LABARGE WINS $4 MILLION CONTRACT FROM GENERAL DYNAMICS
LABARGE WINS $4 MILLION CONTRACT FROM GENERAL DYNAMICS ST. LOUIS, Jan. 7 /PRNewswire/ -- LaBarge, Inc. (AMEX: LB) announced
today that it has been awarded a long-term contract to produce electrical cable and harness assemblies for the Atlas II and Titan IV/Centaur launch vehicles, Craig E. LaBarge, chief executive officer and president announced today.
The contract was awarded by General Dynamics Space Systems Division of San Diego. The initial purchase releases under the contract are valued at $4 million. Options under the contract could add an additional $6 million if exercised over the next seven years. The assemblies will be produced at LaBarge's manufacturing facility in Berryville, Ark., beginning in the fourth quarter of 1992. The contract is expected to run through 1988, assuming the options are exercised. The contract reflects LaBarge's continuing shift toward a stronger balance between its commercial and military work, Craig LaBarge noted. The primary use of the Atlas II vehicle will be for launching communications satellites. It is capable of lifting payloads of 5,000 to 8,000 pounds. The Titan IV/Centaur is capable of placing 10,000 pound payloads into a stationary (geosynchronous) orbit, 22,300 miles above the Earth, or larger payloads -- more than 30,000 pounds -- into lower orbits. It provides the Air Force with a launch capability similar in payload size to that of the Space Shuttle. In both launch vehicles, the electrical cables and harnesses that LaBarge makes will support the onboard computer, the booster engines, the electrical systems and ground communications. "General Dynamics is one of our largest customers," LaBarge added. "We're extremely pleased to team with them again on this very important program." Based in St. Louis, LaBarge recently reported sales for fiscal 1991 of $73.4 million, up from 4 percent from 1990, and net income of $2.5 million, up 55 percent from 1990. For the first quarter of fiscal 1992, the company's most recent period, both sales and net income continued the upward climb with sales up 17 percent at $17.9 million and net income up 70 percent at $370,000, both compared to the prior year's first quarter. -0- 1/7/92 /CONTACT: LaBarge corporate communications, 314-231-5960/ (LB GD) CO: LaBarge Inc.; General Dynamics Space Systems Division ST: Missouri, California IN: ARO SU: CON SM-TS -- NY041 -- 7310 01/07/92 12:16 EST
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|Date:||Jan 7, 1992|
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