EDO to Produce More Warlock Jammers for Rapid Deployment to Middle East.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 29, 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 been awarded a Letter Contract by the U.S. Army Communications-Electronics Command (CECOM CECOM Communications Electronics Command (US Army) CECOM National Center for Communications of the Civil Protection Agency ) for electronic force-protection equipment. The value of this fast-track contract is up to $35 million, with final details to be negotiated in early 2004. This equipment, known as "Warlock", has been effective in countering the threat of improvised explosive devices Noun 1. improvised explosive device - an explosive device that is improvised I.E.D., IED explosive device - device that bursts with sudden violence from internal energy , such as those being used by terrorists in Iraq and Afghanistan. The Warlock devices are modified versions of EDO's battle-proven "Shortstop" electronic protection system. Funding for Warlock has been included in the supplemental budgets enacted by Congress to fund U.S. operations in Iraq. The Army and EDO have been working on a fast-track procurement effort since November to increase and accelerate the production of Warlock units. Under this contract, the Army has ordered EDO to deliver more than 1,000 additional Warlock units in two versions. Warlock Red is a low-cost jammer to counter specific threats that have been emerging in increasing numbers. Warlock Green is a more capable jammer used to address more sophisticated threat systems. EDO expects most of the units ordered under this contract to be delivered in 2004. "Our original work on this technology began in 1990 in response to anticipated threats to U.S. troops in Operation Desert Storm Noun 1. Operation Desert Storm - the United States and its allies defeated Iraq in a ground war that lasted 100 hours (1991) Gulf War, Persian Gulf War - a war fought between Iraq and a coalition led by the United States that freed Kuwait from Iraqi invaders; ," said James M. Smith, EDO's chief executive officer. "We have been delivering Shortstop units since 1998 in various configurations, and continue to receive funding for improvements to the technology. The recognized ability to save lives is driving the urgency to field our new Warlock configurations and to advance this technology even further." 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 U.S., U.K., and other 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 bomber, 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 lighter, faster, and smarter defense capabilities. 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 had revenues last year of $329 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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