FLIR Systems Awarded U.S. Navy Contract Valued at up to $52.1 Million to Support Persistent Ground Surveillance
PORTLAND, OR -- (MARKET WIRE) -- 08/30/11 --
FLIR Systems, Inc. (NASDAQ: FLIR) today announced that it has been awarded a contract from the Naval Air Warfare Center Aircraft Division valued at up to $52.1 million for its Star SAFIRE® HD family of digital, high-definition, full-spectrum imaging systems. Under the terms of the three year, firm fixed price contract, the Navy has placed an initial order for $25.6 million of Star SAFIRE® 380-HD systems and related support, and has the option to procure an additional $26.5 million of Star SAFIRE® 380-HD and Star SAFIRE® HD systems over the next three years. The systems are expected to be deployed on aerostats as part of the Navy's Persistent Ground Surveillance System
It is expected that the work under this contract will be performed primarily out of FLIR's facilities in Wilsonville, OR. Deliveries under the initial order are expected to begin in September of this year.
"Our success at providing surveillance systems that directly protect troops in the field is unmistakable," said Earl Lewis, President and CEO of FLIR. "This award showcases how FLIR's commercial operating model, which includes self-funded research and development, yields highly advanced military-qualified products that can be attained quickly, at low prices, and with superior service."
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of sensor systems that enhance perception and awareness. The Company's advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography, and security applications, including airborne and ground-based surveillance, condition monitoring, research and development, manufacturing process control, search and rescue, drug interdiction, navigation, transportation safety, border and maritime patrol, environmental monitoring, and chemical, biological, radiological, nuclear, and explosives (CBRNE) detection. Visit the Company's web site at www.FLIR.com.
The statements in this release by Earl Lewis and the other statements in this release about the contract award described above, 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 manufacture and deliver the systems referenced in this release, 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, 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, or for changes made to this document by wire services or Internet service providers.
Source: FLIR Systems, Inc.
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