Four Security Companies Doing Well in a Bad Environment
ICx Technologies. Another beneficiary of the BETSS-C program is ICx Technologies (ICXT), a company which we have covered in the past, but only now are writing the first blog, has also just won a series of new contracts. ICx, though small (consensus estimates are $180 million for 2008), has nevertheless become the leading independent provider of small explosive/radiological/biological detection equipment, radar and infrared surveillance technologies, and "integrated solutions" combining the above.
ICx' announced on July 1, that it had won a $14 million contract under BETSS-C for its "Cerberus" surveillance towers on which the sensor technologies from other companies (like FLIR) will be mounted. Given the size of BETSS-C, we doubt this is the last order we will hear regarding ICx and FLIR. However, ICx is also far more than its towers - indeed most of the attention from the investment community centers around its "Fido" handheld explosives detection devices, including its unique patented ability to detected hydrogen peroxide-based liquid explosive, where in May it won a $5 million contract from the military (Robotics System Joint Program Office).
Nevertheless, ICx has just shocked at lot of folks when its Solutions division also won a $15.6 million contract at the end of June to manage an "intelligent transportation system: for Orange County, California. The ICx contract includes installation of a real-time, bus-arrival passenger information system, preliminary design of a signal priority system and signal system enhancements to improve arterial operations. Analyst consensus for ICx is for revenues of $180 million in 2008, with a GAAP loss of $0.72 per share and breakeven EBITDA. Consensus estimates for 2008 are for $238 million in revenues, $0.10 per share in earnings, and EBITDA of $33-$35 million.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of sensor systems that enhance perception and awareness. The Company’s advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography, and security applications, including airborne and ground-based surveillance, condition monitoring, research and development, manufacturing process control, search and rescue, drug interdiction, navigation, transportation safety, border and maritime patrol, environmental monitoring, and chemical, biological, radiological, nuclear, and explosives (CBRNE) detection. Visit the Company's web site at www.FLIR.com.
The statements in this release by Earl R. Lewis, and the other statements in this release about the award described above, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the ability to manufacture and deliver the systems referenced in this release, changes in demand for the Company's products, product mix, the timing of deliveries under the award discussed above, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity, the ability of the Company to manufacture and ship products in the time period required, actual purchases under agreements, the Company's continuing compliance with U.S. export control laws and regulations, the timely receipt of export licenses for international shipments, the continuing eligibility of the Company to act as a federal contractor, and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or for changes made to this document by wire services or Internet service providers.
All trademarks, registered trademarks and service marks are the property of their respective owners.
Media Contacts
Angel Bennett
FLIR, Systems, Inc.
2800 Crystal Drive, Suite 330
Arlington, VA 22202
angel.bennett@flir.com
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