Astronics Awarded $36.4 Million Contract From U.S. Navy
April 06 2015 - 6:55AM
Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced
technologies for the global aerospace, defense, consumer
electronics and semiconductor industries, announced today that
Astronics Test Systems (ATS) has won a major follow-on 5-year
production contract with a period of performance through 2020.
The U.S. Navy has awarded Astronics ATS a firm-fixed price $36.4
million indefinite delivery/indefinite quantity contract to
manufacture, test and deliver the Radio Frequency Distribution and
Control System (RFDACS) and associated spare parts for its fleet of
submarines. RFDACS is a major subsystem within the common submarine
radio room that provides a means of routing signals and information
between the various antenna systems and other submarine
communication subsystems.
Peter J. Gundermann, "The RFDACS is deployed on all active
Virginia Class and Los Angeles Class submarines and designated for
all future Virginia Class submarines. This follow-on production
award is a testament to the quality and reliability of the complex
RF Subsystem we delivered to the U.S. Navy. We are pleased to have
been selected again to support the men and women of our Naval
Forces in meeting their mission."
ATS has been providing RFDACS and associated spare parts to the
U.S. Navy for over ten years and this award will extend the
manufacture of production systems and spares for an additional 5
years. Currently, Astronics has approximately $4 million in backlog
from its previous contract, which it expects to ship in 2015.
ABOUT ASTRONICS CORPORATION
Astronics Corporation (Nasdaq:ATRO) is a leading supplier of
products and technology to the aerospace, defense, consumer
electronics and semiconductor industries. Our products
include advanced, high-performance electrical power generation and
distribution systems, lighting and safety systems, avionics
products, aircraft structures and automatic test and simulation
systems. Astronics' strategy is to increase its value by
developing technologies and capabilities, either internally or
through acquisition, and using those capabilities to provide
innovative solutions to our targeted markets and other markets
where our technology can be beneficial. Astronics Corporation,
through its wholly-owned subsidiaries, has a reputation for
high-quality designs, exceptional responsiveness, strong brand
recognition and best-in-class manufacturing practices. The
Company routinely posts news and other important information on its
website at www.astronics.com.
For more information
on Astronics and its products, visit its website at:
www.Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined
by the Securities Exchange Act of 1934. One can identify these
forward-looking statements by the use of the words "expect,"
"anticipate," "plan," "may," "will," "estimate" or other similar
expressions. Because such statements apply to future events,
they are subject to risks and uncertainties that could cause actual
results to differ materially from those contemplated by the
statements. Important factors that could cause actual results
to differ materially include the capabilities of the acquired
company, achieving expected revenue levels, successfully leveraging
complementary capabilities in the Test Systems segment, the state
of the aerospace and defense industries, the market acceptance of
newly developed products, internal production capabilities, the
timing of orders received, the status of customer certification
processes, the demand for and market acceptance of new or existing
aircraft which contain the Company's products, customer
preferences, and other factors which are described in filings by
Astronics with the Securities and Exchange Commission. The Company
assumes no obligation to update forward-looking information in this
news release whether to reflect changed assumptions, the occurrence
of unanticipated events or changes in future operating results,
financial conditions or prospects, or otherwise.
CONTACT: Company:
David C. Burney, Chief Financial Officer
Phone: (716) 805-1599, ext. 159
Email: david.burney@astronics.com
Investor Relations:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Apr 2023 to Apr 2024