Astronics' Awarded $17 Million in Multiple Commercial Airline Orders
April 16 2007 - 7:00AM
Business Wire
Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high
performance lighting, electronics and electrical power systems for
the global aerospace industry, announced today that they were
awarded approximately $17 million in orders and options from
multiple worldwide commercial airlines for its EMPOWER� In-Seat
Power Supply System (ISPS). U.S. Commercial Airline Orders Three
U.S. commercial airline orders and options valued at over $6
million were won for installation of Astronics� ISPS on a combined
total of over 190 narrow and wide-body aircraft. The first contract
involves the installation of the ISPS to power passenger laptops on
a fleet of over 150 Boeing 737 aircraft installed in the first and
business class sections. Deliveries will begin during the first
quarter of 2007 and continue through the fourth quarter of 2009.
The other two contracts are for installation of the ISPS on Boeing
757 and 767 aircraft for two commercial airlines to power passenger
laptops and airline supplied portable in-flight entertainment
devices. One contract calls for 160 of the units to be delivered by
the fourth quarter of 2007, and the other for 132 units delivered
by the third quarter of 2008. Mark Peabody, Executive Vice
President of Astronics Advanced Electronic Systems, commented, �We
are beginning to see an upswing in domestic orders for our ISPS
products as U.S. airlines begin to follow the international
airlines� trend to upgrade their passengers� in-flight experience.
Our innovative, technologically advanced system is our competitive
advantage to win the opportunities that are available in this
strong market.� Asian Commercial Airline Contract Astronics was
awarded a $9 million order from an Asian commercial airline for its
accessories and components, including power outlets, electrical
cables and advanced master control units, to be installed as a
retrofit for the airlines� existing aircraft, as well as for its
new wide-body aircraft. Deliveries will begin mid-year 2007 and are
expected to continue over the ensuing 24-month period. Peter
Gundermann, President and Chief Executive Officer of Astronics
Corporation, commented, �An order of this magnitude is a big win
for our Company. We worked hard over an extended period of time to
win this order from this particular customer. In the end, our
commitment to providing quality products and our ability to meet
the customers� production schedules gave us the competitive edge we
needed. From a broad perspective, the airlines throughout Asia
continue to invest in upgrading and expanding their fleets. We
expect opportunities from this sector to continue over the next few
years.� Middle Eastern Airline Order A Middle Eastern commercial
airline awarded Astronics a contract and options valued at
approximately $2 million for its ISPS for installation in the first
and business class sections of more than 20 Boeing 777s with
deliveries beginning in the second quarter of 2007 through the
second quarter of 2010. Mr. Peabody continued, �We won these large
contracts recently because of our innovation, responsiveness, and
experience in aircraft cabin power systems. Globally, commercial
airlines are upgrading their aircraft and adding to their fleet
size. Our products and service enable us to capitalize on the
prospects available from positive trends in the airline industry.�
ABOUT ASTRONICS CORPORATION Astronics Corporation is a trusted
leader in innovative, high performance lighting, electrical
generation, control and distribution systems for the global
aerospace industry. Its strategy is to expand the value and content
it provides to various aircraft platforms through product
development and acquisition. Astronics Corporation, and its
wholly-owned subsidiaries Astronics Advanced Electronic Systems and
Luminescent Systems Inc., have a reputation for high quality
designs, exceptional responsiveness, strong brand recognition and
best-in-class manufacturing practices. For more information on
Astronics and its products, visit its website at www.Astronics.com.
Safe Harbor Statement This press release contains forward-looking
statements as defined by the Securities Exchange Act of 1934. One
can identify these forward-looking statements by the use of the
words �expect,� �anticipate,� �plan,� �may,� �will,� �estimate� or
other similar expression. Because such statements apply to future
events, they are subject to risks and uncertainties that could
cause the actual results to differ materially from those
contemplated by the statements. Important factors that could cause
actual results to differ materially include the Company�s ability
to successfully execute the contract, that the production contracts
will be awarded to Astronics, that the contracts will continue
through the expected period of execution, the trends in the
commercial airline industry, the state of the aerospace industry
overall and other factors which are described in filings by
Astronics with the Securities and Exchange Commission. The Company
assumes no obligation to update forward-looking information in this
press release whether to reflect changed assumptions, the
occurrence of unanticipated events or changes in future operating
results, financial conditions or prospects, or otherwise.
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