POMPANO BEACH, Fla., Aug. 28 /PRNewswire-FirstCall/ -- DHB Industries Inc. (Pink Sheets: DHBT.PK), a leader in the field of protective body armor, today announced its wholly-owned subsidiary, Point Blank Body Armor was awarded a contract valued at approximately $29 million to produce its Interceptor(TM) Outer Tactical Vest (OTV) for the Defense Logistics Agency (DLA). The DLA is the Department of Defense's largest combat support agency, providing worldwide logistics support in both peacetime and wartime to the military services as well as several civilian agencies and foreign countries. The Company will produce 50,000 vests, with deliveries beginning in November 2007 and ending in March 2008.
The Company disclosed during the month of July 2007, it received approximately $32 million in cash receipts (a non-GAAP measure consisting principally of collections of trade accounts receivable, but also certain other operating and non-operating cash receipts). This brings the total amount of cash receipts for the first seven months of the year to approximately $223 million. As previously reported, the majority of the cash receipts relate to shipments under Military and Domestic contracts. Additionally, as of July 31, 2007, the Company had approximately $5.6 million outstanding under its credit facility. Outstanding amounts fluctuate daily based on collections from customers and the timing of payments for goods and services.
The Company reaffirmed it intends to file audited annual financial results through 2006 by the end of the third quarter 2007 and remains on track to do so. Additionally, the Company announced it is preparing 2007 financial reports for the first two quarters ended March 31, 2007 and June 30, 2007, respectively. The Company anticipates it will file Form 10-Q's with the Securities and Exchange Commission (SEC) for the aforementioned periods by year-end or sooner.
Larry Ellis, President and CEO stated, "We continue to execute our strategy and I am pleased with the progress our team has made. This latest Interceptor OTV order is further testament to the combat proven quality and reliability of our products."
Ellis continued, "Over the past year, we have instituted programs to strengthen our Company at all levels. Our commitment to integrity, teamwork and excellence, have been key elements of our plan. Becoming compliant and seeking reinstatement on a major exchange remain our primary goals. I look forward to moving aggressively forward to achieve our vision of becoming the global leader in soft body armor and protective solutions."
ABOUT DHB INDUSTRIES
DHB Industries Inc.'s highly recognized subsidiaries, Point Blank Body Armor, Inc. (http://www.pointblankarmor.com/) and Protective Apparel Corporation of America (PACA) (http://www.pacabodyarmor.com/) are in the protective body armor industry and are focused on the design, manufacture, and distribution of bullet resistant and protective body armor for military, law enforcement, and corrections in the U.S. and worldwide. Company subsidiary NDL Products, Inc. (http://www.ndlproducts.com/) produces and markets a comprehensive line of athletic supports and braces which are merchandised through national superstore chains, as well as through private label distributors.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL, Pompano Beach, FL, Jacksboro, TN and Washington, DC. To learn more about DHB Industries Inc. visit the website at (http://www.dhbindustries.com/).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES, CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS," "ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES," "SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, (1) THE COMPANY'S LACK OF AUDITED FINANCIAL STATEMENTS AND ITS ABILITY TO FILE ITS PERIODIC REPORTS WITH THE SECURITIES AND EXCHANGE COMMISSION ON A TIMELY BASIS, (2) IMPROVEMENT IN THE COMPANY'S INTERNAL CONTROL STRUCTURE OVER FINANCIAL REPORTING, (3) DE-LISTING FROM THE AMERICAN STOCK EXCHANGE, (4) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (5) ADDITIONAL FINANCING REQUIREMENTS, (6) DEVELOPMENT OF NEW PRODUCTS, (7) GOVERNMENT APPROVAL PROCESSES, INCLUDING APPROVAL OF THE SETTLEMENT BY THE COURT, (8) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (9) TECHNOLOGICAL CHANGES, (10) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (11) THE OUTCOME AND IMPACT OF LITIGATION TO WHICH THE COMPANY IS A PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS REGARDING THE COMPANY, AND (12) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS THAT SPEAK ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE OR UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.
Company Contact: Media Relations/Investor Relations
Glenn Wiener
212-786-6013
pr@dhbt.com or ir@dhbt.com
DHB Industries Inc.
