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Author Topic: FRPT 50M$ contract with US Army
Jo4321
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Sigh, this has been exasperating. I told myself if it ever got to $25.00 again, I was gonna sell it all. But I didn't. I sold off 750 shares in the 25's, but bought back 400 of them at $24.00. Shoulda stuck with my original plan of selling them ALL. Then I could've taken advantage of these bargain prices today.

Jo

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"Great Day for Up!"....Dr. Seuss

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cspaude
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Looks like it wasn't a terrible day afterall. My last post was when we were off 12%+ and the chart only looked downward. Sounds like some are saying it's happened before and this whole thing is overblown. I still want to see a contract soon so this all is forgotten.
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cspaude
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Well, Melissa strikes as predicted, but she just repeated what this bonehead said FRPT down on downgrade
I believe this guy is wrong because the IED threat will likely be the weapon of choice in future conflicts and the US will not drop the ball on protecting troops again. They will have these MRAPs in theater BEFOREhand. To do this, they must continue buying MRAPs NOW. Once all orders are filled, there will still be a need for parts and support. The big three in Detroit make a killing off of parts alone, and that's with normal wear and tear, not wartime and IEDs. Think about it.

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Jo4321
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Contract out
International Military and Government LLC (IMG), Warrenville, Ill., is being awarded $509,241,000 for firm-fixed-priced delivery order #0005 under previously awarded contract (M67854-07-D-5032) for 1,000 Mine Resistant Ambush Protected (MRAP) Category I Low Rate Initial Production vehicles. Category I is a MRAP vehicle used by the Marine Corps and other Joint Forces for convoy operations. The MRAP vehicles are required to increase the survivability and mobility of troops operating in hazardous fire areas against known threats such as improvised explosive devices, small arms fire and mines. Work will be performed in West Point, Miss., and work is expected to be completed April 2008. Contract funds will not expire at the end of the current fiscal year. This contract was competitively procured. The Marine Corps Systems Command, Quantico, Va., is the contracting activity.


Force Protection Industries, Inc., Ladson, S.C., is being awarded $376,644,117 for firm-fixed-priced delivery order #0006 under previously awarded contract (M67854-07-D-5031) for the purchase of 553 Mine Resistant Ambush Protected (MRAP) Category I vehicles and 247 MRAP Category II vehicles and vehicle sustainment Integrated Logistic Support. Work will be performed in Ladson, S.C., and work is expected to be completed April 2008. Contract funds will not expire at the end of the current fiscal year. This contract was competitively procured. The Marine Corps Systems Command, Quantico, Va., is the contracting activity.

BAE Systems Land & Armaments, LP, Ground Systems Division, York, Pa., is being awarded $278,441,800 firm fixed priced delivery order #0005 under previously awarded contract (M67854-07-D-5025) for the purchase of 399 Mine Resistant Ambush Protected (MRAP) Category II vehicles and 112 MRAP Category II Ambulance Variant vehicles. Work will be performed in York, Pa., and work is expected to be completed by April 2008. Contract funds will not expire by the end of the current fiscal year. This contract was competitively procured. The Marine Corps Systems Command, Quantico, Va., is the contracting activity.

BAE Systems Land & Armaments, LP, Ground Systems Division, York, Pa., is being awarded $44,339,800 for firm fixed priced delivery order #0004 under previously awarded contract ( M67854-07-D-5025) for the purchase of 89 Mine Resistant Ambush Protected (MRAP) vehicle Category I United States Special Operations Command Variants and vehicle sustainment Integrated Logistic Support. Work will be performed in York, Pa., and is expected to be completed by March 2008. Contract funds will not expire by the end of the current fiscal year. This contract was competitively procured. The Marine Corps Systems Command, Quantico, Va., is the contracting activity.

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"Great Day for Up!"....Dr. Seuss

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cspaude
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And we're....down. Juicy tidbit:

However, the Pentagon said it would not order any more MRAP vehicles designed and produced solely by a Canadian subsidiary of General Dynamics, nor by its rival Armor Holdings Inc., which was recently acquired by BAE Systems in August.

But still we're.........down. So tell me, has FRPT become the ******* child here? No matter what they do, it's never good enough. After falling 30-40% off it's high I assumed the competition from Navistar was factored in. Now it looks like BAE is out of the picture and more contracts are coming in December. Shouldn't have all the news created positive territory today then?

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Jo4321
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I certainly don't understand it. FRPT can never catch a break.

I'm still holding, but this sure sucks today.

From now on, I'm going with my gut (which was to sell all at $25.00)

Jo

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"Great Day for Up!"....Dr. Seuss

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Jo4321
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.......THE NEGATIVE SPIN:

quote:
TheStreet.com
Navistar Shines in Mine-Resistant Vehicle Contracts
Thursday October 18, 7:26 pm ET
ByMelissa Davis, Senior Writer

In the race for military vehicle contracts, Navistar has once again left Force Protection eating some dust.
Both companies, along with British-based BAE, on Thursday scored new contracts from the U.S. Department of Defense for mine-resistant ambush-protected vehicles. But Navistar led the pack -- further threatening Force Protection's reign over the industry -- by landing the biggest order of all.

Navistar fielded an order for 1,000 MRAP vehicles for the Navy worth some $509 million. Force Protection secured a smaller order for 800 MRAPs for the Navy valued at $377 million. BAE won a new contract, too, landing a deal for 600 MRAPs worth almost $323 million, also for the Navy.

Not so long ago, Force Protection virtually monopolized the entire MRAP industry. But the company has steadily lost market share to other competitors. Navistar, once considered a long-shot MRAP contender at best, has managed to catch the company from behind.

All told, Navistar has now scored contracts for nearly 3,000 MRAP vehicles. So After just two months of production, Navistar has already delivered 188 of those vehicles to the military. The company plans to be churning out some 500 MRAPs a month by February.

For its part, Navistar likes to stress that it has been mass-producing commercial trucks for decades. Thus, the company clearly felt prepared when it entered the MRAP race.

"As the largest commercial truck and midrange diesel engine manufacturer in North America, we offer a number of advantages," said Archie Massicotte, president of Navistar's International Military and Government division. "We produced more than 161,000 commercial vehicles last year. We know how to produce quality vehicles."

Now, he added, "we are committed to delivering these (MRAPs) as soon as possible to help protect our military."
http://biz.yahoo.com/ts/071018/10385380.html?.v=2&printer=1



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Jo4321
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....THE POSITIVE SPIN:
quote:

Force Protection Dances a Jig
By Rich Smith October 19, 2007
0
Recommendations
At first glance, I suppose I see TheStreet.com's point. In a column yesterday, Jim Cramer's mouthpiece argued that a $1.2 billion Pentagon award to produce additional mine-resistant, ambush-protected armored vehicles (MRAPs) was a bad thing for Force Protection (Nasdaq: FRPT).

After all, it's not as if Force got the whole award to itself -- or even the lion's share. Fact is, the greatest number of MRAPs was awarded to perhaps the least likely of the candidates -- NYSE-delisted truck maker Navistar, which was asked to produce 1,000 of the beasts for a cool $509.2 million. Force came in second in the MRAP lottery, with a contract to build 800 Cougars for $376.6 million. Third place went to Britain's BAE Systems, which will build 600 Chargers and similar MRAPS for $322.8 million. (Average per-vehicle cost, for those who are counting: $538,000 for BAE's various flavors of MRAP; $509,200 for Navistar's MaxxPro offering; and a mere $470,750 for Force's vehicles -- presumably Cougars.)

Actually, though, we can't expect Force to get even the full $376.6 million. Production constraints that forced it into bed with General Dynamics (NYSE: GD) last year mean Force will likely have to make use of its joint venture with armored-vehicle behemoth Force Dynamics and split the pot with its partner.

Sorry, dance card full
Left out in the cold in this deal are still-NYSE-listed truck maker Oshkosh (NYSE: OSK) and its BULL-ish beau, Ceradyne (Nasdaq: CRDN). But yesterday's big news wasn't just who won and who lost out -- it was who might win in the future, and who for-sure won't. Here, Fools, is where I see the real good news for Force Protection -- and improved potential for the company to join its fellow Motley Fool Rule Breakers picks in the winners' column of our portfolio.

Musical chairs
If war is good for profits, then xenophobia may be even better. In the past, the Pentagon had assured that it would do its utmost to get as many IED-proof vehicles as possible in the theater, as soon as possible -- regardless of who built them. But yesterday, it announced that in the future it would not be entertaining bids from two (sort of) foreign builders: General Dynamics subsidiary "Land Systems-Canada" and the now-foreign-owned Armor Holdings, which BAE bought earlier this year. Past MRAP contracts, you may recall, have been repeatedly given to General D's Land Systems-Canada unit, only to have the bulk of the work performed by various BAE subsidiaries. The Pentagon seems willing to allow BAE's U.S. subsidiary, BAE North America, to keep building MRAPs, however. And of course, the General's still free to keep building here in the States.

So perhaps "xenophobia" is too strong a word. After all, the Pentagon did provide a logical reason for its decision. Namely, it said it wants to keep down the maintenance costs by moving toward a more standardized fleet of MRAPs in the theater. It's a logical argument, reminiscent of JetBlue's decision to fly only one type of airplane initially (and just look what's happened to JetBlue since it changed its mind about that).

Still, the fact remains that the Pentagon seems to have chosen its preferred MRAP providers. General D, BAE North America, Navistar, and Force Protection are in. BAE/Armor Holdings and General D-North-of-the-Border are out. Also out, and perhaps this time for good, is Oshkosh. With it, I suspect, may go Ceradyne and its mysterious BULL armor/vehicle.

Purely hypothetical
And now we come to the jump-to-conclusions portion of today's column (obscure Office Space reference for you cubicle dwellers out there). If the military has indeed decided upon its favored builders of MRAPs, firms that lost out in the initial round may feel more inclined to buy back into this contest with an acquisition. General Dynamics and BAE are both too large for their rivals to comfortably swallow. But I wouldn't be entirely shocked if an early-round loser like Textron (NYSE: TXT) or Oshkosh decided to make a bid for bite-sized Force Protection or slightly larger Navistar.

The price would have to be right, of course. And it seems to me that Force would fit more logically into Textron's portfolio, Navistar into Oshkosh's. Either way, though, if the also-rans are to get back into the running for MRAP contracts, this would now appear to be their only option. Call me a Fool, but I think even the possibility of a buyout makes Force Protection more valuable today than it was before it "lost" first place to Navistar yesterday.

http://msn.fool.com/investing/high-growth/2007/10/19/force-protection-dances-a-j ig.aspx?logvisit=y&source=eedmsnlnk0010001



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"Great Day for Up!"....Dr. Seuss

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cspaude
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That article summed up my thoughts exactly.

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Free Muney
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up 9% today, I jumped in yesterday when it dipped way below bollingerband for 18 a share... I'll take 11% in two days [Smile]
chart looks good for the rest of the week imo.

This company is still making a killing. War sucks, but gov't contracts do not... Might as well make money on spent tax dollars...

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Jo4321
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Good Trading, there, Free Muney. I bought more on the "DIP" at $21.00 LOL. Gotta learn to be more patient. I'm beginning to think FRPT is like the weather. Don't like the current PPS? Wait a day or two it will be totally different.

Anyway, Zacks featured FRPT on the front page today:

http://www.zacks.com/

Zacks Commentary: Aggressive Growth Zacks Rank Buys are stocks with a short-term "Buy" or "Strong Buy" recommendation. To learn more about the Zacks Rank and its ability to beat the market year after year since 1988, visit the Zacks Rank Home Page.

Force Protection
By Roopak Chakravarty
Oct 24, 2007
Force Protection is winning contracts left and right. It recently won the second biggest contract in its history. This is showing up in higher earnings. The company's second quarter beat expectations by almost 42%. Over the past month, next year's earnings estimates have risen seven cents to $1.53 per share. Analysts expect that earnings will soar over 151% next year. FRPT has no debt and a 17% ROE.


Full Analysis

Force Protection, Inc. (FRPT) and its subsidiaries engage in the manufacture of ballistic and blast protected vehicles. The company's products are used to protect personnel during transport, removal of unexploded ordnance, route clearance, humanitarian de-mining, and other missions that require protection from landmines and hostile fire.

Its products include The Buffalo series, which is designed for route clearing activities; and The Cougar series for troop transport, explosive ordinance disposal, command and control, artillery prime mover, recovery and ambulance duty, urban patrol, route clearance support, utility transport, and special unit activities. The company also offers The Cheetah series for reconnaissance, forward command and control, and urban operations.

Earlier this week, the company announced that it received a contract valued at $376 million to build 800 vehicles for the Marine Corps' Mine Resistant Ambush Protected vehicle program. The order for the four- and six-wheel Cougar model vehicles is scheduled to be completed in April.

They will be built by Force Dynamics LLC, a joint venture between Force Protection and a division of General Dynamics Corp. Force Protection Chief Operating Officer Raymond Pollard said the order was second biggest in the company's 10-year history.

The company reported robust second-quarter results in early-August. Force Protection said it earned $32.8 million, or 17 cents a share, in the second quarter, up from $10.2 million, or a penny a share, a year earlier. Net sales rose to $134.7 million from $56.1 million. Analysts expected 12 cents per share.

FRPT also sold 212 of its medium-size Cougar trucks, used for troop transportation. Altogether, the company said it produced 229 vehicles in the recent quarter, compared with 285 produced for all of 2006.

The U.S. military has said it wants to purchase thousands of these trucks -- better known as MRAP, or mine-resistant ambush-protected, vehicles -- to use in place of the more vulnerable Humvee. Recently, the Defense Department requested the transfer of $1.2 billion in existing funds for an additional 2,650 MRAP vehicles, bringing the total size of its order to 6,415.

http://www.zacks.com/rank/zcommentary/?id=6180

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"Great Day for Up!"....Dr. Seuss

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Free Muney
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well back down to even today, hitting that bollinger band. may be a good time to re-up. but, who knows. lots of selling seem to be pushing this down. when are quarterly fin. due? that should be a good surge imo.

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Contrarian views always appreciated.... :p

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Jo4321
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I think it will be Friday November 9. Based on the usual 40 days after end of the quarter.

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"Great Day for Up!"....Dr. Seuss

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cspaude
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Got a quick little scare here until I read the whole thing. No new vehicles awarded to Navistar.

International Military and Government LLC, Warrenville, Ill., is being awarded $68,836,786 for firm-fixed-priced delivery order #0005 under previously contract (M67854-07-D-5032) for Mine Resistant and Ambush Protected (MRAP) Vehicle sustainment items. The Category I is an MRAP vehicle used by the Marine Corps and other Joint Forces for convoy operations. The MRAP vehicles are required to increase the survivability and mobility of troops operating in hazardous fire areas against known threats such as small arms fire, rocket propelled grenades, and improvised explosive devices. The Government shall purchase MRAP University requirements including field service representative-instructors, instructional material, course outlines, and special tooling, and additional sustainment items. Work will be performed at Red River Army Depot, Texarkana, Texas, and work is expected to be completed by the end of October 2008. This contract was competitively procured. The Marine Corps Systems Command, Quantico, Va., is the contracting activity.

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kywee
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Yea I don't see what negative thoughts are bringing this down. I'm def holding this one for mid 20's short term
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geckothegreat
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Force Protection Delays New Blast-Resistant Truck by Two Months

By Edmond Lococo

Nov. 1 (Bloomberg) -- Force Protection Inc., the largest supplier of blast-resistant trucks to the U.S. Marine Corps, will delay the start of production for its new Cheetah vehicle by two months to focus on delivering current products for the Iraq war.

Force Protection now plans to open the new plant for Cheetah construction in Roxboro, North Carolina, at the end of this month and to begin production in January, Vice President Michael Aldrich said in an interview today. Force had originally planned to begin output by Nov. 1, and to build 10 to 20 vehicles a month in November and December, he said.

To contact the reporter on this story: Edmond Lococo in Boston at elococo*bloomberg.net

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kywee
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Wonder why I can't find that on any news wires?
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cspaude
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Same thing as Navistar got earlier this week....no new vehicles, just support. But $91M is a lot. Like I said earlier, it's not just the vehicles that will drive the revenue of this company. If you guys watch some of these contracts, you'll have noticed some huge contracts to GD et al for repair of vehicles like the Abrams, etc.

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Force Protection Industries, Inc., Ladson, S.C., is being awarded a $91,795,295 firm-fixed-priced delivery order modification under previously awarded contract (M67854-07-D-5031) for the purchase of Mine Resistant Ambush Protected (MRAP) Vehicles University, new equipment training, integrated logistic support and OCONUS (outside of the continental United States) field service representatives support. Work will be performed at Ladson, S.C., and work is expected to be complete November 2008. Contract funds will not expire at the end of the current fiscal year. This contract was competitively procured. The Marine Corps Systems Command, Quantico, Va., is the contracting activity.

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cspaude
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Lots of FRPT talk here at Defense Industry Daily.


Cougar Armored Trucks to Stalk Mines in the Battlefield

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Jo4321
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Force Protection 3Q EPS 16c Vs EPS 0c >

FRPT

Last update: 11/13/2007 5:57:49 PM

DOW JONES NEWSWIRES Force Protection Inc.'s (FRPT) third-quarter net income rose to $11.36 million, or 16 cents a share, from $239,943, or less than 1 cent per share, for the year-ago period, the company said Tuesday.

Force Protection had sales of $206.29 million for the three months ended Sept. 30, up from $42.16 million for the same quarter a year earlier, according to the company's quarterly report filed with the Securities and Exchange Commission. Ladson, S.C.-based Force Protection makes armored land vehicles.

-Antonie Boessenkool, Dow Jones Newswires; 202-862-7139; antonie.boessenkool*dowjones.com (END) Dow Jones NewswiresNovember 13, 2007 17:57 ET (22:57 GMT)

http://biz.yahoo.com/e/071113/frpt10-q.html

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stocktrader22
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Jo you back in this? Never played this one before but at $16 this has got to look enticing no?

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Disclaimer: Not accountable for anything I say

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Jo4321
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Back in? Never truly left. Still hold my core position at $2.19 and 6.50, but I've also got some trading shares as well. (those aren't doing so hot right now!)

Jo

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"Great Day for Up!"....Dr. Seuss

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Jo4321
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Oh BTW, if you liked it at $16.00, you'll love it down in the $15's (sigh)
------------------------


UPDATE 1-Force Protection Q3 net up, shares fall on funding plan

Wed Nov 14, 2007 1:17pm EST

BANGALORE, Nov 14 (Reuters) - Force Protection Inc (FRPT.O: Quote, Profile, Research) reported higher quarterly profit in line with analysts' estimates, but said it may have to raise capital through debt or equity to fund expansion, sending its shares down over 5 percent. The maker of ballistic and mine-protected vehicles, in a filing with the U.S. Securities and Exchange Commission on Tuesday, said it expects to spend about $45 million in the fourth quarter to expand its manufacturing capacity to be funded internally.

However, it would require additional capital in 2008 that may have to be part funded through debt or equity offerings.

Chris Donaghey, an analyst with SunTrust Robinson Humphrey, said he expects Force Protection to raise more than its December 2006 equity offering of $150 million.

The company reported third-quarter earnings of $11.4 million, or 16 cents a share, up from $239,943, or breakeven on a per-share basis, a year ago.

Earnings, excluding one-time liquidated damages of about 1 cent a share relating to the company's 2006 offering, were in-line with analysts' expectations of 17 cents a share.

Net sales surged almost four times to $206.3 million, from $42.2 million a year earlier, helped by increased deliveries of its Cougar and Buffalo armored vehicles. However, this included $33.3 million of sales attributable to its joint venture partner General Dynamics Corp (GD.N: Quote, Profile, Research).

Excluding the General Dynamics share, net sales were largely inline with analysts' estimate of $173.9 million.

Shares of the company fell about 89 cents to $16.81 in afternoon trade on the Nasdaq. (Reporting by Anant Vijay Kala in Bangalore)

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madmacd
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Oh well, look at the bright side,

8:30 AM ET) NEW YORK (MarketWatch) -- Force Protection Inc.'s (FRPT:force protection inc com new

4:00pm 11/14/2007

FRPT 15.75, -1.95, -11.0%) third-quarter net income rose to $11.36 million, or 16 cents a share, from $239,943, or less than 1 cent per share, for the year-ago period. Force Protection had sales of $206.29 million for the three months ended Sept. 30, up from $42.16 million for the same quarter a year earlier. Ladson, S.C.-based Force Protection makes armored land vehicles.

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Jo4321
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Aerospace/Defense
Force Protection Fan Leaves Bull Herd
By Melissa Davis
Senior Writer
11/19/2007 1:07 PM EST
URL: http://www.thestreet.com/newsanalysis/aerospace-defense/10390863.html


OKLAHOMA CITY -- Now, even some loyal Force Protection (FRPT) supporters are succumbing to battle fatigue.

Take Thomas Weisel Partners analyst David Gremmels, for example. After initiating coverage of Force Protection with an overweight rating this spring -- and then watching the company steadily lose ground since that time -- Gremmels finally downgraded the stock to market-weight from overweight on Monday.

Rather than sure-fire victory, Gremmels now sees possible landmines ahead.

For starters, he worries that strong demand for Force Protection's all-new Cheetah -- once viewed as a likely replacement for the Humvee -- will fail to materialize. Moreover, he fears that Cheetah-related investments could cause a significant hit to Force Protection's earnings.

Even without major orders for the Cheetahs, Gremmels predicts Force Protection will soon tap the capital markets -- seeking between $100 million and $200 million in funding -- to finance production of the vehicles. Therefore, Gremmels sees clear risks ahead.

"We are increasingly concerned by the aggressive plan, and note that this strategy is unusual in the defense industry," Gremmels wrote when downgrading the company on Monday. Ultimately, "our Cheetah outlook is less optimistic than consensus" estimates.

Moreover, Gremmels fears that those estimates already include another big contract for Force Protection's popular mine-resistant ambush-protected vehicles.

Specifically, Gremmels expects the U.S. to place new orders for 6,500 MRAP vehicles in the coming weeks. He foresees Force Protection supplying roughly one-third of those. But he doubts that the company's stock will bounce as a result.

"Force Protection has received 47% of Category 2 orders to date -- but won only 33% of the 758 Category 2 vehicles ordered on Oct. 18," Gremmels stressed on Monday. "In the past, the stock has reacted positively to news flow.

"But given the publicity surrounding this order, we no longer expect it to serve as a catalyst."

Meanwhile, Gremmels has trimmed his own outlook for Force Protection's stock, putting his price target at $17, down from $22 earlier. His firm makes a market in the company's securities.

Force Protection's stock was down 3.8% to $14.45 Monday on Gremmel's downgrade. After peaking above $30 in late spring, the shares now trade near their lowest price of the entire year.

Even so, Force Protection still has plenty of fans. Most analysts expect the company's stock to climb back above $25, and possibly hit $35, over the course of the next year.

But Stanford Group analyst Josephine Millward sees more attractive opportunities. Late last week, she highlighted two Force Protection rivals that could land new orders for military vehicles very soon.

BAE Systems and Navistar (NAVZ) make medium mine-protected vehicles, which enjoy longer-term funding support than does the MRAP program, Millward stressed. Moreover, she added, they also rank as top MRAP vehicle suppliers.

"In our view, either BAE Systems or Navistar will be the most likely winner for MMPV due to their leading positions on MRAP I," Millward wrote on Friday. Meanwhile, "Force Protection recently disclosed in its 10-Q filing that its joint-venture proposal with General Dynamics (GD) (for MMPV) was disqualified," potentially knocking it out of the new MMPV game.

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cspaude
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What is going on?!?!?!
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Jo4321
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Beats me.

(and I mean that)

Where is the bottom???

Jo

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cspaude
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Doesn't look like it was $13. I mean, every chart shows it's oversold.
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captain america
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frpt 10 min

 -

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TimW
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Melissa davis is so hot.

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cspaude
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Any ideas as to today's gain? Navistar got a contract for field reps, but no other news I've found for FRPT. Bounce due to being oversold? Speculative buys ahead of Dec contract announcements? I was planning on buying more, but after today's big jump I'll see what tomorrow brings.
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kywee
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Still holding on to my shares. That's all I can really say.
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Jo4321
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quote:
Any ideas as to today's gain? Navistar got a contract for field reps, but no other news I've found for FRPT. Bounce due to being oversold? Speculative buys ahead of Dec contract announcements? I was planning on buying more, but after today's big jump I'll see what tomorrow brings.
There was good publicity yesterday as FPI rolled out its 1000th vehicle and there was a ceremony to commemorate it.

Fox news story here:
http://www.foxnews.com/video2/player06.html?112807/112807_silber_mines&Americas_ Newsroom&Explosive%20Demonstration&acc&US&-1&News&121&&&new

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captain america
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crap!

http://news.yahoo.com/s/ap/20071129/ap_on_go_ca_st_pe/marines_armored_vehicles_7

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classified
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quote:
Originally posted by captain america:
crap!

http://news.yahoo.com/s/ap/20071129/ap_on_go_ca_st_pe/marines_armored_vehicles_7

Crap Indeed... [Frown]
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