Business Services Industry
ILS Division at Force Protection, Inc. Records Dramatic Growth in '06
Business Wire, Nov 22, 2006
LADSON, S.C. -- Leading armored vehicle manufacturer Force Protection, Inc.'s (OTCBB:FRPT) Integrated Logistics Support (ILS) division reported dramatic expansion in 2006, with an estimated 400% increase in revenue to date.
The ILS division focuses on the maintenance and replacement parts support of the Company's Buffalo and Cougar blast- and ballistic-protected vehicles deployed in Iraq and Afghanistan. The vehicles have been delivered to the U.S. government in record numbers in the past year as the Company has implemented major production capacity and workforce expansion programs.
"The ILS division of Force Protection has had a huge year," said ILS Vice President Murray Hammick. "We believe we will have approximately $44 million in ILS revenues for 2006. Our total revenues in 2005 were approximately $8.5 million, as compared to approximately $35 million in revenues to date in 2006. Clearly, demand for our vehicles is increasing and the demand for our support services is growing along with it."
Logging more than 1.6 million hours of combat operations, Force Protection vehicles have withstood thousands of mine detonations and IED attacks since 2003 without a single fatality.
"The increase in ILS operations reflects a greater number of vehicles in operation," said Warranty Supervisor and retired Army First Sergeant Don Cowart. "Given the mission these vehicles fill, we anticipate the need for support services will continue to rise."
About Force Protection
Force Protection, Inc. manufactures ballistic- and mine-protected vehicles through its wholly owned subsidiary. These specialty vehicles are protected against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technology is among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C.
For more information on Force Protection and its vehicles, go to www.forceprotection.net.
This release contains forward-looking statements, including, without limitation, statements concerning our business, future plans and objectives and the performance of our products. These forward-looking statements involve certain risks and uncertainties ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Technical complications may arise that could prevent the prompt implementation of the strategic plan outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at http://www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise, except as required by law.
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