|
FOR IMMEDIATE RELEASE |
|
|
|
|
|
Company Contact: |
|
EDO CORPORATION
AWARDED PROFESSIONAL SERVICES CONTRACT
VALUED UP TO $13.5 MILLION
NEW YORK, NEW YORK - April 10, 2002 - EDO Corporation (NYSE:EDO) announced today that it has been awarded a task order to provide a broad range of program management professional support services to the Naval Sea Systems Command through a subcontract to Anteon Corporation. The task order has an initial value of $1.6 million. Annual options for four years plus an award term of up to five additional years raise the potential total value to approximately $13.5 million.
EDO's Professional Services Division, recently formed through
the integration of the company's Falls Church, VA, based Technology
Services and Analysis Division with recently acquired Dynamic
Systems, Inc. of Alexandria, VA, will perform the work. This contract
will provide the U.S. Navy Undersea Weapons Program Office with
program management, engineering, analytical, logistical and information
technology support.
"This award continues our support of the Undersea Weapons
Program Office by EDO Professional Services, which extends over
two decades," said James M. Smith, President and Chief Executive
officer of EDO Corporation. "It also ratifies our strategy
to diversify and expand our traditional core equipment business
into the large and rapidly expanding services segment of the federal
marketplace."
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.
#2954