Contract Represents First Orders for New Star SAFIRE(R) HD(TM) System
PORTLAND, OR, Jun 13, 2005 (MARKET WIRE via COMTEX) -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has been awarded a $32.8 million firm fixed-price contract for the new Star SAFIRE(R) HD(TM) airborne thermal imaging systems and Star SAFIRE III airborne thermal imaging systems from the US Army's Space and Missile Defense Command in Huntsville, Alabama. The contract includes options to purchase additional units, which are subject to funding availability; the complete contract value is $61 million. The units delivered under this contract will support the ongoing US Army RAID program, which provides enhanced perimeter security and force protection for US troops stationed in Afghanistan and Iraq. Work on the contract will be performed at FLIR's Portland, Oregon, production facility and deliveries will begin during FLIR's current fiscal quarter.
"This contract represents a continuation of FLIR's relationship with the US Army's JLENS/RAID Project Office. We are pleased to have the opportunity to rapidly deploy sensors in the support of our armed forces. The Star SAFIRE HD is one of FLIR's newest and most advanced products, and we are delighted that the Army has again chosen FLIR to provide further systems to enhance force protection for our troops overseas," said Earl R. Lewis, President and CEO of FLIR Systems, Inc.
The statements in this release regarding the Company's expectation of the value of the US Army contract, including the total option value, and the time period within which these systems will be delivered are forward-looking statements. Such 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 ability of the Company to deliver units ordered in a timely manner and consistent with contract requirements, the continued availability of funding under the contract, changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, the Company's continuing compliance with US export control laws and regulations, constraints on supplies of critical components, excess or shortage of production capacity, actual purchases under agreements, the continuing eligibility of the Company to act as a federal contractor, the amount and availability of appropriated government procurement funds 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 ending December 31, 2005. 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.
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 airborne observation and broadcast, search and rescue, drug interdiction, surveillance and reconnaissance, navigation safety, border and maritime patrol, environmental monitoring, ground-based security, condition monitoring, research and development, and manufacturing process control. Visit the company's web site at www.FLIR.com.
FLIR Systems, Inc.