Astronics Awarded $36.4 Million Contract From U.S. Navy
EAST AURORA, N.Y., April 6, 2015 (GLOBE NEWSWIRE) -- 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: firstname.lastname@example.org Investor Relations: Deborah K. Pawlowski, Kei Advisors LLC Phone: (716) 843-3908 Email: email@example.com
Released April 6, 2015