Business Services Industry
Force Protection, Inc. Announces Record Production in August
Business Wire, Sept 4, 2007
MRAP manufacturer remains ahead of 2007 delivery schedule
LADSON, S.C. -- Leading armored vehicle provider Force Protection, Inc. (NASDAQ:FRPT) today announced record production numbers for the month of August, as well as an ahead-of-schedule delivery performance on its Mine Resistant Ambush Protected (MRAP) vehicle program contracts to date in 2007.
The company produced more than 95 MRAP Category I and Category II Cougar vehicles in August, which is well above what was required by contract. Coupled with its sole source Category III Buffalo deliveries, the company again sold over 100 vehicles to the federal government. Thus far, Force Dynamics, the joint venture of Force Protection and General Dynamics Land Systems, has produced more than 14 vehicles ahead of schedule on all of its MRAP contracts for the year.
"These reports reflect the effectiveness of our manufacturing processes and the potency of Force Protection's joint venture with General Dynamics Land Systems," said Force Protection Chief Operating Officer, Raymond Pollard. "Our production lines are becoming more efficient and ready to meet our customer's urgent program requirements. Through long experience, we understand what is necessary to produce a unique and critically needed vehicle platform under extraordinary time pressure, and we will continue to bring these expertise and experience to bear for our troops."
Force Protection has received contracts from the Pentagon for more than 1,900 Cougar and Buffalo vehicles to support its Category I, II, and III MRAP program requirements. Force Dynamics was formed to increase both capacity and vehicle deliveries under these MRAP program awards.
Force Protection's Cougar and Buffalo vehicle series have been deployed in Iraq and Afghanistan since 2003. They are the gold standard for troop safety, having withstood thousands of mine detonations and IED attacks in the past four years.
About Force Protection Inc.
Force Protection, Inc., first to answer the call to duty for the urgent need to bring lifesaving mine-resistant ambush protected vehicles to U.S. troops in combat and an American company whose vehicles, Cougar and Buffalo, have a proven track record where it matters most; in the battlefield, manufactures ballistic- and mine-protected vehicles through its wholly-owned subsidiary. These specialty vehicles protect against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technologies are among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C. For more information on Force Protection and its vehicles, visit www.forceprotection.net.
About General Dynamics
General Dynamics Land Systems, a business unit of General Dynamics (NYSE:GD), is headquartered in Falls Church, Va., employs approximately 82,900 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.
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