[ARMOR HOLDINGS, INC. LOGO] FOR IMMEDIATE RELEASE
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COMPANY CONTACT: MEDIA CONTACT: INVESTOR RELATIONS CONTACT:
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Robert R. Schiller Michael Fox James R. Palczynski
President & Chief Operating Officer President, Corporate Communications Principal
Armor Holdings, Inc. Integrated Corporate Relations, Inc. Integrated Corporate Relations, Inc.
904.741.5400 203.222.9145 203.222.9013
ARMOR HOLDINGS, INC. TO ISSUE $300 MILLION
IN SENIOR SUBORDINATED CONVERTIBLE NOTES
JACKSONVILLE, FL - OCTOBER 25, 2004 - ARMOR HOLDINGS, INC. (NYSE: AH) a leading
manufacturer and distributor of security products and vehicle armor systems
serving law enforcement, military, homeland defense and commercial markets,
announced today that it is seeking to raise approximately $300 million through a
new issuance of senior subordinated convertible notes due 2024 (the "Notes"). In
addition, the Company expects to grant Goldman, Sachs & Co., as sole underwriter
of the Notes, an option to purchase up to an additional $45.0 million principal
amount of the Notes. The closing of the offering is expected to occur on October
29, 2004, subject to the satisfaction of customary closing conditions.
Under current accounting standards, the features of the Notes being offered will
allow the treasury stock method to be used in calculating the dilutive effect of
these Notes in earnings per share calculations. Under this method, the effect of
the conversion of the Notes would only be included in the weighted average
shares outstanding balance, and thus be dilutive, only upon exceeding the stated
conversion price to be determined upon pricing.
Copies of the preliminary prospectus for the offering may be obtained by
contacting Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attn:
Prospectus Department, telephone: 212-902-1171.
ABOUT ARMOR HOLDINGS
Armor Holdings, Inc. (NYSE: AH) is a diversified manufacturer of branded
products for the military, law enforcement and personnel safety markets.
Additional information about the Company can be found at www.armorholdings.com.
Certain matters discussed in this press release constitute forward-looking
statements that involve risks and uncertainties that could cause actual results
to differ materially from those projected. The Company may use words such as
"anticipates," "believes," "plans," "expects," "intends," "future," and similar
expressions to identify forward-looking statements. These risks and
uncertainties are described in the Company's filings with the Securities and
Exchange Commission, including the Company's Registration Statement on Form S-3,
its 2003 Form 10-K, Form 10-K/A, and most recently filed Form 10-Qs.
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1400 MARSH LANDING PARKWAY, SUITE 112 JACKSONVILLE, FL 32250
TEL: 904.741.5400 FAX: 904-741-5403
