March 30, 2012
Valley Forge Composite Technologies, Inc
. (OTC BB: VLYF), developer of state-of-the-art detection systems, including the
photonuclear detection system, today announced financial results for the three month and full year periods ended
December 31, 2011
"This was an important year for Valley Forge, as we set the stage for an exciting and productive 2012," commented
, president and chief executive officer of Valley Forge Composite Technologies. Adding incremental high-margin revenue from THOR LVX could add to our established, momentum wheel-focused business, which would significantly change the face of the Company, driving revenue and profit growth in the years to come."
The Company finished the year with a backlog of approximately
, related only to momentum wheel products. In addition, interest in the THOR LVX system continues to build.
"In the last year, we have more than doubled our backlog related to the momentum wheel business, with approximately
scheduled to be delivered over the next year," Mr. Brothers added. "This sets the stage for double-digit revenue growth in 2012, even without contribution from THOR."
Full Year 2011 Financial Results
Revenues for the year ended
December 31, 2011
for the full year 2010. Gross profit was
, or 22% gross margin, compared to
, or 14% gross margin, for full year 2010. Both the reduction in revenue, and the increase in gross margin, are related to changes in product mix. Total expenses were
in non-cash expenses related to share-based payments, compared to total expenses of
in non-cash expenses related to share-based payments, last year. Operating income was
compared to an operating loss of
in the year-ago period. Net income was
per basic and diluted share (based on 61,500,794 weighted average shares outstanding for basic and 63,778,097 weighted average shares outstanding for diluted) compared to a net loss of
per basic share (based on 59,281,322 million weighted average shares outstanding) for the same period last year.