EDO Receives Contract for P-8A Multi-mission Maritime AircraftU.S. Navy's P-8A Multi-mission Maritime Aircraft (Photo: Business
October 31 2005 - 10:49AM
Business Wire
EDO Corporation (NYSE: EDO) has been selected by the Boeing Company
(NYSE: BA) to design and develop pneumatic ejector bomb-rack units
for the U.S. Navy's new P-8A Multi-mission Maritime Aircraft.
Boeing is the prime contractor for the P-8A aircraft. EDO has
received a "letter" contract authorizing work to begin while the
final contract is being negotiated. It is expected that a
definitive, fixed-price contract will be executed by December for
an amount not to exceed $7.2 million. The initial contract will
include system design and development, qualification testing,
documentation, and training. It has options for additional system
design and development units. This award is in addition to the
previously announced $12.7 million contract for the P-8A
sonobuoy-launcher system that will be used on anti-submarine
missions. "The pneumatic ejector bomb rack gives EDO another
substantial, mission-critical role in the success of the P-8A MMA,"
said CEO James M. Smith. "Together with the sonobuoy launcher,
these two systems represent an opportunity for more than $200
million over the production anticipated for the U.S. Navy. This
success is a direct result of our industry-leading development of
pneumatic-release technology." The U.S. Navy plans to purchase 108
aircraft. Given the history of maritime patrol mission utilization,
foreign sales could increase that amount. EDO Corporation designs
and manufactures a diverse range of products for the defense
industry and commercial markets, and provides related engineering
and professional services. Major product groups include: Defense
Electronics, Communications, Aircraft Armament Systems, Undersea
Warfare, and Integrated Composite Structures. EDO's advanced
systems are 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. The company employs
2,800 people and had revenues of $536 million in 2004.
Forward-Looking Statements Certain statements made in this release,
including statements about future sales, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act 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, 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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