FOR IMMEDIATE RELEASE
60 East 42nd Street, Suite 5010,
New York, NY 10165, 212-716-2000
Company Contact:
William J. Frost
Vice President - Administration
(212) 716-2000
investor.relations@edocorp.com
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FOR IMMEDIATE RELEASE |
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Company Contact: |
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EDO CORPORATION
RECEIVES $11.9 MILLION F-22 CONTRACT
FROM LOCKHEED MARTIN
NEW YORK, NEW YORK - April 22, 2002 - EDO Corporation (NYSE:EDO)announced today the receipt of a $11.9 million contract for continued production of the AMRAAM Vertical Ejection Launcher ("AVEL") from Lockheed Martin Aeronautics Company. The AVEL allows the F-22 Raptor to carry and launch six of the AMRAAM air-to-air missiles from the aircraft's internal weapons bays.
EDO's Marine and Aircraft Systems unit in Amityville, N.Y, designed,
developed, tested and now manufactures the AVEL, which incorporates
a new generation of pneumatic based technology, offering lower
maintenance costs as compared to that of previous pyrotechnic
equipment.
"Weapons carriage and release systems are significant parts
of our core business," said James M. Smith, President and
Chief Executive Officer of EDO Corporation. "With the continued
production of the F-22 and the Joint Strike Fighter ("JSF")
development program award, EDO expects to retain its prominent
position as the world leader in aircraft weapon release equipment
for decades to come."
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, 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 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, 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 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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