posted
I heard that rumor but Cramer doesn't do OTC stocks... and BAE is a British company, so I doubt he would interview them.
Posts: 136 | Registered: May 2006
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Down She Go's... I love it, I got in really high yesterday. Now I can get some lower $ shares... Oh Happy Day..
Posts: 31 | From: H-Town | Registered: May 2006
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I went over there to RB and checked it out. That isn't even a rumor, it's more like wild speculation. Just folks saying things liked "I smell a buyout". "I am predicting that BAE will be announcing the contract award and the buyout of FRPT"
Jo
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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1. No PR yet by BAE - why? Are they buying up shares, or negotiating with FRPT? 2. More plausible - FRPT is a small company with great ideas. Guess what - companies like that, especially in the defense contractor industry, do not last. They get gobbled up.
Posts: 136 | Registered: May 2006
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posted
Oop's Report from: Catalyst Financial Resources assists small-cap companies gain reputable recognition in the financial marketplace. Our system of services is designed to benefit both small-cap companies and investors alike. We focus on companies undervalued and under-followed, yet deserving of attention.
Posts: 31 | From: H-Town | Registered: May 2006
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Marc Robins, CFA June 1, 2006 Force Protection, Inc. (Nasdaq, SC: FRPT.OB--$4.08) Disclosures 1, 4A, 6, 10 See last page for disclosures Yesterday, on the DefenseLink News, the US Army announced that it had awarded BAE Systems Land & Armaments, PL of York, Pennsylvania the first $180 million segment of a multi-year, $445 million fixedprice contract for 378 Iraqi Light Armored Vehicles. This is the major contract partnership between “a major military armament supplier and FRPT” that we have been waiting for since our visit in late April. Interestingly, the nature of this contract is the US Administrations efforts to arm and properly prepare the Iraqi Police/Military to support itself in preparation of pulling out our troops. Hence, the intent of the contract and the speed and urgency that it was let supports the administration’s efforts to prepare that nation as quickly as possible to minimize the effects of the conflict in preparation for the 2007 presidential elections. This contract—named to BAE at this time only—provides FRPT some very substantial benefits even though the dollar amount may not be as great as we originally believed. But you measure the effects: • The total contract involves the production of 1,500 trucks. These are FRPT designed, “Cougar” vehicles with the Company maintaining its ownership rights to the design while receiving a license fee from BAE for each unit they produce. • Of the production value, 70% of the gross dollars go to BAE in order to use the larger Company’s buying power strength and to lower the SG&A load to better minimize the cost and compete for the bid. • Despite the dollar differential, the contract provides for FRPT to receive nearly the kind of margin that is allowed by the Government on all of the Company’s other vehicles despite the “slimmed-down,” and lower cost design. • FRPT also receives all the post delivery service, support and parts business tied to the ILAV contract. This typically higher-margined business runs the duration of the initial contract and further extends through a five-year, follow-up contract as well. We think this announcement really changes the entire perspective from which FRPT should be examined by investors. Their trucks will heavily populate Iraq in short order essentially making “Cougar” a household name within the world’s military establishments. It certainly should establish it as a household name here in the US as the domestic press focuses on the dangers and deaths tied to IEDs. Separately, the crutch that BAE provides, financially and from a production stand-point, removes many of the risks that have been associated with the company to date. Separately, we have learned that management believes there is roughly $2 billion of FRPT-like truck vehicles to be contracted out over the next two years. This means to us that the Company has a much more stable financial and operating framework from which to operate and that it faces a substantial demand curve given the improving status of its designs and the needs of the US military.
Posts: 136 | Registered: May 2006
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posted
Read the fine print FRPT paid for this report. This completely normal for emerging companies. I believe FRPT would have made some kind of mention of such a huge possibly. They droped the big hint at the end. "Separately, we have learned that management believes there is roughly $2 billion of FRPT-like truck vehicles to be contracted out over the next two years."
Posts: 31 | From: H-Town | Registered: May 2006
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posted
man... the more i see this company, the more i want to sell all my stake in other companies and put the money into this. only thing is i want to see if it can go any lower, around 4.5 range. already half of my portfolio is filled with frpt. i hope to make it full, and get 100% return for next month.. booyah!! herez more news.
Graham and Levin lead fight on Cougar By Roxana Tiron
Some powerful members of the South Carolina and Michigan delegations are throwing their weight behind a blast-protective vehicle that has become increasingly popular with the Marine Corps and Army, trying to protect troops from roadside bombs in Iraq.
The vehicle, known as the Cougar — a “hulking beast of a truck,” as the Marines like to call it — is the product of a small business, Force Protection Industries Inc., in Ladson, S.C.
Force Protection has grown from a nine-person company in 2003 to about 365 employees today.
But with rapid success also comes the age-old question of how to keep a steady flow of Pentagon orders so that the company can keep its beefed-up work force and its production lines in operation. Starting and stopping production repeatedly can hurt a small company, said Michael Aldrich, the company’s vice president.
“We would like a little more visibility of where the train is going before you are on it,” he said.
That is where Sens. Lindsey Graham (R-S.C.) and Carl Levin (D-Mich.) came to the company’s rescue as the Senate Armed Services Committee marked up the 2007 defense authorization bill.
Spartan Chassis Inc. in Michigan, a subsidiary of Spartan Motors, builds the chassis for the Cougar. With support from committee Chairman John Warner (R-Va.) and Levin, the panel’s ranking member, Graham inserted a provision to add $100 million to the Navy’s procurement budget to buy the Cougar and its larger, brother vehicle, the Buffalo, used for mine clearance.
As soon as Force Protection found out that the Cougar and Buffalo did not receive money in the House version of the 2007 defense authorization bill, “we ran to Senator John Warner [chairman of the Senate panel] and Senator Levin,” Aldrich said. The extra money can buy up to 150 vehicles, according to the company.
The $100 million extra in the Senate coincided with a $50 million Pentagon award for 79 more Cougar vehicles. The contract includes field support, training and spare parts.
The company received a contract for 27 Cougars for the Marine Corps in April 2004. That was followed by a Pentagon contract for 122 vehicles for all services in May 2005.
But the company still has to make sure that the $100 million it received from the Senate will stay as part of the conference report between the two chambers.
It is in the appropriations process where the test lies for the small company. To boost its image on the Hill, the company hired Congressional Strategies LLC in February, according to lobby registration filings. And Aldrich is in Washington this week meeting with lawmakers.
While Force Protection has some strong supporters in the Senate, it also has at least one champion in the House: Rep. Joe Wilson (R-S.C.), a member of the House Armed Services Committee. Wilson told The Hill that he plans to write a letter to the Defense Appropriations Subcommittee to raise the issue and ensure funding for more Cougars.
“It works, and it is protecting American lives. It enhances our ability to travel anywhere and anytime,” said Wilson. He has visited the company’s plant in Ladson, where he was allowed to drive one of the vehicles. He also visited the maintenance depot in Balad, Iraq, he said.
The Cougar “jumps out at you as very innovative. If you were a bad guy, it would be very intimidating to see this,” Wilson said.
The Cougar is much larger than a Humvee and has heavier armor. Its success is attributed to its V-shaped hull, designed to withstand mine blasts.
“More than 100 of them are deployed and there have been no deaths, and it is due to their V-shape design,” Wilson said. He said the $100 million is “crucial” to keep the Cougar production line in place.
As the company is pushing to receive the extra $100 million, it is also vying for a lucrative contract for the so-called Iraqi Light Armored Vehicle.
The U.S. Army Tank Automotive and Armaments Command is planning to award a contract by the end of May. The contract can go up to 765 vehicles, Aldrich said.
The company has teamed up with BAE Systems to share the production of the vehicles, should it receive the contract. General Dynamics Land Systems is also competing for the contract. Others potentially vying for it are Textron, Oshkosh, Steward & Stevenson, Krauss Maffei and Armoured Technology Systems.
If Force Protection does not receive the contract for the Iraqi vehicles it plans to rely on the Army’s plan to buy 250 Buffalo vehicles between 2007 and 2009, Aldrich said.
and the final bottom line is: it did get the contract!!!
-------------------- All my posts are based on my own opinions and not to be taken as buy/sell recommendations. Posts: 961 | Registered: May 2006
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On May 31, 2006 the U.S. Army Tank-Automotive and Armaments Command (?TACOM?) awarded BAE Systems Land & Armaments L.P. of York, Pa (?BAE?) a delivery order in the amount of $180,503,000 as part of a $445,439,000 firm-fixed-price contract for the production and delivery of 378 Iraqi Light Armored Vehicles (?ILAV?) to be delivered to the Iraqi National Army. Force Protection Industries (?FPI?) has an agreement with BAE pursuant to which FPI will license to BAE the use of FPI?s Cougar vehicle as the basis for the ILAV design, and will act as BAE?s principal subcontractor to provide the manpower and other resources needed to produce 50% of the vehicles in Ladson South Carolina. FPI shall also provide 100% of the after sales service and support required under the TACOM agreement. FPI is in the process of finalizing the detailed terms and conditions of the subcontract with BAE, which will have an estimated value to FPI of approximately $55,000,000.
This report may contain forward-looking statements that involve risks and uncertainties. We generally use words such as ?believe,? ?may,? ?could,? ?will,? ?intend,? ?expect,? ?anticipate,? ?plan,? and similar expressions to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described below and elsewhere in this report. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Force Protection, Inc. (Registrant)
Date June 2, 2006
/s/ GORDON MCGILTON (Signature)
Print Name: Gordon McGilton Title: Chief Executive Officer
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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posted
I bet they make more on Parts & Service, than the orginal sell...$ Plus the partner ship positions FRPT for other larger contracts...$
Posts: 31 | From: H-Town | Registered: May 2006
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Force Protection Continues to Set Production Records in May Monday June 5, 8:18 am ET
LADSON, S.C.--(BUSINESS WIRE)--June 5, 2006--Leading armored vehicle producer Force Protection, Inc. (OTCBB:FRPT - News) has continued its record-setting production performance for the seventh straight month. The manufacturer presented 20 Cougar Joint Explosive Ordnance Disposal Rapid Response Vehicles (JERRV) to the U.S. government in the month of May.
"Our ramped-up deliveries began in November 2005, and the sustainable rate we sought then is evident yet again," said CEO Gordon McGilton. "We receive constant communication from troops in the field that these vehicles are saving lives. Their safety has been and will continue to be the driving force behind our efforts to meet demand for this critically-needed equipment."
The First Marine Expeditionary Force was the first to use the Cougar vehicle in Iraq in 2004. It has since been requested by all branches of the military to protect EOD teams and other first responders tasked with disarming IEDs and roadside bombs.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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-------------------- All my posts are based on my own opinions and not to be taken as buy/sell recommendations. Posts: 961 | Registered: May 2006
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