Kaman Awarded Joint Programmable Fuze Follow-On Order

Kaman Corporation announced today that its Aerospace segment has been awarded a purchase order from the United States Air Force (USAF) for Joint Programmable Fuzes (JPF). The award for Foreign Military Sales in the amount of $36.0 million is an addition to Option 7 of the company's contract with the USAF bringing the total value of Option 7 to $81.5 million. The total value of JPF contracts awarded to the company by the USAF since program inception is $337.4 million. Delivery of these additional fuzes is anticipated to occur in 2012. "The JPF has proven to provide the high reliability and operational flexibility that is critical to the U.S. and allied militaries around the world today. We believe this award demonstrates the importance of these capabilities and provides us with a strong backlog that we now expect to extend into 2012," commented Gregory Steiner, President of the Kaman Aerospace Group. "The JPF program is one of our largest programs and we are pleased that we met our plan for production and deliveries during the third quarter," stated Senior Vice President and Chief Financial Officer, William Denninger. "We resumed production on the program in early August and during the quarter began deliveries under Option 6 of the contract. With a full quarter of more profitable Option 6 deliveries in the fourth quarter, we anticipate a sequential increase in JPF profit to end the year, as previously communicated."

Source: Kaman Corp.
Date: Oct 1, 2010