23 March 2001
23 March 2001
Advanced Technical Products, Inc., a producer of advanced composite structures and chemical and biological defense products for the aerospace, defense and commercial markets, today reported financial results for the fourth quarter and for the year ended December 31, 2000. Revenues from continuing operations for the year ended December 31, 2000 were $170.73 million compared to $159.78 million for the comparable period in 1999, an increase of $10.95 million or 6.9%. Income from continuing operations for the year ended December 31, 2000 was $7.39 million compared to $5.48 million for the comparable period in 1999, an increase of $1.91 million or 34.9%.
Advanced Technical Products, Inc. has entered into a letter of intent to sell the assets of its Alcore and Alcore Brigantine subsidiaries. As a result, the carrying value of the discontinued operations has been revalued to reflect the proposed transaction. Consummation of the transaction is subject to, among other things, satisfactory completion of due diligence by the purchaser, execution and delivery of a definitive purchase agreement, and certain third party approvals.
Advanced Technical Products, Inc.'s operating 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.
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