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JANUARY 30, 11:31 EST
HAUPPAUGE, N.Y. -- Recent increases in U.S. defense spending to support military operations in Afghanistan and the worldwide war on terrorism has been particularly beneficial for Hauppauge, N.Y.-based API Electronics Group, a provider of custom and standard integrated circuits for military and aerospace applications.
API officials say new orders booked for the first half of the 2002 fiscal year are up 30 percent as the company benefits from increased military spending.
"We are already seeing an increase in military orders and we recently shipped our largest order ever to the U.S. Military Electronics Supply Center," says Jason DeZwirek, API's chairman and chief executive officer.
"As a result of the surge in military spending, as well as increasing demand for a variety of our electronic parts, such as suppressors, we are confident that new orders booked will continue to increase," DeZwirek says.
API officials say they expect their sales and earnings growth to continue due largely to a sharp increase in the forecast for the electronics content of U.S. Department of Defense procurement over the next decade.
New orders at API totaled $1.65 million for the six-month period ending Nov. 30, 2001. This compares to $1.27 million in new orders booked in the same period in the previous fiscal year, company officials say.
API is the sole manufacturer of many electronic components vital to the reliable performance of high-value military assets, such as battle tanks, heavy bombers and fighter jets.
API designs and manufactures power transistors, small signal transistors, tuning diodes, hybrid circuits, resistor/capacitor networks, diodes, and other elements for advanced military, industrial, commercial, automotive, and medical applications. Its military and aerospace customers include Honeywell/Allied Signal, Lockheed Martin, and Litton Systems.
For more information contact API Electronics by phone at 631-582-6767, by fax at 631-582-6771, by e-mail at sales@api-electronics.com, by post at 375 Rabro Drive Hauppauge, N.Y. 11788, or on the World Wide Web at http://www.apielectronics.com.
Military & Aerospace Electronics
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