Force Protection Awarded $82.3 Million for Independent Suspension Upgrades
April 05 2010 - 9:31AM
Business Wire
Force Protection, Inc. (NASDAQ: FRPT), a leading designer,
developer and manufacturer of survivability solutions and provider
of total life cycle support for those products, today announced it
has received an $82.3 million modification to contract
M67854-07-D-5031 from the United States Marine Corps Systems
Command for independent suspension system (ISS) kits for Cougar
vehicles. The modification is subject to definitization. Work will
be performed at the MRAP Sustainment Facility (MSF) in Kuwait and
is expected to be completed by December 31, 2010.
Randy Hutcherson, Chief Operating Officer for Force Protection,
said, “This award is important to the performance of ongoing
difficult but important missions in Afghanistan. We are extremely
proud of the proven performance and continued durability of our
Cougar fleet and look forward to maintaining this important asset
in the years to come. Our ability to stand up service operations
forward into Kuwait and now Afghanistan enables us to provide the
best possible service to the war fighter at a critical time for
operations in the Middle East. We are happy to receive this order
which demonstrates continued demand for modernization of the
vehicles and bodes well for a strong second half of the year,
however we will continue to see unevenness in our quarterly
financial results with the first quarter proving to be
challenging.”
About Force Protection, Inc.
Force Protection, Inc. is a leading designer, developer and
manufacturer of survivability solutions, including blast- and
ballistic-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,
including the Buffalo, Cougar and related variants, are designed
specifically for reconnaissance and urban operations and to protect
their occupants from landmines, hostile fire, and improvised
explosive devices (IEDs, commonly referred to as roadside bombs).
The Company also develops, manufactures, tests, delivers and
supports products and services aimed at further enhancing the
survivability of users against additional threats. In addition, the
Company provides long-term life cycle support services of its
vehicles that involve development of technical data packages,
supply of spares, field and depot maintenance activities,
assignment of highly-skilled field service representatives, and
advanced on and off-road driver and maintenance training programs.
For more information on Force Protection and its products and
services, visit www.forceprotection.net.
Safe Harbor Statement
This press release contains forward looking statements that are
not historical facts, including statements about our beliefs and
expectations. These statements are based on beliefs and assumptions
of Force Protection’s management, and on information currently
available to management. These forward looking statements include,
among other things: the growth and demand for Force Protection’s
products and services, including its modernization, spares and
sustainment business; the anticipated work completion dates for our
products and services; the anticipated long-term demand for
service, support and upgrade work to the Company’s fleet of
vehicles; the Company’s execution of its business strategy and
strategic transformation, including its opportunities to grow the
business; and the Company’s expected financial and operating
results, including its revenues, cash flow and gross margins, for
future periods. Forward-looking statements speak only as of the
date they are made, and the Company undertakes no obligation to
update any of them publicly in light of new information or future
events. A number of important factors could cause actual results to
differ materially from those contained in any forward-looking
statements. Examples of these factors include, but are not limited
to, ability to effectively manage the risks in the Company’s
business; the ability to develop new technologies and products and
the acceptance of these technologies and products; the ability to
obtain new orders for its vehicles and products; the other risk
factors and cautionary statements listed in the Company’s periodic
reports filed with the Securities and Exchange Commission,
including the risks set forth in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2009.
Freshpet (NASDAQ:FRPT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Freshpet (NASDAQ:FRPT)
Historical Stock Chart
From Apr 2023 to Apr 2024