PORTLAND, Ore.--(BUSINESS WIRE)--April 19, 2005--FLIR Systems, Inc. (NASDAQ:FLIR) announced today that it has received a contract from the US Army Research Development & Engineering Command (RDECOM), Communications-Electronics Research Development and Engineering Center (CERDEC), Night Vision & Electronic Sensors Directorate (NVESD), valued at approximately $13M for the development of an advanced stabilized electro-optical infrared system for use on lightweight Unmanned Aerial Vehicles (UAVs). The award represents a phase two award resulting from a down-select among three phase one awardees.
The contract involves the development of a purpose-built, very small and lightweight stabilized thermal imaging system that will offer long range performance, color visible imaging and advanced laser capabilities. Work will be performed at the Company's facility in Billerica, Massachusetts, commencing immediately and spanning a three year period.
"This contract illustrates FLIR's continuing success in the development of world leading next generation infrared systems for both military and commercial applications, and furthers our efforts in developing high performance thermal imaging systems that can be used on a variety of aircraft and platforms, including the rapidly growing UAV market," commented Earl R. Lewis, President and CEO of FLIR Systems.
About FLIR Systems
FLIR Systems designs, manufactures and markets infrared imaging systems worldwide for a variety of applications. FLIR's imaging products are used in such diverse applications as public safety, defense, navigation, electronic newsgathering and search and rescue. Thermography products support such applications as condition monitoring, non-destructive testing, medical science, research and development, and manufacturing process control. For more information, please visit FLIR's Web site at www.FLIR.com.
This release contains forward-looking statements, including the Company's expectations for delivery under the U.S. Army contract described above. 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 development and delivery contract with the U.S. Army 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, 2004. 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., Portland
Neil Berkman Associates, Los Angeles