VIENNA, Va., Feb. 13, 2001 (PRIMEZONE) -- Allied Research Corporation (AMEX:ALR), a diversified defense and commercial electronic security firm, reported today that for the 12 months ending December 31, 2000, Allied Research reported a profit of $8.7 million from continuing operations, or $1.79 a share, on revenues of $107.7 million, compared to a loss of $3.3 million from continuing operations, or a loss of $0.68 a share, on revenues of $59.0 million for the same period in 1999.
For the three months ending December 31, 2000, it earned $3.2 million from continuing operations, or $0.66 a share, fully diluted, on revenues of $30.4 million. This compares to income of $3.3 million from continuing operations, or $0.69 a share, on revenues of $20.6 million for the same period in 1999.
For the 12 months ending December 31, 2000, Allied Research reported a profit of $0.5 million from discontinued operations, as compared to a loss of $0.7 million during the same period in 1999.
While net earnings for the last quarters of 2000 and 1999 were approximately equal, earnings before taxes from continuing operations increased to $5.7 million in the fourth quarter of 2000 from $1.4 million in the fourth quarter of 1999. Net earnings in the fourth quarter of 1999 were favorably impacted by net tax benefits attributable to Mecar's 1999 operating losses.
General (Retired) J.H. Binford Peay, III, Chairman, President and Chief Executive Officer, attributed the turnaround to a strong performance by MECAR S.A., the firm's Belgium-based defense unit, and continued steady results by the firm's commercial electronic security unit, VSK Group.
"The turnaround at MECAR was a direct result of increased oil prices, which, in turn, provided our historic customer base with the funds necessary to begin to replenish their ordnance stocks. Since oil prices remain high, I expect this trend will continue in the months ahead," General Peay reported.
General Peay also reported "that Allied's new management team is committed to a series of accelerated strategic initiatives that will increase shareholder value. We will embark on a program of growth and excellence, expanding new markets, acquiring new companies, and running our operating units efficiently. We are very excited about the opportunities over the next several years."
Allied Research Corporation is a defense and commercial electronic security firm. Its operating units develop and produce ammunition. In addition, they design, produce and market sophisticated electronic security and access control systems.
Certain statements contained herein are "forward-looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995. Because statements include risks and uncertainties, actual results may differ materially from those expressed or implied and include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission.
ALLIED RESEARCH CORPORATION
Three months ended December 31,
(000's omitted except per share amounts)
2000 1999
Revenues $ 30.4 $ 20.6
Net earnings from
continuing operations $ 3.2 $ 3.3
Net earnings (loss) from
discontinued operations -0- $ (0.3)
Net earnings $3.2 $ 3.0
Fully diluted earnings
per share from
continuing operations $0.66 $ 0.69
Fully diluted earnings (loss)
per share from discontinued
operations -0- $(0.06)
Twelve months ended December 31,
(000's omitted except per share amounts)
2000 1999
Revenues $107.7 $ 59.0
Net earnings (loss) from
continuing operations $ 8.7 $ (3.3)
Net earnings (loss) from
discontinued operations $ 0.5 $ (0.7)
Net earnings (loss) $ 9.2 $ (4.0)
Fully diluted net
earnings (loss)
per share from continuing
operations $ 1.79 $(0.68)
Fully diluted net earnings
(loss) per share from
discontinued operations $ 0.11 $(0.16)