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FRPT 50M$ contract with US Army
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[QUOTE]Originally posted by BooDog: [QB] [URL=http://www.thestreet.com/_yahoo/newsanalysis/aerospace-defense/10405955.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA]http://www.thestreet.com/_yahoo/newsanalysis/aerospace-defense/10405955.html?cm_ ven=YAHOO&cm_cat=FREE&cm_ite=NA[/URL] Force Protection Shakes Up Top Ranks03/03/08 - 06:12 PM EST FRPT Melissa Davis OKLAHOMA CITY -- Now, Force Protection (FRPT - Cramer's Take - Stockpickr) has taken aim at its own leaders. The company said Monday that it has installed a permanent CEO, while announcing the departure of both its finance and operating chiefs. The shakeup came just hours after the company revealed that its reported profit growth for 2007 had been an illusion. Force Protection has officially chosen Michael Moody as its turnaround CEO. Moody has been serving as CEO on an interim basis since early this year, when the company ousted Gordon McGilton following a string of disappointments. CFO Michael Durski followed McGilton out the door on Friday, when the company announced a looming restatement of its 2007 financial reports. COO Raymond Pollard departed Monday, Force Protection said. Frank Scheuerell, an accountant who specializes in restatements, will serve as interim CFO until Force Protection can hire a permanent replacement. The company has no plans to hire another operating chief. "The changes we are announcing today are intended to mark the beginning of a new chapter in the history of this company," Moody said in a statement. "We demand excellence of every facet of this organization as we go forward, and we will continue to evolve our organization and management to meet business requirements and opportunities. "There is no area of our business that will go untouched by the mandate we have to improve our company's performance." Force Protection's stock continues to suffer in the meantime. Once a $30 highflier, the stock has lost almost 90% of its value in less than a year. On Monday, shares tumbled nearly 13% to $3.58. -------------- Crazy. This goes along with my SCA also - my kind of plays. Just make sure you get out of the way cuz when the boulder tumbles down this hill who knows where it will end up. Class action law suits possible?? Good luck to those still in this. [/QB][/QUOTE]
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