Astronics Announces $8 Million Multi-Year M1A2 Abrams Tank Order
July 31 2008 - 2:00PM
Business Wire
Astronics Corporation (NASDAQ: ATRO), a trusted leader in
innovative, high performance lighting, electrical generation,
control and distribution systems for the global aerospace industry,
announced that it received orders valued at approximately $8
million from General Dynamics (NYSE: GD) Land Systems for control
panels for the M1A2 Abrams Tank, a heavily-armored, highly-mobile
ground combat tank. Of the $8 million in orders, $1.3 million and
$4.0 million were booked in the first and second quarter of 2008,
respectively, while the remaining $2.7 million will be booked in
the current third quarter. Delivery of the product is expected to
continue through early 2013. Astronics was awarded the initial M1A2
Abrams development contract in 2003. The ruggedized control panels
were developed as part of the M1A2 Continuous Electronics
Enhancement Program to incorporate advanced digital systems to
improve the warfare capabilities of the crew and ensure
compatibility with the Army�s future combat systems� standards.
Deliveries should be relatively consistent through the 5-year
period with an initial surge in orders in 2008. The order includes
an option to increase order quantities if required. 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 Corp. 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 state of the
aerospace industry, the market acceptance of newly developed
products, internal production capabilities, the timing of orders
received, the status of customer certification processes, the
demand for and market acceptance of new or existing aircraft which
contain the Company�s products, customer preferences, 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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