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American Defense Systems Reports Record 2nd Qtr Results (posted 8/26/09)

August 26, 2009
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American Defense Systems, Inc. (ADSI) recently reported financial results for the second quarter ended June 30, 2009. Revenues for the second quarter of 2009 increased 48% to a record $14.0 million from $9.5 million in the previous quarter, and increased 52% from $9.2 million in the same year-ago quarter.

Gross margin as a percentage of revenue for the second quarter was 38%, compared to 43% in the previous quarter and 35% for the second quarter of 2008. The quarterly variation in gross margin is due primarily to the different mix of armor products sold in a particular quarter.

Income from operations totaled $1.3 million, an improvement from $40,000 in the previous quarter and $45,000 in the same period a year ago. Net loss totaled $2.6 million, or $0.07 per share, compared to a loss of $1.3 million, or $0.03 per share, in the previous quarter, and net income of $3.4 million, or $0.09 per basic and diluted share, in the same year-ago period.

Adjusted EBITDA for the quarter was $1.1 million, or $0.03 per basic and diluted share, an improvement from a loss of $94,000 in the previous quarter and a loss of $313,000 in the same year-ago period. Contract backlog at June 30, 2009, totaled $48 million, down 20% from $60 million at the end of the previous quarter and up 7% from $45 million at June 30, 2008.

“This was another quarter of solid performance, which brought our revenues to a new record,” said Anthony J. Piscitelli, chairman and CEO. “Before the non-cash charges related to warrants and preferred stock dividends, we also posted a net profit as the result of generating the highest income from operations as a public company.

“During the quarter, we finally received and began processing the first CPK orders from the world’s largest privately owned producer of construction machinery, JCB Construction, in accordance with their contract with the U.S. Army. With this initial order, we’re more than a third of the way toward the $10 million revenue expectation we announced last November, and given their announced delivery ramp up, our revenue expectation will likely be increased over time.

“While the military armor segment of our business has been strong, our American Physical Security Group (APSG) subsidiary also began to realize significant revenue in the second quarter from its backlog of more than $8 million in architectural security-related orders. The new designation issued by DHS reflects that our APSG products and services have received thorough and rigorous testing by DHS in order to meet their highest standards. Along with the reduced insurance costs, we expect this to encourage more extensive adoption of APSG’s architectural hardening products and related services.

“Our progress year-to-date and strong order backlog keeps us well on track to exceed our original 2009 revenue goal of more than $52 million.”

For additional information, including an archive of a recent conference call discussing these results, visit www.adsiarmor.com.

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