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Looks like BAE won an MRAP award for their RG33's.... not unexpected, but could create downward pressure on the stock. It's all about earnings now... that will make or break us for the SHORT term.
BAE Systems Wins $55.4 Million Truck Order From U.S. Marines
By Edmond Lococo Feb. 15 (Bloomberg) -- BAE Systems Plc, Europe's largest defense company, won a $55.4 million order from the U.S. Marine Corps to make blast-resistant trucks. BAE will make 90 trucks under the Mine Resistant Ambush Protected vehicle program, Marine Corps spokesman Bill Johnson- Miles said in an interview today. The Marine Corps needs new trucks which can better protect troops from mine blasts and improvised explosives in Iraq, and may buy as many as 4,100 vehicles valued at $2 billion. The award to London-based BAE is the second following a $67.4 million contract yesterday to a joint venture between General Dynamics Corp. and Force Protection Inc., Johnson-Miles said. Shares of BAE rose 11.25 pence, or 2.5 percent, to 454 pence in London. They climbed 12 percent last year.
--Editor: Wright.
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Marine Corps Systems Command issues orders for life-saving armored vehicles
QUANTICO, Va. – Using an innovative and unprecedented business process, defense contractors and Marine Corps Systems Command (MCSC) issued orders Wednesday, Feb 15, to produce and field life-saving armored vehicles faster than most thought possible. MCSC simultaneously awarded Low Rate Initial Production (LRIP) orders to two manufacturers for 215 Mine Resistant Ambush Protected (MRAP) vehicles. These orders, which have a total dollar amount of more than $122 million, were issued to accelerate the production of lower risk vehicle material solutions in advance of testing and production orders.
It was just 19 days ago that MCSC challenged industry by awarding nine separate Indefinite Delivery, Indefinite Quantity (IDIQ) contracts for 36 initial MRAP test vehicles. The IDIQ contracts required these initial vehicles to be produced within 60 days. However, in less than two weeks, two of the vendors demonstrated their reliability to produce vehicles meeting Marine Corps survivability requirements, production numbers and delivery timelines. This resulted in LRIP orders being issued to: BAE Systems, Ground Systems Division and Force Protection Industries, Inc. It is anticipated that more LRIP orders will issued in the near future.
“All nine manufacturers originally receiving IDIQ contracts are still active and competitive in this program,” said Paul Mann, MCSC’s program manager for MRAP. “The vendors that did not receive LRIP contracts today have been afforded the opportunity to prove their capabilities in these areas and are still very much a player in this program.”
More than 60 MRAP vehicles are currently being used by Marine forces in Iraq. These armored vehicles have a proven record of saving lives by augmenting the current level of mine, rocket propelled grenades and improvised explosive devices (IED) protection with a V-shaped hull and raised chassis.
“These vehicles provide the best available protection for our warfighters,” said Brig. Gen. Michael Brogan, MCSC commander. “Awarding multiple contracts simultaneously creates full and open competition so we can expand the production base and more rapidly put these life-saving vehicles into the hands of our warfighters.”
The contracts and orders cover two categories of MRAP vehicles. Category I is the smaller, lighter Mine Resistant Utility Vehicle (MRUV) for urban combat operations. Category II is the larger, medium-sized Joint Explosive Ordnance Disposal (EOD) Rapid Response Vehicle (JERRV) for multi-mission operations such as convoy lead, troop transport, ambulance, explosive ordnance disposal and combat engineering. The two defense contractors receiving LRIP orders are required to produce 80 MRUVs and 135 JERRVs with delivery commencing in April.
“Success is in the hands of industry,” said Barry Dillon, MCSC’s executive director. “The vehicles need to have adequate survivability, need to be produced at a high rate and need to be fielded as soon as possible. We are depending on industry to fulfill their contracts on time. We are encouraging them to produce vehicles faster. The faster we can field quality, safe MRAP vehicles, the more lives we can save.”
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Two local manufactures fight for Marine contract By Dan McCue Staff Writer
Protected Vehicles Inc., of North Charleston, and Force Protection Industries Inc. of Ladson, are two of nine companies across the United States awarded part of a competitive contract to help develop the next generation of mine-resistant armored vehicles for the U.S. Marine Corps.
The contract, and the significant vehicle orders that could follow, is seen as an outgrowth of President George W. Bush’s plan to send an additional 20,000 troops to Iraq to quell sectarian violence there.
The company or companies whose vehicles are selected could ultimately be asked to build as many as 4,000 vehicles by December 2007.
But if the contractee’s mission is noteworthy, so is the process. In a significant departure from the recent past, when contracts for similar vehicles were awarded directly to Force Protection, maker of the Buffalo and Cougar mine-protection vehicles, this is the first time the contract for the armored vehicles has been put out for competitive bid.
“This is essentially a case of the requirement being so large, and the contract to fulfill the needs so large, that the U.S. Marine Corps Systems Command had to compete the contract to fulfill the bidding requirements of the federal government,” said Michael Aldrich, vice president for marketing and government relations at Force Protection.
“Rest assured, however, that the system command’s program is based on our vehicles. The only difference is that they’ve invited some world-class contractors to compete for the production order, and we wish our brothers down the road well.”
The contract is the first awarded to that “brother,” Protected Vehicles Inc., which was founded in December 2005, said Drew Felty, the company’s program manager.
The U.S. Marine Corps Systems Command, based in Quantico, Va., awarded the contracts for 36 Mine Resistant Ambush Protected vehicles on Jan. 26. Under the initial contract, each of the companies will produce two vehicles in each of two distinct categories for test and evaluation at the Aberdeen Proving Grounds in Maryland.
The first category of vehicles must be designed for urban combat and must be able to carry six soldiers and their gear. The second category of vehicle is intended for longer troop transfers and special missions, and must have a capacity of at least 10 soldiers.
Speaking of the mission the vehicles will support, Aldrich said he didn’t know of a more important program in Washington, D.C.
“This is our best opportunity in regard to controlling the land and supporting the independently elected government in Iraq,” he said. “That’s why there’s great pressure on all parties concerned, from the taxpayer to the warfighter to the politician to the acquisition community to the manufacturers, to deliver as many of these valuable vehicles as possible as quickly as we can.”
Ironically, Felty believes that tall order gives Protected Vehicles something of a competitive advantage.
“Being a new company and a smaller company, it’s not as hard for us to focus our attention on a custom type of vehicle like this as it would be for a larger company,” Felty said.
But Aldrich is giving no quarter.
“When it comes to a contract like this, the thing that gets people’s attention is its size,” he said. “The reality, however, is that only a small percentage of the contract award actually pays for the system the Defense Department is ordering; a far great percentage of the contract award is dedicated to things like maintaining the vehicles, spare parts, training and educational materials for the warfighter in the field.
“Another small percentage is also earmarked for ongoing research and development. It would build the case for one manufacturer to handle the project using as many production facilities as possible. Of course, the quickest way to lose a Defense Department contract is to tell it how it should administer its programs.”
Felty said if awarded even a piece of the contract, Protected Vehicles, which currently has 110 employees, will grow rapidly.
Dan McCue is a staff writer for the Business Journal. E-mail him at dmccue*charlestonbusiness.com.
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By Kris Osborn - Staff writer Posted : Monday Feb 19, 2007 20:56:29 EST
The Marine Corps is dramatically increasing its purchase plans for bomb-resistant vehicles with an eye toward eventually replacing all its Humvees in Iraq with the V-hulled contraptions, Corps sources said.
The Corps plans to buy 3,700 of the Mine-Resistant Ambush Protected vehicles, up from its initial purchase plan of 1,022.
The move comes just weeks after the Corps launched its first bid to speed up delivery of the MRAPs.
Marine Corps Systems Command in Quantico, Va., placed a $55.4 million order Feb. 15 for 90 MRAPs with BAE Systems and a $67.4 million, 125-vehicle order with Force Dynamics, said SysCom spokesman Bill Johnson-Miles. And the Corps plans to hand out more similar-sized contracts in coming days, he said.
In January, the Corps ordered four test vehicles apiece from those firms and seven other contractors, dispensing $43 million contracts with 60-day deadlines. The tight schedule reflected the Corps’ earlier desire to acquire about 1,000 vehicles by year’s end.
After visits to production lines in February, SysCom officials decided to up their orders with BAE, which is basing its MRAP on its RG33 line of vehicles, and Force Dynamics, a joint venture between General Dynamics Land Systems and Ladson, S.C.-based Force Protection, which makes the armored Cougar and Buffalo vehicles.
“These two companies have shown their reliability to produce vehicles, meaning they meet Marine Corps Systems Command survivability, production number and delivery timeline requirements,” Johnson-Miles said.
He said the other seven companies may also receive more orders.
The Marine Corps is also managing the acquisition of MRAPs for the Army, which wants about 4,700, and the Navy, which intends to buy more than 500. In all, future MRAP orders could total $6 billion.
Capt. Jeff Landis, also a SysCom spokesman, said the command is dealing with nine contractors at the same time in order to get the vehicles tested and out to the fleet faster.
“The only way to do this is to be aggressive,” Landis said. “If we have more than one company doing it, then the production capacity is doubled or tripled. We could almost get 18 different vehicles which meet the requirements and survivability tests.”
Among the requirements, which have been vetted by U.S. commanders in Iraq and Afghanistan: a blast-deflecting V-shaped hull and raised chassis. Testers at the Army’s Aberdeen Proving Ground, Md., will detonate bombs, mines and other weapons under each of the vehicles.
“There will be some blast tests and mobility tests to check the other automotive components such as slope, speed, towing capacity, suspension issues, transmissions,” Landis said.
The results could even affect decisions in the Joint Light Tactical Vehicle program, the Pentagon’s effort to develop the next-generation Humvee, he said.
The Corps plans to buy the MRAPs in two variants: smaller Mine Resistant Utility Vehicles for transporting troops, and larger Joint Explosive Disposal Rapid Response Vehicles for larger groups leading convoys, ferrying the wounded and handling the disposal of explosives.
Besides BAE and the Force Dynamics team, the other contractors are Armor Holdings Aerospace and Defense Group; General Dynamics Land Systems-Canada; General Purpose Vehicles; International Military and Government; Oshkosh Truck Corp.; Protected Vehicles; and Textron Marine and Land Systems.
Brig. Gen. Michael Brogan, chief of Systems Command, described the plan recently to the firms’ chief executive officers at Quantico.
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OH SH!T! Buy in now!!! .06 estimates!? They will blow them away by at least .10!!!
Next Report Date Feb 20, 2007 FORCE PROTECTION INC. (NASDAQ) FRPT 20.06 0.95 (4.97%) Vol. 2,199,140 12.00 CST Current Quarter Estimate .06 Next Report Date Feb 20, 2007 Next Quarter Estimate .09 EPS last quarter .06 Current Year Estimate .12 Last Quarter EPS Surprise % Next Year Estimate .58 Last Year's Earnings .12 Expected Earnings Growth 30% Forward Projected PE 29.00 Expected Sales Growth 202.8% ABR 1.33
posted
I bought some more trading shares this morning at $20.05. I'm torn between being nervous about keeping them overnight and being nervous about NOT keeping them overnight. LOL
Jo
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posted
Correct. It is a "presolicitation notice". It looks like the actual contract will be awarded on March 5.
quote: THE U.S. ARMY TANK-AUTOMOTIVE AND ARMAMENTS COMMAND (TACOM-LCMC) IS PLANNING TO AWARD A SOLE SOURCE CONTRACT TO FORCE PROTECTION INDUSTRIES, INC. FOR APPROXIMATELY 180 EACH BUFFALO MINE PROTECTED CLEARANCE VEHICLES (MPCVS), TECHNICAL MANUAL UPDATES, TRAINING, INITIAL REPAIR/SPARE PARTS, AND FIELD SERVICE REPRESENTATIVE SUPPORT. A FIRM-FIXED PRICE CONTRACT IS ANTICIPATED.
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Existing and Future Contracts/Acronyms/New Investor Info
Here's the list of existing and reasonably likely future contracts for FRPT, as of 2/20/07.
If you are a new shareholder of FRPT or just heard of it and considering a purchase, you have found a company with a lot of potential. Near term, the biggest deals are the Mine Resistant Ambush Protected (MRAP) contract with a potential total of 1000's of Cougars and the Medium Mine Protected Vehicle (MMPV) with possibly over 600 Cougars. This is several billion in potential contracts. Also, there is a 180 Buffalo contract, worth approximately $140 Million that should be awarded in March 07.
In summary, 1) FRPT is completing delivery on a 41 Buffalo order and supporting vehicles under current contracts. 2) Ramping up on the first 199 of 525 Cougar ILAV's they'll build, 86 Cougar Mastiffs, 200 Cougar JERRV and 80 Buffalo orders. 3) Competing for a significant share of an MRAP contract of up to 4100/22000 vehicles and an MMPV contract of up to 260/600+ vehicles. 4) Supporting Cheetah evaluations for the JLTV round of contracts.
While you are on the company web site, take a look at the other videos, then go over to the testimonials page to see front line thank you's for the lives being saved each day by this company. http://www.forceprotection.net/news/testimonial.html
That will give you the background to see why this company is saving lives and has been awarded several contracts for vehicle deliveries. As Force Protection increases capacity, the size of the contracts increases. In other words, "We'll buy them as fast as you can build them, so build them faster."
Check out the following summary for lots of details and links for background research.
Note: Line items within a product are approximately ordered based on confidence, i.e. awarded contracts first, soon to be awarded next, followed by likely or possible. Backlogs are as of October 1, since that was the most recent detailed listing. In other words, some of these contracts were completed in Q4, or have had significant deliveries since then. References to the previous messages and links provide further details and justification so that you don't have to just trust me. If you have time, you may want to spend some time reading the background messages and links as well. The IV message numbers refer to messages on Investorvillage’s FRPT board. An acronym dictionary is at the end of the message. This is detailed enough you may want to print it out first, then come back to follow the links.
Cougar (MRAP) http://www.forceprotection.net/models/cougar/ The MRAP program is currently purchasing the Cougar 6x6 for Category II and Cougar 4x4 for Category I. Once the Cheetah is in production later this year, there may be future Cheetah awards for Category I. 1) 100 JERRV to be delivered between Nov 06 and Nov 07. Expect it will be delivered ahead of schedule, likely by end of Q2. Part of the $125Million delivery order on $214 Mill contract awarded Nov 06. The first units were delivered February 07. http://www.forceprotectioninc.com/news/news_article.html?id=133 2) Delivery award for the second 100 JERRV on the Nov 06 contract. Awarded, to be completed by Nov 07, but expect to be delivered by end of Q2. $69 Million. http://www.forceprotection.net/news/news_article.html?id=142 3) Delivery award for 2 Cougar 4x4 and 2 Cougar 6x6 for "prototype" evaluation. Awarded Feb 07 and completed in Feb. Approx $4 Million. http://www.forceprotection.net/news/news_article.html?id=152 4) Delivery award for 65 Cougar 4x4 and 60 Cougar 6x6. Awarded Feb 07. Expect to be completed in Q2 07. $67.4Million. 50/50 split with GD. http://www.forceprotection.net/news/news_article.html?id=156 5) IDIQ award for up to 1500 Category I and 2600 Category II vehicles, renewable for up to 5 years. This could easily be many 1000's of vehicles, but the actual quantity that will be ordered will take a few more months to be clear. Potential value: $Billions.
Cougar ILAV The Cougar ILAV is the Cougar 6x6 chassis on two axles. http://www.defenseindustrydaily.com/2006/06/bae-delivering-a-cougar-variant-for- iraqs-4454m-ilav-contract/index.php 1) Total IDIQ ILAV contract shared with BAE is for up to 1050 vehicles for up to $445 Million delivered by May 2008. DoD can initiate delivery orders up to that number fairly easily. Indication is that they will be issued as equiping the Iraqis with ILAV’s is one of the keys to the US handing over control. Partership terms with BAE are: 50/50 production split with BAE. Royalty paid by BAE to FRPT for units BAE builds. 100% of the training and support contract to FRPT. After 1050, contract with BAE is complete, so FRPT can provide 100% of future ILAV’s or renegotiate. 2) Initial delivery order of 378 units awarded. 2 of FRPT's 189 were delivered in Q3. Additional deliveries occured in Q4. Remainder will be completed in Q1 and Q2. http://www.forceprotection.net/news/news_article.html?id=103 3) Follow on delivery order for additonal 20 units awarded. None delivered yet. http://www.forceprotection.net/news/news_article.html?id=128 4) Proposed sale of 600 ILAV’s announced to Congress. Approximate value of $240 Million shared with BAE. Not awarded yet, TBD. http://www.dsca.mil/PressReleases/36-b/2006/Iraq_06-69.pdf 5) Proposed sale of 276 ILAV's. Not awarded yet, TBD. http://www.dsca.mil/PressReleases/36-b/2007/Iraq_07-09.pdf
Buffalos http://www.forceprotection.net/models/buffalo/ 1) 44 Buffalos to be delivered by Dec 07. Part of the $125Million delivery order on $214 Million contract awarded Nov. 06. http://www.forceprotectioninc.com/news/news_article.html?id=133 2) Contracts for a total of 41 Buffalos were awarded in 06 prior to the Nov contract. Approximate contract value $30-40Million. Remaining backlog is 33 units. http://www.forceprotection.net/news/news_article.html?id=78 http://www.forceprotection.net/news/news_article.html?id=79 http://www.forceprotection.net/news/news_article.html?id=131 3) Delivery award for additional 36 Buffalos from Nov 06 contract to be completed by Aug 08. Portion of $214Million Contract. Per SEC filings and press release, FRPT expects to be awarded and is already treating it as if it has been awarded. Value approx $20 Million. 4) Sole Source award for 180 Buffalos expected to be awarded in March. Approximate value $140 Million. http://www.fbo.gov/spg/USA/USAMC/DAAE07/W56HZV07R0343/SynopsisP.html 5) Rental fees and toy license fees from appearance in the Transformers movie to come out in July 07. 6) British may start buying Buffalos as they gain experience with Cougars. Reference in one of the news articles. 7) The Buffalo is also used in the humanitarian mission of demining old battlefields so that they are safe for civilians. Once capacity allows, there is the possibility of additional Buffalo purchases for this use.
Cheetah (formerly MUV-R and MRUV) http://www.forceprotection.net/models/cheetah/ 1) Likely to get an initial production contract in 2007 to prove the vehicle. Then a larger award once testing is satisfactory. This may occur as an MRAP Category I order, or may be an independent order. 2) Strong position to compete for the JLTV as it moves forward. JLTV is a many billion dollar, many year contract, that will take some time to roll out. see IV11135 3) British may also buy Cheetahs as we believe they have also evaluated them.
ILS/PSI (Field Support, Spares, Training, Maintenance, Repairs, Professional Services ) 1) Buffalo ILS Contracts. $5Million for Buffalo spares. Awarded, $800K remaining as of the end of Q3 http://www.forceprotection.net/news/news_article.html?id=80 2) ILAV ILS Contract: $25Million over the next two years, Raging Bull message 76773 Included in 378 unit award. 3) Additional ILS as number of vehicles in the field keeps going up. We will have well over 1300 vehicles in the field within 12 months. See IV39122 http://www1.investorvillage.com/smbd.asp?mb=132&mn=39122&pt=msg&mid=1490371 4) Catalyst reports claim a high return on ILS/PSI, similar to how your auto dealer gets a high return on their service department. Repairs to the vehicle after an IED hit adds significantly to our revenue on an ongoing basis. See latest Catalyst reports on FRPT. http://catalystresearch.biz/ResearchFRPT.html 5) ILS/PSI revenue is somewhat based on total vehicles in the field. In other words, the revene from ILS/PSI would continue to grow every quarter, even if our vehicle shipments were to hit a steady state because the total number of vehicles in the field keeps going up.
Patent Licensing 1) Licensing Revenues from patent on blast protection for wheeled and tracked vehicles. In private negotiations. FRPT Press release, on investor news page June 15. "The significance of this undertaking cannot be overstated, and we intend to fully exploit this opportunity," said Force Protection CEO Gordon McGilton. "Since the technology can be applied not only to our vehicles, but to virtually any wheeled or tracked vehicle, the potential size of the opportunity may actually exceed that of our vehicle market." Also described in http://catalystresearch.biz/files/FRPT_Update_Report_06_19_06.pdf
Brief comments: Can FRPT deliver the units for this many contracts?
FRPT announced partnerships with GD and AH to increase capacity dramatically. The GD partnership gives them access to a pool of skilled welders to build more capsules and the AH partnership gives them access to a pool of skilled truck assemblers for final assembly. In addition, FRPT has a partnership with Ultra Machine and Fabrication that is growing very quickly and Spartan has also been increasing their capacity.
Force Protection announced a joint venture with General Dynamics named Force Dynamics. This joint venture will bid for the MRAP contract and has a production capacity of 200 Cougars per month ramping to 300 Cougars per month by 08. Awards to this joint venture are an even 50/50 split of revenue between the two companies.
Force Protection's recently completed a private placement that raised over $150 Million to finish preproduction activities for the Cheetah as well as increase Buffalo and Cougar capacity.
This all confirms plans are in place and being executed to win the very high volume contracts. As we said months ago, the deal was get the production capacity in place and the orders will follow.
Vehicles FCS – Future Combat System – Large Army program to define a new family of vehicles for the Army of several years from now. GSTAMIDS - Ground Standoff Minefield Detection System. The convoy that includes a Buffalo and its supporting vehicles. An official program. HEV – Cougar Hardened Engineer Vehicle. Based on Cougar 4x4. ILAV – Iraqi Light Armored Vehicle. A Cougar 6x6 chassis on two axles instead of three. A troop transport designed to equip the Iraqi’s so they can take over duties currently covered by US troops. JERRV - Joint Explosive Ordnance Disposal Rapid Response Vehicle – This is a 6x6 or 4x4 Cougar used by the Explosive Ordinance Disposal and Combat Engineer Troops. These job of these troops is to disarm and dispose of IED’s. JLTV – Joint Light Tactical Vehicle –Program designed to replace the Humvee family of vehicles. Many billion dollar program in early stages of development. Mastiff PPV- Mastiff Protected Patrol Vehicle. A Cougar 6x6 purchased by the British for their forces. MPAV - Mine Protected Ambush Vehicle. A briefly used acronym that is equivalent to MRAP. MRAP – Mine Resistant Ambush Protected vehicle. A series of three vehicles similar to the Buffalo, Cheetah and Cougar. Over 4100 vehicles currently planned. MMPV - Medium Mine Protected Vehicle. Army program for a vehicle similar to the JERRV or Cheetah. Phrase has also been used to describe the RG-31, but don’t think RG-31 will win the current contract. MRUV – Mine Resistant Utility Vehicle. Used once or twice by FRPT to describe what is now called the Cheetah MUV-R - Mine-protected Utility Vehicle / Rapid Deployable (MUV-R), now called the Cheetah.
Services ILS – Integrated Logistics Support (Spare parts and supplies, routine maintenance service, repairs and training)
Contracting Process Delivery Award – Purchase order for X vehicles for Y dollars. Ship per schedule, or sooner. CONUS - Continental US IDIQ – Indefinite Delivery, Indefinite Quantity Award. For example a contract is awarded for up to 1050 ILAV’s for up to $445 Million, locking in pricing and supplier. But need a delivery award to actual ship product. OCONUS - Outside continental US. In FRPT's case, typically Iraq and Afghanistan. RFI – Request for Information. An initial query to industry for “what do you have in this space” RFP – Request for Proposal. A more direct query for a proposal for industry. RFQ – Request for Quote. A direct query for a bid on a very specific product or service.
Customers/Partners/Regulators AH - Armor Holdings. The Sealy, Texas plant owned by Stewart & Stevenson before S&S was acquired by AH builds military trucks. BAE – British based defense contractor that is partner for ILAV. Formerly British Aerospace, but now has growing US presence due to acquisitions. DoD – US Department of Defense GD - General Dynamics. Lima Plant in Ohio builds several lines of armored vehicles. MoD – British Ministry of Defense SEC - Securities and Exchange Commission. The SEC is the agency responsible for administering federal securities laws in the US.
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quote: Finally, the MRAP program includes multiple contract awards and potentially multiple sources of MRAP vehicles, while the MMPV will be procured under a single production contract from the offeror whose system represents the best value to the Government.
Get the Cheetah ready boys!
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posted
Force Protection Chairman Featured on NASDAQ CEO Signature Series
February 21, 2007 Vol. 25 / Issue 01
Force Protection, Inc. Chairman Frank Kavanaugh recently participated in NASDAQ's CEO Signature Series. Mr. Kavanaugh was interviewed by financial reporter Sasha Salama regarding the company's products, its remarkable growth, and emerging opportunities. Excerpts from the interview follow. To view the interview in its entirety, please click on the link.
Frank Kavanaugh Participates in NASDAQ's CEO Signature Series - NASDAQ February 13, 2007 Q: Force Protection's key customers are the U.S. Marine Corps and U.S. Army. Is it safe to assume that most of the vehicles are going to the wars in Iraq and Afghanistan right now?
A: Actually, our vehicles were designed for a specific type of mission and those in Iraq and Afghanistan are examples of where that mission has occurred. There has been a fundamental shift in the type of equipment that we now fight with. We used to line opposing forces up on two sides and then have a single combative event. Now we're dealing with a different type of warfare, what is known as asymmetrical warfare, where the threat has changed.
"So-called "Red Zones" now contain a 360-degree threat where you never know from which direction threats are coming. These threats come in the form of land mines, improvised explosive devices used for a different type of warfare. The Humvee and things like that are not the right type of equipment to deal with that type of threat and that is where our company has made great strides and created a new type of vehicle for the warfare of the future."
Force Dynamics Announces $67 Million U.S. Marine Corps Contract - Force Protection, Inc. February 14, 2007 Ladson, SC - Force Dynamics, LLC-a joint venture between Force Protection, Inc. (NASDAQ: FRPT) and General Dynamics Land Systems, a business unit of General Dynamics Corporation (NYSE: GD)-today announced it has received a $67.4 million contract award from the U.S. Marine Corps to produce 125 vehicles for its Mine Resistant Ambush Protected (MRAP) vehicle program.
"These vehicles are a highly effective, proven solution to counter IEDs and other explosive threats," said Marine Corps Systems Command Captain Jeff Landis. "No other vehicle has matched those of Force Protection for troop safety in the field."
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