Ceradyne, Inc. Receives $56.6 Million ESAPI Body Armor Order
03 March 2011 - 11:30PM
Marketwired
Ceradyne, Inc. (NASDAQ: CRDN) announced that it has received a
delivery order for approximately $56.6 million for ESAPI (Enhanced
Small Arms Protective Insert) ceramic body armor plates. Ceradyne
will begin shipping this ESAPI production release in the second
quarter this year with full shipment expected to be completed late
in the third quarter 2011.
The release was issued under the $2.37 billion ID/IQ (Indefinite
Delivery/Indefinite Quantity) contract originally issued in October
2008 and scheduled to expire in September 2013. There is a balance
of approximately $2.1 billion remaining on the ID/IQ contract.
Ceradyne's practice is to only book firm delivery orders such as
the above $56.6 million as backlog for scheduled delivery.
David P. Reed, Ceradyne President, North American Operations,
commented: "We are extremely pleased to have been awarded this
ESAPI contract. We anticipate meeting the government's quality and
delivery requirements with this delivery order shipped complete in
Q3 2011."
About Ceradyne, Inc. Ceradyne develops, manufactures, and
markets advanced technical ceramic products and components for
defense, industrial, energy, automotive/diesel, and commercial
applications. In many high performance applications, products made
of advanced technical ceramics meet specifications that similar
products made of metals, plastics or traditional ceramics cannot
achieve. Advanced technical ceramics can withstand extremely high
temperatures, combine hardness with light weight, are highly
resistant to corrosion and wear, and often have excellent
electrical capabilities, special electronic properties and low
friction characteristics. Additional information about the Company
can be found at http://www.ceradyne.com.
Forward-Looking Statements Except for the historical information
contained herein, this press release contains forward-looking
statements regarding future events and the future performance of
Ceradyne that involve risks and uncertainties that could cause
actual results to differ materially from those projected. Words
such as "anticipates," "believes," "plans," "expects," "intends,"
"future," and similar expressions are intended to identify
forward-looking statements. These risks and uncertainties are
described in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2010 and its Quarterly Reports on
Form 10-Q as filed with the U.S. Securities and Exchange
Commission.
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