Staff Report
Published Aug. 11, 2009

Ladson-based Force Protection announced that second-quarter earnings show a large drop in income.

The company, which develops and manufactures armor-protected vehicles used by the military, reported net income of $400,000, down from the $8.3 million reported in the second quarter of 2008.

“Obviously, we’re not pleased with the breakeven results of this quarter,” Chairman and CEO Michael Moody said. However, the company is expecting strong revenue in third and fourth quarters, he said.

Net sales for the quarter came in at $187.1 million compared with $340.9 million in the second quarter of 2008. Last year’s sales numbers were buoyed by $143.3 million in pass-through vehicle sales from General Dynamics Land Systems in connection with a contract for mine-resistant, ambush protected vehicles.

Sales from spare parts and logistics sales increased $181.8 million for the first six months of this year compared with the first six months of 2008.

“In the quarter, we have significantly strengthened the areas of business development and total life-cycle supports and increased presence in Washington. We regard these expenses as investments in our future,” CFO Charles Mathis said.

“We don’t think this quarter is representative of the results we expect to achieve for 2009,” he said.