Kaman Corp. (NYSE:KAMN) announced today that it has been awarded a direct commercial sale ("DCS") order for the procurement of Joint Programmable Fuzes ("JPF") with an expected total value of $42 million.
"This is the second significant DCS order we received this year and brings total new JPF orders over the last eighteen months to $271 million. The JPF's high reliability, advanced capabilities, and mission flexibility continue to make the JPF the most desirable high volume safe and arm device for the U.S. Air Force ("USAF") and our Foreign Allied Militaries. Our team has successfully increased our production capacity while exceeding the field reliability requirements of our customers. This has allowed us to meet the growing demand we have seen for the JPF and we look forward to continuing to support the requirements of the USAF and foreign militaries well into the future." stated Rick Barnhart, President, Kaman Aerospace Group.
Kaman has been the sole provider of the JPF to the USAF since 2002, producing the JPF at facilities in Orlando, Florida and Middletown, Connecticut. In addition to the USAF, Kaman provides the JPF to thirty-nine other nations. Sales of the JPF can be direct to the USAF, Foreign Military Sales ("FMS") through the U.S. Government ("USG") and DCS to foreign militaries that, although not funded by the USG, require regulatory approvals from the USG prior to delivery. The JPF allows the settings of a weapon to be programmed on wing in flight and is the current bomb fuze of choice of the USAF. The JPF is used with a number of weapons including general purpose bombs, and guided bombs that use JDAM or Paveway kits, on U.S. aircraft such as F-15, F-16, F-22, F-35, A-10, B-1, B-2, B-52 and the MQ-9 UAV as well as on international aircraft such as Mirage 2000, Tornado, F/A-18, Typhoon and Gripen.
Risks Associated with Forward-Looking Statements
This release includes "forward looking statements" relating to the expected value of the JPF order discussed above. These statements are based on assumptions currently believed to be valid but involve significant risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ from those expressed in the forward looking statements. Such risks and uncertainties include, among others, the timely receipt of all necessary licenses and approvals from the USG. Additional risks and uncertainties that could cause our actual results to differ from those expressed in the forward looking statements are identified in our reports filed with the SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K, and our Current Reports on Form 8-K. The forward looking statements included in this press release are made only as of the date of this release, and Kaman does not undertake any obligation to update the forward looking statements to reflect subsequent events or circumstances.
About Kaman Corporation
Kaman Corporation (NYSE:KAMN), was founded in 1945 by aviation pioneer Charles H. Kaman. Headquartered in Bloomfield, Connecticut, Kaman Corporation conducts business in the aerospace & defense, industrial, and medical markets. The company produces and/or markets widely used proprietary aircraft bearings and components; super precision, miniature ball bearings; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arm devices for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; production of the K-MAX® medium-to-heavy lift helicopter and support for the company's SH-2G Super Seasprite maritime aircraft. More information is available at www.kaman.com.