Force Protection diversifying

Force Protection Inc. is looking to beef up its iron-plated stable of Buffaloes, Cougars and Cheetahs.

The Ladson-based manufacturer said in conference call with analysts last week that is working on developing a new vehicle as part of an effort to diversify its business.

Michael Moody, chief executive officer, called it “a completely new class of vehicle” from the Buffalo, Cougar, Cheetah and Wolfhound lines of blast-resistant troop carriers.

“This is a vehicle that we’re developing in response to a requirement in the United Kingdom, but we see that it has a much broader application,” Moody said. “There are other specific requirements … we certainly see back in the United States as well. But there is a substantial amount of work that’s been undertaken.”

Moody said the vehicle “produces high levels of survivability and sustainability and we think it’s a substantial step forward.”

He said more details will be released before the third-quarter earnings call.

Moody said the company also is re-examining the future of its joint venture with General Dynamics. The companies, which have teamed up under the name Force Dynamics, recently were outbid for a $1 billion-plus deal from the Pentagon to build lightweight all-terrain armored vehicles for use in Afghanistan.

Given “the disappointment” of losing that deal, Moody said the company is reviewing its relationship with General Dynamics to “determine if proceeding with it in its current form is in the best interest of Force Protection, if some modifications to that business arrangement are worthwhile or if we proceed separately.”

The Aug. 10 call with analysts followed Force Protection’s lackluster second-quarter earnings report last week.

On the bright side, the company’s chief financial officer told Bloomberg News that annual revenue from truck repair and maintenance services could hit $450 million over the next five years — double earlier projections — as military operations expand in Afghanistan.

Charles Mathis, who was in Boston attending an investors conference Friday, said about 2,000 Cougar trucks being redeployed from Iraq will need parts, repairs and upgrades.

“A lot of investors want to know where the long-term revenue is,” Mathis told Bloomberg.