Defense Supplier, Optex Systems, Manufacturer of Optical Sighting Systems, Now Trading On OTC (OTCBB: OPXS)
RICHARDSON, TX -- May 4, 2009 -- Optex Systems (Optex) (OTC BB:OPXS.OB), a subsidiary of Optex Systems Holdings Inc., a manufacturer of optical sighting systems and assemblies primarily for Department of Defense applications, announced today the March 30th completion of its share exchange with publicly held Sustut Exploration (OTC BB:SSTX.OB). As a result of the transaction, Optex has become a publicly traded company and has applied for, and received, a ticker symbol change. Effective with the start of trading on May 5, 2009, Optex will trade under the ticker symbol (OTC BB:OPXS.OB). The business of Optex Systems is now carried on as the sole line of business.
The ISO 9001:2008 certified company manufactures optical sighting systems and assemblies primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Advanced Security Vehicles and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors.
Optex was privately held from inception until being acquired by publicly traded Irvine Sensors Corp. (NasdaqCM:IRSN - News) on December 30, 2005 and was operated as a wholly owned subsidiary. On October 14, 2008, Optex Systems Inc. (Delaware), of which the Longview Fund LP was a majority shareholder, acquired Optex Systems. On February 20, 2009, Longview Fund conveyed its ownership interests in the Company to Sileas Corp., an entity owned by three of the Company's officers.
Ronald F. Richards, Chairman of Optex, commented, "We have reached a significant milestone in our company's history. I want to personally thank everyone who has made this possible including each and every one of our valuable and talented employees." Mr. Richards continued, "For those investors new to our story, I hope to continue to update you on the latest developments as we expand our operations. We have a rich history delivering high volume products, under multi-year contracts, to large defense contractors. Optex has the reputation and credibility with those customers as a strategic supplier. These long-term, stable government contracts have typically translated into steady growth for our Company. For fiscal year 2008 we recorded revenues of $20.0 million, as compared to $15.4 million in fiscal year 2007, which translated into a year over year increase of $4.6 million or 29.9%."
ABOUT OPTEX SYSTEMS
Optex, which was founded in 1987, is a Richardson, Texas-based ISO 9001:2008 certified concern, which manufactures optical sighting systems and assemblies primarily for Department of Defense (DOD) applications. Its products are installed on a majority of types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Advanced Security Vehicles and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company's website at www.optexsys.com.
Safe Harbor Statement
This Press Release and other written reports and oral statements made from time to time by the Company may contain so-called "forward-looking statements," all of which are subject to risks and uncertainties. You can identify these forward-looking statements by their use of words such as "expects," "plans," "will," "estimates," "forecasts," "projects" and other words of similar meaning. You can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address the Company's growth strategy, financial results and product and development programs. You must carefully consider any such statement and should understand that many factors could cause actual results to differ from the Company's forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially.
The Company does not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors described in the Company's filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. In various filings the Company has identified important factors that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties.
Contact:
Howard Gostfrand
American Capital Ventures
(p) 305.918.7000
(e) Email Contact
Source: Optex Systems
Optex Systems Holdings Inc (OTCBB:OPXS) is a featured defense stock and showcase company on Investor Ideas defense investor portals, Homelandefensestocks.com, BorderandPortsecurity.com and http://www.nationalhomelandsecurityknowledgebase.com/ Disclaimer/Discloscure: click here
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Monday, May 4, 2009
Friday, May 1, 2009
New Defense stock listed on Investorideas.com -Optex Systems Holdings, Inc, (OTCBB:OPXS)
Optex Systems Holdings, Inc, (OTCBB:OPXS) through its wholly-owned subsidiary, Optex Systems, Inc. manufactures optical sighting systems and assemblies primarily for Department of Defense (DOD) applications. Its products are installed on a majority of types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Armored Security Vehicles and have been selected for installation on the Future Combat Systems(FCS) Stryker vehicle. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors.
Current customers include General Dynamics (NYSE: GD), Northrop Grumman Corporation (NYSE:NOC) and Raytheon Company (NYSE: RTN)
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http://www.investorideas.com/CO/OPTEX/
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Current customers include General Dynamics (NYSE: GD), Northrop Grumman Corporation (NYSE:NOC) and Raytheon Company (NYSE: RTN)
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Force Dynamics, LLC Selected To Continue in M-ATV Competition
Force Dynamics, LLC Selected To Continue in M-ATV Competition
LADSON, S.C May 1 2009 Force Dynamics, LLC, a joint venture between Force Protection, Inc. (NASDAQ: FRPT) and General Dynamics Land Systems, has been awarded an indefinite-delivery, indefinite-quantity (IDIQ) contract for the M-ATV Cheetah, a lightweight, high-mobility vehicle, by the U.S. Army Tank-Automotive and Armaments Command’s (TACOM) Mine Resistant Ambush Protected All Terrain Vehicle (M-ATV) program. The IDIQ contract includes an initial order for three vehicles for testing and evaluation and it enables Force Dynamics to compete for future M-ATV vehicle orders.
Previously, Force Dynamics delivered two Production Representative Vehicles (PRVs) to undergo initial survivability and mobility screening as part of the M-ATV solicitation. During this new phase of the evaluation, Force Dynamics will deliver additional PRVs for continued testing.
TACOM has indicated that if an M-ATV vehicle submission can meet all of the inspection requirements, survivability threshold and mobility tests that the vehicle will be given a “fair opportunity” for selection for a production delivery order.
Damon Walsh, executive vice president and managing director of Force Dynamics, commented ”We are very pleased that the Cheetah has been selected to continue to compete for this important and urgently needed program. This is a strong validation of the M-ATV Cheetah’s high level of mobility, combined with MRAP-I level protection. We believe that the M-ATV Cheetah provides the war fighter with the highest level of performance. In order to be as prepared as possible, Force Dynamics has already initiated production of the M-ATV Cheetah. We are fully ready to respond to the customer’s demand for these critical vehicles.”
Mike Cannon, chairman of the board of Force Dynamics and vice president, Ground Combat Systems, at General Dynamics Land Systems, commented “This is an important milestone for Force Dynamics in the M-ATV competition. Our submission offers superior mobility and survivability, and the complementary strengths of this partnership offer the best in production capability, service and support, and research and development.”
“Our M-ATV effort is backed by world-class manufacturing abilities and logistical support that will allow us to successfully deliver on the aggressive procurement schedule outlined by TACOM and to provide total lifecycle support for the vehicle,” Cannon said.
The Force Dynamics joint venture is supplemented by a cohesive partnership of world-class OEMs and an award under this program would create and sustain thousands of skilled employment opportunities in several states, including South Carolina, North Carolina, Alabama and Michigan.
Force Protection and General Dynamics Land Systems, a business unit of General Dynamics (NYSE: GD), have successfully delivered more than 3,000 Cougar MRAP vehicles to the customer.
About Force Protection, Inc.
Force Protection, Inc. is a leading American designer, developer and manufacturer of survivability solutions, predominantly ballistic- and blast-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. Force Protection’s specialty vehicles, the Cougar, the Buffalo and the Cheetah, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). Force Protection also is the developer and manufacturer of ForceArmor™, an armor package providing superior protection against explosively formed projectiles (EFPs), now available for a wide range of tactical-wheeled vehicles. Force Protection is one of the original developers and primary providers of vehicles for the U.S. military’s Mine Resistant Ambush Protected, or MRAP, vehicle program. For more information about Force Protection and its vehicles, visit www.forceprotection.net.
About General Dynamics Corp.
General Dynamics, headquartered in Falls Church, Va., employs approximately 92,900 people worldwide. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available on the Internet at www.generaldynamics.com.
Force Protection, Inc. Safe Harbor Language
This press release contains forward looking statements that are not historical facts, including statements about our beliefs and expectations. These statements are based on beliefs and assumptions of Force Protection’s management, and on information currently available to management. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, the ultimate selection of Force Dynamics under the M-ATV Program, our ability to fulfill any order for the M-ATV Cheetah on a timely basis, our ability to effectively manage the risks in our business, the reaction of the marketplace to the foregoing and other risk factors and cautionary statements listed in the Company’s periodic reports filed with the Securities and Exchange Commission, including the risks set forth in the Company’s 2008 Annual Report on Form 10-K for the year ended December 31, 2008.
Contacts FPI:Force Protection, Inc.Tommy Pruitt, 843-574-3866Senior Communications DirectororGDLS:GDLSPeter Keating, 586-825-7930VP, Communications
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LADSON, S.C May 1 2009 Force Dynamics, LLC, a joint venture between Force Protection, Inc. (NASDAQ: FRPT) and General Dynamics Land Systems, has been awarded an indefinite-delivery, indefinite-quantity (IDIQ) contract for the M-ATV Cheetah, a lightweight, high-mobility vehicle, by the U.S. Army Tank-Automotive and Armaments Command’s (TACOM) Mine Resistant Ambush Protected All Terrain Vehicle (M-ATV) program. The IDIQ contract includes an initial order for three vehicles for testing and evaluation and it enables Force Dynamics to compete for future M-ATV vehicle orders.
Previously, Force Dynamics delivered two Production Representative Vehicles (PRVs) to undergo initial survivability and mobility screening as part of the M-ATV solicitation. During this new phase of the evaluation, Force Dynamics will deliver additional PRVs for continued testing.
TACOM has indicated that if an M-ATV vehicle submission can meet all of the inspection requirements, survivability threshold and mobility tests that the vehicle will be given a “fair opportunity” for selection for a production delivery order.
Damon Walsh, executive vice president and managing director of Force Dynamics, commented ”We are very pleased that the Cheetah has been selected to continue to compete for this important and urgently needed program. This is a strong validation of the M-ATV Cheetah’s high level of mobility, combined with MRAP-I level protection. We believe that the M-ATV Cheetah provides the war fighter with the highest level of performance. In order to be as prepared as possible, Force Dynamics has already initiated production of the M-ATV Cheetah. We are fully ready to respond to the customer’s demand for these critical vehicles.”
Mike Cannon, chairman of the board of Force Dynamics and vice president, Ground Combat Systems, at General Dynamics Land Systems, commented “This is an important milestone for Force Dynamics in the M-ATV competition. Our submission offers superior mobility and survivability, and the complementary strengths of this partnership offer the best in production capability, service and support, and research and development.”
“Our M-ATV effort is backed by world-class manufacturing abilities and logistical support that will allow us to successfully deliver on the aggressive procurement schedule outlined by TACOM and to provide total lifecycle support for the vehicle,” Cannon said.
The Force Dynamics joint venture is supplemented by a cohesive partnership of world-class OEMs and an award under this program would create and sustain thousands of skilled employment opportunities in several states, including South Carolina, North Carolina, Alabama and Michigan.
Force Protection and General Dynamics Land Systems, a business unit of General Dynamics (NYSE: GD), have successfully delivered more than 3,000 Cougar MRAP vehicles to the customer.
About Force Protection, Inc.
Force Protection, Inc. is a leading American designer, developer and manufacturer of survivability solutions, predominantly ballistic- and blast-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. Force Protection’s specialty vehicles, the Cougar, the Buffalo and the Cheetah, are designed specifically for reconnaissance and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). Force Protection also is the developer and manufacturer of ForceArmor™, an armor package providing superior protection against explosively formed projectiles (EFPs), now available for a wide range of tactical-wheeled vehicles. Force Protection is one of the original developers and primary providers of vehicles for the U.S. military’s Mine Resistant Ambush Protected, or MRAP, vehicle program. For more information about Force Protection and its vehicles, visit www.forceprotection.net.
About General Dynamics Corp.
General Dynamics, headquartered in Falls Church, Va., employs approximately 92,900 people worldwide. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available on the Internet at www.generaldynamics.com.
Force Protection, Inc. Safe Harbor Language
This press release contains forward looking statements that are not historical facts, including statements about our beliefs and expectations. These statements are based on beliefs and assumptions of Force Protection’s management, and on information currently available to management. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Examples of these factors include, but are not limited to, the ultimate selection of Force Dynamics under the M-ATV Program, our ability to fulfill any order for the M-ATV Cheetah on a timely basis, our ability to effectively manage the risks in our business, the reaction of the marketplace to the foregoing and other risk factors and cautionary statements listed in the Company’s periodic reports filed with the Securities and Exchange Commission, including the risks set forth in the Company’s 2008 Annual Report on Form 10-K for the year ended December 31, 2008.
Contacts FPI:Force Protection, Inc.Tommy Pruitt, 843-574-3866Senior Communications DirectororGDLS:GDLSPeter Keating, 586-825-7930VP, Communications
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Thursday, April 30, 2009
Investorideas.com founder and President Dawn Van Zant comments on Defense Stocks in Recent Article in South China Morning Post
Fire power -Military spending in the US over the past decade backs up the assertion of analysts that the industry will continue to be resilient, especially with continuing commitments to conflicts in Iraq and Afghanistan
Investorideas.com founder and President Dawn Van Zant comments on Defense Stocks in Recent Article in South China Morning Post
http://www.scmp.com/
DEFENCE INVESTMENTS
Ajay Shamdasani Apr 28, 2009
As the United States continues to expand its war on terror and looks to counter other global security risks - such as nuclear proliferation and cyber-warfare - the defence industry is expected to be a solid investment tool for years to come, analysts predict http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/?vgnextoid=aed7245bbf2b0210VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=Specials&s=Home&specName=Net+Worth+%28June+2008%29
Research defense stocks with the global defense stocks directory at Investorideas.com
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Investorideas.com founder and President Dawn Van Zant comments on Defense Stocks in Recent Article in South China Morning Post
http://www.scmp.com/
DEFENCE INVESTMENTS
Ajay Shamdasani Apr 28, 2009
As the United States continues to expand its war on terror and looks to counter other global security risks - such as nuclear proliferation and cyber-warfare - the defence industry is expected to be a solid investment tool for years to come, analysts predict http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/?vgnextoid=aed7245bbf2b0210VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=Specials&s=Home&specName=Net+Worth+%28June+2008%29
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Tuesday, April 28, 2009
Defense Stock News - Ceradyne, Inc. Reports First-Quarter 2009 Financial Results
Defense Stock News - Ceradyne, Inc. Reports First-Quarter 2009 Financial Results
COSTA MESA, Calif.--April 28 --Ceradyne, Inc. (Nasdaq: CRDN) today reported lower than anticipated financial results for the first quarter ended March 31, 2009. The Company noted that despite the disappointing first quarter, it currently expects that full-year 2009 results will fall within previously announced guidance regarding sales and earnings per share.
Sales for first-quarter 2009 were $99.8 million, compared with $188.5 million in first-quarter 2008. Net income for first-quarter 2009 decreased to $0.7 million, or $0.03 per fully diluted share, compared to $32.4 million, or $1.18 per fully diluted share, in first-quarter 2008. These results include pre-tax non-cash interest expense of $1.0 million and $0.9 million for the first quarter of 2009 and 2008, respectively, due to the change in accounting for convertible debt which reduced earnings per share by $.02 in each quarter. Fully diluted average shares outstanding for first-quarter 2009 were 26,033,194 compared to 27,406,500 in the same period in 2008.
Gross profit margin was 23.0% of net sales in first-quarter 2009, compared to 37.9% in first-quarter 2008. The provision for income taxes was 39.8% in first-quarter 2009, compared to 36.2% in first-quarter 2008.
New orders for first-quarter 2009 were $150.7 million, compared to $211.8 million for the same period last year. Total order backlog as of March 31, 2009 was $177.2 million, compared to $262.7 million at March 31, 2008.
Joel P. Moskowitz, Ceradyne president and chief executive officer, commented: “Although we had stated and continue to believe that the first quarter of 2009 would be the weakest quarter of the year, nonetheless, we were disappointed in the above reported results and are taking actions to reduce our current operating costs without affecting our future operations, which will be dependent on increasing solar energy related business, new product introductions as well as opportunities in our current business lines, such as military ballistic protection, and newer industrial applications particularly related to oil drilling using our advanced technical ceramics.
“Over the past 15 months, we have reduced our headcount in the United States by approximately 592, or 33%. The bulk of the reductions have been in our California and Kentucky operations, primarily related to military ceramic body armor as well as certain non-defense areas such as automobile/diesel.
“In Europe, where we have seen further reductions in our industrial ceramic business, we have been reducing our costs and will continue to do so throughout 2009. An example of this includes ‘short work weeks’ at ESK Ceramics utilizing German and French government subsidies. We are also in the process of evaluating more permanent headcount reductions as well as the closure of a manufacturing facility.
“Our strong cash position and balance sheet will allow us to continue our previously announced $22 million expansion of our photovoltaic solar cell related ceramic crucible capacity in China, as well as maintaining our R&D activities in Germany and the U.S. We also are continuing our efforts to identify and implement appropriate acquisitions in both defense and non-defense markets.
“On March 31st, we received our first XSAPI production delivery order of approximately $77 million issued against the $2.37 billion 5-year ID/IQ (Indefinite Delivery/Indefinite Quantity) award announced earlier in October 2008. We began shipping this XSAPI delivery order this month and expect to complete shipments this year.
“In February, we had provided 2009 guidance of a sales range of $465 million to $500 million with earnings of $1.60 to $2.00 per fully diluted share. Although the XSAPI order was issued later than originally anticipated with as yet no additional side plate (‘X’ threat) releases, and despite the downturn in our European industrial advanced technical ceramic markets, at this time we continue to reiterate our February guidance with a higher probability of being at the low end of the range for all of 2009.
“Our management is focused on the challenges of the global economic downturn. Our plan is to continue to ‘tighten our belt’ without compromising our strategic goals and emerge from this recession as a more efficient company. Our strong balance sheet and positive cash flow of $10.5 million in the first quarter of 2009 will provide the financial wherewithal to carry out our plans.”
Ceradyne will host a conference call today at 8:00 a.m. PDT (11:00 a.m. EDT) to review the financial results for the quarter ended March 31, 2009. To participate in the teleconference, please call toll free 877-717-3046 (or 706-634-6364 for international callers). Investors or other interested parties may listen to the teleconference live via the Internet at www.ceradyne.com or www.earnings.com. These web sites will also host an archive of the teleconference. A telephonic playback will be available beginning at 11:00 a.m. PDT today through 9:00 p.m. PDT on April 30, 2009. The playback can be accessed by calling 800-642-1687 (or 706-645-9291 for international callers) and providing Conference ID 96359101.
Ceradyne develops, manufactures and markets advanced technical ceramic products and components for defense, industrial, automotive/diesel and commercial applications. Additional information can be found at the Company’s web site: www.ceradyne.com.
Except for the historical information contained herein, this press release contains forward-looking statements regarding future events and the future performance of Ceradyne that involve risks and uncertainties that could cause actual results to differ materially from those projected. Words such as "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions are intended to identify forward-looking statements. These risks and uncertainties are described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and its Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date thereof.
Full news and financial tables - www.ceradyne.com.
Ceradyne, Inc.Jerrold J. PellizzonChief Financial Officer(714) 549-0421orSilverman Heller AssociatesPhil Bourdillon/Gene Heller(310) 208-2550
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COSTA MESA, Calif.--April 28 --Ceradyne, Inc. (Nasdaq: CRDN) today reported lower than anticipated financial results for the first quarter ended March 31, 2009. The Company noted that despite the disappointing first quarter, it currently expects that full-year 2009 results will fall within previously announced guidance regarding sales and earnings per share.
Sales for first-quarter 2009 were $99.8 million, compared with $188.5 million in first-quarter 2008. Net income for first-quarter 2009 decreased to $0.7 million, or $0.03 per fully diluted share, compared to $32.4 million, or $1.18 per fully diluted share, in first-quarter 2008. These results include pre-tax non-cash interest expense of $1.0 million and $0.9 million for the first quarter of 2009 and 2008, respectively, due to the change in accounting for convertible debt which reduced earnings per share by $.02 in each quarter. Fully diluted average shares outstanding for first-quarter 2009 were 26,033,194 compared to 27,406,500 in the same period in 2008.
Gross profit margin was 23.0% of net sales in first-quarter 2009, compared to 37.9% in first-quarter 2008. The provision for income taxes was 39.8% in first-quarter 2009, compared to 36.2% in first-quarter 2008.
New orders for first-quarter 2009 were $150.7 million, compared to $211.8 million for the same period last year. Total order backlog as of March 31, 2009 was $177.2 million, compared to $262.7 million at March 31, 2008.
Joel P. Moskowitz, Ceradyne president and chief executive officer, commented: “Although we had stated and continue to believe that the first quarter of 2009 would be the weakest quarter of the year, nonetheless, we were disappointed in the above reported results and are taking actions to reduce our current operating costs without affecting our future operations, which will be dependent on increasing solar energy related business, new product introductions as well as opportunities in our current business lines, such as military ballistic protection, and newer industrial applications particularly related to oil drilling using our advanced technical ceramics.
“Over the past 15 months, we have reduced our headcount in the United States by approximately 592, or 33%. The bulk of the reductions have been in our California and Kentucky operations, primarily related to military ceramic body armor as well as certain non-defense areas such as automobile/diesel.
“In Europe, where we have seen further reductions in our industrial ceramic business, we have been reducing our costs and will continue to do so throughout 2009. An example of this includes ‘short work weeks’ at ESK Ceramics utilizing German and French government subsidies. We are also in the process of evaluating more permanent headcount reductions as well as the closure of a manufacturing facility.
“Our strong cash position and balance sheet will allow us to continue our previously announced $22 million expansion of our photovoltaic solar cell related ceramic crucible capacity in China, as well as maintaining our R&D activities in Germany and the U.S. We also are continuing our efforts to identify and implement appropriate acquisitions in both defense and non-defense markets.
“On March 31st, we received our first XSAPI production delivery order of approximately $77 million issued against the $2.37 billion 5-year ID/IQ (Indefinite Delivery/Indefinite Quantity) award announced earlier in October 2008. We began shipping this XSAPI delivery order this month and expect to complete shipments this year.
“In February, we had provided 2009 guidance of a sales range of $465 million to $500 million with earnings of $1.60 to $2.00 per fully diluted share. Although the XSAPI order was issued later than originally anticipated with as yet no additional side plate (‘X’ threat) releases, and despite the downturn in our European industrial advanced technical ceramic markets, at this time we continue to reiterate our February guidance with a higher probability of being at the low end of the range for all of 2009.
“Our management is focused on the challenges of the global economic downturn. Our plan is to continue to ‘tighten our belt’ without compromising our strategic goals and emerge from this recession as a more efficient company. Our strong balance sheet and positive cash flow of $10.5 million in the first quarter of 2009 will provide the financial wherewithal to carry out our plans.”
Ceradyne will host a conference call today at 8:00 a.m. PDT (11:00 a.m. EDT) to review the financial results for the quarter ended March 31, 2009. To participate in the teleconference, please call toll free 877-717-3046 (or 706-634-6364 for international callers). Investors or other interested parties may listen to the teleconference live via the Internet at www.ceradyne.com or www.earnings.com. These web sites will also host an archive of the teleconference. A telephonic playback will be available beginning at 11:00 a.m. PDT today through 9:00 p.m. PDT on April 30, 2009. The playback can be accessed by calling 800-642-1687 (or 706-645-9291 for international callers) and providing Conference ID 96359101.
Ceradyne develops, manufactures and markets advanced technical ceramic products and components for defense, industrial, automotive/diesel and commercial applications. Additional information can be found at the Company’s web site: www.ceradyne.com.
Except for the historical information contained herein, this press release contains forward-looking statements regarding future events and the future performance of Ceradyne that involve risks and uncertainties that could cause actual results to differ materially from those projected. Words such as "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions are intended to identify forward-looking statements. These risks and uncertainties are described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and its Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date thereof.
Full news and financial tables - www.ceradyne.com.
Ceradyne, Inc.Jerrold J. PellizzonChief Financial Officer(714) 549-0421orSilverman Heller AssociatesPhil Bourdillon/Gene Heller(310) 208-2550
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Monday, April 27, 2009
Skanska Awarded Construction Contract for a Military Facility in UK for GBP 150 M, about SEK 1.8 Billion
Skanska Awarded Construction Contract for a Military Facility in UK for GBP 150 M, about SEK 1.8 Billion
April 27 2009 - STOCKHOLM, Sweden---Regulatory News:
Skanska (STO:SKAB) has been contracted to build new facilities at the UK Ministry of Defence site, Royal Air Force Wyton in Cambridgeshire. The contract totals GBP 150 M, about SEK 1.8 billion. The order amount is included in order bookings for the second quarter of 2009.
The customer is the Ministry of Defence’s property unit, Defence Estates.
The project is part of a larger modernization program covering technical premises, three buildings on the base for 42 Engineer Regiment (Geographic) as well as service, leisure and recreation facilities. In addition, the project includes land and civil engineering work to improve the exterior environment within the station area. Skanska is also responsible for all engineering as well as the mechanical and electrical installations in the new buildings.
Work begins this summer and the first stages are scheduled to be completed at year-end 2011. The project will be fully completed in autumn 2013.
The headquarters of the British Ministry of Defence in central London was rebuilt and modernized by Skanska in 2001-2004 and a major expansion of a defence facility in Woodbridge, completed in 2006.
Skanska UK reported revenues of SEK 17.9 billion in 2008, with about 4,900 employees. The company is active in building and civil construction, utilities and building services. Skanska is also a leader in the British program for private public partnerships, PFI (Private Finance Initiative).
This and previous releases can also be found at www.skanska.com
Skanska AB may be required to disclose the information provided herein pursuant to the Securities Markets Act.
Skanska is one of the world’s leading project development and construction groups with expertise in construction, development of commercial and residential projects and public-private partnerships. The Group currently has 56,000 employees in selected home markets in Europe, in the US and Latin America. Headquartered in Stockholm, Sweden and listed on the Stockholm Stock Exchange, Skanska's sales in 2008 totaled SEK 144 billion.
This information was brought to you by Cision http://www.cisionwire.com
Contacts Skanska UKTanya Barnes, Head of Communicationstel +44 1923 423 905orSkanska ABPeter Gimbe, Press Officertel +46 10 448 88 38orDirect line for media:tel +46 10 448 88 99
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April 27 2009 - STOCKHOLM, Sweden---Regulatory News:
Skanska (STO:SKAB) has been contracted to build new facilities at the UK Ministry of Defence site, Royal Air Force Wyton in Cambridgeshire. The contract totals GBP 150 M, about SEK 1.8 billion. The order amount is included in order bookings for the second quarter of 2009.
The customer is the Ministry of Defence’s property unit, Defence Estates.
The project is part of a larger modernization program covering technical premises, three buildings on the base for 42 Engineer Regiment (Geographic) as well as service, leisure and recreation facilities. In addition, the project includes land and civil engineering work to improve the exterior environment within the station area. Skanska is also responsible for all engineering as well as the mechanical and electrical installations in the new buildings.
Work begins this summer and the first stages are scheduled to be completed at year-end 2011. The project will be fully completed in autumn 2013.
The headquarters of the British Ministry of Defence in central London was rebuilt and modernized by Skanska in 2001-2004 and a major expansion of a defence facility in Woodbridge, completed in 2006.
Skanska UK reported revenues of SEK 17.9 billion in 2008, with about 4,900 employees. The company is active in building and civil construction, utilities and building services. Skanska is also a leader in the British program for private public partnerships, PFI (Private Finance Initiative).
This and previous releases can also be found at www.skanska.com
Skanska AB may be required to disclose the information provided herein pursuant to the Securities Markets Act.
Skanska is one of the world’s leading project development and construction groups with expertise in construction, development of commercial and residential projects and public-private partnerships. The Group currently has 56,000 employees in selected home markets in Europe, in the US and Latin America. Headquartered in Stockholm, Sweden and listed on the Stockholm Stock Exchange, Skanska's sales in 2008 totaled SEK 144 billion.
This information was brought to you by Cision http://www.cisionwire.com
Contacts Skanska UKTanya Barnes, Head of Communicationstel +44 1923 423 905orSkanska ABPeter Gimbe, Press Officertel +46 10 448 88 38orDirect line for media:tel +46 10 448 88 99
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
EMRISE Announces Nearly $2 Million in Annualized Profit Improvement Through Companywide Program Aimed at Streamlining Operations and Reducing Cost
EMRISE Announces Nearly $2 Million in Annualized Profit Improvement Through Companywide Program Aimed at Streamlining Operations and Reducing Cost
Realignment of All Business Units Expected to Increase Efficiency Without Impacting Growth
RANCHO CUCAMONGA, Calif.--April 27 2009 --EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has implemented a companywide program to streamline its operations and reduce costs throughout all of its operating business units in the U.S., the U.K. and France that is expected to achieve annualized cost savings approaching $2 million. The program, which includes headcount reductions and other cost saving initiatives, is designed to eliminate redundancies and increase operating efficiency in all business units, without impacting the Company’s ability to grow.
EMRISE Chairman, President and CEO Carmine T. Oliva said the Company streamlined its operations in nearly every functional area of the business including engineering, manufacturing, sales, and administrative support.
“Earlier this month, we said during our 2008 results conference call that we were in the process of making significant cost reductions at our business units as well as at the corporate level, and we have now substantially completed that process at the business unit level,” Oliva added. “It is always very difficult to see many of our valued employees have to leave, especially since they are such an important asset; however, difficult times call for difficult decisions and we have not spared anyone or any area from this top down review.
“Our fundamental business is doing well, particularly our electronic devices business which is being bolstered by defense spending in our primary force protection and terrorist interdiction product areas, as can be seen from our recent announcements of new orders,” Oliva said. “We continue to be optimistic about the expected growth rates in the defense sector for 2009, and we do not see the headcount reductions and other cost saving measures negatively affecting our ability to service our customers or to take on new business.”
EMRISE management expects there will be one-time costs of approximately $500,000 associated with the business unit headcount reductions and other cost saving initiatives, the majority of which will be recorded in the first half of 2009.
During the Company’s recent conference call, EMRISE management said that the one-time costs of headcount reductions and other cost cutting measures, along with the unfavorable impact of exchange rates would likely lead to a net loss for the first half of 2009. However, as a result of streamlining its operations and the improvements in exchange rates the Company anticipates will occur later this year, EMRISE management expects the Company to be profitable in the last half of 2009.
The Company also plans to announce overhead cost reductions at the corporate level during the second quarter of 2009. These reductions will also be significant and will further add to the nearly $2 million of profit improvement that is contemplated from the changes made at the business unit level.
About EMRISE Corporation
EMRISE designs, manufactures and markets electronic devices, sub-systems and equipment for aerospace, defense, industrial and communications markets. EMRISE products perform key functions such as power supply and power conversion; RF and microwave signal processing; network access and timing and synchronization of communications networks. Primary growth driver applications for EMRISE products include “Radio Frequency Devices for Radio-Controlled Improvised Explosive Device Jamming Systems” and “Edge Network Timing and Synchronization” equipment. EMRISE serves customers in North America, Europe and Asia through operations in the United States, England and France. The Company has built a worldwide base of customers including a majority of the Fortune 100 in the U.S. that do business in markets served by EMRISE and many similar-size companies in Europe and Asia. For more information go to www.emrise.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release, including without limitation EMRISE’s ability to achieve annualized cost savings at a business unit level approaching $2 million, ability to eliminate redundancies and increase operating efficiency in all business units, without impacting the Company’s ability to grow or ability to streamline its operations in nearly every functional area of the business, ability for EMRISE’s business to be bolstered by defense spending in our primary force protection and terrorist interdiction product areas, ability to predict expected growth rates in the defense sector for 2009, ability to implement headcount reductions and/or other cost saving measures without negatively affecting EMRISE’s ability to service customers or to take on new business, ability to predict one time costs and/or ability to ensure that the majority of such costs will be recorded in the first half of 2009, ability to predict improvements in exchange rates later this year, ability to be profitable in the last half of 2009, ability to achieve additional overhead cost reductions at the corporate level, ability to announce such reductions and/or for such reductions to further contribute to profit improvement in 2009, are all forward-looking statements that involve a number of risks and uncertainties. The actual future results of EMRISE CORPORATION could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, unforeseen technical issues, unforeseen changes in customer demand, unforeseen delays in receipt of materials from our vendors, inability of our products to meet customer specifications, changes in the economic, industry or political climate that may negatively impact demand for our future products, and those factors contained in the “Risk Factors” Section of the Company’s Form 10-K for the year ended December 31, 2008, and other Company filings.
Contacts EMRISE CorporationJohn Donovan, 909-987-9220 ext. 3201Vice President Finance and Administrationjdonovan@emrise.comorAllen & Caron Inc.Rene Caron, 949-474-4300 (investors)rene@allencaron.comLen Hall, 949-474-4300 (media)len@allencaron.com
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
Realignment of All Business Units Expected to Increase Efficiency Without Impacting Growth
RANCHO CUCAMONGA, Calif.--April 27 2009 --EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has implemented a companywide program to streamline its operations and reduce costs throughout all of its operating business units in the U.S., the U.K. and France that is expected to achieve annualized cost savings approaching $2 million. The program, which includes headcount reductions and other cost saving initiatives, is designed to eliminate redundancies and increase operating efficiency in all business units, without impacting the Company’s ability to grow.
EMRISE Chairman, President and CEO Carmine T. Oliva said the Company streamlined its operations in nearly every functional area of the business including engineering, manufacturing, sales, and administrative support.
“Earlier this month, we said during our 2008 results conference call that we were in the process of making significant cost reductions at our business units as well as at the corporate level, and we have now substantially completed that process at the business unit level,” Oliva added. “It is always very difficult to see many of our valued employees have to leave, especially since they are such an important asset; however, difficult times call for difficult decisions and we have not spared anyone or any area from this top down review.
“Our fundamental business is doing well, particularly our electronic devices business which is being bolstered by defense spending in our primary force protection and terrorist interdiction product areas, as can be seen from our recent announcements of new orders,” Oliva said. “We continue to be optimistic about the expected growth rates in the defense sector for 2009, and we do not see the headcount reductions and other cost saving measures negatively affecting our ability to service our customers or to take on new business.”
EMRISE management expects there will be one-time costs of approximately $500,000 associated with the business unit headcount reductions and other cost saving initiatives, the majority of which will be recorded in the first half of 2009.
During the Company’s recent conference call, EMRISE management said that the one-time costs of headcount reductions and other cost cutting measures, along with the unfavorable impact of exchange rates would likely lead to a net loss for the first half of 2009. However, as a result of streamlining its operations and the improvements in exchange rates the Company anticipates will occur later this year, EMRISE management expects the Company to be profitable in the last half of 2009.
The Company also plans to announce overhead cost reductions at the corporate level during the second quarter of 2009. These reductions will also be significant and will further add to the nearly $2 million of profit improvement that is contemplated from the changes made at the business unit level.
About EMRISE Corporation
EMRISE designs, manufactures and markets electronic devices, sub-systems and equipment for aerospace, defense, industrial and communications markets. EMRISE products perform key functions such as power supply and power conversion; RF and microwave signal processing; network access and timing and synchronization of communications networks. Primary growth driver applications for EMRISE products include “Radio Frequency Devices for Radio-Controlled Improvised Explosive Device Jamming Systems” and “Edge Network Timing and Synchronization” equipment. EMRISE serves customers in North America, Europe and Asia through operations in the United States, England and France. The Company has built a worldwide base of customers including a majority of the Fortune 100 in the U.S. that do business in markets served by EMRISE and many similar-size companies in Europe and Asia. For more information go to www.emrise.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release, including without limitation EMRISE’s ability to achieve annualized cost savings at a business unit level approaching $2 million, ability to eliminate redundancies and increase operating efficiency in all business units, without impacting the Company’s ability to grow or ability to streamline its operations in nearly every functional area of the business, ability for EMRISE’s business to be bolstered by defense spending in our primary force protection and terrorist interdiction product areas, ability to predict expected growth rates in the defense sector for 2009, ability to implement headcount reductions and/or other cost saving measures without negatively affecting EMRISE’s ability to service customers or to take on new business, ability to predict one time costs and/or ability to ensure that the majority of such costs will be recorded in the first half of 2009, ability to predict improvements in exchange rates later this year, ability to be profitable in the last half of 2009, ability to achieve additional overhead cost reductions at the corporate level, ability to announce such reductions and/or for such reductions to further contribute to profit improvement in 2009, are all forward-looking statements that involve a number of risks and uncertainties. The actual future results of EMRISE CORPORATION could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, unforeseen technical issues, unforeseen changes in customer demand, unforeseen delays in receipt of materials from our vendors, inability of our products to meet customer specifications, changes in the economic, industry or political climate that may negatively impact demand for our future products, and those factors contained in the “Risk Factors” Section of the Company’s Form 10-K for the year ended December 31, 2008, and other Company filings.
Contacts EMRISE CorporationJohn Donovan, 909-987-9220 ext. 3201Vice President Finance and Administrationjdonovan@emrise.comorAllen & Caron Inc.Rene Caron, 949-474-4300 (investors)rene@allencaron.comLen Hall, 949-474-4300 (media)len@allencaron.com
Research defense stocks with the global defense stocks directory at Investorideas.com
click here:
http://www.investorideas.com/Companies/HomelandDefense/Stock_List.asp
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