EDO Corporation Receives $6.8 Million Task Order on $43 Million Air Force Contract.
NEW YORK--(BUSINESS WIRE)--Aug. 9, 2002
EDO Corporation (NYSE:EDO) announced today the receipt of a task order from the U.S. Air Force, Warner Robins Air Logistics Center, to provide the AN/PLM-4 Radar Signal Simulator. The task order, valued at $6.8 million, is for an additional 88 AN/PLM-4 systems plus necessary documentation. Total contract value could increase to $43 million if all options are exercised through 2006 for a total of 444 systems and related items.
The AN/PLM-4 allows flight line testing of Electronic Warfare (EW) systems on the U.S. Air Force's A-10, B-1B, B-2, B-52H, C-130, C-141, F-15, F-16 and other aircraft. EDO's Technical Services Operation will perform the work at its Lancaster, CA facilities. If all options on this contract are exercised, the number of flight line radar signal simulators manufactured and delivered, both domestically and internationally on this and other contracts, will exceed 600, valued at approximately $53 million. The Company believes there are significant additional opportunities for sales of the AN/PLM-4 within both U.S. and foreign air forces.
"The evolution of the AN/PLM-4 from a company-funded, -designed and -developed commercial-off-the-shelf program to a valuable piece of military hardware, demonstrates the breadth of the expertise and capability in our Technical Services Operations," said James M. Smith, Chairman and Chief Executive Officer of EDO Corporation. "We remain committed to providing premier flight line electronic warfare systems test equipment."
About EDO Corporation
EDO Corporation (www.EDOcorp.com) supplies highly engineered products for governments and industry worldwide, including advanced electronic, electromechanical 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, reconnaissance and surveillance systems, aircraft weapons suspension and release systems, airborne mine countermeasures systems, and integrated combat systems and sonar systems and professional, operational, technical and information technology services. EDO's Communications and Space Products Segment addresses the needs of the remote sensing, communication, navigation, and electronic warfare industries with ultra-miniature electronics and systems 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.
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, 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.