– Files Amended Form 10-Qs for
Quarterly Periods During the Year Ended December 31, 2007 –
– Files First and Second Quarter
2008 Form 10-Qs –
– Reports Significantly Improved
Profitability for First Half of Fiscal 2008 –
Force Protection, Inc. (NASDAQ: FRPT) today filed with the Securities
and Exchange Commission its Quarterly Reports on Form 10-Q for the
quarterly periods ended March 31, 2008 and June 30, 2008. The Company
also filed with the SEC its amended Quarterly Reports on Form 10-Q/A for
the quarterly periods ended March 31, 2007, June 30, 2007, and September
30, 2007 which include restated financial results for each of those
periods. The Company noted that it is now up to date with reporting
requirements for the SEC and listing requirements for the NASDAQ market.
Michael Moody, Chairman and Chief Executive Officer of Force Protection,
Inc., said, “We are very grateful for the hard
work of our finance team and the cooperation and assistance of both the
Securities and Exchange Commission and the NASDAQ market during the last
few months. Our team has worked hard to generate accurate and timely
operating and financial information, which not only allows us to remain
in good standing with the financial marketplace, but is also essential
to create a more responsive, flexible and profitable business. During
the first six months of 2008 we began to focus on operating the business
more efficiently. This work will continue as we transform our business
and look forward.”
The Company reported, for the six months ended June 30, 2008, net sales
of $743.9 million, an increase of 206% compared to the $243.5 million
recorded for the six months ended June 30, 2007. The increased Company
revenue was driven by higher shipments of MRAP vehicles for the U.S.
government and an increase in service and support programs for our
fielded fleet of vehicles. The Company reported net income for the six
months ended June 30, 2008 of $15.3 million, or $0.22 per fully diluted
share, compared to net income of only $183,000, or less than a penny per
fully diluted share, in the year-ago six-month period.
Michael Moody, continued, “We saw benefits in
the early part of fiscal 2008 from significant shipments of Cougar MRAP
vehicles, Cougar variants, and Buffalo vehicles, as well as revenues
from the related service and support work to maintain and sustain the
operational readiness of our fleet. Although we recognize the
improvements in the first half of 2008 over the comparable periods in
2007, we are by no means satisfied. We are committed to making further
improvements in every aspect of our business. We are working to achieve
process improvements and efficiencies in our existing operations as well
as to identify specific areas of business development that have been
driven by successful research and development efforts in the areas of
material science and blast- and ballistic- solutions.”
First Quarter 2008 Summary
For the three months ended March 31, 2008, the Company reported net
sales of $403.0 million, an increase of 285% compared to $104.8 million
in the same period of the prior year. Gross margin for the first quarter
of 2008 was 9.5% compared to 18.8% in the prior-year quarter.