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FOR IMMEDIATE RELEASE |
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Company Contact: |
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EDO CORPORATION
AWARDED U.S. NAVY CONTRACT VALUED
UP TO $58 MILLION FOR SONAR TRANSDUCER ARRAY
NEW YORK, NEW YORK - April 5, 2002 - EDO Corporation (NYSE:EDO) announced today that it has been awarded a contract to provide AN/SQS-53 C sonar arrays to the Naval Sea Systems Command ("NAVSEA") for use on U.S. Navy warships, including the Arleigh Burke Class guided missile destroyers. EDO's initial contract is approximately $6.3 million. If all options in the contract are exercised at the maximum quantity and amount, the total value of the contract would increase to approximately $58 million.
The SQS-53C sonar array is part of the AN/SQQ-89 undersea warfare combat system. EDO will provide the complete sonar array including piezoelectric ceramic materials, transducers, array frames and associated cable assemblies. EDO's high-power transducers form the key active sensor used to detect, classify and localize underwater threats to U.S. naval forces.
EDO Electro-Ceramic Products,
Salt Lake City, UT will perform the work under the contract. Initial
deliveries are scheduled into 2005. If all options are exercised,
deliveries will extend to approximately 2010.
"This award by NAVSEA,
one of our longest and most valued customers, is particularly
rewarding because it reaffirms our extensive heritage and capabilities
in designing, manufacturing and supporting sonar transducers and
arrays for the U.S. Navy," said James M. Smith, President
and Chief Executive Officer of EDO Corporation. "This contract
represents continued expansion of our position in supplying quality,
high-performance sensors and sensor systems for use in our nation's
defense."
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, aircraft weapons storage and release systems, airborne
mine countermeasure systems, and integrated combat systems and
sonar systems and professional, operational, technical and information
technology services. EDO's Space and Communication Segment addresses
the needs of the remote sensing, communication, navigation, and
electronic warfare industries with ultra-miniature electronics
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.
Forward-Looking Statement
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.
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