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EDO WINS ROLE IN COAST GUARD'S DEEPWATER PROJECT
NEW YORK - July 13, 2004 - EDO Corporation (NYSE: EDO) has been awarded a subcontract from L-3 Communications Systems (NYSE: LLL) to provide the Radio Frequency Distribution System (RFDS) for the early phases of the U.S. Coast Guard’s Integrated Deepwater System. The initial contract is valued at $3.6 million, with a potential value of approximately $70 million over the 20-year life of the project.
EDO will equip up to 90 Coast Guard vessels with an RFDS which will enable interference-free transmission among the various communications systems aboard each ship. Key enabling technology for the RFDS is EDO’s Cosite Interference Mitigation Subsystem (CIMS). CIMS primarily involves canceling interference from other radio signals in adjacent channels.
"Providing the complete RF distribution system is a major step forward for EDO," said James M. Smith, EDO’s chief executive officer. "We have been a leader in interference-mitigation technology for decades. This contract represents our first major opportunity to engineer and supply the fully integrated system, rather than only the CIMS subsystem. In addition, CIMS is an enabling technology on the Coast Guard’s related Rescue 21 program, as well as other Homeland Security systems."
The Coast Guard classifies the regions in which it operates into three areas: inland, coastal and deepwater, each requiring ships and aircraft with different capabilities. The deepwater ships and aircraft are called upon to perform a wide range of demanding missions in the most severe environments, from Artic to tropical climates.
The Integrated Deepwater System is a multi-year project to modernize the aging ships, aircraft, command and control, and logistics systems. The L-3 Communications Systems - East division has been selected as a major communication-system subcontractor for the Deepwater project supporting Integrated Coast Guard Systems (ICGS), a joint venture of Lockheed Martin (NYSE: LMT) and Northrop Grumman (NYSE: NOC). In June 2002, the U. S. Coast Guard awarded the Deepwater contract to ICGS.
Deepwater is the largest and most innovative acquisition program in the Coast Guard's history. More than just new ships and aircraft, it is an integrated, performance-based approach to upgrading existing assets while transitioning to newer, more capable platforms, with improved systems for C4ISR (Command, Control, Communications and Computers, Intelligence, Surveillance, Reconnaissance). EDO’s RFDS will facilitate the transition to such C4ISR architectures and provide full interoperability with the U.S. Navy, other military services, NATO allies, and federal, state, and local agencies. This will significantly improve the ability to detect, identify and respond appropriately to all activities in the maritime arena, as well as to intercept and engage those activities that pose a direct challenge to the U.S.
L-3 Communications and EDO are pursuing additional applications of interference-mitigation technology for Homeland Defense, maritime and aircraft projects.
EDO Corporation provides military and commercial products and professional services, with core competencies in a wide range of critical defense areas, including:
EDO (www.edocorp.com) was founded in 1925, and is headquartered in New York City. The company had revenues last year of $461 million, and employs 2,700 people.
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.
Contact:
William A. Walkowiak, CFA
Director of Investor Relations
(212) 716-2038
ir@edocorp.com
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