VIENNA, Va., Sept. 25, 2001 (PRIMEZONE) -- Allied Research Corporation (AMEX:ALR), a diversified defense and electronic security firm, announced its backlog climbed to $94 million, following the receipt at its defense unit, Mecar S.A., of $17 million in new orders from several customers. The orders call for various types of large caliber ammunition and components ranging from 105mm to 155mm systems. This is the second announcement of new orders in the last two weeks. The Company announced orders of $32 million on September 19, 2001
"These new orders strengthen our backlog significantly," said General (Ret.) J.H. Binford Peay, III, Allied Research's Chairman and Chief Executive Officer. "What's more, I believe these orders have the potential to deliver strong margins which should help us deliver solid profits and increased shareholder value in the months ahead...and in 2002," General Peay added.
For the six months ended June 30, 2001, Allied earned $3.2 million from continuing operations, or $0.65 a share, fully diluted, on revenues of $42.8 million, compared with earnings of $2.4 million, or $0.50 a share, fully diluted, on revenues of $52.0 million for the same period in 2000.
About Allied Research Corp.
Allied Research Corporation is a diversified defense and commercial electronic security firm, developing and producing conventional ammunition systems marketed to defense departments worldwide; and designing, producing and marketing sophisticated electronic security systems for European, Asian and African markets.
For more Information, please visit the Company web site: www.alliedresearch.com
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.