EDO Receives New Contracts for B-1B Bomber.Business Editors/Aerospace/Defense Writers NEW YORK--(BUSINESS WIRE)--Aug. 13, 2003 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. ) has received two new awards from the U.S. Air Force in support of the battle-proven AN/ALQ-161 defensive system on the B-1B bomber. The funding under these awards totals $10.1 million, bringing the total B-1B program awards thus far in 2003 to approximately $33 million. The awards were issued by the Air Logistics Center at Robins Air Force Base in Georgia. The first award, valued at $7.2 million, is to develop an upgrade to the digital radio-frequency memory. The upgrade will provide advanced technique waveforms to counter known advanced-enemy threats. Upon completion of this developmental contract, the program will then enter a formal test phase before commencing under a full production contract. The second award, valued at $2.9 million, is to continue development on the next generation of AN/ALQ-161 preprocessor Software that performs some preliminary processing on the input before it is processed by the main program. See preprocessing. (programming) preprocessor - A program that transforms input data in some way before it is read by the main program. flight software. This contract covers all the required software testing Software testing is the process used to measure the quality of developed computer software. Usually, quality is constrained to such topics as correctness, completeness, security, but can also include more technical requirements as described under the ISO standard ISO 9126, such and data analysis prior to Air Force flight tests, as well as flight-test support. The contract also provides for engineering analysis of potential future software enhancements. "These contracts demonstrate the Air Force's commitment to extending the life of the AN/ALQ-161 until at least 2015," said James M. Smith, EDO's chief executive officer. "The system's flawless performance under enemy fire in recent conflicts provides strong justification for this new investment. The memory upgrade is the first significant hardware change in more than ten years, and begins an expected modernization of the entire B-1B fleet. Our defensive suite has been on B-1B aircraft for 20 years, and we are very excited about the renewed interest in this major platform. We expect the B-1B to remain at the core of the Air Force arsenal for decades to come." EDO Corporation provides military products and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and allied governments, and their prime defense contractors. EDO focuses on systems and subsystems that are integral to the success of long-term military platforms, such as the B-1B, the F/A-22, 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. , and the Comanche helicopter. Examples of the company's highly engineered products include aircraft weapon-release systems, ship and aircraft self-protect systems, and high-performance composite structures. The company also has a number of commercial product lines. A disciplined acquisition program is diversifying the base of major platforms and customers. EDO is at the core of the transformation to a lighter, faster and smarter national defense capability. EDO (www.edocorp.com) was founded in 1925, and is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . The company expects 2003 revenues to exceed $460 million, and employs 2,800 people. Forward-Looking Statements Certain statements made in this release, including statements about future revenue, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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 and services, product mix, the timing of customer orders and deliveries, the impact of competitive products and services and pricing, and other risks discussed from time-to-time in the company's Securities and Exchange Commission 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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