EXHBIT 99.1
[DHB LOGO GOES HERE]
NEWS FROM DHB INDUSTRIES INC.
400 Post Avenue, Suite 303, Westbury, NY 11590
T: 516/997-1155 F:516/997-1144 www.dhbindustries.com
COMPANY CONTACT: Dawn Schlegel, CFO
516/997-1155
dschlegel@dhbt.com
FOR IMMEDIATE RELEASE
DHB WILL DELAY FILING OF ITS FORM 10-K
FOR THE YEAR ENDED DECEMBER 31, 2005
Westbury, New York, March 31, 2006. DHB Industries Inc. (AMEX:DHB) announced
today that the filing of its Form 10-K for the year ended December 31, 2005 will
be delayed beyond the Securities and Exchange Commission's filing deadline,
which was previously extended for the designated 15-day period by the Company's
filing of Form 12b-25 on March 16, 2006. The previously reported delay was
principally due to the time and effort required to ensure the reasonableness of
estimates and the accuracy of reported inventory levels and resulting gross
profit and income levels for 2005. The Company is being assisted by consultants
with expertise in finance and cost accounting. The Company has not yet completed
this analysis. The Company believes that this analysis could result in
restatement of the reported results for one or more of the first three quarters
of 2005, including restatement of the amount of the inventory written off in the
third quarter. Pending conclusion of this analysis, such quarterly financial
statements should not be relied upon. To date, the Company has identified
adjustments of inventory, both positive and negative, that are individually
material to each quarter. However, the cumulative net effect of adjustments has
not yet been determined. The Company intends to file its Form 10-K as soon as
practicable and is working diligently to do so.
ABOUT DHB INDUSTRIES INCORPORATED
DHB Industries Inc.'s Armor Group is in the protective body armor industry. Its
highly recognized subsidiaries, Point Blank Body Armor Inc.
(www.pointblankarmor.com) and Protective Apparel Corporation of America (PACA)
(www.pacabodyarmor.com), are focused on the design, manufacture, and
distribution of bullet resistant and protective body armor for military, law
enforcement, and corrections in the U.S. and worldwide. DHB Sports Group
produces and markets a comprehensive line of athletic supports and braces which
are merchandised through national superstore chains as well as through private
label distributors.
DHB maintains facilities in Westbury, NY, Deerfield Beach, FL, Oakland Park, FL,
Pompano Beach, FL, Jacksboro, TN and Arlington, VA. To learn more about DHB
Industries Inc., visit the website at (www.dhbindustries.com).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: THE STATEMENTS WHICH ARE NOT HISTORICAL FACTS CONTAINED IN THIS PRESS
RELEASE ARE FORWARD-LOOKING STATEMENTS, WHICH ARE BASED LARGELY ON THE COMPANY'S
EXPECTATIONS AND ARE SUBJECT TO VARIOUS BUSINESS RISKS AND UNCERTAINTIES,
CERTAIN OF WHICH ARE BEYOND THE COMPANY'S CONTROL. WORDS SUCH AS "EXPECTS,"
"ANTICIPATES," "TARGETS," "GOALS," "PROJECTS," "INTENDS," "PLANS," "BELIEVES,"
"SEEKS," "ESTIMATES," VARIATIONS OF SUCH WORDS, AND SIMILAR EXPRESSIONS ARE
INTENDED TO IDENTIFY SUCH FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING
STATEMENTS ARE ONLY PREDICTIONS THAT SPEAK AS OF THE DATE HEREOF AND ARE SUBJECT
TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT.
THEREFORE, ACTUAL RESULTS MAY DIFFER MATERIALLY AND ADVERSELY FROM THOSE
EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE OR
CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, THOSE DISCUSSED
IN OUR REPORTS ON FILE WITH THE SECURITIES AND EXCHANGE COMMISSION. YOU ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD- LOOKING STATEMENTS THAT
SPEAK ONLY AS OF THE DATE HEREOF. WE UNDERTAKE NO OBLIGATION TO REVISE OR UPDATE
PUBLICLY ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGE IN THE
EXPECTATIONS OF OUR MANAGEMENT WITH REGARD THERETO OR ANY CHANGE IN EVENTS,
CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED.