E D O (NYSE:EDO)
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On December 10, the Department of Defense announced that EDO Corporation
(NYSE: EDO) has received orders for 1,136 additional “CREW
2.1” vehicle-mounted electronic jammers, to be
delivered by April, 2008. This fixed-price award of $86.5 million is for
the EDO model known as the CVRJ (CREW Vehicle Receiver/Jammer) system.
In making this award, the Naval Sea Systems Command and the Program
Executive Office for Littoral and Mine Warfare exercised options
included in the original contract competitively awarded to EDO on April
6. That contract includes options for up to 10,000 units, of which 8,736
have now been exercised. On September 7, the Department of Defense
announced their intention to award an additional contract with options
for up to 15,000 CVRJ units. If awarded, this would bring the potential
CVRJ units to 25,000.
In addition, on April 13 EDO received a contract for up to 10,000 units
of its MMBJ (Mobile Multi-Band Jammer) version, of which 1,100 have been
ordered to date.
On November 5, in connection with the pending merger of EDO with ITT
Corporation (NYSE: ITT), EDO filed proxy materials containing financial
projections through the year 2011. These projections included the
estimated revenue for all 35,000 possible units described above.
However, no guarantee can be made that the DoD will order all 35,000
units.
EDO Corporation (www.edocorp.com)
designs and manufactures a diverse range of products for defense,
intelligence, and commercial markets. Major product groups include:
Professional and Engineering Services, 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.
With headquarters in New York, EDO Corporation (www.edocorp.com)
employs 4,000 people worldwide. The company was founded in 1925 and had
revenues of $715 million in 2006. On September 17, EDO announced that it
has reached an agreement to be acquired by ITT Corporation.
Disclaimer
This communication is being made in respect of the proposed merger
involving EDO and ITT Corporation. In connection with the
proposed merger, EDO filed a definitive proxy statement with the U.S.
Securities and Exchange Commission (the “SEC”),
a copy of which was mailed to the shareholders of EDO. Before
making any voting decision, EDO’S SHAREHOLDERS
ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS
FILED BY EDO WITH THE SEC REGARDING THE MERGER CAREFULLY AND IN THEIR
ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
MERGER. EDO’s shareholders may obtain,
without charge, a copy of the proxy statement and other relevant
documents filed with the SEC from the SEC’s
website at www.sec.gov. EDO’s
shareholders may obtain, without charge, a copy of the proxy statement
and other relevant documents by directing a request by mail or telephone
to EDO Corporation, 60 East 42nd Street, 42nd Floor, New York, NY 10165,
telephone: 212-716-2000, or from EDO’s
website, www.edocorp.com.
EDO and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from EDO’s
shareholders with respect to the proposed merger. Information
regarding EDO’s directors and executive
officers and their ownership of EDO common stock is set forth in EDO’s
annual report on Form 10-K for the fiscal year ended December 31, 2006,
which was filed on March 8, 2007, and EDO’s
proxy statement for EDO’s 2007 Annual Meeting
of Shareholders, which was filed on April 30, 2007. Other
information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings
or otherwise, in the proposed merger is contained in the definitive
proxy statement and other relevant documents filed with the SEC
regarding the proposed merger.