Signal Technology Awarded $7.6 Million in Missile and Aircraft Electronics Contracts
DANVERS, Mass.--(BUSINESS WIRE)--March 5, 2002--
Company Wins Follow-on Contracts for PAC-3 and Tomahawk Missile Power Supplies; Also Receives Awards for Electronics on F-22 Aircraft and
National Missile Defense Platforms
Signal Technology Corporation (Nasdaq: STCO), a leading provider of electronics and power management products for wireless communications in the defense, space and commercial markets, today announced the recent receipt of six contracts for defense electronics products with a total value of $7.6 million.
The largest award, valued at $2.6 million, is for the sophisticated high-power transmitters Signal recently designed for the IFICS (in-flight interceptor communications) system being designed for the U.S. National Missile Defense program. Signal's IFICS transmitters are the latest in a line of high-performance transmitters that Signal has designed and manufactured for precision guidance systems on U.S. tactical and strategic missile platforms over the past two decades.
Signal has also developed broad expertise in designing and manufacturing highly sophisticated power management products for missile applications. One of the Company's recent awards for these products is a follow-on contract that advances Signal's recent power supply design for the PAC-3 (Patriot Advanced Capability) tactical defense missile from LRIP (low rate initial production) to full-rate production. This award is valued at $1.6 million, and the Company expects to receive additional follow-on production orders over the next five to seven years.
Signal also recently received a follow-on contract for a large quantity of power supplies it designed for the Tomahawk cruise missile platform. This award, which is valued at $1.9 million, is likely to be followed by an additional follow-on contract later in 2002 as the U.S. Department of Defense continues to replenish its supply of Tomahawk missiles. The Company was also awarded a contract valued at more than $800,000 for RF electronics on the Sparrow missile platform.
The Company has also earned wide recognition for its expertise in designing sophisticated electronics and power management components and subsystems for military aircraft. Based on achievement of rigorous technical and cost specifications, Signal received an initial production award valued at $250,000 for power supply subsystems for the F-22 Raptor. Because this next-generation fighter aircraft is just now moving into production, this initial contract is expected to have significant follow-on potential. The Company also received a follow-on contract valued at nearly $450,000 for log amplifiers designed for the IFF (identification friend or foe) early warning system on the F-18 Super Hornet.
"These awards demonstrate that Signal is successfully executing on its plan to extend its leadership in the military power management and transmitter markets," said Chairman and Chief Executive Officer George Lombard. "We have long been recognized for our superb technology, proven manufacturing skills, and our ability to leverage these assets into products that provide our customers with an extraordinary combination of performance and competitive pricing. These strengths continue to translate into repeat and follow-on orders as well as new design opportunities for Signal's growing defense business." |
