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Point Blank's Ballistic apparel sales rise in Q1

May '08
The Company reported an operating loss of $1.6 million for the first quarter of 2008 compared to operating income of $6.5 million in the comparable 2007 period.

The net loss was $1.0 million ($0.02 per share both basic and diluted) for the quarter ended March 31, 2008 compared to net income of $3.8 million ($0.07 per share both basic and diluted) for the first quarter of 2007.

On April 16, 2008, the statute of limitations expired for a significant portion of the Company's employment tax withholding obligation that was originally recorded during 2004. As a result, the $25.9 million charge and related liability will be reversed during the second quarter of 2008.

As reported earlier, the Company initiated a process to consider strategic alternatives, including a possible sale. The Company is working actively with Wachovia Securities in this process.

Commenting on first quarter results and the Company's future outlook, Larry Ellis, President and CEO stated, “Our results this quarter were significantly impacted by the ongoing delays in body armor procurements within the U.S. Military.

With the recent requests to extend the IOTV Bridge-Buy up to 45 days and the MOLLE award until May 31, 2008, we anticipate our second quarter will be lower, and have taken steps to reduce our overhead accordingly.

We have made inroads in international operations, having recently been awarded a $13.5 million contract to supply protective solutions to the Iraqi Defense Forces.

I believe Point Blank will see improvements in the second half of the year and into 2009 and will be in a better position to post increases in top and bottom-line results, especially as our weaving joint venture becomes fully operational.”

Ellis continued, “We are actively engaged in several solicitations, both domestically and internationally and I remain confident in our future prospects.”

2008 First Quarter Teleconference and Webcast:
The Company will be hosting a teleconference and webcast to discuss its 2008 first quarter financial results on Tuesday, May 13, 2008 at 11:00 a.m. Eastern Time.

Point Blank Solutions Inc

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