Astronics Wins U.S. Air Force Contract for Airfield Lighting
Maximum total value of the five-year contract is $7.4 million
EAST AURORA, N.Y.--(BUSINESS WIRE)-- Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high-performance lighting, electrical power and automated test systems for the global aerospace and defense industries, today announced that its wholly owned subsidiary, Astronics DME Corporation, was awarded an Indefinite Delivery/Indefinite Quantity (ID/IQ) contract to provide LED airfield lighting for the U.S. Air Force, with a maximum value of $7.4 million. The five-year contract will replace taxiway lighting fixtures at Air Force bases in the continental U.S., Alaska, and Hawaii.
The Air Force intends to release specific delivery orders under the ID/IQ contract over the course of the contract. An initial release for 600 fixtures, with a value of $72,000, was awarded to Astronics DME, with work to begin immediately.
“This LED lighting technology provides the Air Force with a product that offers energy savings and lowers life-cycle costs, and this contract is a great win for us,” noted Peter Gundermann, President and CEO of Astronics Corporation.
“We believe we are well positioned to compete successfully for future orders under this contract,” added Mr. Gundermann. “We also expect that other airfield lighting, specifically runways, will eventually move to LED technology – and that represents an even larger opportunity for us.”
Through its DME subsidiary, Astronics is a premiere global supplier of airfield lighting products with decades of experience designing and manufacturing navigational lighting aids and airfield lighting products. In addition to its manufacturing capabilities, Astronics also specializes in providing design-build NavAids lighting solutions to simplify lighting installation projects and provide seamless airfield upgrades for its clients.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a leader in advanced, high-performance lighting, electrical power and automated test systems for the global aerospace and defense industries. The Company’s strategy is to develop and maintain positions of technical leadership in its chosen aerospace and defense markets, to leverage those positions to grow the amount of content and volume of product it sells to those markets and to selectively acquire businesses with similar technical capabilities that could benefit from our leadership position and strategic direction. Astronics Corporation, and its wholly-owned subsidiaries, DME Corporation, Astronics Advanced Electronic Systems Corp. and Luminescent Systems Inc., have 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 expression. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially include the state of the aerospace industry, 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.
David C. Burney, 716-805-1599, ext. 159
Chief Financial Officer
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
Source: Astronics Corporation
Released August 25, 2011