PORTLAND, OR, Feb 27, 2007 (MARKET WIRE via COMTEX News Network) -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has been awarded two indefinite delivery - indefinite quantity contracts from the US Coast Guard with a combined value of up to $87.3 million. The first contract, valued at up to $49.9 million over five years, is for the U.S. Coast Guard's Shipboard Infrared Visual Sensor System (SIRVSS). The second contract, valued at up to $37.4 million over ten years, is for the Coast Guard's Electro Optical Sensor System (ESS). The units delivered under the SIRVSS contract will be installed aboard existing Coast Guard cutters, with each system being fully integrated into the ship's Command and Control system. The ESS systems will be installed on HH-60 and HH-65 helicopters to enhance the Coast Guard's airborne use of force, interdiction and search and rescue missions. Deliveries on SIRVSS have begun, and ESS deliveries will begin in the second quarter of 2007. Anticipated deliveries under these two contracts in 2007 total approximately $8 million.
Both of these contracts utilize a variant of FLIR's SeaFLIR III®, the latest generation of the successful SeaFLIR® line of gyro-stabilized multi-sensor products specifically designed for the maritime environment. The SeaFLIR III's open architecture allows seamless integration on a variety of maritime platforms, fixed or rotary wing aircraft, ground vehicles and land installations. The Company's SeaFLIR® products are currently deployed for such diverse missions as search and rescue, interdiction or intelligence, surveillance and reconnaissance and targeting applications. In addition, all variants of the SeaFLIR III® are engineered, designed and qualified for operation in the harshest maritime conditions.
"FLIR continues to succeed in the maritime market because of the capability and performance of systems like the SeaFLIR III®. This contract builds on our excellent relationship with the U.S. Coast Guard and demonstrates the unique capabilities and extreme ruggedness of our systems," said Earl R. Lewis, President and CEO of FLIR Systems, Inc. "We are delighted the Coast Guard has again chosen FLIR to provide these systems for such critical missions," he concluded.
The statements in this release, including the statements of Earl R. Lewis, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the receipt of delivery orders under these contracts, the ability to manufacture and deliver the systems referenced in this release, the availability of funding under these IDIQ contracts, changes in demand for the Company's products, product mix, the timing of customer orders and deliveries under the agreement discussed above, the impact of competitive products and pricing, the Company's continuing compliance with US export control laws and regulations, the timely receipt of export licenses for international shipments, constraints on supplies of critical components, excess or shortage of production capacity, the ability of the Company to manufacture and ship products in the time period required, actual purchases under agreements, the continuing eligibility of the Company to act as a federal contractor, the amount and availability of appropriated government procurement funds and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture and marketing of thermal imaging and stabilized camera systems for a wide variety of thermography and imaging applications including condition monitoring, research and development, manufacturing process control, airborne observation and broadcast, search and rescue, drug interdiction, surveillance and reconnaissance, navigation safety, border and maritime patrol, environmental monitoring and ground-based security. Visit the company's web site at www.FLIR.com.
FLIR Systems, Inc.
SOURCE: FLIR Systems, Inc.