Little one of interest from another board: WNMP $1.70
NEW CONTRACTS PRODUCE RECORD BACKLOG AT WESTWOOD
Tulsa, Okla., Sept. 27 - Westwood Corporation (NASDAQ:WNMP) announced today the receipt of new contract awards for two of its business divisions.
The company's MCII subsidiary received a follow on award for 30 and 60 kilowatt TQG Generators, which are utilized by multiple arms of the U.S. military to supply a mobile source of electrical power to troops in the field during combat, training, or peacekeeping operations. The award specifies a six-year term with an estimated value of $156 million.
The company also reported that the U.S. Navy exercised options on existing contracts for power distribution equipment for two DDG-Class Destroyers in the amount of $5.3 million. This contract award is for the Company's NMP subsidiary.
Including the above contract awards, total backlog from existing contracts, orders, and exercisable options stands at a record $250 million.
Commenting on the contract awards, President E.H. McKee said, ``We commit significant resources to ensure that the technologies we offer to our customers are second to none. It is very gratifying that the U.S. Armed Services have placed their confidence in us for the follow on TQG Generator contract and the voluntary exercise of DDG Class Destroyer contract options.''
Westwood Corporation is a leading provider of marine control and power distribution systems and portable generators built to military specifications. The company's products can be found on every ship in today's U.S. Navy active surface fleet and on certain ships in allied navy fleets. The company's Tactical Quiet Generators ("TQG") meet demanding standards for a dependable, rugged source of mobile electrical power for field troops of the U.S. Army, Air Force and Navy. For more information please visit the company's website at www.westwoodcorp.com.
Certain matters discussed in this release may be forward-looking in nature and, accordingly, are subject to risks and uncertainties. Actual results may differ materially from those described or contemplated.
CONTACT:
Keith C. Goddard David L. Shepherd
Minshall & Company, Inc. Or Chief Financial Officer
Phone: 918-587-4467 Westwood Corporation
Phone: 918-250-4428
fb) PN |
