Source: DTN News - - This article compiled by Roger Smith from reliable sources Force Protection(NSI News Source Info) LADSON, SC - December 19, 2010: Force Protection Industries, Inc., a Force Protection Inc. (NASDAQ:FRPT) group company, today announced that it has reached a significant milestone during 2010 with the receipt to date of more than $1 billion in new orders. A modification to contract M67854-07-C-5031 on December 15, 2010 for approximately $13.4 million from the U.S. Marine Corps Systems Command to provide additional field service support propelled the total orders received during 2010 beyond the $1 billion mark. Of the orders received, approximately 53% were associated with modernization, spares and sustainment for the Company’s installed fleet of over 4,500 vehicles worldwide. New vehicle orders accounted for approximately 47% of the total.
Randy Hutcherson, Chief Operating Officer for Force Protection Industries, Inc., said, “This important milestone is the result of the hard work and attention that we placed on a number of initiatives during 2010. These efforts included continued expansion of our Kuwait operations and leaning forward in Afghanistan to capitalize on opportunities to provide much needed upgrades and modernization on our existing fleet of vehicles and MRAPs supplied by other OEMs, as well as providing spares and sustainment for our vehicles in the ongoing operations that have now transitioned from Iraq to Afghanistan. Just as important was our focus on obtaining additional Buffalo and Cougar vehicle orders, as well as the design, development and successful marketing of the Ocelot for competition in, and ultimate contract award for, the United Kingdom’s Light Protected Patrol Vehicle program in which deliveries are scheduled to begin in the second half of 2011. I am extremely proud of the outstanding efforts from all of our employees worldwide who contributed to the success of the company in 2010. We look forward to continuing to grow the business from the strong base that has been established.”
Michael Moody, Chairman and Chief Executive Officer of Force Protection Inc., further commented, “Responding to the needs of the customer remains paramount, and today’s announcement is a direct reflection on the significant efforts we have undertaken to further differentiate Force Protection in the marketplace. As we have done with the development of the uniquely-positioned Ocelot, Force Protection will continue to leverage its innovative and nimble operating culture to provide our customers with exceptional survivability solutions and ensure that the troops have the best resources available to promote 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, the Cougar and its related variants, and the Ocelot 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). Complementing these efforts, the Company is designing, developing and marketing a new vehicle platform, the JAMMA, which provides increased modularity, 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 highly-skilled field service representatives, and advanced on and off-road 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 products and services, expectations for future vehicle spares, modernization and service-related contracts; the benefits and suitability of the Company’s products and service-related contracts; the effects of the Company’s survivability solutions; expected work completion and delivery dates; and the Company’s execution of its business strategy and strategic transformation, including its opportunities to grow the business. 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 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, 2009 and as updated in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2010.
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