EDO Receives $54.4 Million Contract for F-22 Weapon-Release System

Business Wire, Nov 28, 2007

NEW YORK -- EDO Corporation (NYSE: EDO) has been awarded a $54.4 million contract from Lockheed Martin Aeronautics Company (NYSE: LMT) for continued production of its LAU-142/A AMRAAM Vertical Ejection Launcher, or AVEL, for the F-22 Raptor.

This latest order covers production lots 7, 8, and 9, plus spares and associated engineering. These production lots will bring the total number of F-22 aircraft to 191, all of which are equipped with the AVEL.

"EDO's LAU-142A launcher is a mission-critical system that is essential to this fifth generation fighter's superior air-to-air engagement capability," said James M. Smith, EDO's chief executive officer. "We have partnered with Lockheed Martin to negotiate this long-term contract that will allow for the most efficient engineering and production, therefore minimizing costs to the government."

EDO's breakthrough design addresses the need to carry and eject missiles from within concealed weapon bays. The AVEL's rapid ejection rate minimizes the time the weapon-bay doors are open therefore maintaining the fighter's stealth characteristics. It also ejects at the precise angle and velocity needed to optimize missile guidance and avoid interfering with the aircraft's maneuvers at supersonic speeds. The AVEL employs a highly reliable pneumatic-ejection system controlled by the aircraft's stores-management system.

In addition to the F-22 platform, EDO provides weapon-release systems for many of the leading fighter jets in use today, including the F-15, F-16, and F/A-18. The company is also developing new systems for the F-35 Joint Strike Fighter and the Navy's P-8A Multi-mission Maritime Aircraft.

EDO Corporation designs and manufactures a diverse range of products for aerospace, defense, intelligence, and commercial markets. Major product groups include: Professional and Engineering Services, Defense Electronics, Communications, Aircraft Armament Systems, Undersea Warfare, and Integrated Composite Structures. EDO's advanced systems are at the core of the transformation to lighter, faster, and smarter defense capabilities.

With headquarters in New York, EDO Corporation (www.edocorp.com) employs 4,000 people worldwide. The company was founded in 1925 and had revenues of $715 million in 2006. Pending shareholder approval, EDO has reached an agreement to be acquired by ITT Corporation by early 2008.