EXHIBIT 99.1
[LOGO OMITTED]
ARMOR HOLDINGS, INC. FOR IMMEDIATE RELEASE
- --------------------------------------------------------------------------------
COMPANY CONTACT: COMPANY CONTACT:
WARREN B. KANDERS ROBERT R. SCHILLER
Chairman and CEO Chief Operating Officer and CFO
Armor Holdings, Inc. Armor Holdings, Inc.
904.741.5400 904.741.5400
WWW.ARMORHOLDINGS.COM WWW.ARMORHOLDINGS.COM
ARMOR HOLDINGS COMPLETES SIMULA ACQUISITION
CONFERENCE CALL SCHEDULED FOR DECEMBER 17, 2003 AT 4:30 PM
JACKSONVILLE, FLORIDA (DECEMBER 10, 2003) - 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 has completed its acquisition of Simula, Inc.
(Amex: SMU). Armor Holdings acquired all of the outstanding common stock of
Simula for $110.5 million in cash and retired a majority of Simula's outstanding
indebtedness. Approximately $31 million principal amount of 8% debentures will
remain outstanding for approximately 30 days at which time Armor will repay
these debentures, plus accrued interest, in their entirety. After payment of
100% of the outstanding indebtedness and transaction expenses, the merger
consideration payable to Simula shareholders at closing pursuant to the merger
agreement was approximately $43.5 million or approximately $3.21 per share.
"This acquisition positions the Company as a significant defense contractor,"
said Warren B. Kanders, Chairman and Chief Executive Officer of Armor Holdings.
"Combined with the military products produced by our Mobile Security Division,
such as Up Armored HMMWV (Humvee) and HIMARS, Simula forms the cornerstone of
our newly formed Aerospace and Defense Group."
Serving the defense industry for almost 30 years, Simula, Inc. is a safety
technology company that supplies human safety and survival systems to all
branches of the United States military, major aerospace and defense prime
contractors. Its core markets are military aviation safety, military personnel
safety, and land and marine safety. Simula is a provider of military helicopter
seating systems, aircraft and land vehicle armor systems, protective equipment
for military personnel and technologies used to protect humans in a variety of
life-threatening or catastrophic situations.
Simula's products are deployed in military platforms such as the AH-64 Apache
and the UH-60 Black Hawk helicopters, the C-17 Globemaster III Transport
Aircraft, the M1117 Guardian Security Vehicle, and the M998 HMMWV and in
body-worn equipment for personal protection of the U.S. Army, Marine Corps, and
Air Force Special Operations Forces. Simula's primary aerospace and defense
customers include Boeing, Sikorsky, Bell Helicopter, the U.S. military services,
and the U.S. Coast Guard.
"Simula is known throughout our industry as a research and development leader in
the area of safety and survivability," said Robert R. Schiller, Chief Operating
Officer and Chief Financial Officer of Armor Holdings. "We intend to invest more
heavily in this area, to leverage Simula's engineering, technology and R&D
capabilities and to position Armor Holdings as the global leader in armoring
materials for a variety of applications including aerospace and defense, law
enforcement and armored passenger vehicles."
ARMOR HOLDINGS WILL HOST A CONFERENCE CALL ON WEDNESDAY, DECEMBER 17TH, AT
4:30P.M. (EASTERN) TO DISCUSS THE SIMULA ACQUISITION IN MORE DETAIL.
There are two ways to participate in the conference call - via teleconference or
webcast. Access the webcast by visiting the Armor Holdings, Inc. website
(http://www.armorholdings.com). You may listen by selecting Investor Relations
and clicking on the microphone.
Via telephone, the dial-in number is 888-428-4478 for domestic callers, or
612-288-0337 for international callers. There is no pass code required. There
will be a question/answer session at the end of the conference call, at which
point only securities analysts will be able to ask questions. However, all
callers will be able to listen to the questions and answers during this call.
An archived copy of the call will be available via a replay at 800-475-6701-
access code 713019 for domestic callers, or 320-365-3844 - access code 713019
for international callers. The teleconference replay will be available beginning
at 8:00pm on Wednesday, December 17th, and ends at 11:59pm on Wednesday,
December 24rd.
ABOUT ARMOR HOLDINGS
Armor Holdings, included in FORBES magazine's list of "200 Best Small Companies"
in 2002 and 2003, and a member of the S&P Smallcap 600 Index, is a leading
manufacturer of security products for law enforcement personnel around the world
through its Armor Holdings Products division and is one of the world's largest
and most experienced passenger vehicle armoring manufacturers through its Mobile
Security division. Armor Holdings Products manufactures and sells a broad range
of high quality branded law enforcement equipment. Such products include
ballistic resistant vests and tactical armor, less-lethal munitions, safety
holsters, batons, anti-riot products and a variety of crime scene related
equipment, including narcotic identification kits. Armor Holdings Mobile
Security, through its commercial business, armors a variety of vehicles,
including limousines, sedans, sport utility vehicles, and money transport
vehicles, to protect against varying degrees of ballistic and blast threats.
Through its military program, it is the prime contractor to the U.S. Military
for the supply of armoring and blast protection for High Mobility Multi-purpose
Wheeled Vehicles, commonly known as HMMWVs.
Statements in this press release may be forward-looking. Actual events will be
dependent upon factors and risks including, but not limited to, the Company's
ability to: realize the payments owed by Granville Baird Capital Partners;
manufacture and market its core products; provide a variety of services to its
customers on a global basis; respond to new laws and regulations; continue its
strategy of growth by acquisition; manage the impact of foreign exchange; and
manage general worldwide security issues, economic conditions, uncertainties and
risks, including those described from time to time in the Company's filings with
the Securities and Exchange Commission, including, the Company's Registration
Statement on Form S3, its 2002 Form 10K and its most recent Form 10Qs. The
Company undertakes no obligation to make any revisions to the forward-looking
statements contained in this release or to update them to reflect events or
circumstances occurring after the date of this release.
#####