ST. LOUIS, Oct. 21 /PRNewswire-FirstCall/ -- LaBarge, Inc. (AMEX:LB) has received a $1.2 million contract from Bell Helicopter, a Textron (NYSE:TXT) company, to produce electronic subassemblies for the de-icing system of the V-22 Osprey, tiltrotor military aircraft. LaBarge anticipates follow-on orders.
The V-22 combines the speed and range of a fixed wing aircraft with the vertical flight performance of a helicopter. Capable of vertical and short take-offs and landings, the V-22 is a tiltrotor -- an aircraft with prop- rotors at the end of each wing that can be oriented vertically for vertical takeoffs and landings, horizontally for forward flight, and positions in between. The Osprey meets the joint mission requirements of the U.S. Marines, Navy, and Air Force Special Operations Command. In July 2005, the V-22 passed successfully the Operational Evaluation Phase conducted by the Marines. The V- 22 received approval for full rate production in September.
LaBarge will manufacture the central de-ice distributor and the blade de- ice distributor, both of which provide de-icing controls and lightning protection for the V-22. LaBarge expects to begin work on this contract at its Huntsville, Ark., facility in November 2005, and continue through April 2007.
"As we head toward full-rate production next year, we are pleased to play an expanded role in providing Bell with electronics manufacturing services that suit LaBarge's niche so perfectly," said Craig LaBarge, chief executive office and president.
Bell Helicopter Textron Inc., a subsidiary of Textron Inc., is a leading producer of commercial and military helicopters and the pioneer of the revolutionary tilt rotor aircraft. Globally recognized for customer service, innovation and superior quality, Bell's global workforce of over 8,000 employees serves customers flying Bell aircraft in over 120 countries. LaBarge, Inc. is a broad-based provider of electronics to technology-driven companies in diverse markets. The Company provides its customers with sophisticated electronic products through contract design and manufacturing services. Headquartered in St. Louis, LaBarge has operations in Arkansas, Missouri, Oklahoma, Pennsylvania and Texas. The Company's Web site may be accessed at http://www.labarge.com/ .
Statements contained in this release relating to LaBarge, Inc. that are not historical facts are forward-looking statements within the meaning of the federal securities laws. Matters subject to forward-looking statements are subject to known and unknown risks and uncertainties, including economic, competitive and other factors that may cause LaBarge or its industry's actual results, levels of activity, performance and achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Important factors that could cause LaBarge's actual results to differ materially from those projected in, or inferred by, forward-looking statements are (but are not necessarily limited to) the following: the impact of increasing competition or deterioration of economic conditions in LaBarge's markets; cutbacks in defense spending by the U.S. Government; loss of one or more large customers; LaBarge's ability to replace completed and expired contracts on a timely basis; the Company's ability to integrate recently acquired businesses; the outcome of litigation the Company may be party to; increases in the cost of raw materials, labor and other resources necessary to operate LaBarge's business; the availability, amount, type and cost of financing for LaBarge and any changes to that financing; and other factors summarized in our reports filed from time to time with the Securities and Exchange Commission. Given these uncertainties, undue reliance should not be placed on the forward-looking statements. Unless otherwise required by law, LaBarge disclaims any obligation to update any forward-looking statements or to publicly announce any revisions thereto to reflect future events or developments. DATASOURCE: LaBarge, Inc.
CONTACT: Colleen Clements of LaBarge, Inc., +1-314-997-0800, ext. 409, Web site: http://www.labarge.com/
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