E D O (NYSE:EDO)
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EDO Corporation (NYSE: EDO) has been awarded a contract
from General Atomics Aeronautical Systems, Inc. (GA-ASI) to develop a
weapon carriage and release system for the MQ-9 Predator B unmanned
aircraft system (UAS). The initial system design and development
contract is valued at $1.4 million.
GA-ASI is the prime contractor for the successful Predator UAS.
The MQ-1 Predator has been operational since 1995 and has flown
thousands of missions in support of NATO, UN and US operations. In
2005, GA-ASI received a contract from the USAF to acquire the MQ-9
"Hunter-Killer" version of the aircraft. The MQ-9 is the next
generation of the Predator, whose military role is expected to expand
considerably over the next few years.
"The Predator UAS Series is clearly an important focus of future
defense capabilities," said James M. Smith, EDO's chief executive
officer. "We are very pleased to be working with General Atomics
Aeronautical Systems to solve the engineering challenges needed to
provide improved weapons carriage and release capabilities for
Predator B. We believe that the Predator is one of the most promising
and proven UAS platforms."
The current planned total production of the MQ-9 Predator B is
well over 100 aircraft. The MQ-9 has significantly higher performance
than the original Predator. It has an operational ceiling of 50,000
feet, a maximum internal payload of 800 pounds, and an external
payload of 3,000 pounds.
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 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.