E D O (NYSE:EDO)
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From Oct 2019 to Oct 2024
EDO Corporation (NYSE: EDO) has received a contract from
Lockheed Martin (NYSE: LMT) valued at $30 million for sonar equipment
on the new Spanish S-80A submarine's combat management system. This
initial award covers outboard sonar arrays on four
conventionally-powered submarines.
Lockheed Martin has been awarded a contract to work with Navantia
and other Spanish industrial leaders to develop the advanced combat
system for the Spanish Armada's S-80A submarines. The new combat
management system is based on a Spanish industry design with Lockheed
Martin collaborating on command-and-control equipment, weapons control
and the sonar system.
"We are extremely pleased to have been included on the Lockheed
Martin team for this important competition," said EDO Chief Executive
Officer James M. Smith. "This award puts the Lockheed Martin team in
an excellent position to compete for other international submarine
opportunities. We believe the new S-80A program will establish Spain
as a world leader in modern diesel-electric submarine technology.
"EDO has been a leading developer of advanced-technology sonar
systems for more than 50 years. The S-80A program will enable EDO to
continue to drive this technology for years to come."
EDO Corporation designs and manufactures a diverse range of
products for defense, intelligence, and commercial markets, and
provides related engineering and professional services.
Major product groups include: Defense Electronics, Communications,
Aircraft Armament Systems, 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 3,000 people and had revenues of
$536 million in 2004.
Forward-Looking Statements
Certain statements made in this release, including statements
about future sales, 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.