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Force Protection granted another extension |
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Tuesday, 23 September 2008 |
SCBIZ Daily Staff
LADSON -- Nasdaq granted Force Protection another extension to file earnings reports, giving the Ladson war vehicle manufacturer until the end of the month to catch up on missed deadlines for the first and second quarters.
Force Protection said Monday it plans to meet that deadline. The company also plans to file restated reports for the first three quarters of 2007.
On Sept. 15, the company filed its long-overdue 2007 year-end earnings report with the SEC, the same day it laid off dozens of production workers.
Force Protection reported net income of $7.7 million, or 11 cents a share, compared with $16.6 million, or 36 cents a share, in 2006.
New sales jumped dramatically, however, to $890.7 million, a 354% increase from $196 million in 2006. But net income declined as operating costs grew along with the company’s efforts to quickly ramp up production, which sparked several costly inefficiencies, a company spokesman said.
The company plans to hold a conference call with investors to discuss 2007 and year-to-date 2008 results and its business outlook at 4:30 p.m. Sept. 30. The call will be available via webcast.
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