Key Developments For Force Protection, Inc.
Force Protection, Inc. (FRPT.O) (Consolidated Issue listed on NASDAQ Capital Market)
Force Protection, Inc. Comments On Q4 2009 Revenue Guidance-Conference Call
Force Protection, Inc. announced that for fourth quarter of 2009, it expects strong revenue. According to Reuters Estimates, analysts are expecting the Company to report revenue of $222.74 million for the same period.
Force Protection, Inc. To Cut 10% Of Work Force-AP
The Associated Press reported that Force Protection, Inc. plans to reduce its work force by 10%, or about 120 workers, as it copes with a decline in orders for military vehicles over the past year. The Company expects to record a third-quarter severance charge of $2 million. Force Protection Inc. also says it is targeting annual savings of $40 million by realigning its business to focus on spares, vehicle upgrades and training. The Company anticipates completing changes in the first half of 2010.
Force Protection, Inc. Receives $52.8 Million Order For 48 Buffalo Vehicles
Force Protection, Inc. announced that it has received a modification to contract W56HZV-08-C-0028 from the United States Army Tank- Automotive and Armaments Command (TACOM) ordering 48 Buffalo Mine Protected Clearance Vehicles (MPCV), with a value of approximately $52.8 million. This contract modification is subject to definitization. Work will be performed in Ladson, SC and is expected to be completed prior to September 2010.
Force Protection, Inc. Receives $52.8 Million Order For Buffalo Route Clearance Vehicles
Force Protection, Inc. announced that it has received a modification to contract W56HZV-08-C-0028 from the United States Army Tank- automotive and Armaments Command (TACOM) for approximately $52.8 million for 48 Buffalo Mine Protected Clearance Vehicles (MPCV). This contract modification is subject to definitization. The work will be performed in Ladson, SC and is expected to be completed prior to January 31, 2010. As a result of this award and a continued commitment to the Buffalo program, Force Protection on July 27, 2009 amended and extended its lease for building 3 at its Ladson, SC facility until June 30, 2014.
Force Protection, Inc. Amends Award Announcement For $77 Million of Contracts To Install Cougar Independent Suspension Upgrade Kits
Force Protection, Inc. announced that it amends its announcement from July 6, 2009 that it has received contracts for both Phase 1 and Phase 2 installation of specifically redesigned TAK-4 independent suspension kits for 1,317 Cougar MRAPs. The aggregate amount of the award is $77 million, as further discussed below, not the previously reported $70 million. The Phase 1 award under modification to Contract M67854-07-D-5031 from the United States Marine Corps Systems Command was made on June 16, 2009 for $21.4 million and the Phase 2 was awarded on July 2, 2009 for an additional $59 million, of which $56 million relates to independent suspension kits. The work is expected to be completed prior to February, 2010 and will be performed by both Force Protection's staff of field service representatives (FSR) and by FSRs from Oshkosh Corporation under a subcontract from Force Protection. The modification for the purchase of the hardware associated with this installation work was awarded on April 8, 2009 in the amount of $158.1 million, bringing the total cost for this independent suspension upgrade program, thus far, to approximately $235.5 million. The awards under these contract modifications are subject to definitization.
