Operating costs for the second quarter of 2007 included a similar credit of $0.7 million relating to 2003. Selling, general and administrative expenses declined by $3.7 million, to $6.3 million in the current year quarter as compared to $10.1 million in 2007 as a result of lower levels of professional fees, reductions in incentive compensation and lower head count.
For the three month period ended June 30, 2008, the Company reported operating income of $17.7 million as compared to $5.0 million in the comparable 2007 period. Net income for the 2008 three month period was $10.6 million or $0.21 per basic and diluted share versus $2.8 million or $0.06 per share, both basic and diluted.
For the six months ended June 30, 2008:
• Net sales were $61.0 million, compared to net sales of $185.6 in the comparable six month period last year.
• Gross profit was $8.5 million or 13.9% of net sales, compared to $35.5 million or 19.1% of net sales for the same period in 2007.
• Total operating costs for the six months ended June 30, 2008 were $(7.6) million or (12.5)% of net sales versus $24.0 million or 12.9% of net sales.
• Operating income was $16.1 million as compared to $11.5 million in the six month period ended June 30, 2008. Net income for the six month 2008 period was $9.6 million or $0.19 per basic and diluted share versus $6.6 million or $0.13 per share, both basic and diluted in the comparable prior year period. Larry Ellis, President and CEO of Point Blank Solutions stated, “The first half of 2008 has been difficult, both operationally and financially. But the landscape is changing.
There are several, major solicitations with awards planned for the second half of the year and into 2009; one is larger than any single, soft body armor solicitation in the industry's history. We have trusted brands, capacity and a proven track record with our customers. We are well positioned to capture a fair share of upcoming awards and grow each segment of our business. While delays cut into our performance this past quarter, they have become the demands for the future.”
Ellis continued, “In addition to our core business, we have focused on building an international platform to grow the top-line and diversify our geographic footprint. The same holds true for our product development and R&D initiatives. We are working closely with suppliers and in tandem with LifeStone Materials to develop new and innovative solutions – in body armor and protective solutions. It is our goal to build a diversified business that will generate high returns for our shareholders.”
Point Blank Solutions Inc
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
