chairman and Chief Executive Officer of Force Protection,Inc., said, "We were pleased to return to profitability during our third quarter after a challenging first half of 2011, which was impacted by the timing of awards and deliveries. Contributing to our 2011 third quarter results was the delivery of 56 vehicles and continued modernization and spares and sustainment revenue. We also achieved a 22 percent gross margin, which was higher than our long-term target of 20 percent."

Mr. Moody continued, "We continue to expect the second half of 2011 will be much stronger than the first six months of the year, including a fourth quarter that should be the most substantial of the year. We also look forward to near-term customer decisions on a number of substantial programs that could benefit our financial results beginning in 2012. This includes a potential second tranche of vehicle orders under the United Kingdom 's LPPV program, a contract for service and sustainment of the U.S. Army 's fleet of route clearance and MRAP vehicles, Canada 's requirement for vehicles and long-term service as part of its TAPV program, and Australia 's Land 121 Phase 4 and REDFIN vehicle programs. Success in one or more of these business development pursuits will provide increased visibility to long-term revenue for the Company, as well as move us further away from urgent operational funding."

Third Quarter

In the third quarter of 2011, the Company reported net sales of $143.6 million versus $176.3 million in the third quarter of 2010. Contributing to the decrease were lower vehicle, modernization, and spares and sustainment revenues primarily attributable to the timing of awards and related delivery of products and services.

Gross margin for the 2011 third quarter was 22.3 percent, as compared to 19.0 percent in the third quarter of 2010. Contributing to the increase in gross margin for 2011 were higher profits on service and modernization revenues resulting from cost reductions and improved pricing, as well as decreased expenses from overhead efficiencies.

The Company reported operating income of $6.8 million in the third quarter of 2011, as compared to an operating loss of $1.6 million in the prior year period. Significantly contributing to the year-over-year increase in operating income was a 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 third quarter of 2010 was $6.9 million , which excludes the litigation settlements. A reconciliation of 2010 third quarter adjusted operating income to operating loss is included at the end of this press release(1).

Net income for the third quarter of 2011 was $4.5 million , or $0.07 per diluted share, as compared to a net loss of $1.9 million , or $0.03 per diluted share, for the 2010 third quarter. Adjusted net income(1) for the 2010 third quarter was $3.6 million , or $0.05 per diluted share, which excludes $5.5 million (after tax), or $0.08 per share, for the aforementioned litigation settlements. A reconciliation of 2010 third quarter adjusted net income and adjusted net income per share to net loss and net loss per share is included at the end of this press release(1).

Year to Date

For the nine months ended September 30, 2011 , the Company reported net sales of $377.2 million versus $448.3 million for the nine months ended September 30, 2010 . Contributing to the decrease was lower sales across all major revenue categories, primarily due to the timing of contract awards and related delivery of products and services.

Gross margin for the nine months ended September 30, 2011 was 17.6 percent, as compared to 20.2 percent for the nine months ended September 30, 2010 . Contributing to the decrease in gross margin for 2011 were the impact of lower sales volume, increased expenses for warranty and related issues and costs to obtain full material release on the Buffalo A2 program, the result of certain contract negotiations, and revenue in the first quarter related to a claim settlement and a development contract, with both having minimal associated gross profit.

Operating loss was $17.1 million for the nine months ended September 30, 2011 , as compared to operating income of $7.5 million in the prior year period. Significantly contributing to the year-over-year decrease were the previously discussed items affecting gross margin, as well as higher year-over-year spending on the Company's business development initiatives in the first half of 2011. Also impacting 2011 results were $2.3 million in workforce reduction and severance related costs in the first quarter of 2011. The 2011 year-to-date adjusted operating loss(1) was $13.9 million , which excludes $3.2 million of impairment expense incurred in the second quarter for the Company's Roxboro, North Carolina , facility. Adjusted operating income(1) for the nine months ended September 30, 2010 was $16.0 million , which excludes the previously discussed litigation settlements. Reconciliations of 2011 year-to-date adjusted operating loss and operating loss and 2010 year-to date adjusted operating income and operating income are included at the end of this press release(1).

Net loss for the nine months ended September 30, 2011 was $10.7 million , or $0.16 per diluted share, as compared to net income of $4.0 million , or $0.06 per diluted share, in the comparable period of 2010. 2011 year-to date adjusted net loss(1) was $8.7 million , or $0.13 per diluted share, which excludes $2.0 million (after tax), or $0.03 per share, for impairment of the Roxboro facility. This is compared to 2010 year-to date adjusted net income(1) of $9.5 million , or $0.14 per diluted share, which excludes $5.5 million (after tax), or $0.08 per share, for the previously discussed litigation settlements. A reconciliation of 2011 adjusted net loss and adjusted net loss per share to net loss and net loss per share, as well as a reconciliation of 2010 adjusted net income and adjusted net income per share to net loss and net loss per share is included at the end of this press release(1).

Financial Position

Net cash provided by operating activities during the nine months ended September 30, 2011 was $4.2 million , as compared to net cash used in operating activities of $27.9 million during the comparable prior year period. The Company ended the third quarter of 2011 with cash of $121.9 million , inventories of $115.3 million , and accounts payable of $97.0 million . In addition, accounts receivable was $115.7 million , including $41.6 million of earned but unbilled receivables.

During the first nine months of 2011, the Company used cash of $9.8 million for capital expenditures and $22.0 million for the repurchase of 5,335,013 shares of Company stock on the open market. This includes the repurchase of 4,419,694 shares of Company stock during the 2011 third quarter for $17.7 million .

Business Development Initiatives

During the third quarter of 2011, Force Protection Europe, a wholly-owned subsidiary of the Company, commenced initial production under its $280 million contract with the United Kingdom Ministry of Defence ( U.K. MoD) for its Light Protected Patrol Vehicle (LPPV) program. Vehicle deliveries under the LPPV program are expected to begin in the 2011 fourth quarter, with remaining deliveries scheduled for the first half of 2012. The Company remains in discussion with the U.K. MoD concerning option orders of additional vehicles beyond the current requirement of 200 Foxhounds (the U.K. MoD's name for the Ocelot under the LPPV program).

The Company also continues to pursue with the Ocelot the Manufactured and Supported in Australia (MSA) option for the Land 121 Phase 4 program, which is designed to provide approximately 1,300 vehicles and trailers, as well as related long-term support, for Australia 's 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 (JLTV). The evaluation for the MSA option in the more than $1.3 billion Land 121 Phase 4 program is currently expected to conclude early next year, 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.

During the 2011 third quarter, the Company submitted its proposal for Project JP 2097 Phase 1B (REDFIN). The program is for up to 76 vehicles for the Australian Special Forces, and the Company has offered a variant of the Ocelot. A down select to a preferred bidder for the prototype, development and evaluation phase for REDFIN is expected by the end of 2011 or early next year.

As part of an experienced team, the Company continues its pursuit of the U.S. Army 's Route Clearance Vehicle MRAP Contractor Logistics Support Service program competitive requirement for the maintenance of its thousands of related vehicles. The Company expects this multiyear program could be worth hundreds of millions of dollars annually to the chosen service provider. A selection by the customer of the preferred service provider is anticipated by early next year.

The Company has submitted a Cougar 6x6 variant called Timberwolf as a potential solution for Canada 's more than $1 billion Tactical Armoured Patrol Vehicle (TAPV) program, which requires procurement of an initial 500 vehicles and related long-term support services with an option for an additional 100 vehicles and related support services. The Company is teamed with Canadian-based CAE and secured Elbit Systems and Lockheed Martin Canada as key providers. A contract award to the final selected bidder is expected by the second quarter of 2012.

Outlook

Mr. Moody concluded, "Our third quarter results represent a good start to a 2011 second half that is expected to be a substantial improvement over the first half of the year. Supporting our outlook is $652 million of funded backlog at the end of the third quarter, with a significant portion associated with fourth quarter deliveries of a number of modernization programs for the U.S. Marines ' Cougar fleet, continued shipments of Buffalos to the U.S. Army , and initial deliveries of Foxhounds to the United Kingdom . We are also seeing the benefits of our expense containment efforts and related initiatives designed to increase the flexibility of our cost structure. All of these factors point to a substantial fourth quarter, as well as a successful and profitable 2011 full year.

"As we look beyond 2011, in addition to a significant level of existing funded backlog as of September 30 , we are encouraged by our success in securing incremental business for the Company. One example is last week's announcement of a $186 million award for the delivery of 167 Buffalos to the U.S. Army as part of their long-term requirement. Combined with existing orders, we now have full visibility for the delivery of approximately 100 Buffalos per year for both 2012 and 2013, with additional shipments through April 2014 . We expect to receive continued orders of our existing portfolio of products and services over the longer-term, and will further benefit from success in one or more of the large programs we are pursuing. All of these strategic efforts and initiatives are designed to broaden our business for long-term success and increase value for our shareholders."

Conference Call Information

The Company will hold a conference call today at 11:30 a.m. Eastern Time . A question and answer session will follow the management commentary portion of the call.

To listen to the call, dial 866.578.5747 (for international, dial 617.213.8054) five to ten minutes prior to the scheduled start time and provide passcode 49490144. 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 of the call will be available two hours after the end of the call through Monday, November 21, 2011 . To access the replay, dial 888.286.8010 (for international, dial 617.801.6888) and enter passcode 52059317, 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 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 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, REDFIN and Route Clearance Vehicle MRAP Contractor Logistics Support Service and the related 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 Company's execution of its business strategy and strategic transformation, including its development initiatives and opportunities to broaden its platform; the Company's expected financial and operating results, including its revenues, margin, earnings and cash flows, for future periods; the Company's belief that for the second half of 2011, it anticipates much stronger revenue than the first six months of the year; the Company's expectation that 2011 deliveries under the LPPV program will begin in the fourth quarter, with further deliveries continuing through the first half of 2012; the Company's belief that success in one or more of the identified large programs it is pursuing will better position the Company for long-term success and result in increased shareholder value; and, the Company's 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 execution of modernization and vehicle deliveries already under contract, especially for the 2011 fourth quarter as it is expected to be the largest revenue quarter of the year; 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 Form 10-Q for the three and nine months ended September 30, 2011 .


(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 company's 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 operating loss", "adjusted net loss" and "adjusted net loss per share" as operating loss, net loss and net loss per share as reported under GAAP less the impact of the impairment in the valuation of the Company's Roxboro, North Carolina , facility in the second quarter of 2011 and the charge for the approved settlement of federal shareholder class action and proposed settlements related to derivative actions in the third quarter of 2010. By excluding these charges, management is able to compare the Company's ongoing operations to prior periods and to the ongoing operations of other companies in its industry. Management believes that excluding the expense for the impairment of the valuation of the Company's Roxboro, North Carolina , facility 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 Company's 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 Company's liquidity. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company's definition of "adjusted operating loss", "adjusted net loss" and "adjusted net loss 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 Company's 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 operating loss", "adjusted net loss" and "adjusted net loss per share" by excluding this expense. 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 operating loss", "adjusted net loss" and "adjusted net loss per share" with operating loss, net loss and net loss per share are included in the accompanying financial data.






Investor Relations Contact:

Media Contact:


Wes Harris

Tommy Pruitt


Senior 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






(Tables follow)




Force Protection, Inc. and Subsidiaries


Condensed Consolidated Statements of Operations


(Unaudited)









For the three months ended

September 30 ,


For the nine months ended

September 30,



2011


2010


2011


2010



(In Thousands, Except Per Share Data)


(In Thousands, Except Per Share Data)


Net sales

$ 143,597


$ 176,265


$ 377,176


$ 448,251


Cost of sales

111,646


142,690


310,675


357,605


Gross profit

31,951


33,575


66,501


90,646


General and administrative expenses

19,893


27,868


62,799


65,732


Asset impairment expense

-


-


3,200


-


Research and development expenses

5,287


7,314


17,610


17,445


Operating profit (loss)

6,771


(1,607)


(17,108)


7,469


Other (expense) income, net

(32)


(187)


(94)


75


Interest expense, net

(27)


(22)


(82)


(216)


Income (loss) before income tax

6,712


(1,816)


(17,284)


7,328


Income tax (expense) benefit

(2,174)


(48)


6,596


(3,279)


Net income (loss)

$ 4,538


$ (1,864)


$ (10,688)


$ 4,049


Earnings (loss) per common share:









Basic

$ 0.07


$ (0.03)


$ (0.16)


$ 0.06


Diluted

$ 0.07


$ (0.03)


$ (0.16)


$ 0.06


Weighted average common shares outstanding:









Basic

66,758


68,799


68,227


68,753


Diluted

67,387


68,799


68,227


69,681












Force Protection, Inc. and Subsidiaries


Condensed Consolidated Balance Sheets


(Unaudited)










As of September 30,

2011


As of December 31,

2010




(InThousands)


Assets






Current assets:






Cash and cash equivalents


$ 121,898


$ 149,965


Accounts receivable, net


115,650


124,831


Inventories


115,311


90,110


Deferred income tax assets


13,745


12,336


Other current assets


25,516


41,520


Total current assets


392,120


418,762


Property and equipment, net


54,731


60,422


Investment in unconsolidated joint ventures


2,627


2,815


Other assets


1,012


705


Total assets


$ 450,490


$ 482,704








Liabilities and Shareholders Equity






Current liabilities:






Accounts payable


$ 97,028


$ 94,593


Due to United States government


3,421


1,331


Advance payments on contracts


24,942


5,875


Other current liabilities


23,903


50,943


Total current liabilities


149,294


152,742


Deferred income tax liabilities


1,382


973


Other long-term liabilities


1,796


562




152,472


154,277


Commitments and contingencies












Shareholders equity:






Common stock


72


71


Additional paid-in capital


265,415


262,451


Accumulated other comprehensive loss


(740)


(88)


Treasury stock, at cost


(22,032)


-


Retained earnings


55,303


65,993


Total shareholders equity


298,018


328,427


Total liabilities and shareholders equity


$ 450,490


$ 482,704









Force Protection, Inc. and Subsidiaries


Condensed Consolidated Statements of Cash Flows


(Unaudited)










Forthenine months endedSeptember 30,




2011


2010




(In Thousands)


Cash flows from operating activities:






Net (loss) income


$ (10,688)


$ 4,049


Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities






Depreciation and amortization


12,834


12,099


Deferred income tax (benefit) provision


(629)


7,475


Income tax effect realized from stock transactions


(122)


(11)


Stock-based compensation


2,877


2,486


Provision for estimated litigation settlement


-


8,500


Provision for inventory


2,320


3,084


Provision for asset impairment


3,200


-


Other


326


106


(Increase) decrease in assets






Accounts receivable


10,381


(43,127)


Inventories


(24,967)


(11,716)


Other assets


(8,401)


(5,848)


Increase (decrease) in liabilities






Accounts payable


(643)


5,866


Due to United States government


2,090


(3,525)


Advance payments on contracts


19,066


(484)


Other liabilities


(3,452)


(6,843)


Total adjustments


14,880


(31,938)


Net cash provided by (used in) operating activities


4,192


(27,889)


Cash flows from investing activities:






Capital expenditures


(9,776)


(12,307)


Purchase of JAMMA assets


-


(1,650)


Other


19


22


Net cash used in investing activities


(9,757)


(13,935)


Cash flows from financing activities:






Purchase of treasury stock


(22,032)


-


Proceeds from issuance of common stock


208


17


Income tax effect realized from stock transactions


122


11


Other


(100)


-


Net cash (used in) provided by financing activities


(21,802)


28


Effect of foreign currency rate changes on cash


(700)


(20)


Decrease in cash and cash equivalents


(28,067)


(41,816)


Cash and cash equivalents at beginning of year


149,965


147,254


Cash and cash equivalents at end of period


$ 121,898


$ 105,438








GAAP to Non-GAAP Reconciliation

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:

2011 second quarter impairment expense associated with the Company's Roxboro, North Carolina , facility, and,

2010 third quarter estimated settlements of federal shareholder class action and related derivative actions that began in early 2008.


Force Protection, Inc. and Subsidiaries Reconciliation


(InThousands,ExceptPerShareData)


(Unaudited)
















Forthethreemonthsended


Forthethree monthsended


September 30, 2011


September 30, 2010



Reported

Basis

(GAAP)


Asset

Impairment


Comparable

Basis

(Adjusted)


Reported

Basis (GAAP)


Litigation

settlement


Comparable

Basis

(Adjusted)















Netsales

$ 143,597


$ -


$ 143,597


$ 176,265


$ -


$ 176,265


Costofsales

111,646


-


111,646


142,690


-


142,690


Grossprofit

31,951


-


31,951


33,575


-


33,575


Grossprofitpercentage

22.3%




22.3%


19.0%




19.0%


Generalandadministrativeexpenses

19,893


-


19,893


27,868


8,500


19,368


Researchanddevelopmentexpenses

5,287


-


5,287


7,314


-


7,314


Operatingincome(loss)

6,771


-


6,771


(1,607)


(8,500)


6,893


Otherexpense,net

(32)


-


(32)


(187)


-


(187)


Interestexpense,net

(27)


-


(27)


(22)


-


(22)


Income(loss)beforeincometaxexpense

6,712


-


6,712


(1,816)


(8,500)


6,684


Incometax(expense)benefit

(2,174)


-


(2,174)


(48)


3,029


(3,077)


Netincome(loss)

$ 4,538


$ -


$ 4,538


$ (1,864)


$ (5,471)


$ 3,607


Earnings(loss)percommonshare:













Basic

$ 0.07


$ -


$ 0.07


$ (0.03)


$ (0.08)


$ 0.05


Diluted

0.07


$ -


$ 0.07


$ (0.03)


$ (0.08)


$ 0.05


Weightedaveragecommonsharesoutstanding:













Basic

66,758


66,758


66,758


68,799


68,799


68,799


Diluted

67,387


67,387


67,387


68,799


69,613


69,613
















Force Protection, Inc. and Subsidiaries Reconciliation


(InThousands,ExceptPerShareData)


(Unaudited)
















Fortheninemonthsended


Forthenine monthsended


September 30, 2011


September 30, 2010



Reported

Basis (GAAP)


Asset

Impairment


Comparable

Basis

(Adjusted)


Reported

Basis (GAAP)


Litigation

settlement


Comparable

Basis

(Adjusted)















Netsales

$ 377,176


$ -


$ 377,176


$ 448,251


$ -


$ 448,251


Costofsales

310,675


-


310,675


357,605


-


357,605


Grossprofit

66,501


-


66,501


90,646


-


90,646


Grossprofitpercentage

17.6%




17.6%


20.2%




20.2%


Generalandadministrativeexpenses

62,799


3,200


59,599


65,732


8,500


57,232


Assetimpairmentexpense

3,200


-


3,200


-


-


-


Researchanddevelopmentexpenses

17,610


-


17,610


17,445


-


17,445


Operating(loss)income

(17,108)


(3,200)


(13,908)


7,469


(8,500)


15,969


Other(expense)income,net

(94)


-


(94)


75


-


75


Interestexpense,net

(82)


-


(82)


(216)


-


(216)


(Loss)incomebeforeincometaxexpense

(17,284)


(3,200)


(14,084)


7,328


(8,500)


15,828


Incometaxbenefit(expense)

6,596


1,170


5,426


(3,279)


3,029


(6,308)


Net(loss)income

$ (10,688)


$ (2,030)


$ (8,658)


$ 4,049


$ (5,471)


$ 9,520


(Loss)earningspercommonshare:













Basic

$ (0.16)


$ (0.03)


$ (0.13)


$ 0.06


$ (0.08)


$ 0.14


Diluted

$ (0.16)


$ (0.03)


$ (0.13)


$ 0.06


$ (0.08)


$ 0.14


Weightedaveragecommonsharesoutstanding:

0


0




0


0




Basic

68,227


68,227


68,227


68,753


68,753


68,753


Diluted

68,227


68,227


68,227


69,681


69,681


69,681
















SOURCE Force Protection, Inc.
👍️0
fourkids_9pets fourkids_9pets 13 years ago
Force Protection to Host Conference Call Today at 11:30 AM Eastern to Discuss Agreement with General Dynamics PR Newswire   "Press Releases US - English"

Monday, November 07 2011 7:16 AM, EST

SUMMERVILLE, S.C. ,, Nov. 7, 2011 /PRNewswire/ -- Force Protection, Inc. (NASDAQ: FRPT) announced that it has scheduled a conference call for today at 11:30 a.m. Eastern to discuss today's announcement that the Company and General Dynamics (NYSE: GD) have entered a definitive merger agreement under which General Dynamics will acquire the Company at a price of $5.52 per share of common stock, or approximately $360 million . Separately, the Company today also released financial results for its third quarter ended September 30, 2011 . A question and answer session with Force Protection 's management will follow the commentary portion of the conference call.

Under the terms of the merger agreement, a wholly-owned subsidiary of General Dynamics will commence a tender offer for all of the outstanding shares of common stock of the Company. The Company's board of directors has resolved to recommend that the Company's stockholders tender their shares into the tender offer in accordance with the terms of the merger agreement. The consummation of the tender offer and merger is subject to certain conditions set forth in the merger agreement, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

Lincoln International and Barclays Capital served as financial advisors to and provided fairness opinions for the Company. Sullivan & Cromwell LLP and Smith Moore Leatherwood LLP are serving as legal advisors to the Company.

To listen to the call, dial 866.578.5747 (for international, dial 617.213.8054) five to ten minutes prior to the scheduled start time and provide passcode 49490144. 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 of the call will be available two hours after the end of the call through midnight Monday, November 21, 2011 . To access the replay, dial 888.286.8010 (for international, dial 617.801.6888) and enter passcode 52059317, 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 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.

Notice to Investors

The tender offer described in this press release has not yet commenced. This press release is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of the Company's common stock. At the time the tender offer is commenced, Falcon Acquisition Corp. , a wholly-owned subsidiary of General Dynamics , will file a tender offer statement and related exhibits with the U.S. Securities and Exchange Commission (the " SEC ") and the Company will file a solicitation/recommendation statement with respect to the tender offer. Investors and stockholders of the Company are strongly advised to read the tender offer statement (including the related exhibits) and the solicitation/recommendation statement, as they may be amended from time to time, when they become available, because they will contain important information that stockholders should consider before making any decision regarding tendering their shares. The tender offer statement (including the related exhibits) and the solicitation/recommendation statement will be available at no charge on the SEC 's website at www.sec.gov. In addition, the tender offer statement and other documents that Falcon Acquisition Corp. files with the SEC will be made available to all stockholders of the Company free of charge at www.generaldynamics.com. The solicitation/recommendation statement and the other documents filed by the Company with the SEC will be made available to all stockholders of the Company free of charge at www.forceprotection.net.

Additional Information about the Merger and Where to Find It

In connection with the potential one-step merger of Falcon Acquisition Corp. with and into the Company without the prior consummation of the Offer (the "One Step Merger"), Force Protection will file a proxy statement with the SEC . Additionally, the Company will file other relevant materials with the SEC in connection with the proposed acquisition of the Company by General Dynamics and Falcon Acquisition Corp. pursuant to the terms of the Merger Agreement. Investors and stockholders of the Company are strongly advised to read the proxy statement and the other relevant materials, as they may be amended from time to time, when they become available, because they will contain important information about the One Step Merger and the parties to the One Step Merger, before making any voting or investment decision with respect to the One Step Merger. The proxy statement will be available at no charge on the SEC 's web site at www.sec.gov. The proxy statement and other documents filed by the Company with the SEC will be made available to all stockholders of the Company free of charge at www.forceprotection.net.

The Company and its directors and officers may be deemed to be participants in the solicitation of proxies from the Company's stockholders with respect to the One Step Merger. Information about the Company's directors and executive officers and their ownership of the Company's common stock is set forth in the proxy statement for the Company's 2011 Annual Meeting of Stockholders, which was filed with the SEC on March 25, 2011 . The Company's stockholders may obtain additional information regarding the interests of the Company and its directors and executive officers in the Merger, which may be different than those of the Company's stockholders generally, by reading the proxy statement and other relevant documents regarding the One Step Merger, when filed with the SEC .

Forward-Looking Statements

This communication may contain, in addition to historical information, certain forward-looking statements regarding future events, conditions, circumstances or the future financial performance of the Company. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "expected," "scheduled," "estimates," "intends," "anticipates" or "believes," or variations of such words and phrases or state that certain actions, events, conditions, circumstances or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Such forward-looking statements are not guarantees or predictions of future performance, and are subject to known and unknown risks, uncertainties and other factors, many of which are beyond our control, that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such risks and uncertainties include: (i) the risk that not all conditions of the tender offer, the merger or the related transactions will be satisfied or waived, (ii) the completion of the merger with General Dynamics taking longer than expected, (iii) expectations regarding the growth of the U.S. and world market for blast and ballistic-protected vehicles, products or services, (iv) expectations regarding the U.S. military's plans or intentions, including the drawdown of operations in Iraq and Afghanistan , (v) expectations regarding the Company's business development plans and strategy, including the Company's plans to expand the Company's product lines, diversify the Company's business mix, and expand the Company's markets internationally, (vi) expectations with respect to the Company's ability to obtain materials, the Company's ability to improve cost efficiencies and possible future changes in the efficiencies in the Company's operations, (vii) expectations regarding the Company's vehicles, products and services that may be purchased by the Company's customers, including the type of vehicles demanded and other customer demands and expected changes in demand, (viii) expectations regarding the benefits of the Company's products, services and programs, including the Company's vehicles' capabilities and the use of the Company's vehicles, products and services for other than military purposes, (ix) expectations regarding the Company's investments in research and development activities for the Company's vehicles, products and services, (x) expectations regarding any changes in the Company's cost of sales, the Company's general and administrative expenses, the Company's asset impairment expense, the Company's operating results or the Company's research and development expenses as a percentage of net sales, (xi) expectations 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 Company's backlog, (xii) expectations regarding the benefits that may be realized from the Company's joint ventures, teaming arrangements and any new ventures or business developed pursuant to them, (xiii) expectations regarding the Company's expectation to apply prepaid 2011 federal income taxes to the Company's projected tax obligation during the second half of 2011, (xiii) expectations regarding the Company's expected cash flow, cash needs and expected capital expenditures, (xiv) expectations regarding the Company's share repurchase program, (xv) expectations regarding the Company's derivative instruments and hedging activities, (xvi) expectations regarding the effect of the Company's income tax positions on the Company's effective tax rate, (xvii) the Company's expectations with respect to the matters pending with the U.S. Equal Employment Opportunity Commission (EEOC), and (xviii) expectations regarding final approval of the state and federal derivative actions, (xix) uncertainties associated with any aspect of the transactions, including uncertainties relating to the anticipated timing of filings and approvals relating to the transactions, the outcome of legal proceedings that may be instituted against the Company and/or others relating to the transactions, the expected timing of completion of the transactions, the satisfaction of the conditions to the consummation of the transactions and the ability to complete the transactions.

Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, and any or all of the Company's forward-looking statements may turn out to be wrong. The Company cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to unduly rely on these forward-looking statements. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company following the completion of the transactions unless otherwise stated. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.


Investor Relations Contact:

Media Contact:


Wes Harris

Tommy Pruitt


Senior 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.
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fourkids_9pets fourkids_9pets 13 years ago
General Dynamics and Force Protection Agree to Terms of Acquisition PR Newswire   "Press Releases US - English"

Monday, November 07 2011 7:01 AM, EST

FALLS CHURCH, Va. and SUMMERVILLE, S.C. , Nov. 7, 2011 /PRNewswire/ -- General Dynamics (NYSE: GD) and Force Protection, Inc. (NASDAQ: FRPT) today announced that they have entered into a definitive merger agreement under which General Dynamics will acquire Force Protection for a price of $5.52 per share of common stock, or approximately $360 million .

Force Protection will become a part of General Dynamics Land Systems , the Sterling Heights, Mich. -based designer and manufacturer of Abrams main battle tanks and Stryker infantry combat vehicles.

" Force Protection complements and strategically expands General Dynamics ' armored vehicle business, adding new products to the expansive portfolio of combat vehicles that we currently manufacture and support," said Mark C. Roualet , president of General Dynamics Land Systems . "In addition, Force Protection 's skilled workforce provides high-quality support and sustainment services to an installed fleet of approximately 3,000 vehicles, strengthening our ability to support assets deployed with U.S. forces around the world. With this acquisition, we will create new opportunities to serve domestic and international customers alike."

Michael Moody , chairman and chief executive officer of Force Protection, Inc. , commented, "After careful consideration of the strategic direction of Force Protection , our board decided that a sale to General Dynamics would maximize value for our stockholders. With their armored vehicle business, General Dynamics will be able to pursue opportunities that we could not have pursued as a stand-alone company. As part of the General Dynamics family, our innovative products and offerings will continue to provide militaries worldwide critical assets that save troops' lives."

The proposed acquisition has been approved by the board of directors of each company. Under the terms of the merger agreement, General Dynamics will commence a tender offer for all of the outstanding shares of common stock of Force Protection . Force Protection 's board of directors has resolved to recommend that Force Protection stockholders tender their shares into the tender offer in accordance with the terms of the merger agreement.The transaction is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the companies expect the transaction to be completed by year-end 2011. The transaction is expected to be accretive to General Dynamics ' earnings in 2012.

Force Protection , which has approximately 1,100 employees, provides survivability solutions to support the armed forces of the United States and its allies. The company designs, manufactures, tests, delivers and supports its blast- and ballistic-protected products to increase survivability for the users.

Force Protection 's specialty vehicles including the Buffalo, Cougar and Ocelot are at the forefront of blast- and ballistic-protected technology. Those vehicles 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). The company has delivered more than 3,000 vehicles under the U.S. military's Mine Resistant Ambush Protected (MRAP) vehicle program, and also provides Cougar and Buffalo mine-protected vehicles to foreign customers including the United Kingdom Ministry of Defence .

General Dynamics Land Systems is a leading manufacturer of wheeled, tracked and amphibious combat vehicles, offering a spectrum of design, production and lifecycle support to customers worldwide. General Dynamics Land Systems employs world-class manufacturing and systems-integration processes to develop vehicles designed to meet current and future ground-combat requirements. The company employs approximately 8,400 workers.

More information about General Dynamics is available at www.generaldynamics.com.

Notice to Investors

The tender offer described in this press release has not yet commenced. This press release is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of Force Protection stock. At the time the tender offer is commenced, Falcon Acquisition Corp. , a wholly-owned subsidiary of General Dynamics , will file a tender offer statement and related exhibits with the U.S. Securities and Exchange Commission (the " SEC ") and Force Protection will file a solicitation/recommendation statement with respect to the tender offer. Investors and stockholders of Force Protection are strongly advised to read the tender offer statement (including the related exhibits) and the solicitation/recommendation statement, as they may be amended from time to time, when they become available, because they will contain important information that stockholders should consider before making any decision regarding tendering their shares. The tender offer statement (including the related exhibits) and the solicitation/recommendation statement will be available at no charge on the SEC 's website at www.sec.gov. In addition, the tender offer statement and other documents that the wholly-owned subsidiary of General Dynamics files with the SEC will be made available to all stockholders of Force Protection free of charge at www.generaldynamics.com. The solicitation/recommendation statement and the other documents filed by Force Protection with the SEC will be made available to all stockholders of Force Protection free of charge at www.forceprotection.net.

Additional Information about the Merger and Where to Find It

In connection with the potential one-step merger of Falcon Acquisition Corp. with and into Force Protection without the prior consummation of the Offer (the "One Step Merger"), Force Protection will file a proxy statement with the SEC. Additionally, Force Protection will file other relevant materials with the SEC in connection with the proposed acquisition of Force Protection by General Dynamics and Falcon Acquisition Corp. pursuant to the terms of the Merger Agreement. Investors and stockholders of Force Protection are strongly advised to read the proxy statement and the other relevant materials, as they may be amended from time to time, when they become available, because they will contain important information about the One Step Merger and the parties to the One Step Merger, before making any voting or investment decision with respect to the One Step Merger. The proxy statement will be available at no charge on the SEC 's web site at www.sec.gov. The proxy statement and other documents filed by Force Protection with the SEC will be made available to all stockholders of Force Protection free of charge at www.forceprotection.net.

Force Protection and its directors and officers may be deemed to be participants in the solicitation of proxies from Force Protection 's stockholders with respect to the One Step Merger. Information about Force Protection 's directors and executive officers and their ownership of Force Protection 's common stock is set forth in the proxy statement for Force Protection 's 2011 Annual Meeting of Stockholders, which was filed with the SEC on March 25 , 2011. Force Protection stockholders may obtain additional information regarding the interests of Force Protection and its directors and executive officers in the Merger, which may be different than those of Force Protection stockholders generally, by reading the proxy statement and other relevant documents regarding the One Step Merger, when filed with the SEC .

Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the company's filings with the Securities and Exchange Commission , including, without limitation, its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.

All forward-looking statements speak only as of the date they were made. The company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.










SOURCE General Dynamics
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fourkids_9pets fourkids_9pets 13 years ago
Force Protection Receives $185.9 Million Award for 167 Buffalo Vehicles and 102 Bar Armor Kits PR Newswire   "Press Releases US - English"

Tuesday, November 01 2011 4:15 PM, EST

LADSON, S.C. , Nov. 1, 2011 /PRNewswire/ -- Force Protection Industries , Inc., a FORCE PROTECTION, INC. (NASDAQ: FRPT) group company, today announced it has received a firm fixed price modification to existing contract W56HZV-08-C-0028 from U.S. Army Contracting Command in Warren, Michigan , with an approximate value of $185.9 million for the purchase of an additional 167 Buffalo A2 Mine Protected Clearance Vehicles and 102 Buffalo A2 Bar Armor Kits. Work is to be performed in Ladson, South Carolina , with deliveries extending to April 2014 .

(Logo: http://photos.prnewswire.com/prnh/20110321/CL67729LOGO)

Michael Moody , Chairman and Chief Executive Officer for Force Protection said, "Today's announced modification provides Force Protection important revenue visibility into 2014. In addition, by securing Full Material Release and authorization to proceed to Full Rate Production, the Buffalo has achieved additional significant milestones on the path to achieving formal Program of Record status within the U.S. Army 's installed fleet of vehicles."

Mr. Moody concluded, "We remain extremely proud of the service record of the Buffalo and the countless Soldiers' lives saved performing critical route clearance missions. We will continue to work closely with the U.S. Army and other domestic services, as well as militaries worldwide, to ensure troops have the necessary resources to promote their 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 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 products, including the Buffalo; expectations for future programs and the related timing of proposals and awards; the ability to meet current and future requirements; the ability to drive manufacturing and operational efficiencies; and, the Company's execution of its business strategy, including its development initiatives and opportunities to broaden its platform. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, the ability to effectively manage the risks in the Company's business; the ability to win future awards and finalize contracts; 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 Form 10-Q for the three and six months ended June 30, 2011 .


Media Contact:

Investor Relations Contact:


Tommy Pruitt

Wes Harris


Senior Director, Communications

Senior Director, Investor Relations


843.574.3866

843.574.3892


tommy.pruitt@forceprotection.net

wes.harris@forceprotection.net






SOURCE Force Protection, Inc.
👍️0
fourkids_9pets fourkids_9pets 13 years ago
Force Protection Receives $16.9 Million Award for Fuel Tank Protection Kits PR Newswire   "Press Releases US - English"

Monday, September 26 2011 12:02 PM, EST

LADSON, S.C. , Sept. 26, 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 $16.9 million . The award is for 961 fuel tank protection modernization kits and certain tools for the Marine's Cougar Mine Resistant Ambush Protected vehicles. Work will be performed in Charleston, S.C. , and is expected to be completed no later than March 30, 2012 .

(Logo: http://photos.prnewswire.com/prnh/20110321/CL67729LOGO )

The Company previously announced on May 2, 2011 , an order for 1,130 fuel tank kits with an approximate value of $18.8 million .

Phil Ciarlo , Chief of Operations for Force Protection , said, "This additional fuel tank protection kit order continues the important modernization work for the installed Cougar fleet and ensures that additional vehicles will receive the best available protection for their fuel 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 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 products, including the Cougar; expectations for future programs and the related timing of proposals and awards; the ability to meet current and future requirements; the ability to drive manufacturing and operational efficiencies; and, the Company's execution of its business strategy, including its development initiatives and opportunities to broaden its platform. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, the ability to effectively manage the risks in the 2 Company's business; the ability to win future awards and finalize contracts; 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 Form 10-Q for the three and six months ended June 30, 2011 .


Media Contact:

Investor Relations Contact:


Tommy Pruitt

Wes Harris


Senior Director, Communications

Senior 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.
👍️0
fourkids_9pets fourkids_9pets 13 years ago
Force Protection Submits Bid for Canada's Tactical Armoured Patrol Vehicle Project PR Newswire   "Press Releases US - English"

Thursday, September 01 2011 11:22 AM, EST

LADSON, S.C. , Sept. 1, 2011 /PRNewswire/ -- Force Protection Industries, Inc. , a FORCE PROTECTION, INC. (NASDAQ:FRPT) group company, today announced the submission of a bid and test vehicle to the Canadian Forces for the Tactical Armoured Patrol Vehicle (TAPV) project.

(Logo: http://photos.prnewswire.com/prnh/20110321/CL67729LOGO )

Force Protection is offering the Canadian Forces a 6x6 variant of the battle proven Cougar wheeled combat vehicle developed by Force Protection to meet the TAPV requirements. Force Protection will be the design authority and have overall responsibility for the acquisition contract to supply the TAPV vehicles and maintain configuration control.

As Force Protection 's main Canadian partner, CAE will 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 will 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 armored patrol vehicles.

Force Protection and CAE previously announced a collaboration that includes Elbit Systems as the provider for a dual remote weapons system (DRWS) and Lockheed Martin Canada as the provider of C4ISR suite for the Timberwolf vehicle. Elbit Systems' Land and C4I DRWS was chosen based on its superior performance, reliability and ease of integration. Lockheed Martin Canada was chosen as the C4ISR integrator for Timberwolf based on its recognized capability in the development, production and support for integrated C4 systems.

Randy Hutcherson , Chief of Business Development for Force Protection , said, "Partnered with CAE, Force Protection is pleased to formally submit Timberwolf as the optimal solution for the TAPV project. Along with our key providers, we are committed to offering the Canadian Forces a highly-protected and reliable vehicle, as well as Industrial and Regional Benefits that will contribute to investment in Canadian industry and provide further experience and capability in the armored vehicle market."

A contract award to the final selected bidder for the TAPV requirement is currently expected by the second quarter of 2012.

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.

Force Protection 's 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 products, including the Cougar and Timberwolf ; expectations for future programs and the related timing of proposals and awards; the ability to meet current and future requirements; the ability to drive manufacturing and operational efficiencies; and, the Company's execution of its business strategy, including its development initiatives and opportunities to broaden its platform. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, the ability to effectively manage the risks in the Company's business; the ability to win future awards and finalize contracts; 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 Form 10-Q for the three and six months ended June 30, 2011 .


Media Contact:

Investor Relations Contact:


Tommy Pruitt

Wes Harris


Senior Director, Communications

Senior Director, Investor Relations


843.574.3866

843.574.3892


tommy.pruitt@forceprotection.net

wes.harris@forceprotection.net






SOURCE Force Protection, Inc.
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*MARINE 1* *MARINE 1* 13 years ago
Force Protection Australasia Submits Bid for Australia's REDFIN Special Operations Vehicle Project
(FRPT)










👍️0
fourkids_9pets fourkids_9pets 13 years ago
Wednesday, August 10 2011 11:31 AM, EST Force Protection's Michael Moody Receives General William C. Westmoreland Friend of West Point Award PR Newswire   "Press Releases US - English"

CHARLESTON, S.C. , Aug. 10, 2011 /PRNewswire/ -- The West Point Society of Charleston today presented the first General William C. Westmoreland Friend of West Point Award to Michael Moody , Chairman and CEO of Force Protection, Inc. , for his contributions to the military and the Greater Charleston community.

(Photo: http://photos.prnewswire.com/prnh/20110810/CL50423 )

(Logo: http://photos.prnewswire.com/prnh/20110321/CL67729LOGO )

Force Protection is a leading designer, developer and manufacturer of survivability solutions, including blast- and ballistic-protected wheeled vehicles currently deployed around the world by the U.S. military and its allies. The company's Mine Resistant Ambush Protected (MRAP) vehicles include the Buffalo, Cougar and Ocelot. Force Protection vehicles have been credited with saving the lives of thousands of our troops in Iraq and Afghanistan .

Force Protection is also one of the largest employers in the Lowcountry and is a generous supporter to many community organizations in the Charleston area.

"I am honored to receive this award. All of the employees of Force Protection work all day, every day to save heroes' lives. I would like to accept the award on behalf of them," Moody said. "We are very proud of the performance of the vehicles we have built here in the Lowcountry to bring our brave men and women in uniform home safely."

" Mr. Moody is well-deserving of recognition for his many contributions to the safety of our soldiers and to the community," said Gil Harper , President of the West Point Society of Charleston . "We also want this award to stand as a lasting tribute to General Westmoreland and his service to our Nation."

The West Point Society of Charleston will present the General William C. Westmoreland Friend of West Point Award annually to recognize a non-graduate of the United States Military Academy who has made significant contributions to the military, military families, and the Greater Charleston Community . Mrs. William C. Westmoreland granted permission to name the award in honor of her late husband and participated in the ceremony.

Contact: Gil Harper at 843.991.9522 gs_harper@yahoo.com

SOURCE Force Protection, Inc.
👍️0
fourkids_9pets fourkids_9pets 13 years ago
Force Protection to Present at Investor Conferences PR Newswire   "Press Releases US - English"

Monday, August 08 2011 8:56 AM, EST

SUMMERVILLE, S.C. , Aug. 8, 2011 /PRNewswire/ -- FORCE PROTECTION, INC. (NASDAQ: FRPT) today announced that Charles A. Mathis , Chief Financial Officer, will present this week at two investor conferences. This includes:

Morgan Keegan 2011 Security & Defense Conference on Tuesday, August 9, 2011 at 8:30 AM Eastern. The conference is being held at The New York Palace Hotel in New York, NY on August 8-9, 2011 .

Jeffries 2011 Global Industrial and A&D Conference on Wednesday, August 10, 2011 at 10:30 AM Eastern. The conference is being held at the Grand Hyatt Hotel in New York, NY on August 9-11, 2011 .

(Logo: photos.prnewswire.com/prnh/20110321/CL67729LOGO)

The Company's presentations 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 webcasts can also be accessed through 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 Senior Director, Investor Relations Force Protection, Inc. 843.574.3892 wes.harris@forceprotection.net

SOURCE Force Protection, Inc.
👍️0
fourkids_9pets fourkids_9pets 13 years ago
Force Protection Announces Senior Management Changes PR Newswire   "Press Releases US - English"

Friday, August 05 2011 5:22 PM, EST

SUMMERVILLE, S.C. , Aug. 5, 2011 /PRNewswire/ -- FORCE PROTECTION, INC. (NASDAQ: FRPT) today announced changes to its senior management team, effective today, in the areas of business development and operations. The changes are designed to further strengthen the Company's efforts in the pursuit of new opportunities and drive manufacturing and operational efficiencies in its business.

(Logo: http://photos.prnewswire.com/prnh/20110321/CL67729LOGO )

Randy Hutcherson has been named Chief of Business Development, a new position in the Company's corporate structure. In this senior leadership role, Mr. Hutcherson will focus solely on the Company's worldwide business development activities. He will continue to report directly to Michael Moody , Chairman and Chief Executive Officer of Force Protection Inc .

Mr. Moody commented, "The shift in Randy's responsibilities clearly demonstrates the key role that business development plays in our long-term plans for success. We have several large programs we are pursuing in which important customer decisions are expected in the coming months and expect that further requirements for the Company's products and services are likely to be defined in the near to mid-term. In addition, we will continue to pursue opportunities to broaden our range of products and customers. Randy's extensive experience and his knowledge of the Company and its products will be central to building Force Protection for the long-term. I look forward to his continued contributions."

Philip Ciarlo has been named Chief of Operations for Force Protection Industries, Inc. , a new position in the operating company. Mr. Ciarlo is a senior executive with over 30 years of manufacturing experience in the automotive, aerospace, aircraft and motor and controls industries. He will report directly to Mr. Moody .

Michael Moody said, "We are delighted to add someone of Phil 's caliber to our senior management team. He brings with him extensive experience that will prove invaluable as we strengthen our manufacturing and operations, and drive efficiencies in the business."

Mr. Ciarlo most recently served as Vice President, Sourcing at Lockheed Martin Mission Systems and Sensors. His strong foundation in manufacturing was established at General Electric, where he spent the first 20 years of his career, rising to Manager for Plant Operations in Defense Systems at GE's Pittsfield, MA plant. He holds a BS degree in Electrical Engineering from Worcester Polytechnic Institute in Massachusetts .

Mr. Ciarlo commented, "I am very excited to join Force Protection . The Company's mission of saving heroes lives is one that is well documented and well known in the defense industry. I am honored to have the opportunity to contribute to that mission, and will focus on ensuring that the Company continues to provide vital survivability solutions to warfighters around the globe."

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 http://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 products; expectations for future programs and the related timing of proposals and awards; the ability to meet current and future requirements; the ability to drive manufacturing and operational efficiencies; and, the Company's execution of its business strategy, including its development initiatives and opportunities to broaden its platform. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, the ability to effectively manage the risks in the Company's business; the ability to win future awards and finalize contracts; 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 Form 10-Q for the three and six months ended June 30, 2011 .


Media Contact:

Investor Relations Contact:


Tommy Pruitt

Wes Harris


Senior Director, Communications

Senior Director, Investor Relations


843.574.3866

843.574.3892


tommy.pruitt@forceprotection.net

wes.harris@forceprotection.net






SOURCE Force Protection, Inc.
👍️0
fourkids_9pets fourkids_9pets 13 years ago
Force Protection Announces Financial Results for 2011 Second Quarter and Authorization of Additional $10 Million for Share Repurchase PR Newswire   "Press Releases US - English"

Thursday, August 04 2011 4:05 PM, EST

SUMMERVILLE, S.C. , Aug. 4, 2011 /PRNewswire/ -- FORCE PROTECTION, INC. (NASDAQ: FRPT) today reported financial results for the three months ended June 30, 2011 , including net sales of $92.2 million and a net loss of $0.22 per diluted share. Adjusted net loss for the period was $0.19 per diluted share, which excludes non-cash impairment expense of $0.03 per diluted share(1). Supported by funded backlog of $728 million at June 30, 2011 , the Company reiterates its outlook of growth in 2011 full year revenue as compared to 2010. In addition, the Company continues to make important progress in its business development efforts.

(Logo: http://photos.prnewswire.com/prnh/20110321/CL67729LOGO )

The Company also announced that its board of directors has authorized an additional $10 million for the repurchase of its common stock. The Company is continuing to execute on its existing $20 million share repurchase program, which was authorized in March 2011 .

Michael Moody , Chairman and Chief Executive Officer of Force Protection,Inc., said, "We had previously communicated that our 2011 second quarter would be challenging, and our disappointing results certainly reflect that. Due to the timing of awards and deliveries, revenues for the quarter are not representative of our expectations for the remaining quarters of 2011. In addition, the quarter represented a high point for research and development and business development investments we chose to make in pursuit of important opportunities."

Mr. Moody continued, "For the second half of 2011, we anticipate much stronger revenues than the first six months of the year as we deliver on orders already received, including the first Foxhounds to the United Kingdom Ministry of Defence . In addition, as we reach important milestones in pursuit of business opportunities in the United States and internationally, we expect that research and development and business development expenditures on these pursuits will be lower for the remainder of 2011. Further, our second quarter results are driving us to additional focus on containing expenses and increasing the flexibility of our cost structure. These initiatives are far reaching throughout the organization and are designed to produce operating expenses for the 2011 second half that are lower than the first six months of 2011."

Second Quarter

In the second quarter of 2011, the Company reported net sales of $92.2 million versus $137.1 million in the second quarter of 2010. Contributing to the decrease were lower vehicle, modernization, and spares and sustainment revenues primarily attributable to the timing of awards and related delivery of products and services.

Gross margin for the 2011 second quarter was 9.7 percent, as compared to 23.1 percent in the second quarter of 2010. Significantly contributing to the decrease was the impact of lower sales volume, the results of certain contract negotiations, increased warranty costs, and expenses for the Buffalo A2 as it moves toward formal Program of Record status.

The Company reported an operating loss of $24.0 million in the second quarter of 2011, as compared to operating income of $7.3 million in the prior year period. The 2011 second quarter adjusted operating loss was $20.8 million , which excludes $3.2 million of impairment expense associated with the Company's Roxboro, North Carolina , facility(1). Also contributing to the year-over-year decrease was the aforementioned impact of a lower gross margin in 2011, as well as increased research and development and related spending on the Company's business development initiatives. Reconciliations of 2011 adjusted operating loss and operating loss associated with the Roxboro impairment are included at the end of this press release(1).

Net loss for the second quarter of 2011 was $15.2 million , or $0.22 per diluted share, as compared to net income of $4.8 million , or $0.07 per diluted share, for the 2010 second quarter. The 2011 second quarter adjusted net loss was $13.1 million , or $0.19 per diluted share, which excludes $2.0 million , or $0.03 per share, of impairment expense (after tax) for the Roxboro facility(1). Reconciliations of 2011 adjusted net loss and adjusted net loss per share to net loss and net loss per share associated with the Roxboro impairment are included at the end of this press release(1).

Year to Date

For the six months ended June 30, 2011 , the Company reported net sales of $233.6 million versus $272.0 million for the six months ended June 30, 2010 . Contributing to the decrease was lower sales across all major revenue categories primarily due to the timing of contract awards and related delivery of products and services.

Gross margin for the six months ended June 30, 2011 was 14.8 percent, as compared to 21.0 percent for the six months ended June 30, 2010 . Contributing to the decrease in gross margin for 2011 was the aforementioned lower second quarter revenue and impacts to cost of sales. Also contributing to the lower gross margin for 2011 was $9.5 million of revenue in the first quarter related to a claim settlement and a development contract, with both having minimal associated gross profit, as well as $1.3 million in expenses related to a workforce reduction during the same period.

Operating loss was $23.9 million for the six months ended June 30, 2011 , as compared to operating income of $9.1 million in the prior year period. The 2011 year-to-date adjusted operating loss was $20.7 million , which excludes the aforementioned $3.2 million of impairment expense for the Roxboro facility(1). Significantly contributing to the year-over-year decrease were the previously discussed items affecting gross margin, as well as higher year-over-year spending on research and development and related efforts for the Company's business development initiatives. Also impacting 2011 results were $2.3 million in workforce reduction and severance related costs in the first quarter of 2011(1). Reconciliations of 2011 adjusted operating loss and operating loss associated with the Roxboro impairment are included at the end of this press release(1).

Net loss for the six months ended June 30, 2011 was $15.2 million , or $0.22 per diluted share, as compared to net income of $5.9 million , or $0.08 per diluted share, for the comparable prior year period. The 2011 year-to-date adjusted net loss was $13.2 million , or $0.19 per diluted share, which excludes the previously discussed $2.0 million , or $0.03 per share, of impairment expense (after tax) for the Roxboro facility(1). Reconciliations of 2011 adjusted net loss and adjusted net loss per share to net loss and net loss per share associated with the Roxboro impairment are included at the end of this press release(1).

Financial Position

Net cash provided by operating activities during the six months ended June 30, 2011 was $9.5 million , as compared to net cash used in operating activities of $20.2 million during the comparable prior year period. The Company ended the second quarter of 2011 with cash of $149.6 million , inventories of $90.2 million , and accounts payable of $73.4 million . In addition, accounts receivable was $86.6 million , including $50.5 million of earned but unbilled receivables. During the first six months of 2011, the Company used cash of $4.4 million for the repurchase of 915,319 shares Company stock on the open market, and $6.0 million for capital expenditures.

Business Development Initiatives

Force Protection Europe, a wholly-owned subsidiary of the Company, has commenced initial production under its $280 million contract with the United Kingdom Ministry of Defence ( U.K. MoD) for its Light Protected Patrol Vehicle (LPPV) program. Substantially all of the 2011 deliveries under the LPPV program are expected to occur in the fourth quarter, with further deliveries continuing through the first half of 2012. The Company is in discussion with the U.K. MoD concerning options beyond the current requirement of 200 Foxhound (the U.K. MoD's name for the Ocelot under the LPPV program) vehicles.

The Company also continues to make progress with the Ocelot in the Manufactured and Supported in Australia (MSA) option for the Land 121 Phase 4 program, which is designed to provide approximately 1,300 vehicles and trailers, as well as related long-term support, for Australia 's 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 (JLTV). The evaluation for the MSA option in the more than $1.3 billion Land 121 Phase 4 program is currently expected to conclude in the 2011 fourth quarter or early next year, 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.

Also in Australia , the Company is preparing a proposal for submission later this month for the new Project JP 2097 Phase 1B (REDFIN). The program is for up to 76 vehicles for the Australian Special Forces, and the Company will be offering a variant of the Ocelot. A down select to a preferred bidder for the prototype, development and evaluation phase for REDFIN is expected in the first half of 2012.

As part of an experienced team, the Company continues its pursuit of the U.S. Army 's Route Clearance Vehicle MRAP Contractor Logistics Support Service program competitive requirement for the maintenance of its thousands of related vehicles. The Company expects this multiyear program could be worth hundreds of millions of dollars annually to the chosen service provider. A selection by the customer of the preferred service provider is anticipated by late 2011.

The Company will submit a Cougar 6x6 variant called Timberwolf as a potential solution for Canada 's more than $1 billion Tactical Armoured Patrol Vehicle (TAPV) program, which requires procurement of an initial 500 vehicles and related long-term support services with an option for an additional 100 vehicles and related support services. The Company has teamed with Canadian-based CAE and secured Elbit Systems and Lockheed Martin Canada as key providers. A contract award to the final selected bidder is currently expected by the second quarter of 2012.

Outlook

The Company continues to expect 2011 full year revenue growth as compared to 2010. Supporting this view was funded backlog of $728 million at the end of the 2011 second quarter. The primary risk to the Company's outlook for the remainder of the year is the execution of modernization and vehicle deliveries already under contract, especially for the fourth quarter as it is expected to be the largest revenue quarter of the year.

Mr. Moody concluded, "We do not view our 2011 second quarter financial results as indicative of our expectations for the remainder of this year. This outlook is based on our substantial funded backlog that carries into 2012 and our enhanced efforts to drive increased flexibility and efficiency in our cost structure. We also look forward to customer decisions over the next several months on a number of programs that would benefit our results beginning in 2012. Along with the opportunities provided by our existing portfolio of products and services, we believe success in one or more of these large programs will better position the Company for long-term success and result in increased shareholder value."

Authorization of Additional $10 Million for Share Repurchase Program

Separately, the Company announced today that its board of directors has authorized $10 million for repurchase of Company common stock. This amount is in addition to the $20 million authorization announced by the Company on March 9, 2011 , which the Company continues to execute.

The repurchase program calls for shares to be purchased in the open market or in private transactions. The Company may repurchase shares from time to time depending upon market conditions, the market price of the Company's common stock, and management's assessment of liquidity and cash flow needs. The Company currently expects to finance any repurchases from cash-on-hand. The Company may suspend or discontinue the program at any time.

Conference Call Information

The Company will hold a conference call today at 4:30 p.m. Eastern time to discuss its results. A question and answer session will follow the management commentary portion of the call.

To listen to the call, dial 866.730.5768 (for international, dial 857.350.1592) five to ten minutes prior to the scheduled start time and provide passcode 63961221. 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 of the call will be available two hours after the end of the call through midnight Thursday, August 18, 2011 . To access the replay, dial 888.286.8010 (for international, dial 617.801.6888) and enter passcode 68098019, 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.

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 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, REDFIN and Route Clearance Vehicle MRAP Contractor Logistics Support Service and the related 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 Company's execution of its business strategy and strategic transformation, including its development initiatives and opportunities to broaden its platform; the Company's expected financial and operating results, including its revenues, margin, earnings and cash flows, for future periods; the Company's belief that the 2011 second quarter represented a high point for research and development and business development investments; the Company's belief that for the second half of 2011, it anticipates much stronger revenue than the first six months of the year; the Company's expectation that 2011 full year revenues will grow as compared to 2010; the Company's belief that cost reduction initiatives are in place and will be executed to produce operating expenses for the 2011 second half that are lower than the first six months of 2011; the Company's expectation that substantially all of the 2011 deliveries under the LPPV program will occur in the fourth quarter, with further deliveries continuing through the first half of 2012; the Company's belief that success in one or more of the identified large programs it is pursuing will better position the Company for long-term success and result in increased shareholder value; and, the Company's 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 execution of modernization and vehicle deliveries already under contract, especially for the 2011 fourth quarter as it is expected to be the largest revenue quarter of the year; 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 Form 10-Q for the three and six months ended June 30, 2011 .

(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 company's 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 operating loss", "adjusted net loss" and "adjusted net loss per share" as operating loss, net loss and net loss per share as reported under GAAP less the impact of the impairment in the valuation of the Company's Roxboro, North Carolina , facility in the second quarter of 2011. By excluding these charges, management is able to compare the Company's ongoing operations to prior periods and to the ongoing operations of other companies in its industry. Management believes that excluding the expense for the impairment of the valuation of the Company's Roxboro, North Carolina , facility 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 Company's 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 Company's liquidity. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company's definition of "adjusted operating loss", "adjusted net loss" and "adjusted net loss 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 Company's 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 operating loss", "adjusted net loss" and "adjusted net loss per share" by excluding this expense. 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 operating loss", "adjusted net loss" and "adjusted net loss per share" with operating loss, net loss and net loss per share are included in the accompanying financial data.


Investor Relations Contact:

Media Contact:


Wes Harris

Tommy Pruitt


Senior 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





(Tables follow)


Force Protection, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)



For the three months ended


For the six months ended



June 30,


June 30,



2011


2010


2011


2010



(In Thousands, Except Per Share Data)


(In Thousands, Except Per Share Data)


Net sales

$ 92,172


$ 137,139


$ 233,579


$ 271,986


Cost of sales

83,238


105,457


199,029


214,915


Gross profit

8,934


31,682


34,550


57,071


General and administrative expenses

22,421


19,124


42,906


37,864


Asset impairment expense

3,200


-


3,200


-


Research and development expenses

7,342


5,284


12,323


10,131


Operating (loss) profit

(24,029)


7,274


(23,879)


9,076


Other income (expense), net

128


189


(62)


262


Interest expense, net

(27)


(62)


(55)


(194)


(Loss) income before income tax

(23,928)


7,401


(23,996)


9,144


Income tax benefit (expense)

8,752


(2,624)


8,771


(3,231)


Net (loss) income

$ (15,176)


$ 4,777


$ (15,225)


$ 5,913


(Loss) earnings per common share:









Basic

$ (0.22)


$ 0.07


$ (0.22)


$ 0.09


Diluted

$ (0.22)


$ 0.07


$ (0.22)


$ 0.08


Weighted average common shares outstanding:









Basic

68,900


68,787


68,974


68,729


Diluted

68,900


69,606


68,974


69,609












Force Protection, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)



As of June 30,


As of December 31,



2011


2010



(InThousands)


Assets





Current assets:





Cash and cash equivalents

$ 149,603


$ 149,965


Accounts receivable, net

86,626


124,831


Inventories

90,195


90,110


Deferred income tax assets

13,237


12,336


Other current assets

29,725


41,520


Total current assets

369,386


418,762


Property and equipment, net

54,050


60,422


Investment in unconsolidated joint ventures

2,708


2,815


Other assets

1,077


705


Total assets

$ 427,221


$ 482,704







Liabilities and Shareholders' Equity





Current liabilities:





Accounts payable

$ 73,380


$ 94,593


Due to United States government

3,498


1,331


Advance payments on contracts

19,273


5,875


Other current liabilities

17,086


50,943


Total current liabilities

113,237


152,742


Deferred income tax liabilities

1,857


973


Other long-term liabilities

999


562



116,093


154,277


Commitments and contingencies










Shareholders' equity:





Common stock

71


71


Additional paid-in capital

264,408


262,451


Accumulated other comprehensive income (loss)

235


(88)


Treasury stock, at cost

(4,352)


-


Retained earnings

50,766


65,993


Total shareholders' equity

311,128


328,427


Total liabilities and shareholders' equity

$ 427,221


$ 482,704








Force Protection, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)



Forthesix months endedJune 30,



2011


2010



(In Thousands)


Cash flows from operating activities:





Net (loss) income

$ (15,225)


$ 5,913


Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities





Depreciation and amortization

8,426


7,927


Deferred income tax (benefit) provision

(200)


313


Income tax effect realized from stock transactions

(122)


(12)


Stock-based compensation

1,869


1,714


Provision for inventory

1,946


1,154


Provision for asset impairment

3,200


-


Other

285


(126)


(Increase) decrease in assets





Accounts receivable

39,405


(4,056)


Inventories

(1,140)


(4)


Other assets

(12,309)


(67)


Increase (decrease) in liabilities





Accounts payable

(22,618)


(26,742)


Due to United States government

2,167


(2,829)


Advance payments on contracts

13,398


2,228


Other liabilities

(9,537)


(5,597)


Total adjustments

24,770


(26,097)


Net cash provided by (used in) operating activities

9,545


(20,184)


Cash flows from investing activities:





Capital expenditures

(5,998)


(5,029)


Purchase of JAMMA assets

-


(1,200)


Other

8


22


Net cash used in investing activities

(5,990)


(6,207)


Cash flows from financing activities:





Purchase of treasury stock

(4,352)


-


Proceeds from issuance of common stock

207


17


Income tax effect realized from stock transactions

122


12


Net cash (used in) provided by financing activities

(4,023)


29


Effect of foreign currency rate changes on cash

106


(126)


Decrease in cash and cash equivalents

(362)


(26,488)


Cash and cash equivalents at beginning of year

149,965


147,254


Cash and cash equivalents at end of period

$ 149,603


$ 120,766








Force Protection, Inc. and Subsidiaries Reconciliation

(InThousands,ExceptPerShareData)

(Unaudited)



Forthethreemonthsended


Forthesix monthsended



June 30, 2011


June 30, 2011



Reported

Basis

(GAAP)


Asset

Impairment


Comparable

Basis

(Adjusted)


Reported

Basis

(GAAP)


Asset

Impairment


Comparable

Basis

(Adjusted)















Netsales

$ 92,172


$ -


$ 92,172


$ 233,579


$ -


$ 233,579


Costofsales

83,238


-


83,238


199,029




199,029


Grossprofit

8,934


-


8,934


34,550


-


34,550


Generalandadministrativeexpenses

22,421




22,421


42,906




42,906


Assetimpairmentexpense

3,200


3,200


-


3,200


3,200


-


Researchanddevelopmentexpenses

7,342


-


7,342


12,323


-


12,323


Operatingloss

(24,029)


(3,200)


(20,829)


(23,879)


(3,200)


(20,679)


Otherincome(expense),net

128


-


128


(62)


-


(62)


Interestexpense,net

(27)


-


(27)


(55)


-


(55)


Lossbeforeincometax

(23,928)


(3,200)


(20,728)


(23,996)


(3,200)


(20,796)


Incometaxbenefit

8,752


1,170


7,582


8,771


1,170


7,601


Netloss

$ (15,176)


$ (2,030)


$ (13,146)


$ (15,225)


$ (2,030)


$ (13,195)


Losspercommonshare:













Basic

$ (0.22)


$ (0.03)


$ (0.19)


$ (0.22)


$ (0.03)


$ (0.19)


Diluted

$ (0.22)


$ (0.03)


$ (0.19)


$ (0.22)


$ (0.03)


$ (0.19)


Weightedaveragecommonsharesoutstanding:













Basic

68,900


68,900


68,900


68,974


68,974


68,974


Diluted

68,900


68,900


68,900


68,974


68,974


68,974






SOURCE Force Protection, Inc.
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