Another 21 million production order CRDN is on a tear folks!
Ceradyne, Inc. Receives $21.3 Million SAPI Armor Award; Multi-Year Contract Increased for 2004
COSTA MESA, Calif., Nov 7, 2003 (BUSINESS WIRE) -- Ceradyne, Inc. (Nasdaq: CRDN)
announced the receipt of an additional order of $21.3 million for small arms
protective inserts (SAPI) for delivery in 2004. This order is an increase to the
multi-year SAPI contract announced on September 29, 2003.
This brings the total delivery orders under that multi-year contract to $64
million scheduled for 2004 delivery. The delivery order was issued from the same
U.S. Department of Defense office as the multi-year contract. The order
represents the government's exercise of Option 1 under the multi-year
procurement plus the 50% surge quantity also under Option 1.
Joel Moskowitz, Ceradyne chief executive officer, commented: "We are pleased to
receive this additional SAPI order and plan to begin shipping this late in the
first quarter of 2004 and expect to complete shipments in the fourth quarter of
2004. As we had announced earlier, we are installing additional equipment to
increase armor production capacity, which we anticipate will be on stream early
next year. We appreciate the government's continuing confidence in the quality
and delivery performance of Ceradyne on these critical protective armor
components. We are pleased to be able to save American soldiers' lives far from
home in places such as Iraq and Afghanistan."
Ceradyne develops, manufactures and markets advanced technical ceramic products
and components for defense, industrial, automotive/diesel and commercial
applications. Additional information about the Company can be found at
www.ceradyne.com.
Except for the historical information contained herein, certain matters
discussed in this news release constitute forward-looking statements that
involve risks and uncertainties that could cause actual results to differ
materially from those projected. The Company may use words such as
"anticipates," "believes," "plans," "expects," "intends," "future," and similar
expressions to identify forward-looking statements. These risks and
uncertainties are described in the Company's prospectus dated July 1, 2003 as
filed with the Securities and Exchange Commission.
SOURCE: Ceradyne, Inc.
CONTACT: Joel P. Moskowitz
Chief Executive Officer
(714) 549-0421 x-261
Dan Matsui/Eugene Heller
Silverman Heller Associates
(310) 208-2550
E-mail: dmatsui@sha-ir.com
Ceradyne, Inc. |
