The Clearwater firm expects new defense contracts to lead to huge business.
CLEARWATER — After landing two significant defense contracts to kick off 2011, Clearwater-based Bulova Technologies Group Inc. (symbol: BLVT) is preparing to release updated earnings projections for the next five years in April.
In January, Bulova won an ammunitions contract with the U.S. Army. Although the contract did not come with a dollar amount, Bulova expects the deal to be worth $300 million in future revenues, based on similar contracts that have already been fulfilled.
Last month, the company won a second ammunitions contract, also with the Army. Bulova expects that contract to be worth $200 million in future revenues, for a total of $500 million in business over the next five years.
Bulova earned $11.7 million in revenues in the year that ended Sept. 30, 2010. But costs exceeded net sales, leading to an operating loss of $3.3 million, and a net loss of $10.4 million. Its common stock trades for just 8 cents a share.