Astronics Selected as Developer of Landing and Taxi Lights Systems for the Raytheon Aircraft Hawker Horizon.Business Editors EAST AURORA, N.Y.--(BUSINESS WIRE)--March 22, 2004 Astronics Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ATRO ATRO Actual Time of Return to Operation ), a leader in advanced, high performance lighting and electronics systems for the global aerospace and defense industry, today announced that its subsidiary, Luminescent lu·mi·nes·cent adj. Capable of, suitable for, or exhibiting luminescence. [Latin l  men, l Systems, Inc. (LSI LSI: see integrated circuit. (Large Scale Integration) Between 3,000 and 100,000 transistors on a chip. See SSI, MSI, VLSI and ULSI. ), was awarded the contract to develop the landing and taxi lighting system for the Hawker Horizon, a super mid-sized business jet being developed by Raytheon Aircraft Company, a subsidiary of Raytheon Company (NYSE NYSE See: New York Stock Exchange : RTN RTN Return RTN Raytheon Company (stock symbol) RTN Research Training Network RTN Rotarian RTN Routing Transit Number RTN Recursive Transition Network RTN Register Transfer Notation RTN Radial Tangential Normal ). Scheduled for first delivery in late 2004, the Hawker Horizon will be Raytheon's largest business aircraft, with high cruise speed and intercontinental range. Astronics will use its metal halide halide: see halogen. high-intensity discharge (HID) technology in the landing and taxi light system for the Hawker Horizon. The HID technology was developed by LSI in conjunction with its development work on the F-35 Joint Strike Fighter program The Joint Strike Fighter (JSF) became synonymous with the later F-35 Lightning II, however until 2001 the term was applied to the competition between the Boeing X-32 and Lockheed Martin X-35. exterior lighting contract, which Astronics was awarded in late 2002. HID lamps provide improved reliability and longer life than traditional incandescent lamps significantly increasing aircraft dispatch reliability. James S. Kramer, Vice President of Engineering and Sales for LSI said, "We have a long-standing relationship with Raytheon for the design and manufacture of their cockpit lighting systems. The award of this contract, which is our first external lighting contract win on one of Raytheon's aircraft, demonstrates the successful application of technology developed for the Joint Strike Fighter A strike fighter is a fighter aircraft which is also capable of attacking surface targets, including ships. It differs from an attack aircraft in that the aircraft remains a capable fighter. to non-military aircraft. This is a positive development for our Company and gives us confidence that this technology will create opportunities on additional aircraft platforms." He went on to say, "Our goal is to provide greater value and content to our customers, which results in increased revenue for Astronics. This award will yield a superior landing and taxi lighting system for the Hawker Horizon and greater per-ship revenue for Astronics." Astronics previously announced that it was awarded the cockpit lighting system contract for the Hawker Horizon. This contract included the development of a range of power supplies, keyboards, and control panel assemblies for the aircraft. Estimates on potential revenue were not provided as it is highly dependent upon the timing and level of production volume of the Hawker Horizon. Raytheon Aircraft designs, manufactures, markets and supports Beechcraft and Hawker aircraft Hawker Aircraft Limited was a British aircraft manufacturer responsible for some of the most famous products in British aviation history. History Hawker had its roots in the aftermath of the First World War which resulted in the bankruptcy of the Sopwith Aviation Company. for the world's commercial military and regional airlines. ABOUT ASTRONICS CORPORATION 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. Its strategy is to expand from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to various aircraft platforms. Luminescent 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 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, that the production contracts will be awarded to Astronics, that the Company will gain market share and higher ship-set content and revenue with customers, that the HID technology is transferable to other aircraft platforms, the state of the aerospace industry, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise. |
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