EXHIBIT 99.1
DHB INDUSTRIES INC.
NEWS FROM DHB INDUSTRIES INC
2102 SW 2nd Street * Pompano Beach, FL 33069
Tel: 954-630-0900 * www.dhbindustries.com
Company Contact: Larry Ellis, CAO
954-630-0900
lellis@dhbt.com
FOR IMMEDIATE RELEASE
DHB Industries, Inc. Announces Appointment of Chief Financial Officer, Senior
Vice President and Corporate Treasurer, and Senior Vice President
and Corporate Controller
Pompano Beach, Florida, June 27, 2006 - DHB Industries, Inc. (AMEX:DHB), a
leader in the field of protective body armor, announced today the appointment of
Lawrence Young as Chief Financial Officer, effective July 7, 2006. Mr. Young, a
Managing Director with AlixPartners, will oversee all corporate financial
procedures. Mr. Young has over 18 years of experience in crisis management and
business reorganizations, and has assisted companies with financial
restructurings, operational improvement plans, and cash management. Over a
three-year period, Mr. Young served as Chief Executive Officer, Chief Financial
Officer and Chief Restructuring Officer for AT&T Latin America. He also served
as Chief Financial Officer and Chief Restructuring Officer of Sunterra
Corporation. In those roles, among other responsibilities, he directly led the
restructuring of the operations, SEC reporting and financial restatement, cash
management, and debt restructuring. Mr. Young holds a Master of Business
Administration in finance and accounting from the Wharton School of Business,
University of Pennsylvania, is a Certified Reorganization Accountant, and holds
the CIRA designation.
Additionally, DHB Industries is enhancing its financial management team by the
appointment of Ryan Esko as Senior Vice President and Corporate Treasurer and
Mark Thorson as Senior Vice President and Corporate Controller, both also from
AlixPartners.
Mr. Esko served as the Corporate Treasurer of Foster Wheeler, a $3.5 billion
company, during its turnaround and restructuring period. Additionally, Mr. Esko
had a role as Executive Vice President of Finance for an $800 million company
and was responsible for the improvement of the finance function and liquidity
position of the company. He also held roles at Refco, Quality Stores and RCN
during their restructuring and turnaround periods. Esko has designed and
implemented turnaround initiatives to improve financial management, operations,
controls, and capital structures.
Mr. Thorson is a seasoned accountant with significant experience in operations
management in the distribution and manufacturing industries. Mr. Thorson was a
Vice President in the consumer products division of Zenith Electronics. While at
Zenith, he served as the Controller of a $1 billion division which included five
manufacturing plants, three distribution centers, and a parts and service
operation. He was also a Controller at a division of a $4 billion manufacturing
company and has led numerous accounting improvement projects. Mr. Thorson is a
CPA and was an auditor with a major accounting firm.
ABOUT DHB INDUSTRIES, INC.
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.
The Company maintains facilities in Deerfield Beach, FL, Oakland Park, FL,
Pompano Beach, FL, Jacksboro, TN and Washington, DC. 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, (1) EXPECTATIONS
AS TO THE TIMING OF THE FILING OF THE REPORT ON FORM 10-K FOR THE FISCAL YEAR
ENDED DECEMBER 31, 2005 AND THE QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY
PERIOD ENDED MARCH 31, 2006, (2) ANY LISTING REQUIREMENTS WHICH MAY BE
PRESCRIBED OR ANY DETERMINATION WHICH MAY BE MADE BY THE AMERICAN STOCK
EXCHANGE, (3) UNCERTAINTY OF FUTURE FINANCIAL RESULTS, (4) ADDITIONAL FINANCING
REQUIREMENTS, (5) DEVELOPMENT OF NEW PRODUCTS, (6) GOVERNMENT APPROVAL
PROCESSES, (7) THE IMPACT OF COMPETITIVE PRODUCTS OR PRICING, (8) TECHNOLOGICAL
CHANGES, (9) THE EFFECT OF POLITICAL AND ECONOMIC CONDITIONS, (10) THE OUTCOME
AND IMPACT OF THE CLASS ACTION AND OTHER LITIGATION TO WHICH THE COMPANY IS A
PARTY AND THE SECURITIES AND EXCHANGE COMMISSION AND OTHER INVESTIGATIONS
REGARDING THE COMPANY, AND (11) OTHER UNCERTAINTIES DETAILED IN THE COMPANY'S
FILINGS 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. THE COMPANY UNDERTAKES 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.
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