11 May 2001
11 May 2001
Advanced Technical Products, Inc, a producer of advanced composite structures and chemical and biological defense products, today reported net income of $1.57 million for the first quarter of 2001 compared to $107,000 for the first quarter of 2000. Revenues for the first quarter were $42.34 million compared to $41.36 million in 2000, an increase of 2.4%.
During the first quarter, ATP's Marion Composites was chosen to design, develop, test and produce new technology radomes for Lockheed Martin's Advanced F-16 Aircraft. In addition to the F-16, the Company produces high performance composites for numerous military and commercial aircraft including the F-14, F-18, C-17, F-22, Joint Strike Fighter, Boeing 717, and Airbus A330 and A340. Also during the first quarter, ATP's Marion Composites division was awarded a contract by Stewart & Stevenson Tactical Vehicle Systems, LP (TVSLP) of Sealy, Texas to produce Light Medium Tactical Vehicle (LMTV) shop vans for the 2.5 ton Family of Medium Tactical Vehicles (FMTV). Marion Composites also received an order from Motorola Integrated Systems Division in Scottsdale, Arizona for Common Ground Station (CGS) shelters that are mounted on HMMWV's.
As previously reported, the Company has entered into a letter of intent to sell the assets of the Alcore and Alcore Brigantine subsidiaries. It is anticipated that the transaction will be completed by the end of the second quarter. Advanced Technical Products, Inc.'s operating divisions include Intellitec, Lincoln Composites, Lunn Industries and Marion Composites.