|
||||||||||||||||||
|
||||||||||||||||||
IN THE NEWSForce Protection, Inc. Comments on Results of M-ATV CompetitionPublisher: Force Protection, Inc.Date: 07/01/2009 Force Protection, Inc. (NASDAQ: FRPT), a leading designer, developer and manufacturer of life saving survivability equipment and provider of total life cycle support for those products, today commented on the outcome of the M-ATV competition. As announced on June 30, 2009, U.S. Army Tank-Automotive and Armaments Command (TACOM) did not select the Cheetah Mk. II vehicle submitted by Force Dynamics, LLC, the Company’s joint venture with General Dynamics Land Systems. Michael Moody, Chief Executive Officer of Force Protection, commented, “We are grateful for the consideration given to our M-ATV submission by the customer, though of course we are disappointed to have not been selected. Even so, our business planning and ability to continue to generate growth and value for our shareholders was not dependent upon winning the M-ATV program. We remain very optimistic about the near and longer-term opportunities to grow our business and to serve our customers with a diverse array of urgently needed survivability solutions and total life cycle support for our deployed fleet of vehicles.” Mr. Moody continued, “We are well positioned to capture a variety of opportunities for service, support, spares, and training that exist with regard to our fleet of deployed vehicles. We will continue to produce our Buffalo and Cougar-based family of vehicles for US and foreign customers and to build our global reach and capabilities, including developing an international customer base for the Cheetah Mk. II vehicle. We have begun maintenance and operator training at our Roxboro facility, opened our Kuwait-based logistics and service depot, and believe that our improved capabilities and competitive position will enable us to capture what we believe are significant business opportunities.” The Company noted that it had recently received significant awards to begin upgrading its fielded fleet, including for both the parts and installation of the independent suspension upgrade, and for its ForceArmor™ kits. The Company anticipates a relatively soft level of operating profit in its second quarter due to the timing of vehicle and other product shipments and costs related to the M-ATV competition. However, it expects a stronger second half and full year performance, due to expected life cycle support business combined with planned shipments of the Buffalo and the Wolfhound Tactical Support Vehicle (TSV). Mr. Moody concluded, “We are continuing the strategic transformation of Force Protection to a business with a broader range of products and a broader range of customers. We have good near-term prospects, a highly active research and development organization and over $119 million in cash and no debt. We believe that we will continue to prove successful in delivering life-saving products and service that generate value for the war fighter, our customers, and our shareholders.” About Force Protection, Inc. Force Protection, Inc. is a leading American designer, developer and manufacturer of survivability solutions, predominantly 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, the Cougar, the Buffalo and the Cheetah, 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 also is the developer and manufacturer of ForceArmor™, an armor package providing superior protection against explosively formed projectiles (EFPs), now available for a wide range of tactical-wheeled vehicles. The Company is one of the original developers and primary providers of vehicles for the U.S. military’s Mine Resistant Ambush Protected, or MRAP, vehicle program. For more information on Force Protection and its vehicles, visit www.forceprotection.net. Force Protection, Inc. Safe Harbor Language 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 and demand for Force Protection’s vehicles, including the Tactical Supply Vehicle, the ForceArmor™ kits and the M-ATV Cheetahs; the rate at which the Company will be able to produce these vehicles and products; the Company’s ability to develop new technologies and products, and the effectiveness of these technologies and products; the Company’s execution of its business strategy and strategic transformation, including ability to right-size its manufacturing base and diversify the range of its product offerings and utilize world-class partners; and the Company’s expected financial and operating results, including its revenues and cash flow, for future periods. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, ability to effectively manage the risks in the Company’s business; the ability to develop new technologies and products and the acceptance of these technologies and products; the ability to obtain new orders for its vehicles and products; the Company’s ability to identify and remedy its internal control weaknesses and deficiencies, and 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, 2008, as updated in the Quarterly Report on Form 10-Q for the period ended March 31, 2009. Back |
||||||||||||||||||
