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Armour company continues to growth

American Defense Systems : 13 August, 2008  (Company News)
Second quarter financials indicate American Defense Systems is continuing on the right path towards achieving year end targets
American Defense Systems has announced financial results for the second quarter 2008, ended June 30, 2008.

Anthony Piscitelli, Chairman & Chief Executive Officer of American Defense Systems stated, “Our second quarter performance reflects another solid quarter of execution towards our strategic goals and full year 2008 financial guidance. First and foremost, we continue to strengthen and expand our portfolio of complementary military and homeland defense offerings including the formal launch of our new T2 live fire tactical training offering in May 2008, which is seeing strong initial interest from a wide range of audiences including federal and local law enforcement, as well as domestic and international governmental agencies. I am also pleased to announce the successful completion of ADSI’s testing and certification process to qualify as a primary contractor for new architectural hardening activities at US State Department facilities, which we believe will open up some excellent new opportunities going forward.”

“Additionally, on the military side of the business we are expanding our relationships with several large globally positioned, heavy equipment manufacturers as well as expanding our presence in international markets which we expect to provide new sales channels for our military and homeland defence products. Looking forward, we remain optimistic for ADSI’s near-term and long-term prospects, including significant top line growth as we upwardly adjust our minimum expectations for full year revenue growth to a new range of between 34 percent and 48 percent. As we execute towards this goal, and enter what we believe will be a stronger half of our fiscal year 2008, we also see the long-term potential to expand our footprint from our core armoured construction equipment business to new segments of the market for military and war fighting vehicles,” concluded Mr Piscitelli.

Revenues for the second quarter of 2008 were $9.1 million, a decrease of 12 percent from the $10.4 million reported for the same period in 2007. Revenues for the first six months of 2008 totaled $18.6 million, an increase of 12 percent from the $16.6 million reported for the first six months of 2007. Contract backlog as of June 30, 2008 totaled $45.0 million, up 41 percent year-over-year.

Gross margin as a percentage of revenue for the second quarter of 2008 was 31.0 percent as compared to 39.4 percent for the second quarter of 2007.

Notable cash expenditures during the quarter included $0.8 million associated with the company’s final allocation of expenses for its SEC registration and public exchange listing initiative, a $0.3 million contribution to the Marine Corps-Law Enforcement Foundation (MCLEF), $0.3 million in expense related to the expanded build out of ADSI’s corporate headquarters, $0.3 million in expenses related to the launch of the company’s state-of-the-art T2 interactive live-fire training system, and lastly a $0.3 million scheduled payment in conjunction with the prior Tactical Applications Group (TAG) acquisition.

Net income in accordance with Generally Accepted Accounting Principles (GAAP) for the second quarter of 2008 was $3.8 million, or $0.09 per basic and diluted share, compared to a GAAP net income for the second quarter 2007 of $1.5 million, or $0.01 per basic and diluted share.

GAAP net income during the second quarter of 2008 also includes the benefit of approximately $4.0 million in non-cash gains related to the adjustment of fair value associated with the series A convertible preferred stock and related warrants as well as stock based compensation expense.

Excluding the $4.0 million in non-cash gains related to the adjustment of fair value associated with the series A convertible preferred stock and related warrants, as well as approximately $21,000 in stock based compensation expense, the company reported a non-GAAP net loss for the second quarter of 2008 of $0.02 million, or $(0.02) per basic and diluted share. Refer to the 'Use of Non-GAAP Measures' section and accompanying financial table for a reconciliation of GAAP financial information to non-GAAP.

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