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Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high
performance lighting, electronics and electrical power systems for the
global aerospace industry, announced today that they were awarded
approximately $17 million in orders and options from multiple
worldwide commercial airlines for its EMPOWER(R) In-Seat Power Supply
System (ISPS).
U.S. Commercial Airline Orders
Three U.S. commercial airline orders and options valued at over $6
million were won for installation of Astronics' ISPS on a combined
total of over 190 narrow and wide-body aircraft. The first contract
involves the installation of the ISPS to power passenger laptops on a
fleet of over 150 Boeing 737 aircraft installed in the first and
business class sections. Deliveries will begin during the first
quarter of 2007 and continue through the fourth quarter of 2009.
The other two contracts are for installation of the ISPS on Boeing
757 and 767 aircraft for two commercial airlines to power passenger
laptops and airline supplied portable in-flight entertainment devices.
One contract calls for 160 of the units to be delivered by the fourth
quarter of 2007, and the other for 132 units delivered by the third
quarter of 2008.
Mark Peabody, Executive Vice President of Astronics Advanced
Electronic Systems, commented, "We are beginning to see an upswing in
domestic orders for our ISPS products as U.S. airlines begin to follow
the international airlines' trend to upgrade their passengers'
in-flight experience. Our innovative, technologically advanced system
is our competitive advantage to win the opportunities that are
available in this strong market."
Asian Commercial Airline Contract
Astronics was awarded a $9 million order from an Asian commercial
airline for its accessories and components, including power outlets,
electrical cables and advanced master control units, to be installed
as a retrofit for the airlines' existing aircraft, as well as for its
new wide-body aircraft. Deliveries will begin mid-year 2007 and are
expected to continue over the ensuing 24-month period.
Peter Gundermann, President and Chief Executive Officer of
Astronics Corporation, commented, "An order of this magnitude is a big
win for our Company. We worked hard over an extended period of time to
win this order from this particular customer. In the end, our
commitment to providing quality products and our ability to meet the
customers' production schedules gave us the competitive edge we
needed. From a broad perspective, the airlines throughout Asia
continue to invest in upgrading and expanding their fleets. We expect
opportunities from this sector to continue over the next few years."
Middle Eastern Airline Order
A Middle Eastern commercial airline awarded Astronics a contract
and options valued at approximately $2 million for its ISPS for
installation in the first and business class sections of more than 20
Boeing 777s with deliveries beginning in the second quarter of 2007
through the second quarter of 2010.
Mr. Peabody continued, "We won these large contracts recently
because of our innovation, responsiveness, and experience in aircraft
cabin power systems. Globally, commercial airlines are upgrading their
aircraft and adding to their fleet size. Our products and service
enable us to capitalize on the prospects available from positive
trends in the airline industry."
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a trusted leader in innovative, high
performance lighting, electrical generation, control and distribution
systems for the global aerospace industry. Its strategy is to expand
the value and content it provides to various aircraft platforms
through product development and acquisition. Astronics Corporation,
and its wholly-owned subsidiaries Astronics Advanced Electronic
Systems and Luminescent Systems Inc., have a reputation for high
quality designs, exceptional responsiveness, strong brand recognition
and best-in-class manufacturing practices.
For more information on Astronics and its products, visit its
website at www.Astronics.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined
by the Securities Exchange Act of 1934. One can identify these
forward-looking statements by the use of the words "expect,"
"anticipate," "plan," "may," "will," "estimate" or other similar
expression. Because such statements apply to future events, they are
subject to risks and uncertainties that could cause the actual results
to differ materially from those contemplated by the statements.
Important factors that could cause actual results to differ materially
include the Company's ability to successfully execute the contract,
that the production contracts will be awarded to Astronics, that the
contracts will continue through the expected period of execution, the
trends in the commercial airline industry, the state of the aerospace
industry overall and other factors which are described in filings by
Astronics with the Securities and Exchange Commission. The Company
assumes no obligation to update forward-looking information in this
press release whether to reflect changed assumptions, the occurrence
of unanticipated events or changes in future operating results,
financial conditions or prospects, or otherwise.
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