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
$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.