JACKSONVILLE, Fla. --- Armor Holdings, Inc., a leading manufacturer and distributor of security products and vehicle armor systems, announced today that it has received a $135 million contract award to provide additional M1114 Up-Armored HMMWVs to the U.S. Army.
Armor Holdings Aerospace & Defense Group has received a modification to its existing sole source contract supporting the U.S. Army Tank-Automotive and Armaments Command. The Company stated that the new award would provide additional production levels for the remainder of 2004 in order to achieve desired production rates of 450 vehicles monthly into 2005. The contract will also add vehicles to existing backlog that is scheduled for delivery in 2005 in order to achieve U.S. Army force protection objectives in Southwest Asia.
The Company estimates that production representing approximately $35 million of revenue will be recognized in 2004, which is incremental to previously announced guidance of $835 to $865 million, with the balance of the revenue being recognized in 2005. Work will be performed in the Company’s Fairfield, Ohio facility.
Robert Schiller, President and Chief Operating Officer of Armor Holdings, Inc., said, “We have met U.S. Army objectives to achieve production rates of at least 450 vehicles per month and this award provides funding to produce at that rate earlier than expected. We applaud the leadership of the U.S. Army and the Congress for their commitment to this program and for early supplemental funding for force protection in the FY05 Defense Bill. We pledge our continued commitment to provide this vitally important equipment to our men and women in uniform.”