EDO Corporation Awarded U.S. Navy Contract Valued Up to $58 Million for Sonar Transducer Array.Business Editors NEW YORK--(BUSINESS WIRE)--April 5, 2002 EDO Corporation EDO Corporation (NYSE: EDO) is an American company that designs and manufactures products for defense, intelligence, and commercial markets, and provides related engineering and professional services. It employs 4,000 people worldwide and had revenues of $715 million in 2006. (NYSE NYSE See: New York Stock Exchange :EDO Edo: see Tokyo, Japan. ) announced today that it has been awarded a contract to provide AN/SQS-53C sonar arrays to the Naval Sea Systems Command The Naval Sea Systems Command (NAVSEA) is the largest of the U.S. Navy's five "systems commands," or materiel organizations. NAVSEA consists of four shipyards, eight "warfare centers" (two undersea and six surface), four major shipbuilding locations and the NAVSEA headquarters, ("NAVSEA NAVSEA Naval Sea Systems Command NAVSEA Naval Avionics Support Equipment Appraisal ") for use on U.S. Navy warships, including the Arleigh Burke Arleigh Albert Burke (October 19, 1901–January 1, 1996) was an admiral of the United States Navy who distinguished himself during World War II and the Korean War, and who served as Chief of Naval Operations during the Eisenhower administration. Class guided missile guided missile, self-propelled, unmanned space or air vehicle carrying an explosive warhead. Its path can be adjusted during flight, either by automatic self-contained controls or remote human control. destroyers. EDO's initial contract is approximately $6.3 million. If all options in the contract are exercised at the maximum quantity and amount, the total value of the contract would increase to approximately $58 million. The SQS-53C sonar array is part of the AN/SQQ-89 undersea warfare combat system. EDO will provide the complete sonar array including piezoelectric The property of certain crystals that causes them to produce voltage when a mechanical pressure is applied to them such as sound vibrations. This technique is used to build crystal microphones, phonograph cartridges and strain gauges, all of which turn mechanical movement into voltage. ceramic materials, transducers, array frames and associated cable assemblies. EDO's high power transducers form the key active sensor used to detect, classify and localize lo·cal·ize v. lo·cal·ized, lo·cal·iz·ing, lo·cal·iz·es v.tr. 1. To make local: decentralize and localize political authority. 2. underwater threats to U.S. naval forces. EDO Electro-Ceramic Products, Salt Lake City, UT will perform the work under the contract. Initial deliveries are scheduled into 2005. If all options are exercised, deliveries will extend to approximately 2010. "This award by NAVSEA, one of our longest and most valued customers, is particularly rewarding because it reaffirms our extensive heritage and capabilities in designing, manufacturing and supporting sonar transducers and arrays for the U.S. Navy," said James M. Smith, President and Chief Executive officer of EDO Corporation. "This contract represents continued expansion of our position in supplying quality, high performance sensors and sensor systems for use in our nation's defense." About EDO Corporation EDO Corporation (www.edocorp.com) supplies highly engineered products for governments and industry worldwide, including advanced electronic, electromechanical The use of electricity to run moving parts. Disk drives, printers and motors are examples. Electromechanical systems must be designed for the eventual deterioration of moving components that wear over time. The first TVs were electromechanical systems (see video/TV history). and information systems and engineered materials critical to the mission success of its customers. The Company's Defense Segment provides integrated front-line war fighting systems, including radar countermeasure systems, aircraft weapons storage and release systems, airborne mine countermeasure systems, and integrated combat systems and sonar systems and professional, operational, technical and information technology services. EDO's Space and Communication Segment addresses the needs of the remote sensing, communication, navigation, and electronic warfare industries with ultra-miniature electronics and a broad line of antennas. The Company's Engineered Materials Segment supplies piezoelectric and advanced composites for the communication, navigation, chemical, petrochemical, paper and oil industries, for civilian infrastructure and military applications. Forward-Looking Statements This press release contains statements that are forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, difficulties encountered in the integration of acquired businesses and other risks discussed from time to time in the Company's SEC filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. , and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. |
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