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DRS Technologies Named to Forbes 25 Fastest Growing Tech Companies in America
PARSIPPANY, N.J.-(Business Wire)-January 31, 2008 - DRS Technologies, Inc. (NYSE: DRS) announced today that it has been named as one of "America's 25 Fastest Growing Tech Companies" in a special report published on January 24, 2008 by Forbes Magazine. The company was ranked 14 on the list.
According to Forbes, it required at least 10 percent annualized revenue growth over the past five years, profitability over the past 12 months and a Thomson IBES consensus earnings forecast of at least 10 percent annualized earnings growth over the next three to five years in order for companies to make this list. Companies with significant legal problems or with possible accounting or corporate governance issues were excluded. See http://www.forbes.com/2008/01/24/fastest-growing-technology-tech-fast tech08-cx_jr_pm_0124fastintro.html for more information on the selection process.
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"The selection of DRS Technologies by Forbes as one of America's 25 Fastest Growing Tech Companies reflects the continued expansion of the company and our future growth prospects," said Mark S. Newman, DRS Technologies' chairman, president and chief executive officer. "As an industry leader in defense technology, DRS is strategically positioned to continue to provide superior products, systems, services and integrated solutions to military, government intelligence and homeland security customers to help them address the complex challenges facing them today and achieve maximum readiness for tomorrow."
For its fiscal year ended March 31, 2007, DRS's revenues increased 63 percent to $2.82 billion over the prior fiscal year. Diluted earnings per share were $3.12, a 17 percent increase over fiscal 2006. The company plans to report its fiscal 2008 third quarter and nine-month financial results on Friday, February 8, 2008.
DRS Technologies, headquartered in Parsippany, New Jersey, is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. The company employs approximately 10,000 people.
For more information about DRS Technologies, please visit the company's web site at www.drs.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions, current expectations, estimates and projections. Such statements, including statements relating to DRS Technologies' expectations for future financial performance, are not considered historical facts and are considered forward-looking statements under the federal securities laws. These statements may contain words such as "may," "will," "intend," "plan," "project," "expect," "anticipate," "could," "should," "would," "believe," "estimate," "contemplate," "possible" or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements and include, without limitation, demand and competition for the Company's products and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings. Given these uncertainties, you should not rely on forward-looking statements. Such forward-looking statements speak only as of the date on which they were made, and the Company undertakes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise.
