Contact Information: Company contact: Tony Trunzo FLIR Systems, Inc. (503) 498-3547 www.flir.com
FLIR Systems Announces Service Contract for Up to $60.5 Million From the U.S. Army
| Source: FLIR Systems, Inc.
PORTLAND, OR--(Marketwire - May 20, 2008) - FLIR Systems, Inc. (NASDAQ : FLIR ) announced
today that it has been awarded a Performance Based Logistics (PBL) support
contract for up to $60.5 million from the U.S. Army Space and Missile
Defense Command in Huntsville, Alabama. This contract provides for
service, upgrades, and logistics support for certain U.S. Army and USMC
programs. Current funding under the contract is $45.4 million. Including
deliveries made so far this year, revenue under this contract is not
expected to exceed $15 million in 2008.
Work under this contract will be incurred over time as required in support
of the installed base of Star SAFIRE® III and THV-3000 systems in use
under these programs.
"This contract, an anticipated extension of FLIR's relationship with the
U.S. Army and the U.S. Marine Corps, demonstrates our capability to provide
Performance Based Logistics in support of the expanding installed base of
our systems in theater. We are pleased the U.S. Army has chosen FLIR for
this critically important mission," said Earl R. Lewis, President and CEO
of FLIR.
Forward-Looking Statements
The statements in this release by Earl R. Lewis and the other statements in
this release about the contract described in this News Release, are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. 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
to repair, upgrade and deliver the systems referenced in this release,
changes in demand for the Company's products, the timing of customer orders
and deliveries under the agreement discussed above, excess or shortage of
production capacity, the ability of the Company to repair, upgrade and ship
products in the time period required, actual repair orders under
agreements, the Company's continuing compliance with US export control laws
and regulations, the timely receipt of export authorization for the
services to be performed under the agreement, 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. 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, or for changes made
to this document by wire services or Internet service providers.
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 condition
monitoring, research and development, manufacturing process control,
airborne observation and broadcast, search and rescue, drug interdiction,
surveillance and reconnaissance, navigation safety, border and maritime
patrol, environmental monitoring and ground-based security. Visit the
Company's web site at www.FLIR.com