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2009 Press Releases
POINT BLANK SOLUTIONS SETS DATE FOR 2009 FIRST QUARTER RESULTS
AND CONFERENCE CALL
Pompano Beach, FL, May 18, 2009 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK),
a leader in the field of protective body armor, announced today that it intends to file its Form
10-Q for the period ended March 31, 2009 on Monday, May 18, 2009, after market close. The Company also disclosed that it will be hosting a teleconference and webcast to discuss its financial results on Tuesday, May 19, 2009 at 11:00 a.m. EDT.
Parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations” or by dialing:
Domestic Call-in Number: 866-543-6403
International Call-in Number: 617-213-8896
Participant Pass Code: 21465437
For those who will be unable to participate in the live presentation, a replay of the webcast will be available on the Company’s website under “Audio Archives” in the “Investor Relations” section. The replay will also be available via teleconference within twenty-four hours after completion of the call.
Replay Number: 888-286-8010
International Replay Number: 617-801-6888
Access Code: 75227561
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry. The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
# # #
Media and Investor Relations Contact:
Glenn Wiener
Tel: 212-786-6013
Email: IR@PBSINC.com
POINT BLANK SOLUTIONS REPORTS 2009 FIRST QUARTER RESULTS
Pompano Beach, Florida, May 18, 2009 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today its results of operations and financial position as of and for the three months ended March 31, 2009.
For the quarter ended March 31, 2009, net sales were $54.9 million, compared to net sales of $49.9 million in the quarter ended March 31, 2008, an increase of 10.0%. Soft body armor product net sales increased from $48.5 million for the three months ended March 31, 2008 to $53.9 million for the comparable period in 2009, an increase of 11.1%. This increase is primarily related to higher sales to international markets, as sales to this segment were up $10.5 million over the first quarter last year and due to continued production on contract awards for Outer Tactical Vests (“OTVs”) and Improved Outer Tactical Vests (“IOTVs”). Offsetting this increase were lower Domestic/Distributor sales due to the market’s anticipation of the upcoming change in National Institute of Justice (“NIJ”) standards for soft body armor as well as the economic downturn in the national economy, which continued to have a direct impact on state and local governments’ spending.
Gross profit for the first quarter of 2009 was approximately $2.5 million or 4.6% of net sales, as compared to approximately $8.7 million or 17.5% of net sales for the three months ended March 31, 2008. The decline in gross profit margin as a percentage of net sales is due primarily to the completion of contracts that were subject to competitive pricing pressures which led to lower gross profit margins as well as a temporary slow-down in shipments caused by additional testing required by the U.S. military during the first quarter of 2009.
Total operating costs were $6.6 million or 12.0% of net sales for the three months ended March 31, 2009 versus $10.3 million or 20.7% of net sales for the quarter ended March 31, 2008. The decline in operating expenses, both on a dollar basis and as a percentage of sales is a direct result of cost reduction plans undertaken in 2008 and continuing in 2009. Selling, general and administrative expenses for the three months ended March 31, 2009 were $5.8 million as compared to $8.4 million for the three months ended March 31, 2008, a decrease of approximately $2.6 million or 31.0%. Additionally, litigation and cost of investigation expenses were approximately $0.8 million as compared to $1.9 million in the three months ended March 31, 2009 and 2008, respectively. Equity-based compensation for the three months ended March 31, 2009 was $0.1 million as compared to approximately $1.0 million in the similar period in 2008.
The Company reported an operating loss of $4.1 million in the quarter ended March 31, 2009, compared to an operating loss of $1.6 million for the quarter ended March 31, 2008. Net loss for the first quarter of 2009 was $2.5 million ($0.05 per share) versus a net loss of $1.0 million ($0.02 per share) in the comparable period last year.
James R. Henderson, Acting CEO of Point Blank Solutions, Inc. commented, “First quarter results continued to be impacted by the product mix and we expect this to continue into the second quarter as we complete production on the IOTV, best-price contract. We’re working quickly to streamline our cost structure, implement lean manufacturing throughout our production facilities and become more efficient in what we do. There are a number of large body armor awards anticipated in the second half of the year and we’re positioned as well as anyone in the industry, but we have to manage our business in the event there are downturns within any market segment, and further diversify our sales.”
Henderson continued, “The Board and management have a shared goal and that is to get this Company profitable and generate higher returns for shareholders. Market dynamics have changed and there is a lot of work ahead, but I continue to see great value in Point Blank.”
Conference Call Information
The Company will be hosting a teleconference and webcast to discuss its 2009 first quarter financial results on Tuesday, May 19, 2009 at 11:00 a.m. Eastern Time. Parties can listen on the webcast on the Point Blank Solutions website at www.PointBlankSolutionsInc.com and by clicking on “Investor Relations” or participate on the teleconference by dialing 866-543-6403 (International: 617-213-8896) and entering the pass code: 21465437. Additionally, a replay of the webcast will be available on the Company’s website in the “Investor Relations” section or via teleconference within 24-hours after the completion of the call. The domestic replay number is 888-286-8010 (International: 617-801-6888), pass code: 75227561.
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry. The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
NON-GAAP FINANCIAL DISCLOSURE
This press release contains information regarding Adjusted EBITDA. Adjusted EBITDA is computed as net income, plus the sum of interest expense, depreciation and amortization, income taxes, equity based compensation, litigation and cost of investigations and employment tax withholding charge (credit). This measure is a non-GAAP financial measure, defined as numerical measures of financial performance that exclude or include amounts so as to be different than the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles, or GAAP, in our statements of operations, balance sheets or statements of cash flows. Pursuant to the requirements of Regulation G, we have provided a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
Although Adjusted EBITDA represents a non-GAAP financial measure, we consider this measure to be a key operating metric of our business. We use this measure in our planning and budgeting processes and to monitor and evaluate our financial and operating results. We also believe that Adjusted EBITDA is useful to investors because it provides an analysis of financial and operating results using the same measures that we use in evaluating the Company. We expect that such measure provides investors and other stakeholders with the means to evaluate our financial and operating results against other companies within our industry. Our calculation of Adjusted EBITDA may not be consistent with the calculation of this measure by other companies in our industry. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net earnings (loss) as an indicator of our operating performance or cash flows from operating activities, as a measure of liquidity or any other measure of performance derived in accordance with GAAP.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
- Tables Attached–



POINT BLANK SOLUTIONS ANNOUNCES FILING OF FORM 12B-25
Pompano Beach, FL, May 11, 2009 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that it has postponed its 2009 first quarter earnings release and filed a Form 12b-25 (Notification of Late Filings) with the Securities and Exchange Commission (“SEC”) with respect to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2009.
The Company is unable to file its Quarterly Report on Form 10-Q within the prescribed time period because all procedures necessary to finalize its financial statements and related disclosures to be included in the Form 10-Q could not be completed within the prescribed time period without unreasonable effort or expense. As part of that process, certain information considered to be needed from the Company’s lender to complete the financial statements could not be secured within the prescribed time period. The delay in filing this Form 10-Q is not due to any change in or disagreement with the Company’s independent registered public accounting firm. The Company expects to file the Form 10-Q within the prescribed time period afforded by the extension.
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry. The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
# # #
Media and Investor Relations Contact:
Glenn Wiener
Tel: 212-786-6013
Email: IR@PBSINC.com
POINT BLANK SOLUTIONS SETS DATE FOR 2009 FIRST QUARTER RESULTS
AND CONFERENCE CALL
Pompano Beach, FL, May 7, 2009 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that it intends to file its Form 10-Q for the period ended March 31, 2009 on Monday, May 11, 2009, after market close. The Company also disclosed that it will be hosting a teleconference and webcast to discuss its financial results on Wednesday, May 13, 2009 at 11:00 a.m. EST.
Parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations” or by dialing:
Domestic Call-in Number: 800-638-5439
International Call-in Number: 617-614-3945
Participant Pass Code: 48066740
For those who will be unable to participate in the live presentation, a replay of the webcast will be available on the Company’s website under “Audio Archives” in the “Investor Relations” section. The replay will also be available via teleconference within twenty-four hours after completion of the call.
Replay Number: 888-286-8010
International Replay Number: 617-801-6888
Access Code: 74616890
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry. The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
# # #
Media and Investor Relations Contact:
Glenn Wiener
Tel: 212-786-6013
Email: IR@PBSINC.com
POINT BLANK SOLUTIONS APPOINTS JAMES R. HENDERSON
AS ACTING CHIEF EXECUTIVE OFFICER
Pompano Beach, Florida, April 17, 2009 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that its Board of Directors voted to remove Larry R. Ellis as President and Chief Executive Officer, effective as of April 16, 2009. The Company also announced that James R. Henderson, Chairman of its Board of Directors, has been asked by the Board to assume the role of Acting Chief Executive Officer until a replacement is found.
“General Ellis and his team helped Point Blank rectify many of the legacy issues the Company has faced while building a strong platform for growth. The Board’s actions are in no way a reflection of General Ellis’ past leadership, but rather a desire to move in a different direction at this time.”
“Point Blank has some of the industry’s most talented people and produces quality, life-saving products for the most important customers in the world. I look forward to taking on the role of CEO and will do everything in my power to help improve our market position, productivity, and our financial performance. Most important, management and the Board will continue to focus on generating higher returns for all shareholders and will pursue all avenues that will help us achieve this shared goal,” Henderson continued.
Mr. Henderson was elected to the Board of Directors at the Company’s 2008 Annual Meeting of Stockholders held on August 19, 2008 and elected to serve as Chairman of the Board on August 28, 2008. He has more than 27 years of experience as an operating executive with various companies, including defense companies such as ECC International Corp., Aydin Corp. and with the defense and military division of UNISYS Corp. He also serves as Chairman of the Board of GenCorp Inc., a technology-based manufacturing company in the fields of aerospace and defense, and has served and currently serves as a Director for other public and private companies.
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
# # #
POINT BLANK SOLUTIONS REPORTS
2008 FOURTH QUARTER AND YEAR END RESULTS
Pompano Beach, Florida, March 16, 2009 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today its results of operations and financial position as of and for the three months and year ended December 31, 2008.
For the quarter ended December 31, 2008, net sales were $73.6 million, compared to net sales of $63.3 in the quarter ended December 31, 2007, an increase of 16.2%. This increase is primarily related to higher sales to international markets, as sales to this segment were up $13.9 million over the fourth quarter last year. Additionally, sales to the U.S. Military and Federal Government were up 2.0% compared to the 2007 fourth quarter and 446.0% sequentially as production for the Improved Outer Tactical Vests (“IOTVs”) and OTV Ballistics and Components resumed. Offsetting this increase were lower sales to the Company’s Domestic/Distributor market. Sales to this segment were $5.9 million in the 2008 fourth quarter compared to $10.1 million in the comparable period last year, primarily as a result of lower statewide spending and the delayed transition to new National Institute of Justice (“NIJ”) standards.
Gross profit for the 2008 fourth quarter was ($6.0) million, or (8.1)% of net sales, as compared to $14.6 million or 23.0% of net sales for the comparable 2007 period. The decline in gross profit margin as a percentage of net sales is due to lower than planned volume as a result of production delays, constraints on price increases due to the competitive market and higher raw material costs. During the fourth quarter of 2008, the Company recorded an inventory impairment charge of $8.2 million for materials that the Company’s internal quality control process determined was not suitable for its intended use in the ordinary course of business. Excluding the impact of this charge, gross profit for the fourth quarter was $2.2 million or approximately 3.0% of net sales.
Total operating costs were $8.6 million or 11.7% of net sales for the three months ended December 31, 2008 as compared to $14.2 million or 22.4% of net sales for the comparable 2007 period. This decline in operating expenses, both on a dollar basis and as a percentage of sales is a result of cost reduction and efficiency initiatives put in place during the second half of 2008. As a result, selling, general and administrative expenses in the 2008 fourth quarter were $7.6 million as compared to $11.9 million in the comparable year-ago period, a decline of 36.1%. This was directly attributable to lower legal and professional fees in the current year quarter and lower salaries due to reductions in incentive compensation and personnel. Additionally, litigation and cost of investigation expenses were approximately $1.0 million in the 2008 fourth quarter as compared to $2.3 million in the period ended December 31, 2007.
The Company reported an operating loss of $14.6 million in the quarter ended December 31, 2008, compared to operating income of $0.4 million in the quarter ended December 31, 2007. The net loss for the 2008 fourth quarter was $9.3 million ($0.19 per share) versus a net loss of $0.2 million ($0.00 per share) in the comparable period last year.
As of December 31, 2008, the Company’s backlog stood at approximately $94 million. These contracts are all firm, fixed price contracts with the U.S. military and other customers. The Company anticipates it will complete production on these contracts and recognize sales in both the 2009 first and second quarters.
Larry Ellis, President and CEO of Point Blank Solutions, Inc. commented, “The fourth quarter was our largest sales period of the year, though it did not compensate for the lower production volumes in prior quarters as a result of contract delays. Today, we have significant backlog in place and a number of large solicitations that should be awarded in the second and third quarters. I believe we are well positioned to capture a large percentage of future awards among all of our customer segments.”
Ellis continued, “Cost reduction programs began in the second half of last year and are progressing according to plan. Our overhead is down and we continue to take out costs in our effort to operate more efficiently. We fully expect to see a rise in our gross margins given the contract mix moving forward and with the expected contributions from LifeStone Materials. We are also working very closely with our key suppliers to improve our competitive and financial position.”
For the twelve month periods ended December 31, 2008 and 2007, respectively:
- Net sales were $164.9 million compared to net sales of $320.8 million in 2007. This decline was primarily related to lower sales to the U.S. Military and Federal Government due to numerous contract award delays, as well as lower sales to the Domestic/Distributor market as a result of deteriorating economic conditions and the impact to statewide budgets, and the delayed transition to new NIJ standards. This decline was partially offset by higher sales to the international markets, resulting in 2008 net sales of $25.0 million as compared to $0.7 million in the comparable prior year.
- Gross profit was $5.8 million or 3.5% of net sales, compared to $61.5 million or 19.2% of net sales in 2007. Gross profit margin in 2008 was impacted by numerous delays in contract awards, constraints on price increases due to the competitive market, higher raw material costs and under-absorbed overhead costs. Additionally, included in our 2008 gross profit was an $8.2 million inventory impairment charge. Cost of goods sold and gross profit reported in 2007 were also positively impacted by an adjustment to reduce our vest replacement program obligation, resulting in an adjustment of $3.5 million, or a $3.5 million reduction of cost of sales.
- Total operating costs were $13.5 million or 8.2% of net sales versus $49.8 million or 15.5% of net sales in 2007. The decrease of $36.3 million was related to several factors:
- General and administrative expenses in 2008 were $4.5 million lower than 2007, primarily as a result of lower legal and professional fees. Additionally, there was a decrease in salaries of $2.5 million in 2008 compared to 2007 principally due to reductions in incentive compensation and personnel and litigation and cost of investigations were down $2.4 million year over year.
- During 2008, the statute of limitations for the major portion of the 2004 employment tax withholding obligations expired and the charge and related liability originally recorded during 2004, totaling $26.0 million, was reversed during the second quarter of 2008. Operating costs for the year ended December 31, 2007 include a credit to earnings of approximately $0.7 million for the employment tax withholding obligation related to that period.
- The decrease in 2008 operating costs was partially offset by an increase in equity-based compensation of $2.9 million due to a change in the majority of the Board of Directors.
- Operating loss was $7.7 million in 2008 as compared to operating income of $11.7 million in 2007.
- Net loss was $5.4 million or a loss of $0.11 per basic and diluted share versus net income of $6.2 million or earnings per share of $0.12, both basic and diluted in 2007.
Larry Ellis continued, “The demand for body armor over the next two years will be significant; we intend to retain and grow our market leadership position, with a better cost basis. We have a number of new products on the horizon for the Domestic and International markets and continue to look at areas along the value chain to enhance profitability and generate higher returns for our shareholders. Despite our 2008 performance and the obstacles we faced, I believe we are on the right track to post higher sales and profits in the coming year.”
Conference Call Information
The Company will be hosting a teleconference and webcast to discuss its 2008 fourth quarter and year end financial results on Tuesday, March 17, 2009 at 11:00 a.m. Eastern Time. Parties can listen on the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations” or participate on the teleconference by dialing 866-730-5765 (International: 857-350-1589) and entering the pass code: 87574536. Additionally, a replay of the webcast will be available on the Company’s website in the “Investor Relations” section or via teleconference within 24-hours after the completion of the call. The domestic replay number is 888-286-8010 (International: 617-801-6888), pass code: 67225016.
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry. The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
NON-GAAP FINANCIAL DISCLOSURE
This press release contains information regarding Adjusted EBITDA. Adjusted EBITDA is computed as net income, plus the sum of interest expense, depreciation and amortization, income taxes, equity based compensation, litigation and cost of investigations and employment tax withholding charge (credit). This measure is a non-GAAP financial measure, defined as numerical measures of financial performance that exclude or include amounts so as to be different than the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles, or GAAP, in our statements of operations, balance sheets or statements of cash flows. Pursuant to the requirements of Regulation G, we have provided a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
Although Adjusted EBITDA represents a non-GAAP financial measure, we consider this measure to be a key operating metric of our business. We use this measure in our planning and budgeting processes and to monitor and evaluate our financial and operating results. We also believe that Adjusted EBITDA is useful to investors because it provides an analysis of financial and operating results using the same measures that we use in evaluating the Company. We expect that such measure provides investors and other stakeholders with the means to evaluate our financial and operating results against other companies within our industry. Our calculation of Adjusted EBITDA may not be consistent with the calculation of this measure by other companies in our industry. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net earnings (loss) as an indicator of our operating performance or cash flows from operating activities, as a measure of liquidity or any other measure of performance derived in accordance with GAAP.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
POINT BLANK SOLUTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31,
(In thousands, except share data)
ASSETS |
|
2008 |
|
2007 |
Current assets: |
|
|
|
|
Cash |
|
$1,707 |
|
$213 |
Restricted cash |
|
- |
|
35,200 |
Accounts receivable, less allowance for doubtful |
|
|
|
|
accounts of $279 and $296, respectively |
|
33,620 |
|
25,144 |
Inventories, net |
|
38,700 |
|
43,550 |
Income tax receivables |
|
11,951 |
|
20,285 |
Deferred income taxes |
|
14,829 |
|
21,468 |
Prepaid expenses and other current assets |
|
2,782 |
|
3,150 |
Total current assets |
|
103,589 |
|
149,010 |
Property and equipment, net |
|
10,742 |
|
5,967 |
Other assets: |
|
|
|
|
Deferred income taxes |
|
10,931 |
|
1,312 |
Deposits and other assets |
|
113 |
|
78 |
Total other assets |
|
11,044 |
|
1,390 |
Total assets |
|
$125,375 |
|
$156,367 |
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||
Current liabilities: |
|
|
|
|
Revolving line of credit |
|
$39,207 |
|
$16,254 |
Note payable – Related Party |
|
2,950 |
|
- |
Income taxes payable |
|
285 |
|
- |
Accounts payable |
|
23,310 |
|
15,416 |
Accrued expenses and other current liabilities |
|
4,927 |
|
8,384 |
Reserve for class action settlement |
|
4,172 |
|
39,372 |
Vest replacement program obligation |
|
410 |
|
527 |
Employment tax withholding obligation |
|
8,154 |
|
34,176 |
Total current liabilities |
|
83,415 |
|
114,129 |
Long term liabilities: |
|
|
|
|
Unrecognized tax benefits |
|
11,239 |
|
11,134 |
Other liabilities |
|
418 |
|
525 |
Total long term liabilities |
|
11,657 |
|
11,659 |
Total liabilities |
|
95,072 |
|
125,788 |
Commitments and contingencies |
|
|
|
|
Minority and non-controlling interests in consolidated subsidiaries |
|
411 |
|
406 |
Contingently redeemable common stock (related party) |
|
19,326 |
|
19,326 |
Stockholders’ equity: |
|
|
|
|
Common stock, $0.001 par value, 100,000,000 shares authorized, 51,446,585 and 51,044,609 million shares issued and outstanding, respectively |
|
48 |
|
48 |
Additional paid in capital |
|
89,673 |
|
84,552 |
Accumulated deficit |
|
(79,155) |
|
(73,753) |
Total stockholders’ equity |
|
10,566 |
|
10,847 |
Total liabilities and stockholders' equity |
|
$125,375 |
|
$156,367 |
POINT BLANK SOLUTIONS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31,
(In thousands, except per share data)
|
|
2008 |
|
2007 |
|
2006 |
|
|
|
|
|
|
|
Net sales |
|
$164,922 |
|
$320,796 |
|
$254,105 |
Cost of goods sold |
|
159,103 |
|
259,289 |
|
196,154 |
Gross profit |
|
5,819 |
|
61,507 |
|
57,951 |
Selling, general and administrative expenses |
|
32,359 |
|
40,921 |
|
42,539 |
Litigation and costs of investigations |
|
7,199 |
|
9,647 |
|
13,886 |
Employment tax withholding charge (credit) |
|
(26,034) |
|
(737) |
|
4,407 |
Total operating costs |
|
13,524 |
|
49,831 |
|
60,832 |
Operating income ( loss) |
|
(7,705) |
|
11,676 |
|
(2,881) |
|
|
|
|
|
|
|
Interest expense |
|
1,255 |
|
791 |
|
1,946 |
Other (income) expense |
|
(411) |
|
(110) |
|
127 |
Total other expense |
|
844 |
|
681 |
|
2,073 |
Income (loss) before income tax expense (benefit) |
|
(8,549) |
|
10,995 |
|
(4,954) |
Income tax expense (benefit): |
|
|
|
|
|
|
Current |
|
658 |
|
(10,865) |
|
(772) |
Deferred |
|
(3,051) |
|
15,501 |
|
1,058 |
Total income tax expense (benefit) |
|
(2,393) |
|
4,636 |
|
286 |
Income (loss) before minority and non-controlling interests of subsidiaries |
|
(6,156) |
|
6,359 |
|
(5,240) |
Less minority and non-controlling interests of subsidiaries |
|
(754) |
|
153 |
|
82 |
Net income (loss) |
|
$(5,402) |
|
$6,206 |
|
$(5,322) |
Basic and diluted earnings (loss) per common share |
|
$(0.11) |
|
$0.12 |
|
$(0.12) |
POINT BLANK SOLUTIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31,
(In thousands)
|
2008 |
|
2007 |
|
2006 |
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
Net Income (loss) |
$(5,402) |
|
$6,206 |
|
$(5,322) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
Depreciation and amortization |
1,482 |
|
637 |
|
643 |
Amortization of deferred financing costs |
118 |
|
88 |
|
41 |
Deferred income tax expense (benefit) |
(3,051) |
|
15,501 |
|
1,058 |
Gain on sale of fixed assets |
(3) |
|
- |
|
(94) |
Minority and non-controlling interests in consolidated subsidiaries |
(245) |
|
153 |
|
82 |
Equity-based compensation |
5,156 |
|
3,649 |
|
1,615 |
Changes in assets and liabilities: |
|
|
|
|
|
Increase in restricted cash |
- |
|
- |
|
(35,200) |
Accounts receivable |
(8,476) |
|
12,943 |
|
2,957 |
Accounts receivable from insurers |
- |
|
- |
|
12,875 |
Inventories |
4,850 |
|
(11,340) |
|
(5,385) |
Income tax recevable |
8,334 |
|
(20,285) |
|
- |
Prepaid expenses and other current assets |
250 |
|
(912) |
|
(784) |
Deposits and other assets |
(35) |
|
16 |
|
7 |
Accounts payable |
7,526 |
|
814 |
|
2,229 |
Accrued expenses and other current liabilities |
(3,457) |
|
(4,528) |
|
4,178 |
Vest replacement obligation |
(117) |
|
(5,527) |
|
(3,658) |
Income taxes payable |
356 |
|
(5,905) |
|
(636) |
Unrecognized tax benefits |
105 |
|
11,134 |
|
- |
Employment tax withholding obligation |
(26,022) |
|
(2,307) |
|
4,407 |
Other liabilities |
(107) |
|
(327) |
|
(632) |
Net cash provided by (used in) operating activities |
(18,738) |
|
10 |
|
(21,619) |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
Proceeds from sale of property and equipment |
4 |
|
38 |
|
572 |
Purchases of property and equipment |
(3,758) |
|
(4,817) |
|
(458) |
Net cash provided by (used in) investing activities |
(3,754) |
|
(4,779) |
|
114 |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
Bank overdraft |
368 |
|
(3,024) |
|
5,531 |
Contribution from minority owners |
250 |
|
- |
|
- |
Loan from minority owners |
450 |
|
- |
|
- |
Net proceeds from revolving line of credit |
22,953 |
|
7,829 |
|
8,425 |
Repayment of notes payable – bank |
- |
|
- |
|
(15,000) |
Issuance of contingently redeemable common stock (related party) |
- |
|
- |
|
19,326 |
Repurchase of common stock |
- |
|
- |
|
(3,133) |
Payment of payroll taxes from option exchange for employees |
(120) |
|
|
|
|
Proceeds from exercise of stock warrants |
85 |
|
- |
|
5,250 |
Net cash provided by (used in) financing activities |
23,986 |
|
4,805 |
|
20,399 |
Net increase (decrease) in cash and cash equivalents |
1,494 |
|
36 |
|
(1,106) |
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
213 |
|
177 |
|
1,283 |
Cash and cash equivalents at end of year |
$1,707 |
|
$213 |
|
$177 |
Supplemental cash flow information: |
|
|
|
|
|
Cash payments for interest |
$966 |
|
$703 |
|
$1,905 |
Cash payments for income taxes |
$983 |
|
$4,224 |
|
$- |
Property and equipment acquired by issuing a notes payable |
$2,500 |
|
$- |
|
$- |
POINT BLANK SOLUTIONS, INC. AND SUBSIDIARIES
ADJUSTED EBITDA FOR THE YEARS ENDED DECEMBER 31,
(In thousands)
|
2008 |
|
2007 |
Net Income |
$(5,402) |
|
$6,206 |
Add back: |
|
|
|
Depreciation |
1,482 |
|
637 |
Interest |
1,255 |
|
791 |
Income Taxes |
(2,393) |
|
4,636 |
Equity based compensation |
5,156 |
|
3,649 |
Litigation and cost of investigations |
7,199 |
|
9,647 |
Payroll Tax Withholding Credit |
(26,034) |
|
(737) |
Adjusted EBITDA |
$(18,737) |
|
$24,829 |
POINT BLANK SOLUTIONS, INC. AND SUBSIDIARIES
ADJUSTED EBITDA FOR THE THREE MONTHS ENDED DECEMBER 31,
(In thousands)
|
2008 |
|
2007 |
Net Loss |
$(9,278) |
|
$(156) |
Add back: |
|
|
|
Depreciation |
539 |
|
170 |
Interest |
581 |
|
326 |
Income Taxes |
(5,527) |
|
319 |
Equity based compensation |
100 |
|
733 |
Litigation and cost of investigations |
979 |
|
2,283 |
Payroll Tax Withholding Credit |
- |
|
- |
Adjusted EBITDA |
$(12,606) |
|
$3,675 |
POINT BLANK SOLUTIONS SETS DATE FOR 2008
FOURTH QUARTER AND YEAR-END RESULTS AND CONFERENCE CALL
Pompano Beach, FL, March 10, 2009 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that it will be filing its Form 10-K for the period ended December 31, 2008 on Monday, March 16, 2009. The Company also disclosed that it will be hosting a teleconference and webcast to discuss its financial results on Tuesday, March 17, 2009 at 11:00 a.m. EST.
Parties can listen to the webcast on the Point Blank Solutions website at http://www.pointblanksolutionsinc.com and by clicking on “Investor Relations” or by dialing:
Domestic Call-in Number: 866-730-5765
International Call-in Number: 857-350-1589
Participant Pass Code: 87574536
For those who will be unable to participate in the live presentation, a replay of the webcast will be available on the Company’s website under “Audio Archives” in the “Investor Relations” section. The replay will also be available via teleconference within twenty-four hours after completion of the call.
Replay Number: 888-286-8010
International Replay Number: 617-801-6888
Access Code: 67225016
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry. The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
POINT BLANK SOLUTIONS TO PRESENT AT COWEN AND COMPANY’S
30TH ANNUAL AEROSPACE AND DEFENSE CONFERENCE
Pompano Beach, Florida, January 30, 2009 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that Larry Ellis, president and chief executive officer will be presenting at Cowen and Company’s 30th Annual Aerospace and Defense conference. Point Blank Solutions will be presenting on Wednesday, February 4, 2009 at 8:35 a.m. EST. The conference will be held at the InterContinental The Barclay in New York, NY on February 4th and 5th, 2009.
The Company’s presentation is being Webcast by Thomson Financial-CCBN and can be accessed on our website, www.pointblanksolutionsinc.com under the investor relations section.
Cowen and Company’s Aerospace and Defense conference is recognized as one of the leading industry events attracting top institutional investors and industry personnel. This invitation-only conference will feature management presentations from over 45 leading aerospace and defense companies. For more information on the conference, please see www.cowen.com.
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry. The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
POINT BLANK SOLUTIONS SUBMITS NEW BID FOR IMPROVED OUTER TACTICAL VESTS IN RESPONSE TO U.S. ARMY’S REQUEST FOR MODIFICATION ON EXISTING SOLICITATIONS
Pompano Beach, Florida, January 21, 2009 – Point Blank Solutions, Inc. (“PBSI”, OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, today announced that the U.S. Army Research, Development and Engineering Command Contracting Center (“RDECOM”) issued a Request for Proposal (“RFP”), extending the existing contract for Improved Outer Tactical Vests (“IOTVs”). On January 20th, in response to a letter received from RDECOM, the Company submitted its bid to produce an additional 75,000 IOTVs at a rate of 25,000 IOTVs per month for the three months beginning April 2009.
The proposed modification to W91CRB-07-C-0085 (“the Solicitation”) was issued as a “Bridge Buy” in order to meet ongoing fielding requirements. Point Blank Body Armor (“PBBA”), the Company’s wholly-owned subsidiary and one other company are the only two recognized sources that have US Army tested and approved ballistic material packages, are proven producers of the IOTV, and have the manufacturing capabilities to meet the current IOTV production and performance requirements. The award will be based on the lowest priced technically acceptable proposal.
Point Blank Body Armor continues to produce IOTVs under the first $86.2 million extension of the current “Bridge Buy for the production of 150,000 IOTVs. . Production is expected to be completed by March 2009. The Government has indicated that IOTVs produced under the existing and future bridge buy are in addition to the 736,000 IOTVs and 238,000 Deltoid and Axillary Protection Systems (DAPS) currently awaiting an award decision under solicitation W91CRB-07-R-0079 in the second quarter of 2009.
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry. The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
NEWEST BODY ARMOR SOLUTIONS FROM POINT BLANK TO BE SHOWCASED
AT SHOT SHOW 2009
Company to Demonstrate Cutting-Edge Tactical Equipment and Electroshock Protection Gear at the Industry’s Premier Outdoor Expo
Pompano Beach, FL, January 9, 2009 – Point Blank Solutions, Inc. (OTC Pink Sheets: PBSO.PK), a leader in the field of protective body armor, announced today that the Company will exhibit its innovative solutions at the 2009 Shooting, Hunting, Outdoor Trade Show and Conference (SHOT Show). The expo runs from Thursday, January 15th to Sunday, January18th at the Orange County Convention Center in Orlando, Florida.
Among the latest products that will be on display from Point Blank and PACA Body Armor, are the industry’s first Police Duty Gloves with ThorShield™ electroshock weapon protection; an advanced stainless steel knife collection; and state-of-the-art tactical vests including the SVIII Front and Side Opening vests, the Four Star vest, the NATO™ Front Opening vest, and the Ranger vest. These new solutions incorporate the latest technologies and designs that offer superior protection, high-performance, and optimum comfort in the most challenging environments.
- ThorShield™ Police Duty Gloves are constructed from extremely durable, soft cowhide leather engineered with a patented, ultra-thin conductive material lining that protects officers from being incapacitated by electroshock weapons. Designed for superior feel and dexterity while shooting, searching, handcuffing or using a TASER device or stun gun, this high-performance glove allows an officer to work with total confidence and safety.
- The new stainless steel knife collection with smooth, one-handed folding and fixed capabilities was engineered for a broad range of duty operations. Both advanced functionality and safety are incorporated into this top-of-the-line collection. The knives are composed of an N690 stainless steel, heavy-duty and wear-resistant blade. The ergonomically designed handle provides superior grip and hand protection, while a detachable clip supports all possible carry options.
- The SVIII Front Opening vest has more than 12 integrated design features which provide superior functionality. It is ideally suited for response teams who require convenient load bearing capabilities combined with the flexibility to adapt to any tactical mission. Exceptionally comfortable and ruggedly durable, the SVIII offers brute force protection and more customer features than any other tactical vest believed to be available today.
- The SVIII Side Opening vest features a fully-integrated modular design that offers instant adaptability, time-tested reliability and the most innovative ballistic system believed to be available today. Designed for the active assaulter, this performance-driven carrier allows instant donning and doffing, retractable groin and removable bicep protection, a maximum load bearing MOLLE system and exceptional side and shoulder adjustability to adapt to any weather condition.
- The Four Star vest provides maximum protective coverage, extreme versatility in fit and enhanced flexibility for greater mobility. Ideal for tactical officers who need functional load-carrying capabilities with the versatility to adapt to any operation, this body armor system will hold up to the toughest demands while offering superior protection and comfort.
- The NATO Front Opening vest is ideally suited for First Responders who require immediate protection in high threat circumstances. Modular in design and exceedingly adaptable under any condition, this lightweight vest offers exceptional coverage at an extraordinary value.
- The Ranger vest is streamlined and highly effective; blending the functionality of a tactical vest with a simple carrier construction that’s geared for high performance. This comprehensive package accommodates soft ballistic panels, hard armor plates, an hydration system, and multiple PACA-exclusive design features.
These products, among other flagship solutions such as the Dragon Fire™, Assault-1, Spider™, and SWAT CERT Plus protective systems, will be on display at the Point Blank and PACA Body Armor booth (#8889) in the main exhibit hall. Visitors are welcome to meet with executives for one-on-one demonstrations.
“Point Blank Solutions remains committed to making the highest-performing, most comfortable and safest products for our end-users in the line of duty,” stated Sam White, EVP and Head of Global Sales. With the release of the new NIJ 0101.06 standard, the most stringent standard established to date for enhancing officer safety, Point Blank and PACA Body Armor have developed new ballistic solutions to meet today’s challenges. These innovations will be featured at our booth at SHOT Show and we look forward to meeting with attendees and sharing hands-on information about latest developments.”
Sponsored by the National Shooting Sports Foundation, the SHOT Show is the largest and most comprehensive trade show for all professionals involved with the shooting sports and hunting industries. It is the world's premier exposition of combined firearms, ammunition, archery, cutlery, outdoor apparel, optics, camping and related products and services. Buyers from all 50 states and more than 75 countries attend the show each year. For more information, visit www.shotshow.org.
ABOUT POINT BLANK SOLUTIONS, INC.
Point Blank Solutions, Inc. is a leader in the design and production of technologically advanced body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company is also recognized as the largest producer of soft body armor in the U.S. With state-of-the-art manufacturing and laboratory testing facilities, strategic technology and marketing alliances, and an ongoing commitment to drive innovation, Point Blank Solutions believes that it can deliver the most advanced body armor solutions, quicker and better than anyone in the industry.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about Point Blank Solutions, Inc. visit our website at www.PointBlankSolutionsInc.com.
SAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) CHANGES IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (2) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (3) ADDITIONAL FINANCING REQUIREMENTS, (4) DEVELOPMENT OF NEW PRODUCTS, (5) GOVERNMENT APPROVAL AND CONTRACTING PROCESSES, (6) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (7) TECHNOLOGICAL CHANGES, (8) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (9) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, (10) TURNOVER IN THE COMPANY'S SENIOR MANAGEMENT AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, WITHOUT LIMITATION, THOSE UNCERTAINTIES AND RISKS DISCUSSED IN DETAIL IN "RISK FACTORS," IN THE COMPANY'S PERIODIC REPORTS ON FORMS 10-K AND 10-Q. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
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Point Blank Solutions, Inc.
2102 SW 2nd Street, Pompano Beach, FL 33069
Nationwide: 1-800-413-5155 • Tel: 954-630-0900 • Fax: 954-630-9225
© 2007 Point Blank Solutions, Inc. All Rights Reserved.
