EFJ Lowers Guidance Despite Contract Wins (12/11)
Monday, December 11, 2006 | Comments

Despite two large contract announcements, EFJ lowered its earnings guidance for fiscal-year 2006. The company now anticipates a net loss for the fourth quarter and for the full year of 2006. "The timing of orders and the lumpiness of our business will cause our revenue to be around the lower end of our revenue guidance of $104 million for the year," stated Michael E. Jalbert, EFJ chairman and chief executive officer (CEO). "As a result of the softer-than-expected revenue, we anticipate a net loss in the fourth quarter and for the fiscal year of 2006. We believe the softer revenue is related to timing of business and not a result of changes in the market." However, EFJ's EFJohnson subsidiary has received its largest order to date with a $76 million order from the Department of Defense (DOD). The order calls for EFJohnson to provide the DOD with Project 25 (P25)-compliant portable radios and accessories. The DOD will take delivery of these radios throughout 2007. EFJohnson also announced a separate $2 million DoD order for its conventional IP25 infrastructure system and P25-compliant portable radios.


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