Force Protection, Inc. (NASDAQ:FRPT) Reports 4Q In Line & 2011 Back-half Loaded

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 epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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