posted
He!! of a bloodbath so far. Off 21% but is this news really THAT bad for FRPT. Maybe the concern is the army will follow suit.
Posts: 205 | Registered: Mar 2006
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Bush urges Congress to approve war funding before Christmas updated 6:56 p.m. EST, Thu November 29, 2007
WASHINGTON (CNN) -- President Bush on Thursday called on Congress to approve billions of dollars in additional funding for the wars in Iraq and Afghanistan before lawmakers leave for their Christmas break.
He said the Army will have to shut down bases and start furloughing between 100,000 and 200,000 civilian workers by mid-February if Congress does not clear the funds.
"Pentagon officials have warned Congress that the continued delay in funding our troops will soon begin to have a damaging impact on the operations of this department," Bush said Thursday. "The warning has been laid out for the United States Congress to hear."
Defense Secretary Robert Gates already has ordered the Army and Marine Corps to plan for cutbacks, including civilian layoffs, termination of contracts and reduced operations at bases, The Associated Press reported.
A $50 billion war spending bill, which would have required U.S. troops to begin leaving Iraq within 30 days, passed the House but stalled last week in the Senate -- with Republicans balking at the withdrawal provision.
posted
Ahhh, I see. I bet that's exactly what the USMC proposal is about then. I personally think it's one giant bluff by the GOP to twist the arm of the Dems. If the Dems don't approve it, the GOP will win favor with the people because people with then think the Dems don't care about our soldiers, i.e. cutting MRAP vehicles. Again, making this announcement of an MRAP cutback even more peculiar.
Posts: 205 | Registered: Mar 2006
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posted
Dang, the one evening, I stayed away from the computer and missed that news. I had a GTC order in for $12.85 which I bought promptly at the open!
Looking pretty bad today. Ray of hope is that it could be that the Marines are now posturing to get more Cheetahs, since they would have the maneuverability they seek.
After all, look what that same General Conway is saying in this article from September:
The U.S. Marine Corps may buy hundreds of Force Protection’s Cheetah, an 8-ton Humvee-type, four-wheel-drive vehicle with lightweight armor composites and blast-deflecting technology.
The Corps’ interest in the V-hulled, raised-chassis vehicle intensified after U.S. Marine Corps Commandant Gen. James Conway test-drove a prototype Cheetah at Force Protection’s plant in Ladson, S.C., June 9.
The Cheetah would function as a smaller, more mobile version of the 16-ton Mine Resistant Ambush Protected (MRAP) vehicles the U.S. military is beginning to buy. “I’m excited about the latest addition to Force Protection’s family of MRAP Vehicles, the Cheetah,” Conway told the Marine Corps News, an internal publication of the Marine Corps, after the visit.
“If it proves itself through further testing, the Cheetah will offer the same survivability rates as its predecessors, but it’s also designed to be relevant beyond Iraq. The Cheetah will be easier to rapidly deploy, as it will be much more compatible with air and sea transport than larger MRAP vehicles currently in production,” he said.
Overseas Interest
The Marines aren’t the only ones interested in the Cheetah; company officials said Britain, Italy and Turkey are also eyeing the vehicle. In response, Force Protection plans to build a factory in the coming months and is now weighing bids by two states.
"We are establishing a new production facility, where we will produce 70 to 90 vehicles in the fourth quarter this year, and be producing at a rate of 2,000 a year by 2008," said Mike Aldrich, Force Protection vice president.
Conway went to the factory, which has built roughly 600 Cougar and Buffalo armored vehicles now in service in Iraq and Afghanistan, to see how the vehicles are made and to thank workers for building them. He was so impressed with the Cheetah that he started calling his program officials.
Commandant Impressed
“The commandant’s office called and said he has directed a lot of people to get serious about the Cheetah in a hurry,” said a senior Marine Corps official with the MRAP program office.
The Cheetah vehicle is built for reconnaissance missions and faster-moving tactical, urban operations. At its top speed of 85 miles per hour, it also gets twice the gas mileage of a Cougar, another Force Protection vehicle.
“It will be much more adaptable to maneuvering in tight areas such as urban environments and it does well off-road. The Cheetah has half the weight of the Cougar with equal protection,” said Aldrich.
The Cheetah’s armor, which is intended to protect against up to 30 pounds of TNT, is designed, as is the Cougar, to accommodate add-on armor as newer composites emerge, said Aldrich. A prototype Cheetah has been blast-tested at Force Protection’s test site in Edgefield, S.C., with 15 pounds of TNT within 25 feet, and other charges directly underneath the chassis.
“We set off a blast similar to an IED [improvised explosive device] under a minivan or pickup truck to show in a basic way what this kind of blast does to a regular civilian vehicle, then saw the Cheetah withstand the explosion,” said company spokesman Jeffrey Child.
As an expeditionary force, the Marine Corps needs mobile, quick-to-deploy vehicles.
“We are excited about the compatibility it has for rapid deployment,” said Marine Corps Lt. Col. Thomas Johnson, spokesman for Conway.
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posted
Last paragraph update . Rumor unconfirmed. (but I'm not holding my breath)
Force Protection Falls as Marines Plan Less Purchases (Update2) 2007-11-30 13:58 (New York)
(Updates with company comment in the seventh paragraph.)
By Allen Wan and Anthony Capaccio Nov. 30 (Bloomberg) -- Force Protection Inc. fell the most in more than four years in Nasdaq Stock Market trading after the U.S. Marine Corps said it may reduce purchases of blast- resistant armored vehicles. Ladson, South Carolina-based Force Protection plunged $4.24, or 28 percent, to $10.71 at 1:53 p.m. New York time in composite trading. That's the steepest decline since July 15, 2003. The Marines plan to reduce by about 1,400 trucks the number of mine-resistant vehicles, or MRAPs, it intends to buy, said Colonel David Lapan, a Corps spokesman. The number of vehicles needed may drop to 2,300 from 3,700 because of a reduction in violence in Al Anbar province and the desire of commanders to use a greater mix of mine-resistant vehicles and armored Humvee vehicles, Lapan said today in an interview at the Pentagon. Fewer military purchases of MRAPs would be ``negative'' for Force Protection, the largest supplier of the vehicles to the Marines, Friedman Billings, Ramsey & Co analyst Patrick McCarthy wrote in a note to investors today. A reduction would cut the company's 2008 profit by 21 cents, wrote McCarthy, who based his calculations on reports that the Marines would scale back its bomb-resistant truck purchases to 2,400. His current estimate for next year's earnings is $1.57 a share.
Force Protection
Force Protection Chief Executive Officer Gordon McGilton said today the company has not been informed of any change in the Marine Corps procurement plan. Company executives met with Paul Mann, the head of the Marine Corps program, as recently as two days ago and no change was announced at that point, McGilton said. Force Protection plans to seek clarification from the Marine Corps on the report, McGilton said. ``Never believe the first report,'' McGilton said in an interview at the company's new plant in Roxboro, North Carolina. ``You learn that on the battlefield, and in business.''
--With reporting by Edmond Lococo in Roxboro, North Carolina. Editors: Chapin Wright, Will Daley.
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Protecting Military Could Mean Boost in State's Economy Military Vehicle Plant Being Built in Roxboro
Posted: Today at 1:10 p.m.
Roxboro — A new plant in Person County will manufacture armored vehicles for the military and bring a boost into the state's economy.
Force Protection, Inc., the world's leading manufacturer of ballistic- and blast-protected vehicles, will build a plant in Roxboro. Over the past five years in Person County, the region has lost more than 1,700 manufacturing jobs.
One of the vehicles that would be built in the plant is the Cheetah, an armored vehicle designed to counteract roadside bombs and mines. At a groundbreaking ceremony Friday, U.S. Rep. Brad Miller said the vehicles could decrease the number of deaths from roadside attacks by as much as 80 percent.
The company plans to hire more than 300 people with salaries averaging more than $30,000. Officials said the plant could roll out as many as 2,000 Cheetahs as early as next year
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posted
Force Dynamics, LLC Breaks Production Records in November
Force Protection, Inc. (NASDAQ:FRPT) and General Dynamics Land Systems (NYSE:GD) – through their joint venture Force Dynamics, LLC – today announced that in November they once again broke monthly vehicle production records.
Through their Force Dynamics joint venture, the companies produced 288 Mine Resistant Ambush Protected (MRAP) Category I and Category II Cougar vehicles. Force Protection alone also produced nine Category III Buffalo vehicles in November, one more than the eight deliveries called for in its sole-sourced MRAP contract. To date, Force Dynamics is 68 vehicles ahead of schedule on all MRAP Category I and II delivery commitments for the year. In addition, Force Protection is two vehicles ahead of schedule on its sole-sourced Category III Buffalo contracts for the year.
“Throughout 2007, the refinement of our manufacturing processes and methods, combined with the efforts of our partner General Dynamics, has resulted in unprecedented strides in the production, delivery, and sustainment of these proven battlefield solutions in a fraction of the time that is normally required,” said Force Protection CEO Gordon McGilton.
“The joint venture continues to deliver on its promise to ramp up production of this lifesaving blast protection technology in support of our servicemen and women,” he said. “We will do everything we can in this effort, even beyond the current threat and MRAP program. Wherever free societies live and grow, they are susceptible to attacks from IEDs and landmines. Our vehicles meet that threat head-on.”
The Pentagon has ordered more than 2,700 Cougar and Buffalo vehicles from Force Protection to date in support of MRAP requirements. The Force Dynamics enterprise has delivered more MRAP vehicles to the war fighter than any other manufacturer.
“The MRAP program is important to Force Dynamics, and we stand ready to continue to support it,” said Force Protection Chief Operating Officer Raymond Pollard. “The vehicles we produce are designed and have been used for a variety of missions since their initial deployment in 2003. The Buffalo was initially considered a solution for route clearance operations in Afghanistan, but its role quickly expanded to missions in Iraq. The Marines initially used the Cougar in 2004 as a transport unit for first response explosive ordnance disposal teams. Its role has expanded as all military branches now use it as the vehicle of choice for general troop transport and convoy escorts in dangerous areas of operation.
“From the beginning, we have designed our vehicles to be mission-configurable, knowing that evolving, escalating threats would require an adaptable solution,” he said. “The need for vehicles with a proven record of success in protecting and saving lives in the face of explosive attacks is not specific to the current conflict. We will continue to support U.S. armed forces and their allies with the equipment to protect them on today’s battlefield, and those that lie ahead.”
Force Protection marked the dedication of its new 430,000-square-foot facility in Roxboro, NC on November 30 that will serve as the main production plant for the company’s newest vehicle series, Cheetah. At half the weight of the larger Buffalo and Cougar vehicles, the Cheetah incorporates similar levels of blast protection with the speed and versatility of a lower profile, more compact vehicle that is ideal for urban patrols, homeland security, and law enforcement operations.
“We appreciate the need for a lighter weight, expeditionary vehicle that can protect against explosive threats in operations that require tight maneuvering and versatility,” said McGilton. “The Cheetah is designed to fill these types of roles, and we look forward to the many important ways our newest vehicle series will be used, both at home and abroad.
“Force Protection’s history has been a remarkable one,” he said. “By every measure, it is an impressive American success story as a small start-up entrepreneur has become a mainstream assembly line manufacturer and industry leader in an astoundingly short period. The vision, expertise, and hard work of the company’s founders and workforce, along with the support of its shareholders and partners, have brought Force Protection to where it stands today. The leadership and infrastructure are in place, the product is proven and continues to be critically needed, and the future of Force Protection is bright.”
About Force Dynamics, LLC
Force Dynamics, LLC is a joint venture between leading defense manufacturers Force Protection, Inc. (NASDAQ:FRPT - News) and General Dynamics Land Systems, a business unit of General Dynamics Corporation (NYSE:GD - News).
About Force Protection, Inc.
Force Protection, Inc. was the first to respond to the urgent need to bring lifesaving mine-resistant ambush protected vehicles to U.S. troops in combat. The Company is a leading American manufacturer of ballistic- and blast-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. The Company’s specialty vehicles, the Cougar and the Buffalo, each have a proven track record where it matters most - in the battlefield. The Company’s newest vehicle, the Cheetah, is designed specifically for reconnaissance, forward command and control, and urban operations, and combines state-of-the-art ballistic and blast protection with the mobility of a unique light-armored vehicle. These specialty vehicles, which the Company believes are in the forefront of blast-resistant technology, are designed to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). The Company is one of the primary providers of vehicles for the U.S. military’s Mine Resistant Ambush Protected, or MRAP, vehicle program. For more information on Force Protection and its vehicles, visit www.forceprotection.net.
About General Dynamics
General Dynamics, headquartered in Falls Church, Va., employs approximately 83,000 people worldwide and anticipates 2007 revenues of approximately $27 billion. The company has leading market positions in mission critical information systems and technologies, land and amphibious combat systems, shipbuilding and marine systems, and business aviation. More information about the company is available on the Internet at www.generaldynamics.com.
This press release contains forward-looking statements that involve risks and uncertainties. The Company generally uses 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. Actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in the Company’s Form 10-K and other reports filed with the Securities and Exchange Commission. Although management believes 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 the Company’s future results, levels of activity, performance or achievements may not meet these expectations. The Company does 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 expectations, except as required by law.
Force Protection, Inc. Tommy Pruitt, 843-574-3866
Source: Business Wire (December 3, 2007 - 8:32 AM EST)
posted
I cannot believe this. No news that I see which tells me we might be hearing of some contracts after hours. Unfortunately, probably not for FRPT. This is crazy.
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"Crider’s troops have helped reduce violence in the southern Baghdad district known as Rashid. IED attacks have dropped in the brigade’s area from a high of 217 in June to 65 in November. The brigade is the first regular Army unit to receive MRAPs."
Posts: 2329 | From: MD | Registered: Jul 2005
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posted
Jesus. Under $6 now. I'm afraid to buy, but man, seems like it could be a good buy down here.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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posted
with the serious potential for a business slowdown i would imagine all those funds have been cashing out for a while
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003
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posted
What vehicle did my lover Melissa say was rejected by the DoD? Never heard or saw anything on it nor that FRPT was fielding a vehicle for the "medium mine-protective vehicle" program. Did I miss something? I used to be eternally optimistic about FRPT but unless some huge happens, ie cheetah or large contracts, we're not going above 10 anytime soon I don't think. This sucks.
Posts: 205 | Registered: Mar 2006
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posted
Holy sh!t, the bears are out in full force. Every article is horribly negative. Isn't this when you're supposed to buy? I pray this is the bottom.
Posts: 205 | Registered: Mar 2006
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quote:Originally posted by cspaude: Holy sh!t, the bears are out in full force. Every article is horribly negative. Isn't this when you're supposed to buy? I pray this is the bottom.
Have you read anyon those negative articles you're reffering to??? FRPT had one customer...now that customer isn't sure if it's buying anymore! It will bounce some time, but I'm taking my profit quick, and will not be holding this for very long when it does bounce! It will just be a day trade...or as chuck9 calls it, a "hit and run trade" Posts: 2321 | Registered: Aug 2006
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posted
I'm trying to be optimistic. You apparently didn't read my post before that one then. I don't see us getting above $10 without huge news. They do have more than one customer, though. The Brits for example. However, none with as deep of pocket or as hungry of an appetite as the U.S. Looking ahead....this JLTV program that's supposed to replace the Humvee. If they award it to a company that is competing for MRAPs, will they continue to award that company MRAP contracts? Probably too little, too late and contract delivery for the JLTV will likely be post MRAP. hmmm
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posted
After a morning shakedown it looks like she wants to stay above $5. Phew! (for now...)
Posts: 949 | From: Little Rock, AR | Registered: Dec 2005
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FRPT had one customer...now that customer isn't sure if it's buying anymore! It will bounce some time, but I'm taking my profit quick, and will not be holding this for very long when it does bounce! It will just be a day trade...or as chuck9 calls it, a "hit and run trade" ![[Roll Eyes]](rolleyes.gif)
