VIENNA, Va., Oct. 26, 2001 (PRIMEZONE) -- Allied Research Corporation (AMEX:ALR), announces sales, earnings and earnings per share for the third quarter and nine months ended September 30, 2001.
Sales for the third quarter ended September 30, 2001, increased to approximately $26.8 million as compared to approximately $25.3 million for the same period in 2000. Sales for the nine months ended September 30, 2001, were approximately $69.7 million as compared to approximately $77.3 million for the same period in 2000.
Earnings from continuing operations for the third quarter ended September 30, 2001, increased to approximately $3.2 million, or $0.65 per share, as compared to revenues of approximately $3.1 million, or $0.64 per share, for the same period in 2000. Earnings from continuing operations for the nine months ended September 30, 2001, increased to approximately $6.4 million, or $1.30 per share, as compared to earnings of approximately $5.5 million, or $1.14 per share, for the same period in 2000.
Backlog as of September 30, 2001 was $85.1 million compared to $63.5 million at year-end and contains excellent contracts with substantial margins.
General (Retired) J.H. Binford Peay, III, Chairman, President and Chief Executive Officer of Allied Research said, "I am very pleased our team delivered another quarter and nine months of improved financial results. Based on the latest information from our operating units, 2001 will be a profitable year, with all indications pointing to a strong 2002 as well. Our recent announcement of $49 million in orders from several customers not only recognizes Mecar's marketing and engineering excellence, but also significantly increased our backlog."
General Peay concluded, "We have developed a very strong niche in our markets and have become a recognized and respected defense and commercial electronic security firm providing our customers with high quality products and reliable service. In spite of recent trading activity, we believe our stock continues to be undervalued by the market, especially considering our strong earnings outlook, our minimal long-term debt, expanding vision and an experienced management team. Allied Research is an even greater investment opportunity considering recent world events."
About Allied Research Corp.
Allied Research Corporation is a diversified defense and commercial electronic security firm, developing and producing conventional ammunition marketed to defense departments worldwide; and designing, producing and marketing sophisticated electronic security systems for European, Asian and African markets.
For more Information, please visit the Company Web site: www.alliedresearch.com
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 9/30 Nine Months Ended 9/30
2001 2000 2001 2000
Sales $26,847,000 $25,308,000 $69,694,000 $77,332,000
Gross Margin 10,043,000 8,128,000 22,441,000 17,566,000
Earnings (from
continuing ops) 3,203,000 3,120,000 6,368,000 5,536,000
Earnings Per
Share (Basic and
Diluted) from
continuing
operations .65 .64 1.30 1.14
Weighted
average shares
outstanding
(Basic) 4,918,991 4,845,079 4,898,919 4,848,235
(Diluted) 4,941,459 4,847,445 4,908,871 4,854,685