Astronics' Awarded $17 Million in Multiple Commercial Airline Orders
Contracts received from commercial airlines in the U.S., Asia and Middle East
EAST AURORA, N.Y.--(BUSINESS WIRE)--
Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high performance lighting, electronics and electrical power systems for the global aerospace industry, announced today that they were awarded approximately $17 million in orders and options from multiple worldwide commercial airlines for its EMPOWER(R) In-Seat Power Supply System (ISPS).
U.S. Commercial Airline Orders
Three U.S. commercial airline orders and options valued at over $6 million were won for installation of Astronics' ISPS on a combined total of over 190 narrow and wide-body aircraft. The first contract involves the installation of the ISPS to power passenger laptops on a fleet of over 150 Boeing 737 aircraft installed in the first and business class sections. Deliveries will begin during the first quarter of 2007 and continue through the fourth quarter of 2009.
The other two contracts are for installation of the ISPS on Boeing 757 and 767 aircraft for two commercial airlines to power passenger laptops and airline supplied portable in-flight entertainment devices. One contract calls for 160 of the units to be delivered by the fourth quarter of 2007, and the other for 132 units delivered by the third quarter of 2008.
Mark Peabody, Executive Vice President of Astronics Advanced Electronic Systems, commented, "We are beginning to see an upswing in domestic orders for our ISPS products as U.S. airlines begin to follow the international airlines' trend to upgrade their passengers' in-flight experience. Our innovative, technologically advanced system is our competitive advantage to win the opportunities that are available in this strong market."
Asian Commercial Airline Contract
Astronics was awarded a $9 million order from an Asian commercial airline for its accessories and components, including power outlets, electrical cables and advanced master control units, to be installed as a retrofit for the airlines' existing aircraft, as well as for its new wide-body aircraft. Deliveries will begin mid-year 2007 and are expected to continue over the ensuing 24-month period.
Peter Gundermann, President and Chief Executive Officer of Astronics Corporation, commented, "An order of this magnitude is a big win for our Company. We worked hard over an extended period of time to win this order from this particular customer. In the end, our commitment to providing quality products and our ability to meet the customers' production schedules gave us the competitive edge we needed. From a broad perspective, the airlines throughout Asia continue to invest in upgrading and expanding their fleets. We expect opportunities from this sector to continue over the next few years."
Middle Eastern Airline Order
A Middle Eastern commercial airline awarded Astronics a contract and options valued at approximately $2 million for its ISPS for installation in the first and business class sections of more than 20 Boeing 777s with deliveries beginning in the second quarter of 2007 through the second quarter of 2010.
Mr. Peabody continued, "We won these large contracts recently because of our innovation, responsiveness, and experience in aircraft cabin power systems. Globally, commercial airlines are upgrading their aircraft and adding to their fleet size. Our products and service enable us to capitalize on the prospects available from positive trends in the airline industry."
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a trusted leader in innovative, high performance lighting, electrical generation, control and distribution systems for the global aerospace industry. Its strategy is to expand the value and content it provides to various aircraft platforms through product development and acquisition. Astronics Corporation, and its wholly-owned subsidiaries Astronics Advanced Electronic Systems and Luminescent Systems Inc., have a reputation for high quality designs, exceptional responsiveness, strong brand recognition and best-in-class manufacturing practices.
For more information on Astronics and its products, visit its website at www.Astronics.com.
Safe Harbor Statement
This press 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 Company's ability to successfully execute the contract, that the production contracts will be awarded to Astronics, that the contracts will continue through the expected period of execution, the trends in the commercial airline industry, the state of the aerospace industry overall 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 press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
Source: Astronics Corporation
Released April 16, 2007