Force Protection Announces Financial Results for 2010 Third Quarter: EPS of $0.03

Force Protection, Inc. FRPT today reported financial results for the three and nine months ended September 30, 2010. Michael Moody, Chairman and Chief Executive Officer of Force Protection, Inc., said, “During this year's third quarter we continued to deliver highly-protected vehicles and related services, which produced more than $175 million dollars in total revenue and reinforces our outlook for a strong second half of 2010. Contributing to the quarter were higher modernization sales associated with continued enhancements of the Cougar fleet, and we expect this work will continue well into the future. We believe the 2010 third quarter is an important turning point for the Company as we build on the dynamic and credible organization we have put in place focused on the needs of our customers, to generating revenues and broadening our business as we execute our strategy. As part of these efforts, we are prudently investing in research and development, business development, and other important initiatives. While these expenditures impact bottom-line results, we believe they are appropriate investments in our future that will help drive long-term growth and success.” Net loss for the third quarter of 2010 was $1.9 million, or $0.03 per diluted share, as compared to net income of $3.2 million, or $0.05 per diluted share, for the 2009 third quarter. The Company recorded adjusted net income(1) of $3.6 million, or $0.05 per diluted share, in the third quarter of 2010, as compared to adjusted net income(1) of $16.1 million, or $0.23 per diluted share, in 2009. Adjusted net income excludes the litigation settlements and Cheetah expenses in their respective periods. Reconciliations of adjusted net income and adjusted net income per share to net income and net income per share are included at the end of this press release.