02 August 2001
02 August 2001
Advanced Technical Products, a producer of advanced composite structures and chemical and biological defense systems, today reported revenues from continuing operations for the quarter ended June 29, 2001 were $52.08 million compared to $44.71 million in 2000, an increase of 16.5%.
Net income from continuing operations for the second quarter of 2001 was $3.35 million compared to $1.57 million for the second quarter of 2000, an increase of 113.4%.
During the second quarter, the Company completed the sale of the operations of its Alcore division. As a result, an additional charge of $1.38 million was made to discontinued operations. Since the beginning of the second quarter, ATP's Marion Composites has been awarded a $22 million contract from Lockheed Martin Aeronautics Company to produce composite airframe parts for the U.S. Air Force F-22 Raptor. Marion Composites also received a contract as a new supplier of nose radomes for the Boeing 747-400, 757 and Next Generation 737 airplane programs. Additionally, Marion Composites was awarded a contract by FIAR S.p.A. of Milan, Italy for fighter aircraft nose radomes.
Advanced Technical Products, Inc.'s divisions include Intellitec, Lincoln Composites, Lunn Industries and Marion Composites. The Company's products are used in a variety of applications in the aerospace and defense industries, as well as commercial markets. ATP designs, develops, and manufactures high- performance radomes, aircraft components, rocket motor cases, pressure vessels, fuel tanks, shelter systems and other advanced composite products utilizing various production capabilities. The Company is also a leader in the design, development and manufacture of biological and chemical detection and protection systems. ATP also designs and manufactures electronic products for the specialty vehicle market.
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