Breeze-Eastern to Ring NYSE Opening Bell Thursday August 12
August 11 2010 - 3:08PM
Business Wire
Breeze-Eastern Corp. (NYSE Amex: BZC) announced that its
President and CEO Mike Harlan, joined by members of
Breeze-Eastern's Board of Directors and Leadership Team, will ring
the opening bell at the New York Stock Exchange on Thursday, August
12, 2010, to commemorate completion of the relocation of the
company's headquarters and operations to its new facility in
Whippany, NJ. After over 50 years in its Union, NJ facility, this
relocation is part of a revitalization of the company that
includes:
- New leadership: new CEO and CFO
in January, 2010
- Investment in world-class
facilities, systems, and processes
- Product innovation:
market-leading rescue hoists, cargo hooks, cargo winches, and other
high performance lifting and positioning equipment for U.S. and
international helicopter and military cargo aircraft manufacturers
and operators and other aerospace/defense customers
- Stronger customer focus and
innovative business models
Mr. Harlan explained "We take very seriously the responsibility
that comes with making the equipment that heroes use to save lives
every week; a prototype Breeze-Eastern rescue hoist was used in the
first at-sea helicopter rescue in 1945 and our rescue hoists are
used on thousands of search and rescue helicopters around the world
today. We are also honored that manufacturers of the newest
military cargo aircraft and other aerospace/defense platforms have
chosen Breeze-Eastern to provide mission-critical equipment. "
Mr. Harlan continued "We are glad to show that U.S.
manufacturing companies can still thrive even in relatively high
cost states like New Jersey. We continue to succeed through
innovation, safeguarding our proprietary intellectual property, and
focusing on specialty areas where we can offer our customers
superior value and service. We decided to stay in New Jersey
because of our dedicated employees and suppliers and their
specialized understanding of how we do what we do."
"Our earnings in recent quarters have been reduced by the
expenses of our relocation and by heavy new product development
spending, which we see as excellent investments in our future.
We're pleased that our move is completed and we're starting to get
the efficiency benefits of being in our new facility. The
engineering we're doing now for AgustaWestland, Airbus, Alenia,
Boeing, Sikorsky, Eurocopter, General Atomics, and other customers
will lead to hundreds of millions of dollars of revenue over the
next 30 plus years. And we're using Lean and better information
systems to streamline our manufacturing and business processes, so
that they are faster and more cost-effective. We're very focused on
doing an excellent job for our customers and increasing our
enterprise value."
Mr. Harlan concluded "We're proud to be listed on the most
important stock exchange in the world. The liquidity it creates and
the confidence that it gives our investors can't be matched
anywhere else. We value our partnership with the New York Stock
Exchange and appreciate their inviting us to celebrate our
milestone by ringing the opening bell today."
Breeze-Eastern Corporation (http://www.breeze-eastern.com) is
the world’s leading designer and manufacturer of high performance
lifting and pulling devices for helicopters, military cargo
aircraft, and other aerospace/defense platforms, including rescue
hoists, winches and cargo hooks, and weapons-lifting systems. The
Company, which employs approximately 170 people at its facilities
in Whippany, New Jersey, reported sales of $69.0 million for the
Fiscal year ended March 31, 2010.
INFORMATION ABOUT FORWARD-LOOKING
STATEMENTS
Certain statements in this press release constitute
“forward-looking statements” within the meaning of the Securities
Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended (the "Acts"). Any statements contained herein
that are not statements of historical fact are deemed to be
forward-looking statements.
The forward-looking statements in this press release are
based on current beliefs, estimates and assumptions concerning the
operations, future results, and prospects of the Company. As
actual operations and results may materially differ from those
assumed in forward-looking statements, there is no assurance that
forward-looking statements will prove to be accurate.
Forward-looking statements are subject to the safe harbors
created in the Acts.
Any number of factors could affect future operations and
results, including, without limitation, competition from other
companies; changes in applicable laws, rules, and regulations
affecting the Company in the locations in which it conducts its
business; interest rate trends; a decrease in the United States
government defense spending, changes in spending allocation or the
termination, postponement, or failure to fund one or more
significant contracts by the United States government or other
customers; determination by the Company to dispose of or acquire
additional assets; general industry and economic conditions; events
impacting the U.S. and world financial markets and economies; and
those specific risks that are discussed in the Company’s
previously-filed Annual Report on Form 10-K for the Fiscal year
ended March 31, 2009 and quarterly report on Form 10-Q for the
period ended December 27, 2009.
The Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information
or future events.
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