Exhibit 99.1

 

 

 

 

Company Contacts:

 

Investor Relations:

Roger Ward

 

Ron Both

V.P. of Marketing & Investor Relations

 

Managing Director

American Defense Systems, Inc.

 

Liolios Group, Inc.

Tel 516-390-5300, x326

 

Tel 949-574-3860

rward@adsiarmor.com

 

info@liolios.com

 

American Defense Systems Reports Fiscal 2008 Results

 

HICKSVILLE, N.Y., April 15, 2009

American Defense Systems, Inc. (ADSI) (AMEX: EAG), a leading provider of advanced transparent and opaque armor, architectural hardening and security products for Defense and Homeland Security, reported financial results for the year ended December 31, 2008.

 

Financial Results for Full-Year 2008

 

For the full-year 2008, revenues totaled $35.6 million, a decrease of 2% from $36.3 million in 2007. The decrease is primarily attributed to approximately $10.0 million in orders delayed by the federal government until the first half of 2009 and the elimination of approximately $1.3 million from operations discontinued in the fourth quarter.

 

Income from continuing operations in 2008 was $511,000 or $0.01 per basic and diluted share, compared to income from continuing operations in 2007 of $3.1 million, or $0.08 per basic and diluted share.

 

Income from continuing operations in 2008 included a $996,000 income tax benefit, as compared to a tax provision of $362,000 in 2007. Before tax, the company had a loss from continuing operations of $485,000 in 2008 versus income from continuing operations of $3.5 million in 2007. The loss before taxes in 2008 reflects a 50% year-over-year increase in general and administrative expenses and salaries, which is due to increasing the infrastructure of the company’s headquarters and facilities and expanding staff to handle future growth. In addition to the general and administrative expenses, the loss from continuing operations in 2008 included $866,000 in interest expense, a $2.9 million unrealized gain on the adjustment of fair value Series A convertible preferred stock classified as a liability, and a $1.5 million unrealized gain on investor warrant liabilities.

 

Contract backlog at the end of 2008 was approximately $57.0 million, versus approximately $48.0 million at the end of 2007.

 

Fourth Quarter 2008 Operational Highlights

 

ADSI advanced development in a number of areas during the fourth quarter of 2008, including:

 

·                  Received $4.4 million of follow-on orders from the U.S. Army Tank-Automotive and Armaments Command (TACOM) for Crew Protection Kits (CPKs) to be installed on construction vehicles overseas.

 

·                  Reported an expected increase in CPK orders from the world’s largest privately-owned producer of construction machinery, JCB Construction Equipment, in fulfillment of a new major U.S. Army contract announced by JCB. ADSI forecasts total CPK orders from this agreement to generate more than $10 million through 2010.

 

·                  Appointed Nicole L. Prush as director of armor solutions, responsible for the development, marketing and sale of ADSI’s line of unique opaque and transparent armor solutions used by the US Military, government agencies, private security and law enforcement.

 

Management Commentary

 

“Our results in 2008 represent good progress in our first year as a publicly traded company and put us on a strong course in 2009,” said Anthony J. Piscitelli, chairman and CEO of American Defense Systems. “While we were disappointed to not achieve our revenue target for 2008, the major government orders we needed to reach our target were not lost but simply delayed and are currently being realized in this first half of 2009.”

 


The following information was filed by American Defense Systems Inc (ADFS) on Wednesday, April 15, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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