CHARLESTON, S.C., March 3, 2004 (PRIMEZONE) -- Force Protection, Inc. (OTCBB:FRCP) announced that its wholly owned subsidiary TSG earned its first ever operating profit in 2003. Sales increased to $6.2 million, an increase of 139% over the previous year. Operating earnings at TSG rose to $378 thousand. The report indicates that Force Protection completed the disposal of the money losing Sonic Jet boat business and wrote off all goodwill in 2003. After all write-offs and restructuring charges the Company reported a net loss of $5.3 million.
Force Protection, Inc's CEO Michael Watts said, "I'm satisfied that the reorganization we completed in 2003 has positioned us very well for anticipated growth. We believe the aggressive write-downs we have taken result in a conservative presentation of our financial position."
About Force Protection, Inc.
Force Protection, Inc. manufactures and distributes vehicles that protect and save lives and property. Its subsidiary, Technical Solutions Group, Inc., (TSG) manufactures and markets military vehicles that are protected against landmines and hostile fire. These vehicles are typically used to transport personnel safely in areas infested with landmines and for the actual removal of landmines. The vehicles are manufactured in Ladson, S.C., where TSG is based. For more information visit www.forceprotection.net. The Company was featured recently on CNBC's Business Center. A video clip of the CNBC segment is available at: www.forceprotectioninc.com. TSG's Buffalo mine protected vehicle was also recently featured on Fox News' "At Large with Geraldo Rivera." A DVD of this segment is available upon request from Investor Relations. Contact: Investor Relations, Force Protection, Inc., 843-740-7015 ext 233 or investorrelations@forceprotection.com or visit www.forceprotectioninc.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to those set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.