PORTLAND, OR, Aug 28, 2008 (MARKET WIRE via COMTEX News Network) -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has been awarded a $11.1 million modification to a Performance Based Logistics (PBL) support contract from the U.S. Army Space and Missile Defense Command in Huntsville, Alabama. This contract provides for service, upgrades, and logistics support for certain U.S. Army and USMC programs. The total value of the contract has been increased to $71.6 million. Including deliveries made so far this year, revenue under this modified contract is expected to be approximately $15 million in 2008.
Work under this contract will be performed over time as required to support the installed base of Star SAFIRE(R) III and THV-3000 systems in use under these programs.
"This contract modification, an extension of FLIR's strong relationships with the U.S. Army and the U.S. Marine Corps, demonstrates our expanding capability to provide Performance Based Logistics in support of our growing installed base," said Earl R. Lewis, President and CEO of FLIR. "We are pleased the U.S. Army has chosen FLIR for this critically important mission."
The statements in this release by Earl R. Lewis and the other statements in this release about the contract described in this News Release, 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 ability to repair, upgrade and deliver the systems referenced in this release, changes in demand for the Company's products, the timing of customer orders and deliveries under the agreement discussed above, excess or shortage of production capacity, the ability of the Company to repair, upgrade and ship products in the time period required, actual repair orders under agreements, the Company's continuing compliance with US export control laws and regulations, the timely receipt of export authorization for the services to be performed under the agreement, 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, or for changes made to this document by wire services or Internet service providers.
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
Company contact: Tony Trunzo FLIR Systems, Inc. (503) 498-3547 www.flir.com
SOURCE: FLIR Systems, Inc.
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