Corporate News
Interim Results
Armor Designs, Inc., (AIM: ADID, ADIS), a knowledge-based designer and manufacturer of composite protective products, today announces its unaudited interim results for the six month period ended 30 June 2009.
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The full results are available to download in pdf
Financial and Operating Highlights (unaudited)
- Sales revenue of US$473k for the six months ended 30 June 2009
- Net Losses from operations of US$6.8m for the six months ended 30 June 2009
- Established international distribution network
- Scorpion Works achievement of multiple technology milestones and product certifications
- Established design, manufacturing and distribution joint venture in Asia
- ISO 9001:2008 certification for manufacturing operation
- Executive team strengthened with appointment of Philip Clement, CEO and J. Craig Johnson, CFO (both interim)
- Board strengthened with addition of William A. Roper
- The Company continues its efforts to correct the balance sheet conditions previously announced and described in the footnotes to the financial statements.
Commenting on the interim results, Philip Clement, CEO of Armor Designs, Inc., said: "While the first six months of 2009 were challenging, we made progress in product development, operations and cost management that will help us to achieve our long term strategic plan. The Board is encouraged by the steps taken and excited by the accomplishments of our product development and design efforts. By broadening our product line beyond body armour, we believe the expanded market opportunities will improve Armor Designs' financial performance and increase shareholder value."
The Chairman's and Chief Executive's Statement and the financial statements, that are contained below, form part of this announcement and should be read in their entirety.
For further information please contact:
| Armor Designs, Inc. | |
| Phil Clement, Interim CEO | Tel: +1 602 275 4633 |
| Phil.Clement@armordesigns.com | www.armordesigns.com |
| Merchant Capital Limited | Tel: +44 (0)20 7332 2255 |
| Alex Davies | www.merchant-capital.com |
Media enquiries:
| Brunswick Group LLP | |
| Michael Harrison / Chris Blundell / Camilla Gore | Tel: +44 20 7404 5959 |
| adi@brunswickgroup.com | www.brunswickgroup.com |
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