Allied Research: Gets $61.3 Million Contract
ALLIED RESEARCH CORPORATION
8000 TOWERS CRESCENT DRIVE, SUITE 750
VIENNA, VIRGINIA 22182
CONTACT: SUSAN URBANIAK (800) 847-5322
HOME PAGE: CFONEWS.COM/ALR
TICKER SYMBOL: ALR-AMERICAN STOCK EXCH.
"NEWS RELEASE"
ALLIED RESEARCH CORPORATION RECEIVES $61.3 MILLION CONTRACT
VIENNA, Virginia, March 19, 1998 - Allied Research Corporation (AMEX:ALR), a
diversified defense and electronic security firm, said today that its Belgian
subsidiary, MECAR S.A., has received a $61.3 million contract calling for
delivery of various calibers of conventional ammunition including 25mm, 90mm
and 105mm.
The company said the contract was from a long-term customer country and called
for delivery during 1998. With the latest award, Allied Research's
consolidated backlog rose to about $154 million.
Allied Research's Chairman and Chief Executive Officer, Dr. J. R. Sculley,
said the contract marks a continuation of a long-standing relationship. "We
have built our reputation with loyal customers by providing them with
high-quality items, delivered on-time and within cost estimates. This latest
order is an example of the continued confidence our customers have in our
ability to serve them," Dr. Sculley said.
"While we have made great strides in developing a more diversified
corporation, we have continually noted that one of our key corporate
strategies is the active marketing by MECAR to its primary customer base.
"The products we are providing were designed and developed by MECAR, tested on
MECAR's extensive test ranges and proven in use," Dr. Sculley added.
MECAR's product line includes patented bullet trap grenades, hand grenades,
medium to large caliber ammunition and individual weapon systems.
For the 12 months ended December 31, 1997, Allied Research earned $8.6
million, or $1.88 a share, on revenues of $134.5 million, compared to earnings
of $4.8 million, or $1.08 a share, on revenues of $104 million for the same
period in 1996.
Allied Research Corporation is a defense and electronic security firm. Its
operating units develop and produce ammunition and weapon systems; supply
equipment performance upgrades for defense departments wordwide; and design,
produce and market sophisticated electronic security and access control
systems.
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