Revenue up 14-fold

Allen-Vanguard Corp. sees first-quarter revenue explode to $140.2 million from just $10.2 million a year ago, as the bomb countermeasures maker reaps the rewards of its Med-Eng buy last September. The Ottawa-based company also Allen%20Vanguard.jpgrecords $6.8 million in net profit, compared to a net loss of $506,000. “Q1 2008 was our first full quarter of financial results following the acquisition of Med-Eng, and the strong revenue and EBITDA (earnings before interest, tax, depreciation and amortization) performance was driven largely by the delivery of jammers in backlog in our electronic systems business,” says CEO David Luxton. The company’s backlog currently sits at approximately $92 million. Allen-Vanguard also recently signed a three-year agreement through partner Lockheed Martin to provide the US Army with as many as 7,500 electronic Symphony bomb jammer systems, a deal which could bring in up to $100 million a year in further revenue. Meanwhile, the company says its Q1 success has allowed it to reduce long-term debt by $18.6 million to $226.2 million outstanding.

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