This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Valley Forge Composite Technologies Reports Financial Results For Fourth Quarter And Full Year 2011

COVINGTON, Ky., March 30, 2012 /PRNewswire/ --  Valley Forge Composite Technologies, Inc. (OTC BB: VLYF), developer of state-of-the-art detection systems, including the THOR LVX 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 Louis Brothers, 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 $25 million, 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 $25 million 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 ResultsRevenues for the year ended December 31, 2011 were $15.0 million compared to $18.7 million for the full year 2010. Gross profit was $3.3 million, or 22% gross margin, compared to $2.6 million, 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 $2.6 million, including $946,000 in non-cash expenses related to share-based payments, compared to total expenses of $3.5 million, including $1,864,000 in non-cash expenses related to share-based payments, last year. Operating income was $744,000 compared to an operating loss of $863,000 in the year-ago period. Net income was $427,000, or $0.01 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 $1.5 million, or $(0.02) per basic share (based on 59,281,322 million weighted average shares outstanding) for the same period last year.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs