ALLIED RESEARCH REPORTS $3.3 MILLION LOSS IN 1999; CEO SEES BEGINNINGS OF TURNAROUND FOR 2000
Allied Research Corp. reports that for the three months ended Dec. 31, 1999, it earned $3.3 million from continuing operations, or 69 cents per share, fully diluted, on revenues of $20.6 million. This compares to a profit of $2.3 million, or 48 cents per share, fully diluted, on revenues of $41.8 million for the same period in 1998. For the 12 months ended Dec. 31, 1999, the company lost $3.3 million from continuing operations, or 68 cents per fully diluted share, on revenues of $59 million, compared to a profit of $8.6 million, or $1.81 per fully diluted share, on revenues of $133.1 million for the same period in 1998.
“The fourth-quarter profit figures clearly show that we have made a dramatic turnaround. We are well on our way to a solid and profitable 2000,” says Glenn Yarborough, Allied Research CEO. “We are moving along in the work we have of repositioning Allied Research from a pure defense firm to a diversified defense and commercial electronic security firm.”
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