Read away. If you are short this stock, the pain will keep coming. In at $7.99 on 9/19/01.........
From AP:
12/7/2001 5:16:00 PM
WASHINGTON, Dec 07, 2001 (AP Online via COMTEX) -- Executives of the companies building explosive detection machines say they can produce them quickly enough to meet a congressionally mandated deadline for screening all checked airline baggage.
"We have never been capacity-limited; we have only been order-limited," said Frederick Muntz, vice president of InVision Technologies, one of two companies building Federal Aviation Administration-certified bomb detection machines.
"There is plenty of manufacturing capacity," added Frank Lanza, chairman of the other FAA-certified company, L-3 Communications.
To meet the new aviation security law's Dec. 31, 2002, deadline, the FAA estimates that it will need more than 2,000 explosive detection machines at the nation's 453 commercial airports; there are currently 161 machines at more than 50 airports. The estimated cost is $4 to $5 billion, plus another $1 billion for employees to run the machines.
"There is no doubt that meeting the deadline for deployment will be a difficult task," said Rep. John Mica, R-Fla., chairman of the House aviation subcommittee, which held a hearing Friday.
InVision and L-3 officials said they could bring in other companies to build machines if necessary. |
