ARMOR HOLDINGS’ REVENUES RISE 42% IN 2nd QUARTER
Armor Holdings Inc. announces record revenues and earnings for the second quarter ended June 30. Revenues increased 42 percent to $55.5 million from $38.9 million in the same period in 1999. Prior to certain nonrecurring gains and expenses, net income for the three-month period increased 58 percent to $4.8 million from $3 million reported last year. Nonrecurring gains in the current period included $1.7 million from the sale of the company’s investment in Jardine Securicor Gurkha Services, completed in May, and $300,000 from the exercise and sale of the company’s warrants in Mace Security Intl., completed during the second quarter of 1999. Including gains and integration charges, reported net income for the second quarter ended June 30 was $5.5 million, compared to $2.8 million for the same period last year. Revenues for the six months ended June 30 increased 60 percent to $105.3 million from $65.8 million reported last year.
“We are extremely pleased with our operating results,” says Jonathan M. Spiller, president and CEO of Armor Holdings. “While the products division continues to benefit from broad market growth and the Safariland acquisition completed last year, the internal revenue growth within the ArmorGroup Services Division is particularly gratifying.” ArmorGroup Services provides security planning and risk management, electronic security systems integration, consulting and training services, as well as intellectual property asset protection, business intelligence and investigative services.
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