EDO Receives $30 Million Submarine Contract
02 February 2006 - 12:47AM
Business Wire
EDO Corporation (NYSE: EDO) has received a contract from Lockheed
Martin (NYSE: LMT) valued at $30 million for sonar equipment on the
new Spanish S-80A submarine's combat management system. This
initial award covers outboard sonar arrays on four
conventionally-powered submarines. Lockheed Martin has been awarded
a contract to work with Navantia and other Spanish industrial
leaders to develop the advanced combat system for the Spanish
Armada's S-80A submarines. The new combat management system is
based on a Spanish industry design with Lockheed Martin
collaborating on command-and-control equipment, weapons control and
the sonar system. "We are extremely pleased to have been included
on the Lockheed Martin team for this important competition," said
EDO Chief Executive Officer James M. Smith. "This award puts the
Lockheed Martin team in an excellent position to compete for other
international submarine opportunities. We believe the new S-80A
program will establish Spain as a world leader in modern
diesel-electric submarine technology. "EDO has been a leading
developer of advanced-technology sonar systems for more than 50
years. The S-80A program will enable EDO to continue to drive this
technology for years to come." EDO Corporation designs and
manufactures a diverse range of products for defense, intelligence,
and commercial markets, and provides related engineering and
professional services. Major product groups include: Defense
Electronics, Communications, Aircraft Armament Systems, Undersea
Warfare, and Integrated Composite Structures. EDO's advanced
systems are at the core of the transformation to lighter, faster,
and smarter defense capabilities. EDO (www.edocorp.com) was founded
in 1925 and is headquartered in New York City. The company employs
3,000 people and had revenues of $536 million in 2004.
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.
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