Attached files
| file | filename |
|---|---|
| 8-K - 8-K - FORCE PROTECTION INC | a09-33691_18k.htm |
| EX-99.1 - EX-99.1 - FORCE PROTECTION INC | a09-33691_1ex99d1.htm |
EXHIBIT 99.2
Force Protection, Inc. and Subsidiaries
Reconciliation of Net Income to Adjusted Net Income and
Net Income Per Share to Adjusted Net Income Per Share
(In Thousands, Except Per Share Data)
(Unaudited)
|
|
|
For the three months ended |
|
For the nine months ended |
|
||||||||||||||
|
|
|
September 30, 2009 |
|
September 30, 2009 |
|
||||||||||||||
|
|
|
|
|
M-ATV write- |
|
|
|
|
|
M-ATV write- |
|
|
|
||||||
|
|
|
Reported |
|
down and |
|
Comparable |
|
Reported |
|
down and |
|
Comparable |
|
||||||
|
|
|
Basis |
|
associated |
|
Basis |
|
Basis |
|
associated |
|
Basis |
|
||||||
|
|
|
(GAAP) |
|
costs |
|
(Adjusted) |
|
(GAAP) |
|
costs |
|
(Adjusted) |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net sales |
|
$ |
316,164 |
|
$ |
— |
|
$ |
316,164 |
|
$ |
688,014 |
|
$ |
— |
|
$ |
688,014 |
|
|
Cost of sales |
|
289,628 |
|
19,264 |
|
270,364 |
|
598,863 |
|
19,264 |
|
579,599 |
|
||||||
|
Gross profit |
|
26,536 |
|
(19,264 |
) |
45,800 |
|
89,151 |
|
(19,264 |
) |
108,415 |
|
||||||
|
Gross profit percentage |
|
8.4 |
% |
|
|
14.5 |
% |
13.0 |
% |
|
|
15.8 |
% |
||||||
|
General and administrative expenses |
|
19,196 |
|
— |
|
19,196 |
|
60,219 |
|
— |
|
60,219 |
|
||||||
|
Research and development expenses |
|
4,239 |
|
— |
|
4,239 |
|
13,736 |
|
— |
|
13,736 |
|
||||||
|
Operating income |
|
3,101 |
|
(19,264 |
) |
22,365 |
|
15,196 |
|
(19,264 |
) |
34,460 |
|
||||||
|
Other income, net |
|
252 |
|
— |
|
252 |
|
57 |
|
— |
|
57 |
|
||||||
|
Interest expense, net |
|
(46 |
) |
— |
|
(46 |
) |
(79 |
) |
— |
|
(79 |
) |
||||||
|
Income before income tax expense |
|
3,307 |
|
(19,264 |
) |
22,571 |
|
15,174 |
|
(19,264 |
) |
34,438 |
|
||||||
|
Income tax expense |
|
(88 |
) |
6,357 |
|
(6,445 |
) |
(4,138 |
) |
6,357 |
|
(10,495 |
) |
||||||
|
Net income |
|
$ |
3,219 |
|
$ |
(12,907 |
) |
$ |
16,126 |
|
$ |
11,036 |
|
$ |
(12,907 |
) |
$ |
23,943 |
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Basic |
|
$ |
0.05 |
|
$ |
(0.19 |
) |
$ |
0.24 |
|
$ |
0.16 |
|
$ |
(0.19 |
) |
$ |
0.35 |
|
|
Diluted |
|
$ |
0.05 |
|
$ |
(0.19 |
) |
$ |
0.23 |
|
$ |
0.16 |
|
$ |
(0.19 |
) |
$ |
0.35 |
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Basic |
|
68,436 |
|
68,436 |
|
68,436 |
|
68,423 |
|
68,423 |
|
68,423 |
|
||||||
|
Diluted |
|
68,863 |
|
68,863 |
|
68,863 |
|
68,930 |
|
68,930 |
|
68,930 |
|
||||||