Signal Technology Awarded Microwave Oscillator Contracts Valued At $2.4 Million; Company Wins Key Production Orders for Standard Missile Block III Program
BUSINESS WIRE - June 11, 2002 07:00
DANVERS, Mass., Jun 11, 2002 (BUSINESS WIRE) -- Signal Technology Corporation (Nasdaq: STCO) today announced the receipt of multiple contracts for microwave oscillators designed for the Standard Missile Block III Program. The awards, from a major U.S. defense prime contractor, follow an extensive and successful development and qualification program and are valued at $2.4 million. Signal Technology estimates follow-on potential of more than $3.0 million.
"These awards reflect our commitment to strengthening our core defense business by targeting and winning programs that offer significant full rate production potential," said Signal Technology Chairman and Chief Executive Officer George Lombard. "We anticipate continued growth in this business, due not only to the quality of our technology, but also to the Signal team's dedication to working closely and productively with our customers."
Signal Technology's microwave oscillators, designed and manufactured at the Company's Arizona operation, will be deployed in a critical Standard Missile classified subsystem. The Standard Missile is a modular surface-to-air missile for medium and extended-range engagements. It is deployed on a variety of U.S. Navy cruisers, destroyers and frigates, and by several foreign allied navies. More than 20,000 Standard Missiles have already been produced, and the program is expected to maintain a production rate of 200 to 300 missiles annually for the next five years. |
