E D O (NYSE:EDO)
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EDO Corporation (NYSE: EDO) has received a long-term
support contract from the United Kingdom Ministry of Defence. Under
the terms of the contract, EDO will provide technical support, repair,
and procurement services for all Royal Air Force and Royal Navy
aircraft stores carriage-and-release systems and associated ancillary
equipment.
The rapid support-supply contract, known as Pillar 3, is valued
between $20 and $30 million over the next five years.
"This is EDO's first major service-related contract in the U.K.
and represents a significant growth area with future expansion
opportunity," said James M. Smith, EDO's chief executive officer.
"This is an example of how we are combining our depth of engineering
capability, product knowledge, and robust management systems to offer
related professional services and to ensure future military mission
readiness."
EDO will work directly with the Air Launched Munitions Integrated
Project Team. The project team oversees in-service logistics support
that is needed to meet the operational and airworthiness requirements
for all in-service air-launched munitions and associated equipment
within the military services.
EDO is the market leader in sophisticated aircraft-armament
carriage-and-release systems. For decades, EDO has provided such
equipment for the world's dominant jet fighters, and is currently
developing systems for future aircraft, including the F-35 Joint
Strike Fighter, as well as unmanned aircraft.
EDO designs and manufactures a diverse range of products for
defense, intelligence, and commercial markets. Major product groups
include: Defense Electronics, Communications, Aircraft Armament
Systems, Undersea Warfare, Integrated Composite Structures, and
Professional and Engineering Services.
With headquarters in New York, EDO (www.edocorp.com) employs 3,000
people worldwide. The company was founded in 1925 and had revenues of
$648 million in 2005.
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.