Force Protection: Orders Exceed $1 Billion in 2010
Force Protection Industries announced that it has reached a significant milestone during 2010 with the receipt to date of more than $1 billion in new orders. A modification to contract M67854-07-C-5031 on December 15, 2010 for approximately $13.4 million from the U.S. Marine Corps Systems Command to provide additional field service support propelled the total orders received during 2010 beyond the $1 billion mark. Of the orders received, approximately 53% were associated with modernization, spares and sustainment for the Company's installed fleet of over 4,500 vehicles worldwide. New vehicle orders accounted for approximately 47% of the total.
Randy Hutcherson, Chief Operating Officer for Force Protection Industries, Inc., said, "This important milestone is the result of the hard work and attention that we placed on a number of initiatives during 2010. These efforts included continued expansion of our Kuwait operations and leaning forward in Afghanistan to capitalize on opportunities to provide much needed upgrades and modernization on our existing fleet of vehicles and MRAPs supplied by other OEMs, as well as providing spares and sustainment for our vehicles in the ongoing operations that have now transitioned from Iraq to Afghanistan. Just as important was our focus on obtaining additional Buffalo and Cougar vehicle orders, as well as the design, development and successful marketing of the Ocelot for competition in, and ultimate contract award for, the United Kingdom's Light Protected Patrol Vehicle program in which deliveries are scheduled to begin in the second half of 2011. I am extremely proud of the outstanding efforts from all of our employees worldwide who contributed to the success of the company in 2010. We look forward to continuing to grow the business from the strong base that has been established."
Michael Moody, Chairman and Chief Executive Officer of Force Protection Inc., further commented, "Responding to the needs of the customer remains paramount, and today's announcement is a direct reflection on the significant efforts we have undertaken to further differentiate Force Protection in the marketplace. As we have done with the development of the uniquely-positioned Ocelot, Force Protection will continue to leverage its innovative and nimble operating culture to provide our customers with exceptional survivability solutions and ensure that the troops have the best resources available to promote success on the battlefield."