posted
check this out-- FRPT is the 12th stock listed as top short percentage decrease in stock stocks as of May 15th! you know what that means-the market knows where FRPT is headed
LOL First of all JUST 3 shareholders!!!! Second, and by far the best part-> "The shareholders filed the lawsuits on behalf of Force Protection, which means any monetary award would be paid to Force Protection,not the three stockholders."
Force Protection Industries, Inc., Ladson, S.C., is being awarded a $28,456,471 modification to previously awarded contract (M67854-07-D-5031) Delivery Order #0003 to purchase Mine Resistant Ambush Protected (MRAP) Vehicle Integrated Logistic Support (ILS) Sustainment Parts and Outside the Continental United States (OCONUS) Welders. Work will be performed in Ladson, S.C., and in Operation Iraqi Freedom/Operation Enduring Freedom area’s of responsibilities, and work is expected to be completed October 2009. Contract funds will not expire at the end of the current fiscal year. The Marine Corps Systems Command, Quantico, Va., is the contracting activity.
Force Protection Industries, Inc., Ladson, S.C., is being awarded a $15,220,882 modification to contract (M67854-07-D-5031) Delivery Order #0006 to purchase Mine Resistant Ambush Protected (MRAP) Vehicle Integrated Logistic Support Sustainment Parts and Outside the Continental United States (OCONUS) Field Service Representatives. Work will be performed in Ladson, S.C., and in Operation Iraqi Freedom/Operation Enduring Freedom area’s of responsibilities, and work is expected to be completed October 2009. Contract funds will not expire at the end of the current fiscal year. The Marine Corps Systems Command, Quantico, Va., is the contracting activity.
IP: Logged |
posted
for those of you that missed the CC. Heres a quick summary off the top of my head
Moody mentioned long term service and rebuild revenue and capacity for at least 25 Buffalos and least 80 Cougars a month long term.
In regards to cougar servicing, they said is a 2Million dollar serviced vehicle over its lifetime approx 15-20 yrs.
Expressed extreme interest from "uk customer" and negotiating with other countries for vehicles.
JLTV is still 3-4 yrs away, but cheetah "just waiting...."
Cut workforce by 25%.
Shuffling processes in different locations, roxboro, summerville buildings.. sounded like they're all very active.
10Q not ready just yet, but it will be filed.
There was no mention of lawsuits. Not even a question about it!
Anyway, imo it was a solid CC. I think we are not too far off from a cheetah order, and it will come first from an intl customer if i had to guess. This has still yet too blow imo. I feel lucky to have gotten a bunch near 1.00 but even at 4 I feel its a bargain. Too much in the works, FPI is here to stay. We have 10Q coming, more contracts, and when we get a cheetah order SEE YA! this has no where to go but up! GL!!
IP: Logged |
posted
Force Protection cuts work force, plans N.C. move. 03:39 a.m. 05/30/2008 Provided by
May 30, 2008 (The State - McClatchy-Tribune Information Services via COMTEX) -- Force Protection has cut its S.C. work force as the company tries to overcome financial problems.
The Ladson-based company has trimmed its number of employees to 1,540 from a peak of about 2,000 late last year, chief executive officer Michael Moody said Thursday.
In addition, the company is moving part of its operation from Summerville to Roxboro, N.C., where it bought a former automotive plant in 2007, Moody said. The number of employees affected has not been determined, said Tommy Pruitt, the company's spokesman.
Both changes are part of an overall evaluation of Force Protection's operations. It comes on the heels of a tumultuous year.
Force Protection rose out of obscurity in 2005 when the Pentagon needed a vehicle that could protect troops from roadside bomb blasts in Iraq. The company's vehicles with their V-shaped hulls and thick armor were the answer, and its stock peaked at nearly $30 a share.
Now, the company has lost part of its military business to larger competitors, undergone a management shake-up, witnessed a sharp decline in its stock value, and failed to file any financial statements with the Securities Exchange Commission since last fall. Nasdaq has threatened to delist Force Protection.
Moody, named CEO in March, announced the changes Thursday during a conference call with investors.
Moody offered a modified financial report but said the company still was not ready to release its 2007 annual report or a first quarter report for 2008. No timetable has been set, he said.
The company's first quarter revenues were $400 million, but half will be paid to General Dynamics, which manufactures vehicles through a partnership with Force Protection, Moody said. In 2007, the company's revenue was $100.2 million.
Moody said the defense contractor has a $410 million backlog of orders that will carry it through the rest of the year. And the company has about $70 million cash.
Force Protection had increased its labor force in 2007 by hiring temporary and contract employees for its production lines, Pruitt said. The company, which had been criticized for delays in completing Pentagon orders, needed extra workers.
Force Protection has achieved most of its reductions by cutting those contract and temporary employees, Pruitt said. A few management positions have been eliminated through attrition, he said.
The defense contractor has reconfigured its production lines at the Ladson plant. It will move its engineers and design team to Summerville from Ladson to join the research and development unit, Moody said.
The corporate headquarters will be relocated somewhere in the Charleston area. A blast test site in Edgefield will remain.
Force Protection also hired another company to manage its spare parts warehouse at another location near Charleston.
As for the move to North Carolina, Force Protection finally will be using a facility it bought in 2007 in anticipation of winning a large military contract to build its Cheetah line of vehicles. However, that order was never placed and the company has been sitting on a vacant site.
In Roxboro, Force Protection will teach soldiers how to operate its Cougar and Buffalo models. Company employees sent overseas to work on vehicles also will be trained there, Pruitt said.
All moves will be complete by the end of 2008, Pruitt said.
Force Protection shares rose 10 cents Thursday to $3.80.
Reach Phillips at (803) 771-8307.
-------------------- "Great Day for Up!"....Dr. Seuss
IP: Logged |
posted
DJ Force Protection Awarded $43.7M For Service And Support
DOW JONES NEWSWIRES
Force Protection Inc. (FRPT) subsidiary, Force Protection Industries, received two contract modification orders from the Marine Corps Systems Command for $43.7 million.
The Ladson, S.C., company's orders are for service and support of its mine-resistant ambush protected vehicles. Work is expected to be completed by October 2009.
The company's shares recently traded at $4.03, up 23 cents, or 6.1%.
posted
Force Protection Wins Stay from Nasdaq Delisting until September 15, 2008
Business Wire "US Press Releases "
LADSON, S.C.--(BUSINESS WIRE)--
Force Protection, Inc. (NASDAQ:FRPT) today announced that on May 29, 2008 it received a notice from the Nasdaq Hearing Panel stating that Force Protection's request for continued listing on The Nasdaq Stock Market was granted, subject to certain conditions. These conditions include that on or before September 15, 2008 Force Protection shall file with the Securities and Exchange Commission its Form 10-K for the fiscal year ended December 31, 2007, the Form 10-Q for the fiscal quarter ended March 31, 2008 and any other required restatements of its financial statements. There can be no assurance that the Company will satisfy the conditions by September 15, 2008. Force Protection appealed the Nasdaq Listing Qualification Staff's previously disclosed determination to delist the company's securities from The Nasdaq Stock Market for failure to comply with Nasdaq Marketplace Rule 4310(c)(14).
Force Protection Chief Executive Officer Michael Moody, commented, "We are very grateful to the members of the NASDAQ hearing panel for their consideration and subsequent decision. With the help of Grant Thornton, we are looking to complete the required restatement and the filing of our SEC documents on or before the deadline."
As previously announced on March 3, 2008, Force Protection expects to restate its previously reported interim consolidated financial statements for the three and nine month periods ended September 30, 2007, as a result of errors discovered by management during its year end review of the accounting for accounts payable errors associated with inventory purchased from a sub-contractor as a result of a contract termination.
On March 3, 2008, Force Protection filed a Form 12b-25 with the Securities and Exchange Commission which explains certain material weaknesses in internal control over financial reporting identified by Force Protection for the year ended December 31, 2007. For further discussion of previously identified material weaknesses refer to Item 9A of the Company's Form 10-K/A for the year ended December 31, 2006 as filed with the SEC on October 15, 2007.
Previously, Force Protection announced that as of April 10, 2008, the Company's Audit Committee had engaged Grant Thornton LLP as the Company's new independent registered public accounting firm for the fiscal year ended December 31, 2007 and the fiscal year ending December 31, 2008 effective immediately.
About Force Protection, Inc.
Force Protection, Inc. is a leading American designer, developer and manufacturer of life saving survivability equipment, predominantly ballistic- and blast-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, the Cougar and the Buffalo, and the Cheetah, are designed specifically for reconnaissance, forward command and control, and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). The Company is one of the original developers and primary providers of vehicles for the U.S. military's Mine Resistant Ambush Protected, or MRAP, vehicle program.
This press release contains forward-looking statements, including statements regarding its continued listing on The Nasdaq Capital Market; the estimated timing for the filing of restatement of its financial statements set forth in the Quarterly Report on Form 10-Q for the period ended September 30, 2007; the estimated timing for the filing of its Annual Report on Form 10-K for the year-ended December 31, 2008; the estimated timing for the filing of its Quarterly Report on Form 10-Q for the quarter-ended March 31, 2008; its expectation with regard to management's evaluation of internal control over financial reporting, including management's inability to remediate weaknesses identified in this notice; the scope and number of material weaknesses in internal control over financial reporting and their potential impact on the restatement process and estimated 2007 reviews. Statements that are not historical facts, including statements about its beliefs and expectations, are forward-looking statements. These statements are based on beliefs and assumptions by Force Protection's management, and on information currently available to management. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual result to differ materially from those contained in any forward-looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include, but are not limited to, potential claims or liability that could arise as a result of the Company's restatement of its financial statements; its ability to identify and remedy internal control weaknesses and deficiencies; its ability to effectively manage the risks in its business; the reaction of the marketplace to the foregoing; and any further errors in its accounting that the Company may find which could cause it to restate its financial statements for additional periods; and 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 Form 10-Q for the quarter ended September 30, 2007.
Fool on Call: Force Protection Projections By Rich Smith June 2, 2008 Comments (0)
What to do with Force Protection (Nasdaq: FRPT)?
The question's bound to be on shareholders' minds (I know it's on mine) after Friday's 12% jump in price. In slightly more than a year, Force's stock has plunged from a peak price around $30 to within a whisker of a buck. Ouch. Now that it's tripled off of its March bottom, investors have to be wondering whether this is the time to get out before things go bad again.
So? Is it time? Fair question. After reviewing the situation in my April column "MRAP Madness," I concluded that Force had about equal chances of going broke or coming back strong. For the latter scenario to bear fruit, the company had to get a couple things done: Get its SEC filings done, and land some contracts to shore up its revenue stream.
A month and a half after that column ran, Force Protection provided us an update in a conference call Thursday. So let's see what progress it has made.
Talk is cheap Force's last conference call, the one that inspired "MRAP Madness," struck me as an exercise in wishful thinking. Force was working on getting its accounting fixed. It expected to land contracts to "remanufacture" Cougar MRAP vehicles for the Marines. It hoped to sell someone (anyone?) its new Cheetah armored vehicle. It intended to compete against everyone from Boeing (NYSE: BA), to Oshkosh (NYSE: OSK), to Lockheed Martin (NYSE: LMT), to Northrop Grumman (NYSE: NOC) for a slot in the Army's JLTV program. Suffice to say, I was less than impressed with the talk -- but willing to give Force some time to deliver on its promises.
And action? So far, no such luck. The filings still aren't done, and while Grant Thornton is working on the books, management could not say when everything will be squared away. The JLTV contracts haven't yet been awarded (but Force partnered with DRS Technologies (NYSE: DRS) on its bid). Nor do we have any remanufacturing contracts or Cheetah sales.
And yet ... somehow I came away from this call feeling much better about Force than last time around. Why? Management convinced me that it's not the one-trick pony that some analysts have labeled it. This pony has quite a few more tricks stashed in its saddlebags -- enough to make the stock a bargain.
Talk is cheap, but so is the stock Among the many numbers bandied about last week, two stood out. First, Force expects to generate revenues of $150 million per year servicing vehicles it has already built. (On Friday, it reported winning one such contract from the Marines.) And while the U.S. military seems intent on buying smaller MRAPs from Force's rivals, Force also expects to sell about $100 million a year in mine-clearing Buffalo megaMRAPS.
Of ponies and Cougars Add just those two numbers, and you've got annual revenue worth $250 million. Now, the going rate for defense-contractor market caps is roughly equal to those contractors' sales, on average. If all Force can muster are the two revenue streams described above, it should sport a market cap of about $250 million. (Note that these are funds coming from Force alone. Management made a point of separating out its own business from that shared with partner General Dynamics (NYSE: GD)).
But those two streams are not all. Unlike the reticent U.S. military, foreign buyers continue to ante up for Force's Cougar MRAP. The company has landed a couple of $100 million-plus contracts in just the first half of this year. While there's no guarantee it will continue to win business at this rate, management "expects" this, and is actively seeking to win more orders from abroad. While it's hard to put a price tag on "expected" Cougar orders, I'm guessing that this revenue stream is worth at least another couple hundred mil in market cap. To my mind, this makes Force perhaps a $450 million company, based on the probable and possible revenue discussed so far.
Wild cards Now for the wild cards: There's JLTV, of course -- a multibillion-dollar opportunity that Force probably won't win. (But it might.) Force may also be asked to remanufacture some or all of the 3,000-plus MRAPs it has already built. According to management, this is what the Army did with its Abrams tanks after previous conflicts. Once peace broke out, the tanks were pulled from the field, overhauled, and improved to incorporate the latest technology. Force believes something similar will happen with the MRAPs.
Finally, management confided that the slowdown in MRAP orders has allowed it to spend more time on R&D, and that it is back at work developing new technologies. While presumably not as lucrative as building entire vehicles, management's talk of such arcana as bomb-resistant wheels suggests Force Protection possesses potential revenue streams as-yet unguessed. I won't even hazard to guess how much value these wild cards add to the company. But what I can guess at suggests that Force's stock has room to build on its recent triple, and perhaps double again.
That is, assuming it's not all just talk.
-------------------- "Great Day for Up!"....Dr. Seuss
IP: Logged |
Published: Jun 04, 2008 12:30 AM Modified: Jun 04, 2008 06:01 AM Plant near Roxboro revives Maker of armored cars rethinks plan
Frank Norton, Staff Writer One of the largest makers of blast-resistant vehicles for the U.S. Marines is rekindling plans for a Person County facility that went cold this year.
Force Protection, based in Ladson, S.C., was supposed to spend $31 million to rebuild an empty automotive plant outside Roxboro and create 270 jobs over the next three years. That's according to the terms of a deal reached last year between the company and state and local economic development officials.
Force Protection has invested $20 million in upgrading the plant, but manufacturing is on hold indefinitely. The company is wrestling with accounting problems, eroding market share and a failure to generate a single order for the blast-resistant Cheetah, which it plans to assemble in Person County.
Last week, CEO Michael Moody said the company trimmed its work force to 1,540 from a peak of about 2,000 late last year.
Moody also announced an overhaul of operations that will shift some work to Roxboro from a facility in Summerville, S.C.
By year's end, Force Protection expects to be teaching military personnel to operate its Cougar and Buffalo blast-resistant vehicles at the Person County site. Mechanics who go overseas to work on vehicles also will receive training there, spokesman Tommy Pruitt said.
The company will hire to fill some of those spots, but it will also give employees from South Carolina a chance to relocate. Pruitt would not say how many workers the facility will need or how many the company would hire. Nor would he say how the shift from manufacturing to training would affect wages.
The company has about 15 workers at the facility near Roxboro. They were hired locally in recent months to help make upgrades. The company's Web site lists only one job opening at the site -- for a spare-parts analyst, with annual pay of $54,000.
Average pay for manufacturing positions at the plant was expected to be $30,276 a year, plus benefits. The average pay for the training positions will be about $50,000, plus benefits, well above the average Person County salary of $28,496, excluding benefits.
All of the jobs created must pay at least $25,121 a year, not including benefits, according to the deal with state economic development officials.
Glen Newsome, director of the Person County Economic Development Commission, said he has assurances from Force Protection that it will meet hiring and investment targets scheduled for the next three years.
"They've kept us in the loop as to what has been going on, and we have no doubt that they will meet their goals," he said.
Newsome said Force Protection has not missed any incentives deadlines.
Iraq, armor and troops
Force Protection's profile rose after it became a supplier to the U.S. military in Iraq in 2005. The company's vehicles have V-shaped hulls and thick armor and are used to protect troops from roadside bomb blasts.
After peaking at more than $30 a share in the summer of 2007, Force Protection stock has plummeted, closing at $4.03 Monday. Competition from larger suppliers and a decision by the Marines to buy a third fewer bomb-resistant vehicles hurt sales. Force Protection also never received the military contract it had anticipated for the Cheetah line that was to be built in Person.
This year, the company delayed filing its 2007 financial report to the Securities Exchange Commission, saying it needed to restate results for the three- and nine-month periods that ended Sept. 30 because of significant accounting errors.
Without timely financial results, the Nasdaq Stock Market had threatened to delist the company.
-------------------- "Great Day for Up!"....Dr. Seuss
IP: Logged |
posted
Force Protection and Medical University of South Carolina Announce Opening of Center for Brain Research
Last update: 4:50 p.m. EDT June 4, 2008
CHARLESTON, S.C., Jun 04, 2008 (BUSINESS WIRE) -- Force Protection, Inc. (FRPT:force protection inc com new News, chart, profile, more Last: 4.15+0.09+2.22%
4:00pm 06/04/2008
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: FRPT 4.15, +0.09, +2.2%) and the Medical University of South Carolina (MUSC) today announced the opening of the Force Protection Center for Brain Research at MUSC. The Center will conduct vital research designed to improving the quality of life for members of the armed forces and civilians who have suffered brain trauma, including Traumatic Brain Injury (TBI). "Force Protection's partnership with MUSC is an important extension of our company's mission," said Force Protection President and CEO Michael Moody. "The work of this Center will have a real and lasting impact on those who sacrifice so much to preserve our freedoms. We are bringing the great people, resources and skills of MUSC and Force Protection together. We aim to innovate and develop additional survivability solutions that will provide our men and women in uniform with the best possible protection." The partnership between Force Protection and MUSC has resulted in the funding for research equipment, office space, faculty, and employees for the Center and related research activities. "We are pleased to partner with a company that has done so much to protect and save the lives of the troops serving our country," said MUSC President Ray Greenberg. "Combining the medical research expertise of the University and the engineering expertise of our corporate sponsors will result in best-in-class service and treatment of the many men and women who have suffered devastating brain injuries in the line of duty. We're excited to begin." About Force Protection, Inc. Force Protection, Inc. is a leading American designer, developer and manufacturer of life saving survivability solutions, predominantly ballistic- and blast-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, the Cougar, the Buffalo and the Cheetah, are designed specifically for reconnaissance, forward command and control, and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). The Company is one of the original developers and primary providers of vehicles for the U.S. military's Mine Resistant Ambush Protected, or MRAP, vehicle program. About MUSC Founded in 1824 in Charleston, The Medical University of South Carolina is the oldest medical school in the South. Today, MUSC continues the tradition of excellence in education, research, and patient care. MUSC educates and trains more than 3,000 students and residents, and has nearly 10,000 employees, including 1,300 faculty members. As the largest non-federal employer in Charleston, the university and its affiliates have collective annual budgets in excess of $1.3 billion. MUSC operates a 600-bed medical center, which includes a nationally recognized Children's Hospital and a leading Institute of Psychiatry. For more information on academic information or clinical services, visit www.musc.edu or www.muschealth.com. SOURCE: Force Protection, Inc. Force Protection, Inc. Tommy Pruitt Senior Communications Director 843-574-3866 or Investor Relations Contact: ICR, Inc. James Palczynski Principal and Director 203-682-8229
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Smile]](smile.gif)
![[Wink]](wink.gif)
