Defense Stocks; ITT (NYSE:ITT) Receives $53 Million Order from the United Kingdom for Night Vision Goggles
ROANOKE, Va.----Defense News ( Investorideas.com newswire , http://www.homelanddefensestocks.com/ ) ITT Corporation (NYSE:ITT) has received a $53 million order from the United Kingdom Ministry of Defence (MoD) for head-mounted night vision systems (HMNVS) that provide ground-based soldiers with superior performance during nighttime operations. To date, this is ITT’s largest order from the United Kingdom for night vision systems. The deliveries of the HMNVS will take place over the customer’s next five fiscal years.
“This recent order from the United Kingdom Ministry of Defence shows the high degree of confidence the customer has in ITT and our ability to deliver Generation 3 night vision technology”
.“This recent order from the United Kingdom Ministry of Defence shows the high degree of confidence the customer has in ITT and our ability to deliver Generation 3 night vision technology,” said Bruce A. Wald, vice president and general manager of ITT’s Night Vision & Imaging business. “Our Generation 3 solution is the first night vision technology choice of our international allies to operate in challenging environments.”
ITT has supported the UK MoD’s HMNVS program since 2003 by providing these battle-ready systems. In addition to the new systems produced at ITT’s facility in Roanoke, Virginia, ITT Defence Ltd. in Basingstoke, U.K. has also provided in-country, logistics support to the growing fleet of HMNVS since 2005. They have converted nearly 2,000 HMNVS from dual-battery to single-battery configuration and provide expedited repair to any systems requiring maintenance before, during or after deployment.
In addition to the faster repairs, ITT has increased its manufacturing capacity to meet the requirements of the international market. The expanded capacity has enabled ITT to deliver night vision technology to U.S. allies and coalition forces within 120 days after receiving an approved export license from the U.S. Department of State.
The HMNVS is the MoD’s variant of the AN/PVS-14, the ITT supplied night vision goggles that are commonly used by the U.S. military and homeland security agencies. The AN/PVS-14 is a lightweight, single-battery monocular goggle equipped with ITT’s Generation (Gen) 3 night vision technology, the most advanced night vision in the field today. ITT’s Gen 3 goggles provide the clearest, sharpest image available for soldiers performing nighttime operations, giving them the advantage on the battlefield. ITT Gen 3 goggles last in excess of 10,000 hours, compared to the Gen 2 tubes that last approximately 2,000 to 4,000 hours.
About ITT Geospatial Systems
ITT Geospatial Systems (www.geospatial.itt.com) headquartered in Rochester, N.Y., is a global supplier of innovative night vision, remote sensing and navigation solutions that provide sight and situational awareness at the space, airborne, ground and soldier levels. ITT Geospatial Systems solutions range from image, and data capture through processing and dissemination. Key applications include image intensification and thermal imaging; advanced power supplies; multi-spectral image systems; weather and climate monitoring; space science; intelligence, surveillance and reconnaissance; GPS-based positioning, navigation and timing systems; and image exploitation software. Using our technologies, customers can move beyond mere image acquisition to image interchange and true knowledge sharing.
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2009 revenue of $10.9 billion. www.itt.com
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Saturday, June 19, 2010
Wednesday, June 2, 2010
Security Stocks News; United Protection Security Group Inc. (TXS.V:UZZ) - Q1-2010 Results
Defense and Security Stocks -
United Protection Security Group Inc. (TXS.V:UZZ) - Q1-2010 Results
EDMONTON - June 1, 2010 (www.Investorideas.com newswire) - UNITED PROTECTION SECURITY GROUP INC. ('UPSG or the Company'), a Canadian-based company trading on the TSX Venture Exchange under the symbol (TSX-V: UZZ) is pleased to announce that it has released its Interim Financial Statements for the three month period ended March 31, 2010.
The Company believes it can accelerate revenue growth, return to historical margins, and increase operating cash flow by 2011. This quarter's solid performance underscores the fact that management is executing on that plans established in the fourth quarter of 2009 to return the Company to profitability. The Company is beginning to realize the benefits of the very substantial and deliberate long-term investments made to capitalize on the opportunities ahead as the Canadian economy improves and the Company continues to execute its growth plans.
Not only is UPSG one of Canada's few total security solutions provider, it increasingly has industry-leading security technology and, most importantly, people. It is the hard work, dedication and professionalism of people that is the Company's greatest asset and this quarter's performance demonstrates how well they can perform under a challenging economy.
First Quarter 2010 Financial Results
Revenue Increase
Revenue for the quarter amounted to $8,813,176, compared to $7,761,124 for the same quarter last year, an increase of $1,052,052 or 13.56%.
Gross Profit
Gross profit for the quarter amounted to $2,060,893 (23.38% of revenue), compared with $$1,685,444 (21.72% of revenue) the same period last year, an increase of $375,449.
Operating Expenses
Operating expenses totalled $1,734,856 for the period, compared with $1,517,890 for the same period last year, an increase of $216,966 or 14.29%.
Selling, General and Administrative Expenses ("SG&A")
SG&A expenses totalled $1,188,255 for the period, compared with $1,017,867 for the same period last year, an increase of $170,388 or 16.74%.
The Company recorded EBIITDAS of $488,027 (5.67% of revenue) for the period, compared to $313,714 (4.04% of revenue) for the same period last year, an increase of $174,313.
Net Income (Loss)
Net income for the period totalled $326,037, ($0.005 basic and diluted earnings per share); compared with net loss of $(273,743) ($(0.004) basic and diluted loss per share) for the same period last year, an increase of $599,780.
Operating activities
Cash flows from operating activities totalled $181,934 for period, compared to cash flow used in operating activities of $(144,903) for the same period last year, a increase in cash flow from operating activities of $326,837.
Investment Activities
Cash used in investment activities amounted to $79,183 for the period, compared with $43,084 for the same period last year, a decrease of $36,099.
Financing Activities
Cash flow used in financing activities totalled $439,121 for the period, compared with $28,993 for the same period last year, an increase of $410,128.
In addition to using financial measures prescribed by CGAAP, certain non-CGAAP measures are also used in this news release. These non-GAAP measures are EBIITDA and EBIITDAS. References in this news release to EBIITDA are to net income before interest, impairment, taxes, depreciation and amortization. References in this news release to EBITDAS are to net income before interest, impairment, taxes, depreciation, amortization and stock-based compensation.
NON-GAAP MEASURES
Reconciliation of EBIITDA and EBIITDAS to Historical Results (CGAAP)
Statement of Income (Loss) Mar. 31, 2010 Mar. 31, 2009
-----------------------------
Net income (loss) for the period $ 326,037 $ (273,743)
Add:
Income taxes - 41,297
Interest 32,582 80,392
Amortization 127,609 65,768
Goodwill impairment loss - 400,000
-----------------------------
EBIITDA 486,228 313,714
Add
Stock-based compensation 1,799 -
-----------------------------
EBIITDAS $ 488,027 $ 313,714
-----------------------------
-----------------------------
Stock Awareness Activities
To find out more about United Protection Security Group Inc. (TSX-V: UZZ), visit our website at www.unitedprotection.com. To join the 'request for information', go to the web page www.unitedprotection.com and click the tab 'request information' and follow the prompts. You may also email Investor Relations at: iruzz@unitedprotection.com.
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks related to business development and retention, and risks related to the current economic and credit conditions. As a result, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
For further information
For additional investor and media relations inquiries contact: Fredy Ramsoondar, CFO, Email: fredy.ramsoondar@unitedprotection.com, Tel: (780) 465-8101
Visit the UZZ showcase profile at Investorideas.com
http://www.investorideas.com/CO/UZZ/
Request News and Info on UZZ
Disclosure: UZZ is a paid advertising client on Investorideas.com and our defense portals.
http://www.investorideas.com/About/Disclaimer.asp
Published at the Investor Ideas Newswire
Research defense and Homeland Security stocks with the largest global defense stocks directory online for investors at Investorideas.com and http://www.homelanddefensestocks.com/
United Protection Security Group Inc. (TXS.V:UZZ) - Q1-2010 Results
EDMONTON - June 1, 2010 (www.Investorideas.com newswire) - UNITED PROTECTION SECURITY GROUP INC. ('UPSG or the Company'), a Canadian-based company trading on the TSX Venture Exchange under the symbol (TSX-V: UZZ) is pleased to announce that it has released its Interim Financial Statements for the three month period ended March 31, 2010.
The Company believes it can accelerate revenue growth, return to historical margins, and increase operating cash flow by 2011. This quarter's solid performance underscores the fact that management is executing on that plans established in the fourth quarter of 2009 to return the Company to profitability. The Company is beginning to realize the benefits of the very substantial and deliberate long-term investments made to capitalize on the opportunities ahead as the Canadian economy improves and the Company continues to execute its growth plans.
Not only is UPSG one of Canada's few total security solutions provider, it increasingly has industry-leading security technology and, most importantly, people. It is the hard work, dedication and professionalism of people that is the Company's greatest asset and this quarter's performance demonstrates how well they can perform under a challenging economy.
First Quarter 2010 Financial Results
Revenue Increase
Revenue for the quarter amounted to $8,813,176, compared to $7,761,124 for the same quarter last year, an increase of $1,052,052 or 13.56%.
Gross Profit
Gross profit for the quarter amounted to $2,060,893 (23.38% of revenue), compared with $$1,685,444 (21.72% of revenue) the same period last year, an increase of $375,449.
Operating Expenses
Operating expenses totalled $1,734,856 for the period, compared with $1,517,890 for the same period last year, an increase of $216,966 or 14.29%.
Selling, General and Administrative Expenses ("SG&A")
SG&A expenses totalled $1,188,255 for the period, compared with $1,017,867 for the same period last year, an increase of $170,388 or 16.74%.
The Company recorded EBIITDAS of $488,027 (5.67% of revenue) for the period, compared to $313,714 (4.04% of revenue) for the same period last year, an increase of $174,313.
Net Income (Loss)
Net income for the period totalled $326,037, ($0.005 basic and diluted earnings per share); compared with net loss of $(273,743) ($(0.004) basic and diluted loss per share) for the same period last year, an increase of $599,780.
Operating activities
Cash flows from operating activities totalled $181,934 for period, compared to cash flow used in operating activities of $(144,903) for the same period last year, a increase in cash flow from operating activities of $326,837.
Investment Activities
Cash used in investment activities amounted to $79,183 for the period, compared with $43,084 for the same period last year, a decrease of $36,099.
Financing Activities
Cash flow used in financing activities totalled $439,121 for the period, compared with $28,993 for the same period last year, an increase of $410,128.
In addition to using financial measures prescribed by CGAAP, certain non-CGAAP measures are also used in this news release. These non-GAAP measures are EBIITDA and EBIITDAS. References in this news release to EBIITDA are to net income before interest, impairment, taxes, depreciation and amortization. References in this news release to EBITDAS are to net income before interest, impairment, taxes, depreciation, amortization and stock-based compensation.
NON-GAAP MEASURES
Reconciliation of EBIITDA and EBIITDAS to Historical Results (CGAAP)
Statement of Income (Loss) Mar. 31, 2010 Mar. 31, 2009
-----------------------------
Net income (loss) for the period $ 326,037 $ (273,743)
Add:
Income taxes - 41,297
Interest 32,582 80,392
Amortization 127,609 65,768
Goodwill impairment loss - 400,000
-----------------------------
EBIITDA 486,228 313,714
Add
Stock-based compensation 1,799 -
-----------------------------
EBIITDAS $ 488,027 $ 313,714
-----------------------------
-----------------------------
Stock Awareness Activities
To find out more about United Protection Security Group Inc. (TSX-V: UZZ), visit our website at www.unitedprotection.com. To join the 'request for information', go to the web page www.unitedprotection.com and click the tab 'request information' and follow the prompts. You may also email Investor Relations at: iruzz@unitedprotection.com.
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks related to business development and retention, and risks related to the current economic and credit conditions. As a result, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
For further information
For additional investor and media relations inquiries contact: Fredy Ramsoondar, CFO, Email: fredy.ramsoondar@unitedprotection.com, Tel: (780) 465-8101
Visit the UZZ showcase profile at Investorideas.com
http://www.investorideas.com/CO/UZZ/
Request News and Info on UZZ
Disclosure: UZZ is a paid advertising client on Investorideas.com and our defense portals.
http://www.investorideas.com/About/Disclaimer.asp
Published at the Investor Ideas Newswire
Research defense and Homeland Security stocks with the largest global defense stocks directory online for investors at Investorideas.com and http://www.homelanddefensestocks.com/
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