CRAFT “Communications/Navigation (COMM/NAV) Radio Frequency (RF) Avionics Flight line Tester”) (AN/USM-708 and AN/USM-719) with the U.S. NavyIn March 2012, the U.S. Navy placed a temporary hold on CRAFT 708 production shipments to correct issues discovered in prior CRAFT 719 deliveries and incorporate the final AIMS approved software configuration which includes several product enhancements. Correcting these issues required an extensive upgrade to our automated and manual test procedures which has taken several months to complete and validate with the Navy. Over the last month, the Company has delivered a number of upgraded CRAFT 719 units to the Navy and CRAFT 708 units to the U.S. Coast Guard and the units are performing to specification. Absent any unexpected issues, the Company expects to secure Navy approval to resume full-rate CRAFT production in September 2012. The Company has approximately $12.4 million in orders for this program. Due to the unique nature of the CRAFT product, the Company expects to generate substantial follow-on business with the Navy and other military customers both domestically and overseas.
Tel-Instrument Electronics Corp Announces First Quarter Results
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