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Issues - Political | Legal | Other Corporation | Policy - Procurement | Scandals & Investigations | Trucks & Transport | USA

Force Protection: Blast-Resistant Manufacturer Headed for Implosion?

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Nowhere to run?(click to view full) Force Protection’s CFO Michaek Durski resigned recently, after management “discovered significant accounting errors during its year end review.” The firm has also seen American MRAP vehicle orders for its Force Dynamics joint venture tail off, even as competitors like BAE Systems and Navistar continue to receive large orders. A March 15/08 Bloomberg report claims that the firm has has enough orders to last 8 more months in production, plus ongoing maintenance and support business. Which explains why their new manufacturing facility in Roxboro, NC designed to enhance manufacturing capacity, may shut down before it ever ramps up. With at least 4 shareholder lawsuits underway, the latest news raises questions concerning the company’s survival, as talk of buyouts and even collapse floats in the air. Force Protection’s management says the firm has the resources to continue. A look at the firm’s difficulties and its resources, however, show a challenging set of business problems ahead… From a recent Force Protection Inc. release: “Force Protection, Inc. (NASDAQ: FRPT) today announced that on March 19, 2008 it received a notice from the staff of The Nasdaq Stock Marke… as a result of not filing with the SEC its […]

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