Ceradyne, Inc. (NASDAQ: CRDN) announced that it has received a delivery order for approximately $56.3 million for ESAPI (Enhanced Small Arms Protective Insert) ceramic body armor plates. Ceradyne will begin shipping this ESAPI production release late this year with full shipment expected to be completed late in first quarter 2011.
The release was issued under the $2.37 billion ID/IQ (Indefinite Delivery / Indefinite Quantity) contract originally issued in October 2008 and scheduled to expire in September 2013. There is a balance of approximately $2.2 billion remaining on the ID/IQ contract. Ceradyne's practice is to only book firm delivery orders such as the above $56.3 million as backlog for scheduled delivery.
David P. Reed, Ceradyne President, North American Operations, commented: "We are extremely pleased to have been awarded this ESAPI contract. We anticipate meeting the government's quality and delivery requirements with this delivery order shipped complete in Q1 2011."
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