LADSON, S.C., May 15 /PRNewswire-FirstCall/ -- Force Protection, Inc. , the leading armored vehicle manufacturer, today announced results for the first quarter ended March 31, 2007.
Net sales for the first quarter ended March 31, 2007 totaled $100.2 million, an increase of 187.6% compared with $34.8 million reported during the same period in the prior year. This growth is primarily due to a significant increase in vehicle production and deliveries in several blast protected vehicle programs, reflecting contract awards received in the latter half of 2006. These include contracts with the U.S. Marine Corps to supply Cougar Joint Explosive Ordnance Disposal Rapid Response Vehicles (JERRV), Buffalo Mine Protected Clearance Vehicles, and a contract with the British Ministry of Defense for Mastiff Protected Patrol Vehicles or Mastiff PPV.
Force Protection recorded a gross profit for the first quarter 2007 of $21.8 million, an operating profit of $2.5 million and negative cash flows from operations of $27.2 million. Net income for the first quarter of 2007 was $2.5 million or $0.04 per diluted share, compared with a net loss of $665,633 or $(0.03) per diluted share for the same period last year.
Gordon McGilton, Chief Executive Officer of Force Protection, said, "We are very pleased with our results for the first quarter. The Company is now starting to see the tangible benefits of the contract awards we received in 2006 and already, in the first quarter alone we have achieved net sales that equal nearly half of our total 2006-year net sales performance. We believe our outlook for the rest of 2007 is even brighter, given recent contract awards and the delivery orders we have already received from the U.S. Marine Corps. We intend to continue to expand our operations and remain focused on expediting deliveries through increased efficiencies at our production facilities."
For further information, interested parties are encouraged to review Force Protection's latest 10-Q filing with the SEC, which can be accessed via the Internet at http://www.forceprotection.net/investors/sec.html.
About Force Protection Inc.
Force Protection, Inc. manufactures ballistic- and mine-protected vehicles through its wholly-owned subsidiary. These specialty vehicles protect against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technologies are among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C. For more information on Force Protection and its vehicles, visit http://www.forceprotection.net/.
This press release contains forward-looking statements that involve risks and uncertainties. The Company generally uses words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in the Company's Form 10-K and other reports filed with the Securities and Exchange Commission. Although management believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and the Company's future results, levels of activity, performance or achievements may not meet these expectations. The Company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in expectations, except as required by law.
