Force Protection To Restate 2007 Results

(financialwire.net via COMTEX) -- FRPT | Quote | Chart | News | PowerRating -- August 2, 2008 (FinancialWire) -- Defense contractor Force Protection (NASDAQ: FRPT | Quote | Chart | News | PowerRating) said it will restate its results for the first and second quarters of 2007 due to accounting errors, pushing its shares down 19%.

The company said it does not expect the identified material weakness to be remediated by Sept. 30, and that the material weakness will be identified in the first three quarters of 2008 as well. Last March Force Protection said it would restate its results of the third quarter and delay filing its annual report for the year ended December 31, 2007, with the US Securities and Exchange Commission.

It last reported its quarterly results in November 2007. Shares of the Ladson, South Carolina-based company fell to $3.42 in trading after the bell on Thursday, a drop of 7.4%.

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