Force Protection, Inc. (NASDAQ:FRPT) reports fourth fiscal quarter results on
Tuesday which beat the street estimate of revenue and EPS by $1.0 million and
$0.01. The Company reported fourth fiscal quarter net income of $11.2 million or
16 cents a share, down 39.13% from $18.4 million or 27 cents a share, a cent
above the analysts' estimate of 16 cents a share. Net sales fell 28% to $207.7
million from $289 million, 1 million above the analysts' estimate of $206.7
million. This fall in revenue is the result of decrease in lower vehicle and
spares and sustainment sales. Fourth fiscal quarter gross margin of 20.7% has
been reported, significantly higher than 18.1% reported in the same quarter last
year. The Company had positive $65.3 million cash flow from operations during
the quarter and $37.4 million for the year. As a result of higher cash flow from
operations, the company's cash balance increased to $150 million in the fourth
quarter compared to $105.4 million in the third fiscal quarter. The company
now has $2.15 in net cash per share and $3.78 in net working capital (including
cash) per share. The company has no debt. Management provides no specific
guidance, but expects that 2011 will see backend weighted revenue and earnings
growth (Force Protection is not expected to be profitable in the first half of
the year). The Company also announced that its Board of Directors has authorized
a $20 million open market share repurchase program. Shares of the company showed
no change from its previous day close and closed at $4.92 after opening at $4.93
and trading in the range of $4.92-$5.09 with volume of 2.84 million shares. The
market capitalization of the stock stands at $345.66 million and P/E of 15.19
and beta of 1.45. Force Protection, Inc. (Force Protection) provides
survivability solutions to support the armed forces of the United States and its
allies. The Company designs, manufactures, tests, delivers and supports its
blast- and ballistic-protected products. Its specialty vehicles are designed to
protect their occupants from landmines, hostile fire, and improvised explosive
devices (IEDs). Disclaimer: The assembled information distributed by
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