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[QUOTE]Originally posted by Jo4321: [QB] Last paragraph update . Rumor unconfirmed. (but I'm not holding my breath) Force Protection Falls as Marines Plan Less Purchases (Update2) 2007-11-30 13:58 (New York) (Updates with company comment in the seventh paragraph.) By Allen Wan and Anthony Capaccio Nov. 30 (Bloomberg) -- Force Protection Inc. fell the most in more than four years in Nasdaq Stock Market trading after the U.S. Marine Corps said it may reduce purchases of blast- resistant armored vehicles. Ladson, South Carolina-based Force Protection plunged $4.24, or 28 percent, to $10.71 at 1:53 p.m. New York time in composite trading. That's the steepest decline since July 15, 2003. The Marines plan to reduce by about 1,400 trucks the number of mine-resistant vehicles, or MRAPs, it intends to buy, said Colonel David Lapan, a Corps spokesman. The number of vehicles needed may drop to 2,300 from 3,700 because of a reduction in violence in Al Anbar province and the desire of commanders to use a greater mix of mine-resistant vehicles and armored Humvee vehicles, Lapan said today in an interview at the Pentagon. Fewer military purchases of MRAPs would be ``negative'' for Force Protection, the largest supplier of the vehicles to the Marines, Friedman Billings, Ramsey & Co analyst Patrick McCarthy wrote in a note to investors today. A reduction would cut the company's 2008 profit by 21 cents, wrote McCarthy, who based his calculations on reports that the Marines would scale back its bomb-resistant truck purchases to 2,400. His current estimate for next year's earnings is $1.57 a share. Force Protection Force Protection Chief Executive Officer Gordon McGilton said today the company has not been informed of any change in the Marine Corps procurement plan. Company executives met with Paul Mann, the head of the Marine Corps program, as recently as two days ago and no change was announced at that point, McGilton said. Force Protection plans to seek clarification from the Marine Corps on the report, McGilton said. ``Never believe the first report,'' McGilton said in an interview at the company's new plant in Roxboro, North Carolina. ``You learn that on the battlefield, and in business.'' --With reporting by Edmond Lococo in Roxboro, North Carolina. Editors: Chapin Wright, Will Daley. [/QB][/QUOTE]
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