KVH Industries (NASDAQ:KVHI)
Historical Stock Chart
From Sep 2019 to Sep 2024
KVH TG-6000 Inertial Measurement Unit Selected by Raytheon for
U.S. Navy MK54 Torpedo
With Options, Contract has Potential Value of $15.8 Million Over
Four Years
In a major milestone for the company, KVH Industries, Inc.,
(Nasdaq: KVHI) today announced that it has received a $3.2 million
production order for its fiber optic gyro (FOG)-based TG-6000
precision inertial measurement unit (IMU). The order was placed by
Raytheon Integrated Defense Systems (NYSE: RTN), which selected the
TG-6000 IMU following extensive engineering and performance testing
during 2004 and 2005. The TG-6000 will serve as a key component within
the guidance system of the U.S. Navy's next-generation MK54
lightweight torpedoes. Delivery of the TG-6000 IMUs ordered during
this initial contract will begin later in 2005 and continue through
2007. If three follow-on options are exercised, the total order is
potentially valued at more than $15.8 million between 2005 and 2009.
"The TG-6000 IMU is the most technically advanced guidance product
that KVH has ever created and to have it selected for use in the MK54
torpedo is extraordinarily gratifying," remarked Martin Kits van
Heyningen, KVH's president and chief executive officer. "Raytheon's
selection of the TG-6000 IMU after a series of grueling qualification
tests is a major validation of our strategic decision to apply our
fiber optic technology for use in high-performance, integrated systems
for smart munitions and other applications. This opportunity could
also yield additional sales in the future to foreign navies. With the
TG-6000 IMU, we are now able to offer a fully integrated precision
navigation unit with potential applications throughout the military
and commercial marketplaces."
The KVH TG-6000 IMU measures rate and acceleration precisely in
three dimensions, critical for the navigation of a torpedo or other
smart munitions. The IMU employs a three-axis configuration of KVH's
FOGs, which offer an all-fiber design and patented Digital Signal
Processing (DSP) for high reliability, superior accuracy and
performance, and exceptional vibration, shock, and acceleration
survivability. In addition to the FOGs, the TG-6000 includes three
accelerometers. Together, the integrated IMU provides outstanding
performance, high reliability, low maintenance, and easy system
integration ideal for use in a wide range of applications, including
manned vehicle navigation and guidance systems for autonomous aerial
and underwater vehicles. The TG-6000 is also an outstanding sensor
suite for the most demanding stabilization and pointing applications.
The MK54 lightweight torpedo is the next-generation Anti-Submarine
Warfare (ASW) weapon. It is deployed from surface ships, helicopters,
and fixed-wing aircraft to track, classify, and attack underwater
targets. It is intended as the replacement for the U.S. Navy's
existing MK46 torpedo, which has been in use since 1969 and is
currently fielded by all U.S. Navy surface and air ASW platforms as
well as being in the inventory of 25 foreign navies. In 2004, Raytheon
Integrated Defense Systems was awarded a sole source contract from the
U.S. Navy for the MK54 torpedo.
Note to editors - High-resolution photos of the KVH TG-6000 IMU
and a representative torpedo are available at
http://www.kvh.com/mediasupport.
For complete details on KVH's complete line of fiber optic gyro
products, please visit http://www.fiberopticgyro.com.
About Raytheon Integrated Defense Systems
Based in Tewksbury, MA, Integrated Defense Systems is Raytheon's
leader in mission systems integration. With a strong international and
domestic customer base, including the U.S. Missile Defense Agency and
the U.S. Armed Forces, Integrated Defense Systems provides integrated
air and missile defense and naval and maritime warfighting solutions.
About KVH Industries, Inc.
KVH Industries, Inc., designs and manufactures products that
enable mobile communication, navigation, and precision pointing
through the use of its proprietary mobile satellite antenna and fiber
optic technologies. The company is developing next-generation systems
with greater precision, durability, and versatility for
communications, navigation, and industrial applications. An ISO
9001-certified company, KVH has headquarters in Middletown, Rhode
Island, with a fiber optic and military navigation product
manufacturing facility in Tinley Park, Illinois, and a European sales,
marketing, and support office in Kokkedal, Denmark.
This release may contain certain forward-looking statements that
involve risks and uncertainties. Forward-looking statements include,
for example, the functionality, characteristics, quality and
performance of KVH's products and technology; anticipated innovation
and product development; and customer preferences, requirements and
expectations. The actual results could differ. Factors that may cause
such differences include, among others, fluctuations in military
procurement schedules, changes in modernization plans for military
equipment, and changing operational priorities as well as those
factors discussed in KVH's most recent quarterly report on Form 10-Q
filed with the SEC on August 9, 2005. KVH assumes no obligation to
update its forward-looking statements to reflect new information or
developments.