VIENNA, Va., August 1, 2000 (PRIMEZONE) - Allied Research Corporation (AMEX:ALR), a diversified defense and commercial electronic security company, announced today that for the three months ended June 30, 2000, it earned from continuing operations $1.45 million, or $0.30 a share, fully diluted, on revenues of $28.5 million, compared to a loss from continuing operations of $4.1 million, or $0.86 a share, fully diluted, on revenues of $7.4 million for the same period in 1999. Discontinued operations added $0.01 a common share, fully diluted, resulting in a $0.31 per share profit for the second quarter of 2000.
For the six months ended June 30, 2000, Allied Research earned from continuing operations $2.4 million, or $0.50 a share, fully diluted, on revenues of $52.0 million, compared to a loss from continuing operations of $2.8 million, or $0.59 a share, fully diluted, on revenues of $31.2 million for the same period in 1999. Backlog, as of June 30, 2000, is a strong $93.8 million.
Mr. Glenn Yarborough, President and Chief Executive Officer of Allied Research, said: "Our second quarter results put us far ahead of last year and right on target for a very healthy 2000.
"Our defense unit, MECAR S.A., contributed in a big way in both revenue and profit. All of their hard work is really paying off. We are very proud of their excellent performance.
"Commercial operations at our VSK Group continued on a steady, profitable course. VSK is successfully absorbing our acquisition of VIGITEC and integrating new strengths to broaden VSK's system capabilities. VSK management expertise is superb.
"Right now, I don't see anything standing in the way of ending with a very good year. In fact, the second half of the year is expected to be well ahead of the first six months. Barring any unforeseen event, this year will be a very rewarding one," Mr. Yarborough concluded.
Allied Research Corporation is a defense and commercial electronic security firm. Its operating units develop and produce ammunition. In addition, they design, produce and market sophisticated electronic security and access control systems.
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.
ALLIED RESEARCH CORPORATION
Three months ended June 30,
(000's omitted except per share amounts)
2000 1999
Revenues $28,548 $7,436
Net earnings (loss) from
continuing operations $1,449 ($4,096)
Net earnings (loss) from
discontinued operation $31 ($329)
Fully diluted net earnings (loss)
per share from continuing
operations $0.30 ($0.86)
Fully diluted net earnings (loss)
per share from discontinued
operation $0.01 ($0.07)
________________________________________________________________
Six months ended June 30,
(000's omitted except per share amounts)
2000 1999
Revenues $52,022 $31,236
Net earnings (loss) from
continuing operations $2,416 ($2,833)
Net earnings (loss) from
discontinued operation $516 ($326)
Fully diluted net earnings (loss)
per share from continuing
operations $0.50 ($0.59)
Fully diluted net earnings (loss)
per share from discontinued
operation $0.11 ($0.07)