Armor Holdings Inc. announces its revenues increased 86 percent to $49.9 million in the first quarter of 2000 ended March 31, compared to $26.8 million in 1999. Net income for the three-month period rose 88 percent to $4.5 million (before integration taxes of $700,000) from $2.4 million (before a nonrecurring gain of $500,000 from the sale of the company’s equity in Mace Security Intl. in the prior comparable cycle. Revenues in the ArmorGroup Services division were $18.4 million, a boost of 44 percent over the $12.8 million reported in the first quarter of 1999. A significant portion of the growth generated by ArmorGroup came from the acquisitions of Fire Alarm Systems and Alarm Systems Holding Co.
“As we expected, the internal growth in both segments of our business was strong in the first quarter of 2000,” says Jonathan M. Spiller, president and CEO of Armor Holdings. “Given our current manufacturing backlog and new contracts coming on line, we believe that this trend will continue throughout the year and will be supplemented by the acquisitions that we have completed so far this year.” Armor Holdings was included in Fortune magazine’s list of “America’s 100 Fastest Growing Companies” in 1999.