Allied Defense Group (ADG) Reports a Q3 Loss

November 10, 2008 3:34 PM EST

The Allied Defense Group, Inc. (Amex: ADG) reports a Q3 loss of $0.92 compared to a net loss of $0.85 in the quarter ended September 30, 2007.

Revenue for the third quarter ended September 30, 2008 was $50.8 million, an increase of 352% over third quarter 2007 revenue of $11.2 million.

Management's Outlook. The process of transforming ADG to an ammunition- only business for completion in January is on track.

During this transition, ADG's operating performance has steadily improved and Corporate expense levels have been substantially reduced. It is unfortunate that non cash and non operating charges obscure these fundamental achievements.

As ADG transforms itself to an ammunition only business we are also shedding one of the most significant impediments to our profitability, debt and the interest charges associated with it. The recent sale of GMS positions ADG to virtually eliminate its senior debt by the end of January 2009.[SM]

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