posted
Right, I think it is more likely that their competitor, PVI, won't be able to meet production demands, yet she was very favorable to that company in the last article.
Jo
-------------------- "Great Day for Up!"....Dr. Seuss
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quote: Force Protection, Inc. to Release Fourth Quarter 2006 Results Friday March 2, 5:43 pm ET
LADSON, S.C.--(BUSINESS WIRE)--Armored vehicle manufacturer Force Protection, Inc. (NASDAQ:FRPT - News) today announced that it will report its fourth quarter 2006 results on Friday, March 16, 2007, after the close of markets.
About Force Protection, Inc.
Force Protection, Inc. manufactures ballistic- and mine-protected vehicles through its wholly owned subsidiary. These specialty vehicles are protected against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technology is among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C.
posted
Force Protection Industries, Inc., Ladson, S.C., is being awarded a $16,260,713 firm-fixed-priced delivery order 0004 under previously awarded contract (M67854-07-D-5006) for 19 Buffalo vehicles and 19 90-day On-board Consumables Block (OCB). The Buffalo are mine-resistant, route clearance-type vehicle that is needed in convoy operations. The OCB are consumable parts which include fuses, fan belts, filters, bulbs, etc., to be packed and carried on each vehicle to cover 90 days operation. Work will be performed in Ladson, S.C., and work is expected to be completed by September 2007. Contract funds in the amount of $16,260,713 will expire at the end of the current fiscal year. This contract was not competitively procured. The Marine Corps Systems Command, Quantico, Va., is the contracting activity.
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BN 17:01 Force Protection Wins $16.3 Million Marine Corps Truck Order .
By Edmond Lococo March 6 (Bloomberg) -- Force Protection Inc., the biggest maker of blast-resistant trucks for the U.S. Marine Corps, won a $16.3 million order to make more of the vehicles used to clear roadways of mines and explosives in Iraq.
The latest award funds the production of 19 Buffalo trucks, the largest of three classes of blast-resistant vehicles the service is ordering, Captain Jeffrey Landis, a Marine Corps spokesman, said today in a phone interview. Force Protection's Buffalo mine-protected vehicles have a raised chassis and V-shaped hull to deflect explosive force.
The Marines Corps has said it may spend as much as $2 billion buying as many as 4,100 blast-resistant trucks. It gave nine companies prototype development awards for two smaller vehicles last month, and Force Protection was picked as the sole producer of the largest version in November.
``We started with a sole-source award for the Buffalo because Force Protection had the only viable manufacturing solution,'' Landis said. ``We need to produce these vehicles as quickly as possible, while simultaneously working competitive bids for the other vehicles.''
Force Protection is competing for awards to build the smaller trucks with its Cougar vehicle. The Buffalo and Cougar have already logged more than two million hours of heavy combat operations and withstood more than 2,000 explosive attacks since they were first deployed in 2003, the company has said.
Force Protection, based in Ladson, South Carolina, was picked by the Marines last month as one of the first two companies to begin low-rate production of the smaller vehicles. It won a $67.4 million contract for 125 of its Cougar trucks. BAE Systems Plc, based in London, received a $55.4 million order for 90 vehicles.
Biggest Truck
The award that established Force Protection as the only producer of the biggest truck had an initial value of $125 million and included about 44 of the Buffalo and 100 smaller vehicles, Landis said. Work under the latest contract will be completed by September, he said.
The Buffalo can carry a crew of 12 passengers and is used to transport explosive ordnance-disposal teams, Landis said. The truck features a large boom arm that can be used to clear debris and suspicious material from roadways, he said. The smaller trucks carry up to 10 passengers and are used for functions ranging from troop transports to ambulances, Landis said. Shares of Force Protection rose less than 1 cent to $15.12 at 4:30 p.m. in New York Stock Exchange composite trading. They have surged eightfold in the past year.
-------------------- "Great Day for Up!"....Dr. Seuss
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Force Protection, Inc. Announces Review of Financial Statements; Restatement of Previously Filed Financial Statements Will Be Made Tuesday March 6, 6:33 pm ET
LADSON, S.C.--(BUSINESS WIRE)--Force Protection, Inc. (the "Company") (FRPT) announced today that management of the Company has completed a review of its prior financial filings. In that review, the Company has discovered items which require restatement. The Company will restate the financial statements for the fiscal year ended December 31, 2005. The Company did not give a timetable as to when the restatement would be completed. ADVERTISEMENT
The Company believes the areas requiring restatement relate to its accounting for preferred stock and warrants issued to investors. The Company has reviewed applicable Financial Accounting Standards Board Statements and Emerging Issue Task Force Statements (EITFs) including EITF 00-19, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company's Own Stocks. As a result, the Company believes that the accounting method it applied to the warrants of its Series D Preferred Stock equity issuance did not include a complete analysis of the mandatory redeemable feature as required.
The Company believes that it will need to restate its financial results for the year ended December 31, 2005 to reflect a realized gain on derivative instruments in the range of $2 to $4 million due to changes in the "fair value" of the warrants, however, this adjustment is still an estimate and it may be higher or lower once the Company completes the final accounting and independent audit of its conclusions. The Company believes that the restatement will not materially impact its 2006 financial results. The Company's management and audit committee have discussed the subject matter giving rise to this conclusion with Jaspers + Hall, PC, its independent accounting firm for the fiscal year ended December 31, 2005.
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March 6 (Reuters) - Force Protection Inc. (FRPT.O: Quote, Profile , Research) said it will restate its fiscal 2005 financial results to reflect a realized gain on derivative instruments.
The maker of ballistic- and mine-protected vehicles said the restatement was not likely to materially impact its 2006 financial results. (Reporting by Rakesh Sharma in Bangalore)
-------------------- "Great Day for Up!"....Dr. Seuss
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posted
The biggest lesson in the stock market. Buy on the rumor and sell on the news. There is hardly any exception. Even big cap comanies like Apple and Microsoft wasn't exception to this. Microsft were doing okay before the release of Windows Vista. They took a dive after the release. Apple did okay until their earnings release + iPhone news. After, it sure did went down. Let this be the lesson of your lifetime. I just seen too many stocks on these boards, members waiting for the news and news comes out and suffer big loss. Again, Investing 101-buy on rumor and sell on news. Genesis chapter of investment bible-buy on rumor and sell on news. Penny Stock rule #1-buy on the rumor and sell on news. And my personal motto-buy on rumor and sell on news. Repeat this ten times a day for at least a year, then you will become somewhat of semi-professional investor.
-------------------- Don't blame me for getting too rich!!!!!!
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Investor's Business Daily Orders For Military Vehicles Help Spartan's Bottom Line
Tuesday March 6, 7:00 pm ET Marilyn Much
Fueled by growing demand in its key markets, Spartan Motors is moving in the fast lane. Spartan (NasdaqGS:SPAR - News) makes custom chassis for recreational vehicles, firetrucks and military vehicles. Based in Charlotte, Mich., Spartan also designs and builds ambulances and firetrucks.
Lately, business has been heating up -- and so has its stock price. In the fourth quarter, earnings grew more than fivefold to 26 cents a share, well above views. Sales climbed 64% to $123.6 million.
Investors took notice. On Feb. 15, the day it reported results, Spartan's stock price surged 36% to an all-time high.
Analysts polled by Thomson Financial see earnings rising 24% to $1.15 in 2007, then rising an additional 16% in 2008.
The company is getting a lift on a few fronts. Spartan gets the bulk -- about 43% of sales -- from the RV market, where it makes chassis for Class A motor homes. After going through a slump in 2005 and 2006, the RV market is expected to turn up this year. Also, two lagging Spartan units are poised to turn profitable this year, says Chief Executive John Sztykiel.
Its military business has been hot. Though Spartan gets only 17% of sales from military chassis, it's the company's fastest growing business.
Military Growth
Here, Spartan acts as a subcontractor. It supplies and integrates key chassis components and helps in the manufacturing of Force Protection's (NasdaqCM:FRPT - News) Cougar armored vehicles and BAE Systems' Iraqi light armored vehicles(ILAVs).
The Cougar has a V-shaped hull designed to deflect the force of explosions from passengers inside the armored hull. The ILAVs are similar to the Cougar and include Force Protection's V-shaped hull.
Spartan started working with Force Protection in 2005 and BAE in 2006. In the fourth quarter, Spartan's sales of military chassis jumped 877% from the prior year. At the end of the quarter, backlog from its military business was up 240% to $49.7 million.
Sztykiel expects the military segment to continue to be the firm's fastest grower in 2007.
"Over the next three to five years, we see tremendous opportunity in the military segment due to the fact that improvised explosive devices (IEDs) are responsible for 62% of the deaths in Iraq and today you can buy a land mine for as cheap as $3," he said.
Considering the high percentage of deaths tied to IEDs and how cheap it is to buy a land mine, Sztykiel expects the military will continue to provide improved protection against such devices.
Force Protection has had success with the Cougar and has seen a lot of interest in it from the U.S. and British military, says analyst Ned Borland of Next Generation Equity Research.
Spartan has been the supplier of the chassis on every Cougar order released by Force Protection to date, Borland says. And Force Protection's growth profile is pretty substantial, he adds.
Most recently, on Jan. 23, the Spartan Chassis unit received a subcontract order from Force Protection to supply and integrate key chassis components and assist in the making of 155 Cougars for use by the U.S. Marine Corps. The order, worth $23.7 million, is Spartan's second largest military chassis order. Its biggest came in June. It was a subcontract order from BAE that was worth about $45 million.
"We continue to work with Force Protection and BAE Systems as they seek new contracts from the U.S. military, such as the mine-resistant, ambush-protected (MRAP) vehicle program, which is out and being evaluated right now," Sztykiel said in a conference call.
According to press releases both companies have submitted vehicles for testing and evaluation of the MRAP program, he adds. Spartan is a subcontractor.
Borland expects a large chunk of the vehicles ordered under the MRAP program to go to the companies with which Spartan is working.
Spartan is gaining steam on other fronts. For about 20 months -- until November -- the Class A motor home market was in a slump, Borland says.
Even during that tough period Spartan was able to grow and gain share. In 2006, when Class A motor home sales were off about 13%, Spartan's sales from this segment grew 7.9% from the prior year, Sztykiel says.
In the fourth quarter, Spartan's RV chassis sales rose 32.4%.
Spartan got a nice boost from the addition of a new customer -- Tiffin Motorhomes -- about halfway through 2006.
Motor Home Chassis
"Tiffin is now offering products on Spartan chassis that are being received extremely well in the marketplace," Sztykiel said.
Before adding Tiffin to the mix, Spartan had only three original- equipment makers as customers for its RV chassis.
Meanwhile, in 2007 it will be seeing an "uptick" in the Class A motor home market, especially those using Spartan chassis, Sztykiel said.
The RV industry will benefit from the decline in gas prices over last year's levels of over $3 a gallon, he says.
"As we look to 2007 we're extremely excited about our RV business," he said. "We see stability and lower fuel prices and we have another strategic partner in Tiffin Motorhomes."
Borland says the rise of Spartan's stock has been driven mostly by enthusiasm over its military business and the belief that the RV market is turning up.
Spartan gained share during the downturn in the RV market, he says.
"Now it has the wind of the market at (its) back," he added.
At the same time, two units that had been unprofitable are poised to move into the black this year. One is Spartan's Crimson Fire Aerials unit, which makes aerial firetrucks. The other is its Road Rescue arm, which produces ambulances.
"Both companies improved in a substantial way in 2006 vs. 2005 in reducing their losses," Sztykiel said. "We expect both companies to move into profitability somewhere in the third quarter of 2007."
Copyright 2007 Investor's Business Daily, Inc.
-------------------- "Great Day for Up!"....Dr. Seuss
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Check out this PR that was released. HIGHLY MISLEADING, implying that OSK is the one who made the cougars that have been around since 2004. I am so angry about this one, I could spit.
quote: US Orders More Mine-Resistant Trucks For Iraq After Test Run Last update: 3/7/2007 2:41:13 PM
OSHKOSH, Wis. (AP)--A new combat truck with a V-shaped bottom designed to withstand blasts from roadside bombs is performing with such success in Iraq that the U.S. military is pressing Oshkosh Truck Corp. (OSK) and others to churn out hundreds more in the coming months.
About 200 prototypes of the Mine-Resistant Ambush-Protected vehicles have been deployed in Iraq since 2004, said Capt. Jeff Landis, spokesman for the Marine Corps Systems Command in Quantico, Va. No Marine has died while in one of the trucks, Landis said. "This is the best vehicle available for safety and survivability," he said. "The MRAP vehicle supplies troops with the greatest protection we've had."
The key is the truck's V-shaped steel body, which flares like the hull of a boat, said Joaquin Salas, spokesman for Oshkosh, which is based in Wisconsin.
"The shape channels the full force of a blast up the sides of the vehicle rather than through the floor," Salas said. "It's all physics. Vehicles with that shape are extremely effective."
Within the past month, the Pentagon awarded about $210 million in contracts to Oshkosh and four other companies in the U.S. and Canada to manufacture a total of nearly 400 more vehicles. Landis said the military hopes to receive them by the end of the year. Since the war began, more than 3,160 U.S. service members have died in Iraq. Roadside bombs account for 70% of U.S. deaths and injuries in Iraq, according to Defense Department records and testimony.
The Pentagon has been criticized for supplying insufficient armor for Humvees, the standard vehicles used for transport. The military has since fitted thousands of Humvees with additional armor. But most of the surfaces on a Humvee's underside are flat, creating a large area that catches the force of land mine blasts.
The new vehicles also have tires that can be driven on even when flat. Commanders in Iraq originally said the military would need 4,100 mine-resistant vehicles, but they raised their request to 6,738 in mid-February after seeing how well the trucks protected occupants, Landis said. Those requests are subject to approval by Congress. In addition to Oshkosh, the other contractors are Protected Vehicles Inc. of North Charleston, S.C.; Force Protection Industries in Ladson, S.C.; BAE Systems PLC (BAESY) in Washington; and General Dynamics Land Systems in Ontario, Canada. Force Protection Industries is a unit of Force Protection Inc. (FRPT) and General Dynamics Land Systems is a subsidiary of General Dynamics Corp. (GD).
The trucks come in three categories, from the small - a 7-ton truck that holds six passengers - to the colossal - a 22.5-ton mammoth that carries 12 passengers. By comparison, General Motors Corp.'s (GM) Hummer H3 weighs about 3 tons and a military tank around 71 tons. Despite the new trucks' protective strength, military officials said they don't believe they will completely displace lighter, more maneuverable vehicles. (END) Dow Jones Newswires March 07, 2007 14:41 ET (19:41 GMT)
-------------------- "Great Day for Up!"....Dr. Seuss
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Corrected article with additions in bold type. (still highly slanted towards OSK, but at least no longer implies that OSK is the maker of the MRAPs deployed) -------------------------
Pentagon orders mine-resistant trucks By DINESH RAMDE, Associated Press Writer 30 minutes ago
OSHKOSH, Wis. - A new combat truck with a V-shaped bottom designed to withstand blasts from roadside bombs is performing with such success in Iraq that the U.S. military is pressing a Wisconsin company and others to churn out hundreds more in the coming months.
About 200 prototypes of the Mine-Resistant Ambush-Protected vehicles have been deployed in Iraq since 2004, said Capt. Jeff Landis, spokesman for the Marine Corps Systems Command in Quantico, Va. No Marine has died while in one of the trucks, Landis said.
"This is the best vehicle available for safety and survivability," he said. "The MRAP vehicle supplies troops with the greatest protection we've had."
Force Protections Industries in Ladson, S.C., built the 200 prototypes. Within the past month, the Pentagon awarded about $210 million in contracts to Force Protections, Oshkosh Truck Corp., and three other companies in the U.S. and Canada to manufacture a total of nearly 400 more vehicles. Landis said the military hopes to receive them by the end of the year.
The key is the truck's V-shaped steel body, which flares like the hull of a boat, said Oshkosh Truck spokesman Joaquin Salas.
"The shape channels the full force of a blast up the sides of the vehicle rather than through the floor," Salas said. "It's all physics. Vehicles with that shape are extremely effective."
Since the war began, more than 3,160 U.S. service members have died in Iraq. Roadside bombs account for 70 percent of U.S. deaths and injuries in Iraq, according to Defense Department records and testimony.
The Pentagon has been criticized for supplying insufficient armor for Humvees, the standard vehicles used for transport. The military has since fitted thousands of Humvees with additional armor. But most of the surfaces on a Humvee's underside are flat, creating a large area that catches the force of land mine blasts.
The new vehicles also have tires that can be driven on even when flat.
Commanders in Iraq originally said the military would need 4,100 mine-resistant vehicles, but they raised their request to 6,738 in mid-February after seeing how well the trucks protected occupants, Landis said. Those requests are subject to approval by Congress.
In addition to Force Protections and Oshkosh, the other contractors are Protected Vehicles Inc. of North Charleston, S.C.; BAE Systems in Washington; and General Dynamics Land Systems in Ontario, Canada.
The trucks come in three categories, from the small — a 7-ton truck that holds six passengers — to the colossal — a 22 1/2-ton mammoth that carries 12 passengers. By comparison, General Motors' Hummer H3 weighs about 3 tons and a military tank around 71 tons.
Despite the new trucks' protective strength, military officials said they do not believe they will completely displace lighter, more maneuverable vehicles.
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-------------------- "Great Day for Up!"....Dr. Seuss
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More promising as a Humvee replacement (not service-wide but in theater) is Force Protection's Cheetah. The Cheetah is the smallest of a family of MRAP vehicles that we've covered here before. The Cougar and Buffalo, Force Protection's larger MRAPs, have already seen extensive service in Iraq, but the Cheetah is new. Light, fast, and well armored, the Cheetah really could replace the Humvee throughout Iraq. I think its main advantage is that it's not so intimidating as some of the other models on display. That is, its presence on Iraqi roads might not scare the heck out of the average, friendly Iraqi civilian. And at roughly 12,000 pounds, it's in the same weight class as the Humvee.
The military hasn't yet ordered the Cheetah, but it's only a matter of time. And Force Protection is turning out Cougars and Buffalos as fast as they can to meet existing contracts.
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posted
News out... AH to build Cougars. More production, more contracts to follow.
Armor Holdings, Inc. Awarded $40.7 Million Cougar Production Contract by Force Protection Industries, Inc. Thursday March 8, 9:12 am ET
JACKSONVILLE, Fla., March 8 /PRNewswire-FirstCall/ -- Armor Holdings, Inc. (NYSE: AH - News), a leading manufacturer and distributor of military vehicles, vehicle armor systems and life safety and survivability systems serving military, law enforcement, homeland security and commercial markets, announced today the receipt of a contract from Force Protection Industries, Inc. to produce Cougar armored vehicles for delivery to the U.S. Marine Corps. The contract value is $40.7 million and includes production of vehicles and technical support. The Company advised that the award is made under an existing agreement with Force Protection that engages Armor Holdings to manufacture and assemble Cougar vehicles in support of the U.S. Marine Corps' Mine Resistant Ambush Protected (MRAP) vehicle program. Armor Holdings and Force Protection are continuing discussions for follow-on Cougar production should Force Protection receive additional U.S. Marine Corps MRAP orders. Work will be performed in 2007 by the Armor Holdings Aerospace & Defense Group at its facilities located in Sealy, Texas.
Robert Schiller, President of Armor Holdings, stated, "We are pleased to have this opportunity to work with Force Protection on such an important program for the U.S. Marine Corps. It is gratifying that our capabilities will contribute to early delivery in higher volumes of this proven vehicle, which is saving lives in the field today. We look forward to additional opportunities to work with Force Protection in support of the MRAP program."
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM!
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posted
i have no doubt this is a good stock and will be profitable eventually but get so tired of the downward trend for no apparent reason. it still looks to me like everything is setting up perfectly but i cannot see what it is that was making the price drop.
we have financials on the way
we have an unknown # of large contracts headed our way
posted
Lockheed Joins Armor Holdings in Bid for Marine Truck (Update2) 2007-03-08 13:51 (New York)
(Adds Armor Holdings comment in second paragraph.)
By Edmond Lococo March 8 (Bloomberg) -- Lockheed Martin Corp., the world's largest defense company, joined Armor Holdings Inc. to bid for a U.S. Marine Corps program to build blast-resistant trucks that may result in contracts totaling $2 billion.
Armor Holdings is pursuing the work both as lead contractor and in support of another company's offering, and plans to collaborate with Lockheed on the two initiatives, Robert Mecredy, president of Armor's aerospace and defense business, said in an interview today. Lockheed may assist in areas including systems integration and logistics support, he said.
The teaming arrangement for the Marine's Mine Resistant Ambush Protected vehicle program, or MRAP, is the second collaboration by the two companies in five months. In October,Armor Holdings agreed to support Lockheed's bid for a program called the Joint Light Tactical Vehicle, or JLTV, which may bevalued at $15 billion to $20 billion.
``The cooperation on MRAP is a logical extension of our partnership on JLTV,'' Kathryn Hasse, Lockheed's director of tactical wheeled vehicles, said in an interview. ``There is absolutely a need today for MRAP to protect soldiers and Marines.''
Details of the agreement are still under discussion, Mecredy and Hasse said. Both were attending a conference in Fort Lauderdale, Florida, held by the Association of the U.S. Army.
Armor Holdings, the largest maker of armor for Humvee transports used in Iraq, was among nine companies picked by the Marines in January to produce test trucks for the MRAP program. Since then, five of the other companies also have been given awards to begin low-rate production.
Heavy Armor
Shares of Bethesda, Maryland-based Lockheed rose $1.26 to $97.80 at 1:38 p.m. in New York Stock Exchange composite trading. Jacksonville, Florida-based Armor Holdings gained 66 cents to $64.29.
For its MRAP bid, Armor Holdings is offering a variant of the Family of Medium Tactical Vehicles, which the company already supplies to the Army, Mecredy said. Armor also works as a subcontractor to the largest maker of the MRAP vehicles, Force Protection Inc.
Today, Armor announced it received a $40.7 million contract from Force Protection to help build Cougar armored vehicles for the MRAP program.
``My wish is that Lockheed would work with us on all of our MRAP opportunities,'' Mecredy said. ``If we require logistics support, we want Lockheed to do that.''
The vehicles have a V-shaped hull, raised chassis and heavy armor, making them effective against current threats in Iraq such as mines and improvised explosive devices, Hasse said.
Interim Program
At the conference, Assistant Secretary of the Army Claude Bolton said the MRAP will be an ``interim program'' to meet current demand while the Joint Light Tactical vehicle is developed.
Over the next 12 months a ``minimum'' of 1,185 MRAP vehicles will be purchased, and combined demand from the Army and Marines may push total demand to 4,000 to 6,600 vehicles, Bolton said.
Over the longer term, the Army and Marine Corps likely will use the JLTV program rather than the MRAP to completely replace the fleet of more than 120,000 Humvee transports now used in Iraq, Hasse said.
``The MRAP is not a Humvee replacement,'' she said. ``MRAP is all about protection and very little else. It gives up transportability and mobility.''
The MRAP, for example, is too large and heavy for airlift by helicopter, Hasse said. At more than 35,000 pounds, the MRAP weighs more than twice as much as the JLTV's target of 16,000 pounds.
Test Trucks
Lockheed today unveiled a model of its JLTV offering, which it developed using its own money, Hasse said. She declined to say how much has been invested. The company plans to have an operational prototype of the JLTV by September, Hasse said.
Several companies received eight-month awards in August and September to build mock-ups of the JLTV, including Falls Church, Virginia-based General Dynamics Corp.; Oshkosh Truck Corp., based in Oshkosh, Wisconsin, and London-based BAE Systems Plc. Full details on the competition are expected later this year.
Many of the contestants on the two truck programs are the same. The nine award recipients for MRAP test trucks in January also included General Dynamics, BAE and Oshkosh Truck.
Other companies developing MRAP test trucks include Protected Vehicles Inc., in North Charleston, South Carolina; Force Protection Inc. in Ladson, South Carolina; Textron Inc. in Providence, Rhode Island; General Purpose Vehicles LLC in New Haven, Michigan; and International Military and Government LLC, in Warrenville, Illinois.
Lockheed, the maker of Hellfire missiles and the F-22 Raptor stealth fighter jet, set up its military truck business in September 2004. It won its first vehicle-production contract -- a $30 millionaward for as many as 120 artillery tow trucks -- last April.
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U.S. Marine Corps Orders Additional Armored Vehicles from Force Protection Friday March 9, 8:45 am ET
LADSON, S.C.--(BUSINESS WIRE)--Force Protection, Inc. (NASDAQ:FRPT - News) today announced that it has received a delivery order from the U.S. Marine Corps for an additional 19 Buffalo mine-protected vehicles worth an estimated $16.2 million.
Under a November 2006 contract award administered by the Marine Corps Systems Command, Force Protection expects to deliver the 19 Buffalo vehicles by December 2007.
"We are pleased and honored to continue to meet the needs of the war fighter," said Force Protection COO Raymond Pollard. "We are also pleased to note that while extensive ramp-up efforts move forward on the production of the Cougar vehicle series, our Buffalo line remains a vibrant and crucial component of our manufacturing efforts."
The Buffalo was initially deployed in the war on terror in 2003, being used to detect and remove thousands of suspected explosive threats by military engineers who credit the vehicle with saving lives. The Buffalo's unmatched performance for troop safety and sustainability in the field has also made it the sole source vehicle for the Marine's Mine Resistant Ambush Protected vehicle program Category III requirement.
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posted
I did buy some on margin last week at $16, IMMEDIATELY went into a call because the requirement was 70%, and then sold for $16.40... very risky.
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