PORTLAND, Ore., Nov 8, 2004 -- FLIR Systems, Inc. (NASDAQ:FLIR) announced today that it has been awarded a firm fixed-price contract from Northrop Grumman Systems Corporation (NGSC) (NYSE:NOC) for the delivery of three BRITE Star(TM) airborne thermal imaging laser designator systems.
The units are to be installed on NGSC's Fire Scout(TM) Vertical Takeoff Unmanned Air Vehicles (VTUAV) as part of the System Development and Demonstration (SDD) phase for the U.S. Navy's Littoral Combat Ship. SDD deliveries are expected to begin in 2005. Potential follow-on production requirements are estimated to be for approximately 50 additional systems subject to future funding.
"This order represents another important contract for our BRITE Star(TM) system. This commercially-developed, military-qualified system is already flying with the U.S. Marine Corps in Iraq. We are pleased that Northrop Grumman and the U.S. Navy have chosen FLIR and the proven BRITE Star(TM) system for this important program," commented Earl R. Lewis, President and CEO of FLIR Systems, Inc.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture and marketing of thermal imaging and stabilized camera systems for a wide variety of thermography and imaging applications including condition monitoring, research and development, manufacturing process control, airborne observation and broadcast, search and rescue, drug interdiction, surveillance and reconnaissance, navigation safety, border and maritime patrol, environmental monitoring, and ground-based security. Visit the company's web site at www.FLIR.com.
This release contains forward-looking statements, including the Company's expectations for deliveries under the firm fixed-price contract. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the availability of funding under the contract, the continuing ability to penetrate new market applications with the Imaging Division products, the federal funding levels of the Defense Department, the availability and timing of federal appropriated funds for procurement of thermal imaging systems, the Company's continuing eligibility to contract with the Federal Government, the Company's continued compliance with US export control laws, additional competition, the Company's ability to win larger delivery contracts, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity, actual purchases under purchase agreements including the delivery contract with Northrop Grumman and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports, including the Company's Annual Report on Form 10-K for the year ended December 31, 2003. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
FLIR Systems, Inc.
Andrew Teich, 503-684-3731
Neil Berkman Associates
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding FLIR Systems, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.