quote: Rumsfeld has been mired in controversy surrounding the Bush administration's handling of the war in Iraq, which was seen as a key reason for the Republican Party's loss of its majority in the House of Representatives. His departure will almost certainly be greeted with relief by many in the military brass, who have stepped up public criticism of the Bush administration for thrusting soldiers into a war without adequate armor and without an adequate plan to secure Iraq.
quote: But Democrats' control of the House may not bring wholesale changes in defense spending, at least not in the near-term. "We're unlikely to see any change in the next fiscal year. After that, it's hard to say. But I think the Democrats will be on good behavior if they want to win the next presidential election," said Paul Nisbet, an aerospace analyst at JSA Research Inc., Newport, R.I.
quote: Other analysts see Rumsfeld's departure as a possible boon to the defense industry, removing a figure that had become a liability in the military-industrial arena. "The defense contractors were probably more worried that Rumsfeld staying in office would mean a loggerheads on different defense initiatives with Democrats trying to use spending procurement issues for leverage with other issues in Iraq," said Jon Kutler, founder of aerospace and defense investment firm Admiralty Partners and a former chairman and CEO of Jefferies Quarterdeck. "This allows a new defense secretary to come in and give democrats more of what they want without holding the defense budget hostage," Kutler added.
quote:Despite the enormous budgetary momentum behind the Defense Department, a change at the top is likely to mean adjustments in overall strategy. "Rumsfeld was very much a proponent of air and naval power. The problem is that the foreign policy pursued by the Bush Administration doesn't match that defense structure - Iraq being the top example," said Ted Galen Carpenter, vice president for defense and foreign policy studies at the Cato Institute. Iraq, on the other hand, is primarily a ground war requiring plenty of troops, a sore point among many military leaders who have struggled over the past three years with troop levels often seen as too few for the dangerous security work at hand. "Something has to change - either the administration has to change its overall foreign policy, be much less proactive and interventionist, or it will have to expand its ground forces, the active duty Army and the Marine Corps," Carpenter said. "The administration is likely to get some pressure even from Democrats on increasing the size of active duty forces," Carpenter added.
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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Force Protection Industries, Inc., Ladson, S.C., is being awarded a $125,000,000 letter contract for 100 Joint EOD Rapid Response Vehicles (JERRV) and 44 Buffalo vehicles with associated manuals, deployment kits, field representative support and training. Vehicles will be deployed to and supported in Iraq. This contract contains options, which if exercised, would bring the total estimated contract value to $200,000,000. The maximum ordering quantity will be 200 JERRV vehicles and 82 Buffalo vehicles. Work will be performed in Ladson, S.C., and is expected to be completed by November 2007 and their support will continue up to a year after fielding. Contract funds will not expire by the end of the current fiscal year. This contract is a sole source award to Force Protection Industries, Inc., based on an urgent and compelling need for the Government. The Marine Corps Systems Command, Quantico, Va., is the contracting activity (M67854-07D-5006).
Posts: 330 | From: oregon | Registered: Dec 2004
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More Force Protection Vehicles for the Global War on Terror Friday November 10, 8:55 am ET Manufacturer Receives $214 Million Contract Award
LADSON, S.C.--(BUSINESS WIRE)--Force Protection, Inc. (OTCBB:FRPT - News) today announced it has signed a U.S. Marine Corps contract for approximately 200 Cougar Joint EOD Rapid Response vehicles, 80 Buffalo mine-protected clearance vehicles, parts and services. The contract will be administered by the Marine Corps Systems Command, and is worth an estimated $214,124,450.
Force Protection vehicles have an unmatched safety record in Iraq and Afghanistan, withstanding thousands of mine detonations and IED attacks since 2003 without a fatality. The South Carolina-based manufacturer, recently named the fastest growing company in the state, has supplied all branches of American armed forces with its blast- and ballistic-protected vehicles.
"We constantly see evidence that the unique V-shaped hull design of our vehicles will be the standard for any vehicle on a 360-degree battlefield over the next 10 years," said Force Protection CEO Gordon McGilton. "They have been proven countless times in the most demanding conditions. These vehicles represent a solution to the explosive threats our troops face, and they are being delivered in greater and greater numbers."
Force Protection, cited in Forbes, Fortune and other national media recently, has delivered more than 300 vehicles to the U.S. government to date.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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posted
Jeez, I woke up late this morning (no school due to Veteran's day. I saw this premarket action and rushed into cancel at GTC order I had for $7.30
I was too late, at exactly 9:30, it went through for $7.74.
I'm happy though, cause I've got plenty more where that came from (at higher buy prices), and at least it filled for higher than I was looking for.
Jo
Stephan, I'm curious. How'd you know about the "pop:? PM if you'd like.
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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posted
MRAP Update Out Max Quantity for Category I - Was 800 Now 1500 Pricing decision based on order of 500 Max Quantity for Category II - Was 400 Now 2600 Pricing evalutation based on order of 800
For those that are new to Force Protection, the Cougar is a strong contendor for Category II and the Cheetah and possibly Cougar are strong contendors for Category I.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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posted
Sorry I couldnt get on this morning, but any time FRPT announces a nice contract, always buy SPAR. Spartan Motors makes the chassis' for many of FRPTs vehicles. Was an easy entry this morning in 22.30s and now trading over 23.
Posts: 83 | Registered: May 2006
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posted
The contract news now in the SC paper and more coverage in the paper tommorrow. This should keep it in the public eye over the weekend. It's a great Veterans Day story. What's better than saving Veterans' Lives?? ----------------------------
Posted on Fri, Nov. 10, 2006 Force Protection lands huge contract with Marines By NOELLE PHILLIPS nophillips*thestate.com
The U.S. Marine Corps will spend more than $214 million to buy 280 armored vehicles from Ladson-based Force Protection Inc., the company announced Friday.
The Marines will buy 200 Cougar vehicles, which will be used as troop transports in Iraq, said Michael Aldrich, Force Protection’s vice president of marketing and government relations. The Marines also will buy 80 Buffalo vehicles for clearing land mines.
The Marine Corps $214 million is more than Force Protection earned in 2006 from selling the vehicles, Aldrich said.
posted
Dang, I expected the normal Friday sell off at close and sold off some at $8.52. Guess I'll have to wait til Monday for a pull-back. Where were the profit-takers with this one today?? It really held up.
Jo
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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posted
Hmmm, don't know whether to be happy about that link, Repo, since I still have some shares, or to be P.O'd that I didn't see that before I sold some today at close.
Could be my reverse Midas touch in play here. Jump on board!
Jo
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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posted
Force Protection lands huge military contract Ladson company to supply 280 armored vehicles to Marines for $214 million By NOELLE PHILLIPS nophillips*thestate.com Ladson-based Force Protection landed its largest military contract this week when the U.S. Marine Corps bought $214 million worth of its armored vehicles.
The single order equaled what the military has spent on Force Protection products in all of 2006.
“They doubled us again,” said Michael Aldrich, vice president of marketing and government relations.
Force Protection’s future sales should grow even more in 2007, Aldrich said.
The military is seeking bids on 4,000 armored vehicles that match specifications for Force Protection’s Cougar, Aldrich said. The company will bid as the Cougar is one-of-a-kind, he said.
The Marine Corps alone has budgeted $526 million in 2007 for similar vehicles, according to a notice posted on a federal government Web site. The notice says the vehicles will be used for urban combat operations and will serve as troop transports. It also mentions Force Protection’s Cougar as a model.
Force Protection will pair with other defense contractors on the bid because its manufacturing plant in Ladson isn’t big enough.
“That requires us to team aggressively with the largest armored vehicle manufacturers in the business,” Aldrich said. “Obviously, 4,000 vehicles would force us to move beyond the walls of Ladson and find partners elsewhere.”
Force Protection has no intention of moving out of South Carolina, he said. Instead, the company hopes to team with other defense contractors who already have a presence in the state.
Force Protection’s armored vehicles are in high demand because they can withstand blasts from land mines and improvised explosive devices, which have been killing U.S. soldiers by the 100s in Iraq. Thus far, no one has been killed in a Cougar or Buffalo in Iraq or Afghanistan.
The vehicles survive blasts thanks to their V-shaped hulls and because they are too heavy to flip on impact.
“They have been proven countless times in the most demanding conditions,” said Force Protection CEO Gordon McGilton. “These vehicles represent a solution to the explosive threats our troops face.”
Under the Marine Corps contract signed this week, Force Protection will build:
• Two-hundred Cougar vehicles to be used as troop transports.
• Eighty Buffalo vehicles, used for clearing land mines and other hidden explosives.
Aldrich said the Marine Corps is moving toward using the Cougar as a patrol vehicle because it is not as vulnerable as other vehicles on duty in Iraq such as Humvees.
“The Marines have special ordered the Cougar to try to eliminate, and certainly reduce, fatalities,” he said.
Marine Corps representatives could not be reached Friday because of the federal holiday.
Force Protection has grown from a small startup with fewer than 12 employees in 2003 to a large manufacturer with more than 600 employees today.
The company hires 25 to 40 people a week to keep up with the demand, Aldrich said.
Next week, Force Protection will launch production on the Cougar Mastiff for the British military. It also has built armored vehicles for the Iraqi army.
“It’s been a wild ride,” Aldrich said. “It’s very difficult to keep up with this pace of growth. But we don’t do it alone.”
Reach Phillips at (803) 771-8307
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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PR: Force Protection, Inc. Announces Continued Profitability for Third Quarter
LADSON, S.C., Nov 14, 2006 (BUSINESS WIRE) -- Force Protection, Inc. (FRPT : force protection inc com Last: 8.13-0.59-6.77%
4:11pm 11/14/2006
FRPT today announced sales of $42,160,858 as part of its third quarter results for the three-month period ended September 30, 2006. The company recorded a quarterly gross profit of $7,918,508, and a net profit of $602,698 for the same period. Force Protection has realized year-to-date net profits of $1,171,080, generating year-to-date earnings of $0.03 per share. "This is Force Protection's third consecutive month of operating profitability," said Vice President of Finance Richard Hamilton. "Sales for the quarter bring our 2006 cumulative year-to-date revenue total to $133,037,980, reflecting a dramatic increase from our 2005 full-year results." Force Protection was recently named South Carolina's Fastest-Growing Company in 2006. The award, based on gross revenues and employment, recognizes the top 25 companies that have contributed to the state's economy. Since their initial deployment to Iraq and Afghanistan in 2003, no fatalities have occurred in a Force Protection vehicle. "The third quarter was a period of internal growth for the company," said CEO Gordon McGilton. "We added two new vehicle production lines, improved efficiency within the facilities, and continued our workforce expansion program. The focus on these activities caused an anticipated short-swing dip in our third quarter revenue compared with our second quarter results, but it has positioned us to secure new contracts and handle the increased workload flowing from them."
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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