VIENNA, Virginia, Sept. 19, 2001 (PRIMEZONE) -- Allied Research Corporation (AMEX:ALR), a diversified defense and electronic security firm, said its defense unit, Mecar S.A. had received $32 million in new orders from several customers for production of medium caliber conventional ammunitions, ranging from 25mm to 90mm, as well as hand and rifle grenades. Delivery scheduled is within the next 12 months. These orders raised the consolidated corporate backlog to about $77 million.
Allied Research's Chairman and Chief Executive Officer, General (Ret.) J.H. Binford Peay III, said: "These orders continue to reinforce that 2001 is a strong year for the Company. We are ahead of 2000 and both our defense and commercial operating groups see strong second halves. These latest orders indicate that 2002 should be a solid year, as well. "
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.
General Peay continued, "There are indications that investors are beginning to take notice of our new strengths. Our backlog is solid, and stronger margins are providing us with improved earnings. This upward trend is encouraging to investors. We look forward to building on this momentum and increasing shareholder value."
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 Website: 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.