Astronics Awarded MH-60 Hoist Control Panel Contract.Business Editors EAST AURORA, N.Y.--(BUSINESS WIRE)--Oct. 15, 2003 Astronics Corporation (Nasdaq: ATRO ATRO Actual Time of Return to Operation ), a leader in advanced, high-performance lighting and electronics systems for the global aerospace industry, announced today that it has been selected to provide the control panel assembly for the hoist hoist: see winch. lift mechanism for the MH-60 medium lift, multi-purpose helicopter. The hoist control panel assembly integrates the hoist systems electronics and provides the display and interface mechanisms for hoist operations. The total value of the program is approximately $1.0 million with deliveries beginning in late 2003 and continuing through 2005. The initial contract is for non recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. engineering costs and qualification units. Full production is expected to be ordered in the first half of 2004. The hoist panel product is additive additive In foods, any of various chemical substances added to produce desirable effects. Additives include such substances as artificial or natural colourings and flavourings; stabilizers, emulsifiers, and thickeners; preservatives and humectants (moisture-retainers); and to various other lighting display and electronic control panels provided by Astronics for derivatives of the H-60 helicopter as it undergoes remanufacturing to extend its service life and fielding of its newer model. The hoist panel is designed to provide for the needs of the modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, program by reducing required spares and overhaul costs, extending product life and flight and operation hour capability. This panel will be used in a marine version of the MH-60. Peter Gundermann, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented "We are especially pleased to win a contract of this nature as it expands the applications of our products and broadens our content and value contribution on the critical multi-purpose H-60 aircraft platform." He went on to say, "Despite the challenging market in which we are currently operating, we continue to invest in technology development in order to aggressively pursue our strategy to increase the content and value we provide for aircraft lighting systems." Astronics announced in May of this year the award of display and control interface assemblies for the UH-60 Blackhawk for its service life extension program. Astronics Corporation is a manufacturer of specialized lighting and electronics for the cockpit, cabin and exteriors of military, commercial transport and private business jet aircraft. A major lighting and electronics supplier to the aircraft industry, its strategy is to move from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to various aircraft platforms. Luminescent lu·mi·nes·cent adj. Capable of, suitable for, or exhibiting luminescence. [Latin l  men, l Systems Inc. is Astronics' primary operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. which produces its aerospace and defense products. For more information on Astronics and its products, visit its website at www.Astronics.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words "expect," "anticipate," "plan," "may," "will," "estimate" or other similar expression. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially than those contemplated by the statements. Important factors that could cause actual results to differ materially include the Company's ability to execute its strategy, the impact of the economy, the full production contract being awarded to the Company, the likelihood that U.S. military programs will be funded and implemented as planned, and the state of the aerospace industry, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. |
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