|
LANCASTER, Pa., June 17, 2004. Herley Industries, Inc. has received a $19.7 million ID/IQ contract from the U.S. Air Force. Under this contract, Herley will be the only qualified supplier of next-generation low noise assemblies ("LNA") for the U.S. Air Force and other countries using the F-16 APG-68 radar system.
With the F-16 representing more than 50% of the U.S. Air Force's total fighter force through 2010, and in use by 19 countries worldwide, Herley expects that all of the LNA options will be exercised during the life of the contract. Shipments of the first production order are expected to occur during the second half of fiscal year 2005.
"This contract win represents a successful effort by our technical and business development group. It is the single largest contract award in the company's history. The award strengthens our relationship with key individuals at Hill Air Force Base and solidifies Herley's position as a significant participant on the F-16 program," said company president John M. Kelley.
"With the addition of this ID/IQ award, Herley now has contracts with approximately $70 million in options to be exercised. We expect that over 90% of these options will be exercised over the next three years. This potential revenue stream is in addition to the $111 million in backlog at the end of April 2004."
For more information, see www.herley.com.
| 
Community 
| View all PennWell sites | View all PennWell events
Add RSS Feed