(NYSE:KAMN) Kaman Corporation announced today that its Aerospace segment has been awarded two orders for the sale of Joint Programmable Fuzes (JPF) totaling $52.4 million.
The first order for $41.6 million is an exercise of an Option under the company's contract with the U.S. Air Force. This is the first award under Option 11 of the contract and calls for fuzes to be delivered in the calendar years 2015 and 2016.
The second order from a direct commercial customer is in the amount of $10.8 million for fuzes to be delivered during 2014.
"These contract awards for JPF fuzes signify the critical capability that the JPF provides to twenty-seven militaries around the world. The JPF is the most functional and reliable bomb fuze in the U.S. and allied militaries' arsenals. We are pleased to increase our backlog on this program to $131 million solidifying the future of our largest single program into 2016," stated Gregory Steiner, President, Kaman Aerospace Group.Kaman has been the sole provider of the JPF to the USAF since 2002. In addition to the USAF, Kaman provides the JPF to twenty-six other nations. 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, A-10, B-1, B-2, B-52 and the MQ-9 UAV as well as on international aircraft such as Mirage 3 and Gripen. Kaman produces the JPF at facilities in Orlando, Florida and Middletown, Connecticut. Risks Associated with Forward-Looking Statements This release includes "forward looking statements" relating to the estimated value of the JPF contract discussed above. These statements are based on assumptions currently believed to be valid, but they involve risks and uncertainties that could cause our actual results to differ from those expressed in the forward looking statements. Important 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.
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