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The Company and its subsidiaries design, manufacture and market blast and ballistics armored vehicles for sale to military customers.
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wirelessben (86.80) Submitted: 10/25/07 4:32 PM : Start Price: $19.02 FRPT Score: 55.17
Kavanaugh was an opportunist who sold at the top and left. McGilton has done nothing but bill the company for the "training" provided by his other company. Currently being investigated by the SEC for stock fraud. The DOD is also rethinking its MRAP strategy, which probably isn't good for FRPT, which does nothing but MRAP.
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EPS100Momentum (68.52) Submitted: 12/14/07 1:56 PM
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Partial from Defense Department Oct. newsregarding 2008 projections for MRAP Vehicles. FRPT has been among the biggest benefactor from these awards in the past.http://www.defenselink.mil/news/newsarticle.aspx?id=47849In December, the Defense Department will need a further $8.2 billion from Congress to continue MRAP production, the official said. The department will order roughly 6,400 MRAPs in December to meet the current stated requirement of 15,274 MRAPs.Vehicle production has reached a level where the department will have to manage demand for hardened and ballistic steel between MRAPs and other programs, such as Bradley and Stryker fighting vehicles, and fragmentary kit enhancements, the official said.Separate Marine Corps and Army versions of the vehicles mean 16 variants must be equipped, tested and produced. This slows the process down, and experts are working to reduce the number of variants, he said.Fielding the 16 different vehicle designs also increases the burdens of training, maintenance and spare parts for troops in theater.Once built, the vehicles then must get radios and other equipment installed at the Navy’s Space and Naval Warfare Systems Center in Charleston, S.C, the official said.“We have to take them down to South Carolina to be outfitted with all the government equipment and so on, and then we'll get them into the theater,” Gates said in a separate Pentagon news briefing yesterday.The Defense Department is flying the vehicles to Iraq as soon as they are ready. The department can fly 360 MRAPs per month. A joint allocation board sends the vehicles to the areas they are most needed, the senior official explained.“We are continuing to airlift them as they're produced,” Gates said. “At a certain point we'll make a transition and start sending them by sea just because of the numbers that are involved.”“So I would say that the program is pretty much right on track,” the secretary added.
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sledr (< 20) Submitted: 12/19/07 8:16 PM
I totally agree. This company has been very poorly mismanaged. When Kavanaugh got out, THAT WAS THE TIME TO BAIL! When the CEO sells like that and leaves, that's your signal. Many lessons learned on this one. If I had listened to CAPS, even after I bought. Just sold and got out, I would have been way ahead of the game.
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