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DHB Industries Announces Third Quarter Results
11.03.05, 4:04 PM ET
- Record Third Quarter Revenues Reach $90.26 Million - - $26.6 Million in Positive Cash Flow for the Nine Months - - DHB Announces $9 Million Stock Repurchase Program - - Backlog Stands at Approximately $226 Million - WESTBURY, N.Y., Nov. 3 /PRNewswire-FirstCall/ -- DHB Industries Inc. (Amex: DHB), which principally operates in the field of body armor, announced today record revenues for the third quarter ended September 30, 2005, posting its 23rd consecutive year-over-year increase in quarterly revenues. The current backlog of contract values and delivery orders is approximately $226 million.
For the third quarter ended September 30, 2005, DHB achieved its highest quarterly revenue in its history, $90,263,000 as compared to revenues of $89,410,000 for the third quarter of 2004. Gross margins for the third quarter of 2005 were 27.3% versus 27.8% in the third quarter of 2004.
Included in selling, general and administrative expenses was a non-cash compensation expense of $11,295,000 associated with the vested warrants issued to the Company's Chief Executive Officer (CEO)/Chairman pursuant to the extension of his 2000 employment agreement. Also, increasing selling, general and administrative expenses was an $800,000 increase in professional and consulting fees as a result of the Zylon(R) replacement program and a $547,000 increase in research and development expenses, as a result of the opening of a new state of the art ballistic lab in our Pompano Beach, Florida facility. The cost of the vest replacement program is a separate line item under selling, general and administrative expenses, for a total pre-tax charge of $60,000,000, or ($0.76) per diluted share after tax charge, as a result of the Company's voluntary Zylon(R) vest replacement program announced in August 2005. The composition of this charge is as follows: a $36,700,000 reserve for vests containing Zylon(R), the write-off of approximately $19,200,000 in Zylon(R) inventory, and a $4,100,000 increase in the accounts receivable allowance.
Third quarter 2005 loss available to common stockholders was $41,741,000 or ($0.92) per diluted share, as compared to income available to common stockholders of $0.18 per diluted share, or $8,058,000, in the third quarter of 2004. Weighted shares outstanding on a diluted basis for the third quarter 2005 were 45,312,536 as compared to 45,962,109 for the third quarter of 2004.
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http://www.forbes.com/prnewswire/feeds/prnewswire/2005/11/03/prnewswire200511031603PR_NEWS_B_MAT_NY_NYTH213.html