VIENNA, Va., Oct. 24, 2000 (PRIMEZONE) -- Allied Research Corporation (AMEX:ALR), a diversified defense and commercial electronic security company, today reported that for the three months ended September 30, 2000, it earned from continuing operations $3.1 million, or $0.64 a share fully diluted, on revenues of $25.3 million, compared to a loss from continuing operations of $3.7 million, or $0.77 a share, on revenues of $7.2 million for the same period in 1999.
For the nine months ended September 30, 2000, Allied Research earned from continuing operations $5.5 million, or $1.14 a share, fully diluted, on revenues of $77.3 million, compared to a loss from continuing operations of $6.5 million, or $1.36 a share, on revenues of $38.5 million for the same period in 1999. Discontinued operations added $0.11 a share, fully diluted, resulting in aggregate earnings of $1.25 a share for the first nine months of 2000.
The backlog as of September 30, 2000 was $87.3 million.
"This marks the fourth quarter in a row that we have turned in some healthy profits. Based on our backlog, I believe that the fourth quarter will be extremely strong, and given our strong order outlook I expect positive financial results to continue into and through 2001," said Mr. Glenn Yarborough, President and Chief Executive Officer of Allied Research.
"I am really pleased with the performance of MECAR. The attention to quality and reliability has allowed MECAR to increase margins without losing any market share. Just as importantly, the strategic alliances we formed have paid off handsomely. We are very appreciative of the strong product and technical support we get from our marketing partners.
"In turn we have carefully matched our products to their exact performance requirements. This collaboration results in ammunition that can maximize a weapon systems' capability, masterfully engineered with complete technical support and customer service.
"On the electronic security front, TheVSK Group continues to produce substantial profits. The acquisition of VIGITEC continues to benefit the 'technology base' of the Group, helping to enhance several products with greater functionality and performance. I am just delighted with this continued excellent performance."
Allied Research Corporation is a defense and commercial electronic security firm. Its operating units develop and produce ammunition. In addition, they design, produce and market sophisticated electronic security and access control systems.
Certain statements contained herein are "forward-looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995. Because statements include risks and uncertainties, actual results may differ materially from those expressed or implied and include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission.
ALLIED RESEARCH CORPORATION
Three months ended September 30,
(000's omitted except per share amounts)
2000 1999
Revenues $25,308 $7,216
Net earnings (loss) from
continuing operations 3,120 (3,710)
Net earnings (loss) from
discontinued operations - 0 - (169)
Fully diluted net earnings (loss)
per share from continuing
operations .64 (.77)
Fully diluted net earnings (loss)
per share from discontinued
operations - 0 - (.03)
Nine months ended September 30,
(000's omitted except per share amounts)
2000 1999
Revenues $77,332 $38,452
Net earnings (loss) from
continuing operations 5,536 (6,543)
Net earnings (loss) from
discontinued operations 516 (495)
Fully diluted net earnings (loss)
per share from continuing
operations 1.14 (1.36)
Fully diluted net earnings (loss)
per share from discontinued
operations .11 (.10)
CONTACT: Allied Research Corporation
Susan Urbaniak
800-847-5322
ALRARC95@aol.com