S.A. Advisory Corporate News
November 15, 2002Defense Industries International, Inc. Remains On Target for Banner Year
Friday November 15, 7:03 am ET
Increase in Export Sales Significant Factor
LOS ANGELES--(BUSINESS WIRE)--Nov. 15, 2002--Defense Industries International, Inc. (OTCBB: DFNS -news) a leading manufacturer and global provider of personal military and civilian protective equipment and supplies, today announced results of operations for the third quarter ended September 30, 2002.
For the three months ended September 30, 2002, revenues were $2,586,107, as compared to $3,599,774 for the same three months in 2001 which included a one-time increase in revenues believed to be the result of increased sales relating to the September 11, 2001 terrorist attacks. Additionally, a temporary reorganization of the local Defense Ministry resulted in a delay of the execution of certain orders issued by the local Defense Ministry. The Company anticipates the delay to be lifted by the first quarter of 2003 and the orders delivered at that time. Export sales for the three months ended September 30, 2002 increased substantially to $1,132,705 or 93% versus last year's comparative period of $585,558.
For the nine months ended September 30, 2002, all trends remain strong. Revenues increased 40% to $7,899,742 versus last year's comparative period of $5,639,032. Gross profit for the nine months ended September 30, 2002 increased to $2,854,616 versus last year's comparative period of $1,826,946, representing an increase of approximately 56%. The gross margin for the nine months ended September 30, 2002 improved to 36.1% as compared to 32.4% for the same nine months in 2001. Net income for the nine months ended September 30, 2002, increased to $764,749 versus last year's comparative period of $473,067, representing an increase of approximately 61.6%. Operating cash flow for the nine months ended September 30, 2002 increased to $1,471,497 versus last year's comparative period of $455,847, representing an increase of approximately 222.8%.
Joseph Fostbinder, President of Defense Industries International, Inc. commented, "All of our economic trends show significant increases for the nine months ended September 30, 2002 and we are on track for another year of increased profits and substantial growth, while maintaining strong cash flow."
Mr. Fostbinder went on to say, "Increased export sales will continue to carve the pathway of our growth strategy to become the world leader of personal military and civilian protective equipment and supplies. We look forward to announcing our accomplishments as they unfold during the course of the fourth quarter of 2002."
About Defense Industries International, Inc.
Defense Industries International, Inc. ("Defense Industries") (www.defenseindustries.net) is a leading manufacturer and global provider of personal military and civilian protective equipment and supplies. Defense Industries' subsidiary, Export Erez Ltd., was formed and registered in 1983.
Defense Industries' main products include body armor, bomb disposal suits and bullet proof vests and jackets; ballistic helmets, plates, wall covers and one-way protective windows; personal military equipment, battle pouch units and combat harness units; dry storage units, liquid logistics, tents and vehicle covers; and winter suits, sleeping bags and backpacks. Defense Industries' products are used by military, law enforcement, border patrol enforcement and other special security forces, corporations, non-governmental organizations and individuals throughout the world. Customers include the Israel Defense Forces, the North Atlantic Treaty Organization (NATO), the United Nations Peacekeeping Forces and other U.N. organizations.
Defense Industries manufactures its own products, thereby enabling it to offer highly competitive pricing and to fulfill product orders on a rapid and efficient basis. Its manufacturing facilities meet American EQNET and international ISO 9002 standards. Quality control in the Company's manufacturing facilities is performed according to ISO 9002; MIL.STD.105D; MIL-I-45208A (for the U.S. Armed Forces); AQAP (for the German Armed Forces and NATO); and the National Institute of Justice (N.I.J.).
Defense Industries' strategic objective is to be the leading global provider of personal military and civilian protective equipment and supplies. Defense Industries intends to realize its strategic objective by, amongst other methods, selectively pursuing strategic acquisitions that enhance its product lines and geographic presence in an effort to consolidate its highly fragmented industry and to create a more diverse and global reach in its marketplace.
FORWARD LOOKING STATEMENTS
This data sheet includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's or its industry's results, levels of activity, performance, or achievements to be significantly different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of such terms or other comparable terminology. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, events, and levels of activity, performance, or achievements. Neither the Company nor its agents assume responsibility for the accuracy and completeness of the forward-looking statements.
Defense Industries International, Inc. Peter Zoltan, 800/603-2192
Copyright © 2010 S.A. Advisory