Sparton Corporation Announces Additional Sonobuoy Contract Awards From The United States Navy
JACKSON, Mich.--(BUSINESS WIRE)--Electronics design and manufacturing service (EMS) provider, Sparton Corporation (NYSE:SPA) Sparton has received a subcontract from their ERAPSCO joint venture for $7.6 million; its share of the $11.5 million ADAR Sonobuoy award from the U.S. Navy.
Additionally, Sparton is finalizing a $2.2M contract modification which increases the number of AN/SSQ-53F sonobuoys to be produced for the U.S. Navy in fiscal 2009. This will be the second increase of the Navy's fiscal 2008 contract; as a previous contract modification was exercised in May 2008 valued at $1.4 million.
Overall, Sparton is extremely pleased that it will have received over $31 million of sonobuoy contracts awarded by the U.S. Navy for their fiscal year 2008.
Headquartered in Michigan, Sparton is the only U.S.- owned designer and manufacturer of sonobuoys for the U.S. Navy. Sonobuoys are dropped from various airborne platforms and utilized for search and detection of submarines.
About Sparton Corporation
Sparton Corporation (NYSE:SPA) now in its 108th year, is a broad-based provider for electronics to technology-driven companies in diverse markets. The Company provides its customers with sophisticated electronic and electromechanical products through prime contracts and through contract design and manufacturing services. Headquartered in Jackson, Michigan, Sparton has six manufacturing locations world-wide.
Safe Harbor and Fair Disclosure Statement
The statements contained in this release which are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, anticipate, target, and similar terms and concepts, and the negatives of such expressions) are forward-looking statements that involve risk and uncertainties, including, but not limited to the economic performance of the electronics and technology industries; the risk of customer delays, changes or cancellations in both on-going and new programs; the Company's ability to secure new customers and maintain its current customer base; material cost fluctuations and the adequate availability of components and related parts for production; the effect of changes in average selling prices; the effect of start-up costs of new programs and facilities, including the Vietnam facility; possible unexpected costs and operating disruption in transitioning programs; the effect of general economic conditions and world events (such as terrorism); the impact of increased competition; and other risks detailed in the Company's Security and Exchange Commission filings.
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