Contact Information: Company contact: Tony Trunzo FLIR Systems, Inc. (503) 498-3547 www.flir.com
FLIR Systems Awarded Two Long Term Contracts From U.S. Coast Guard
Indefinite Delivery - Indefinite Quantity Contracts Have Potential Value of Up to $87.3 Million
| Source: FLIR Systems, Inc.
PORTLAND, OR -- (MARKET WIRE) -- February 27, 2007 --FLIR Systems, Inc. (NASDAQ : FLIR ) announced
today that it has been awarded two indefinite delivery - indefinite
quantity contracts from the US Coast Guard with a combined value of up to
$87.3 million. The first contract, valued at up to $49.9 million over five
years, is for the U.S. Coast Guard's Shipboard Infrared Visual Sensor
System (SIRVSS). The second contract, valued at up to $37.4 million over
ten years, is for the Coast Guard's Electro Optical Sensor System (ESS).
The units delivered under the SIRVSS contract will be installed aboard
existing Coast Guard cutters, with each system being fully integrated into
the ship's Command and Control system. The ESS systems will be installed on
HH-60 and HH-65 helicopters to enhance the Coast Guard's airborne use of
force, interdiction and search and rescue missions. Deliveries on SIRVSS
have begun, and ESS deliveries will begin in the second quarter of 2007.
Anticipated deliveries under these two contracts in 2007 total
approximately $8 million.
Both of these contracts utilize a variant of FLIR's SeaFLIR III®, the
latest generation of the successful SeaFLIR® line of gyro-stabilized
multi-sensor products specifically designed for the maritime environment.
The SeaFLIR III's open architecture allows seamless integration on a
variety of maritime platforms, fixed or rotary wing aircraft, ground
vehicles and land installations. The Company's SeaFLIR® products are
currently deployed for such diverse missions as search and rescue,
interdiction or intelligence, surveillance and reconnaissance and targeting
applications. In addition, all variants of the SeaFLIR III® are
engineered, designed and qualified for operation in the harshest maritime
conditions.
"FLIR continues to succeed in the maritime market because of the capability
and performance of systems like the SeaFLIR III®. This contract builds
on our excellent relationship with the U.S. Coast Guard and demonstrates
the unique capabilities and extreme ruggedness of our systems," said Earl
R. Lewis, President and CEO of FLIR Systems, Inc. "We are delighted the
Coast Guard has again chosen FLIR to provide these systems for such
critical missions," he concluded.
Forward-Looking Statements
The statements in this release, including the statements of Earl R. Lewis,
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 receipt of
delivery orders under these contracts, the ability to manufacture and
deliver the systems referenced in this release, the availability of funding
under these IDIQ contracts, changes in demand for the Company's products,
product mix, the timing of customer orders and deliveries under the
agreement discussed above, the impact of competitive products and pricing,
the Company's continuing compliance with US export control laws and
regulations, the timely receipt of export licenses for international
shipments, constraints on supplies of critical components, excess or
shortage of production capacity, the ability of the Company to manufacture
and ship products in the time period required, 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. 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 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.