Asbury Park Press from Asbury Park, New Jersey • Page 27

FRIDAY, JULY 21, 2006 ASBURY PARK PRESS BUSINESS www.app.com page bs BRIEFS tations. The Mountain View, Calif-based company said Thursday Milspray FROM PAGE B4 individual a sense of supporting something they believe in," said Bullivant, who is now 38 and lives in Middletown with his wife and five sons. In 2001, shortly "before 911, he bought the business, which had annual revenue of about $180,000, with the idea of using his expertise in sales, marketing and business development to expand. In the first year, Bullivant doubled revenue, increasing the business with Fort Monmouth's Communications-Electronics Command. "It became very important that all of those vehicles be coated," he said.

In 2002, Bullivant moved the business to Asbury Park to give it more space and to allow for room to store military vehicles securely. At the time, he had two employees. His wife, Tammy, was a partner as well. In 2003, Bullivant brought on another partner, Frank McBride, who retired after 23 years at Fort Monmouth, where he had led the prototype, fabrication and painting facility. McBride ran daily operations, allowing Bullivant to work on business development.

McBride also used his experience in military contracts to attract new business for the company. "He brought an expertise to the business that we didn't have," Bullivant said. Working with the military, Bullivant developed ways that soldiers in the field could easily, and safely, repair damaged coating on vehicles. The military also developed a new coating that was water-based. "We became a small business on the forefront of this new technology," Bullivant said.

"We were developing products around this new technology." The company also trains military personnel on how to apply the coating. "It's not paint," he said. "It is truly a specialty coating that, if it is not applied correctly, it won't work." Contracts have come and sales have increased. In November 2005, the company received a three-year $3 million Navy contract at Lake-hurst. "We sought that contract because we knew Fort Monmouth was closing, and we needed to make an effort to re align the business," Bullivant said.

That was followed by two mul-tiyear purchase agreements one for $5.5 million and the other for $5 million with the Navy to apply special military coatings to Navy ground support equipment and to develop prototypes for Navy applications. Expansion the aim Now Milspray, as the company is called today, is working to expand a new facet of its business. It has developed a system that it can use to apply its coating, with its own workers, to a large number of vehicles on a military installation. The military will no longer have to bring vehicles to Milspray for the coating. "We can take it to the field," Bullivant said.

Recently, the company was awarded a one-year contract by the Marine Corps for at least $400,000 to apply its coating at three Marine installations. Milspray, now located in Lake-wood, also is working on a coating system for vehicles to increase protection from improvised explosive devices and other blasts. crease over $10.16 billion in the same period a year earlier. Wachovia posh 14 profit gain Wachovia the fourth-largest U.S. bank, said Thursday that profit rose 14 percent to a record in the second quarter on acquisitions and higher investment-banking fees.

Net income climbed to $1.89 billion, or $1.17 a share, from $1.65 billion, or $1.04, a year earlier, the Charlotte, N.C.-based company said. Revenue rose 14 percent to $7.26 billion. Shares of Wachovia (WB) fell 69 cents, to $54.24 in New York Stock Exchange composite trading. Honeywell profit rises 73 percent Honeywell International the world's largest maker of airplane controls, said Thursday that second-quarter parent says 1Q loss declined Great Atlantic Pacific Tea owner of the and Food Emporium supermarket chains, said Thursday that its first-quarter net loss narrowed as it reduced costs by closing and selling stores. The grocery chain posted a loss of $6.11 million, or 15 cents a share, compared with a loss of $89.2 million, or $2.28, a year earlier, the Montvale-based company said.

Sales in the 16 weeks that ended June 17 fell to $2.13 billion. Great Atlantic, which reported losses in 10 of the 11 previous quarters, has been closing and divesting stores to focus on its 300 supermarkets in the eastern U.S. The company has centralized administrative operations and sold its Canadian stores and its U.S. distribution unit in a bid to return to profitability by next year. Shares of Great Atlantic (GAP), which also operates the Waldbaum's, Super Fresh and Farmer Jack supermarkets, rose 78 cents, to $22.63, in New York Stock Exchange composite trading.

Google's profit soars again Google's second-quarter profit more than doubled, maintaining the Internet search leader's penchant for topping analysts' high expec- that it earned $721.1 million, or $2.33 per share, during the three months ended in June. That compared with net income of $342.8 million, or $1.19 per share, at the same time last year. Revenue for the period totaled $2.46 billion, a 77 percent increase from $1.38 billion a year ago. The results came out after the stock market closed Thursday. Google Ina's shares (GOOG) fell $11.88, to $387.12 on the Nasdaq Stock Market, then regained $5.42 in extended trading.

Microsoft says earnings lower Microsoft Corp. said Thursday that fiscal fourth-quarter earnings fell nearly 24 percent in part because of a one-time legal charge but still beat Wall Street estimates. Microsoft shares (MSFT) fell 55 cents, or 2.4 percent, to $22.85 Thursday on the Nasdaq Stock Market ahead of the income report. In after-hours trading, the stock gained $1.37, or 6 percent. For the three months ended June 30, the software maker reported earnings of $2.83 billion, or 28 cents per share, compared with $3.7 billion, or 34 cents per share in the same period last year.

Revenue for the quarter was $11.8 billion, a 16 percent in Pfizer Foodarama profit rose 73 percent as sales of specialty chemicals and building controls gained. Net income increased to $521 million, or 63 cents a share, from $302 million, or 36 cents, a year earlier. Sales rose 12 percent to $7.9 billion, the Morris-based company said. Shares of Honeywell (HON) fell $1.62, to $36.62, in New York Stock Exchange composite trading. Wire reports hearing arguments.

The defendants in the lawsuit include Foodarama, its directors, the purchaser group and Saker Holdings the corporation formed by the group to pursue the private transaction. The lawsuit is pending, Todd Collins, a Philadelphia lawyer who represents Kahn, said Thursday. Collins declined to comment on the results of the tender offer. FROM PAGE B4 to a "squeeze-out" transaction in which defendants are forcing the minority shareholders to sell their stock at a "grossly unfair and inadequate price." Superior Court Judge Alexander D. Lehrer, sitting in Freehold, denied Kahn's request for a preliminary injunction after FROM PAGE B4 been concerned about its sales as health plans encouraged patients to switch to cheap, generic versions of Zocor, a competing drug made by Merck Co.

that lost patent protection last month. Pfizer shares (PFE) rose 41 cents, or 1.8 percent, to $23.71 on the New York Stock Exchange. Madison-based Wyeth reported net income rose to $106 billion, or 78 cents per share, compared with $976.6 million, or 72 cents per share, a year earlier. Excluding certain items, earnings in the latest quarter were $1.09 billion, or 80 cents per share. On that basis, analysts expected Wyeth to earn 76 cents a share.

Revenue rose 9 percent to $5.16 billion. On the NYSE, Wyeth shares (WYE) rose 66 cents, or 1.5 percent, to $44.99. New York, rely on the Nation's Most Powerful Network. Whether at work or at play, Sprint's new plans include the largest wireless voice calling area, covering more people in more places across the U.S. and beyond.

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