E D O (NYSE:EDO)
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EDO Corporation (NYSE: EDO) has acquired NexGen
Communications LLC, a privately-held company specializing in the
design and production of communications systems for a diverse set of
U.S. government organizations. NexGen is an engineering-driven company
focused on developing innovative, rapid-response solutions. The
transaction closed on December 20 and is the third acquisition
completed in 2005.
"This acquisition further strengthens our fast-growing position in
specialized communications products for the military and intelligence
communities," said EDO Chief Executive Officer James M. Smith.
"Earlier in 2005 we acquired EVI Technology LLC, which provides
similar products to these communities. With the synergies that are
developing as part of EDO Corporation, revenue from the now-combined
EVI and NexGen operations is expected to grow to approximately $45
million in 2006."
In addition to NexGen and EVI Technology, EDO in 2005 acquired
Fiber Innovations, Inc., a privately-held company based in Walpole,
Mass. The combined 2006 revenue of approximately $60 million expected
from these three acquisitions represents growth of approximately 20
percent from 2005 levels.
Fiber Innovations develops and manufactures composite structures
for aerospace, defense, and commercial customers. As a leader in the
specialty processes of braiding, resin transfer molding, and
vacuum-assisted resin transfer molding, it has perfected one of the
most practical and effective manufacturing methods available to the
composite industry today. This adds important complementary design and
manufacturing capabilities to EDO's integrated-composite-structures
business.
EDO Corporation designs and manufactures a diverse range of
products for the defense industry and commercial markets, and provides
related engineering and professional services.
Major product groups include: Defense Electronics, Communications,
Aircraft Armament, 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 2,800 people and had revenues of
$536 million in 2004. Financial results for fiscal 2005 are expected
to be released on February 23.
Forward-Looking Statements
Certain statements made in this release, including statements
about future revenue and revenue growth, 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.