LADSON, S.C. -- Force Protection Industries, Inc., a FORCE PROTECTION INC. group company, today announced that it has received a firm fixed price modification to existing contract M67854-07-C-5031 from U.S. Marine Corps Systems Command with a total value of approximately $106.9 million for the purchase of 1,000 independent suspension system (“ISS”) kits.
The award consists of 650 ISS kits for Cougar Category I vehicles and 350 ISS kits for Cougar Category II vehicles. Delivery of the kits is expected to begin in the Company’s 2011 third quarter and be completed by December 31, 2011.
Randy Hutcherson, Chief Operating Officer for Force Protection Industries, Inc., said, “The Cougar with independent suspension continues to perform exceptionally well in Afghanistan, and this award is another clear indicator of how vital the Cougar is to the troops in theater. The delivery of these kits and subsequent installation will help ensure that our Cougar vehicles continue to perform critical missions in extremely rugged areas.”
The combination of today’s announcement, other awards previously secured in 2011, and the portion of funded backlog at December 31, 2010 that is anticipated for delivery this year, results in solid visibility for the Company’s previously disclosed outlook for 2011. As such, the Company reiterates its expectation of year-over-year growth in total revenue and earnings, with the majority of its 2011 full year financial results anticipated to be recorded in the second half of the year. Similar to 2010, the Company continues to expect its fourth quarter will be the most financially significant of 2011.