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EDO RECEIVES $5.8 MILLION ORDER FOR SONAR
ON GUIDED MISSILE DESTROYERS
NEW YORK - January 7, 2005 - EDO Corporation (NYSE: EDO) has been awarded contract options worth $5.8 million by the Naval Sea Systems Command (NAVSEA) for additional production of SQS-53C sonar arrays for the Arleigh Burke Class of guided missile destroyer.
This latest order covers production of three shipsets of sonar arrays, bringing the total number of shipsets ordered under this contract to twelve. These arrays include piezoelectric ceramic rings incorporated into transducers, and associated array framework and cable assemblies. The transducers and other hardware are integrated by EDO into the cylindrical arrays that are mounted in the bow of the ships.
The SQS-53C sonar arrays are used to detect, classify, and locate threat submarines. In addition to supplying these arrays for U.S. Navy ships, EDO also provides them to NAVSEA for supply to allied navies under the foreign military sales program.
"We are the largest manufacturer of piezoelectric ceramic shapes in North America, and a major supplier of sonar transducers to the U.S. Navy," said James M. Smith, EDO's chief executive officer. "I am particularly pleased that the SQS-53C program was recognized last month by the Navy’s program manager for our on-time delivery and commitment to quality on this major sonar program. We are proud to be a leader in meeting the Navy's requirements for underwater defense, navigation and communication."
EDO Corporation provides sonar equipment for anti-submarine and mine warfare, as well as underwater navigation and communication sonar for surface ships and submarines. Platforms equipped with EDO transducers and arrays include the Los Angeles, Ohio, and Virginia class submarines, and all surface combatants and auxiliaries.
Other business areas include a diverse range of products for the defense industry and commercial markets, and related engineering and professional services. Major product groups include: Aircraft Armament, Defense Electronics, Communications, Undersea Warfare, and Integrated Structures. EDO’s advanced systems are at the core of the transformation to lighter, faster, and smarter defense capabilities.
EDO was founded in 1925 and is headquartered in New York City. The company had revenues in 2003 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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