For Immediate Release
SCHAUMBURG, Ill. – September 6, 2011 – Sparton Corporation (NYSE: SPA) is announcing a United States Navy award of an $8.9 million subcontract for sonobuoy design enhancements under the High Altitude Anti-Submarine Warfare (HAASW) Technology Development program. Tasks to develop, integrate and test a digital data link and Global Positioning System (GPS) into the AN/SSQ-101A production sonobuoy and a Global Positioning System and analog data link in the AN/SSQ-53 and AN/SSQ-62 sonobuoys are included as part of the program. Under the Company’s ERAPSCO joint venture, these engineering design services will be performed at the Sparton DeLeon Springs, Florida facility and are expected to be complete by February 2013. ERAPSCO is a joint venture between Sparton and USSI, a subsidiary of Ultra Electronics Holdings PLC.
HAASW modified sonobuoys, including a new AN/SSQ-101A digital data link and the addition of GPS, significantly augments the ASW mission for the new P-8 Poseidon aircraft and the worldwide capability of other U.S. Navy aircraft platforms. As part of the Technology Development effort, ERAPSCO will build a small quantity of the HAASW modified sonobuoys to support U.S. Navy tests. Qualification of the ERAPSCO built HAASW modified sonobuoy is anticipated in subsequent contracts.
“Sparton is firmly committed to the development of innovative technology and to supplying the U.S. Navy with quality products that help secure our borders. We are proud to continue in our role as a technology partner for the U.S. Navy for this next generation product,” said Cary Wood, president and CEO, Sparton Corporation.
Currently headquartered in Schaumburg, Sparton is the only U.S.-owned designer and manufacturer of sonobuoys for the U.S. Navy.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 111th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, and field service. The primary market classifications served are Navigation & Exploration, Defense & Security, Medical, and Complex Systems. Headquartered in Schaumburg, IL, Sparton currently has five manufacturing locations worldwide. Sparton's Web site may be accessed at http://www.sparton.com.
Safe Harbor and Fair Disclosure Statement
Certain statements described in this press release are forward-looking statements within the scope of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,” “will” or “intend” and similar words or expressions. These forward-looking statements reflect Sparton’s current views with respect to future events and are based on currently available financial, economic and competitive data and its current business plans. Actual results could vary materially depending on risks and uncertainties that may affect Sparton’s operations, markets, prices and other factors. Important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, Sparton’s financial performance and the implementations and results of its ongoing strategic initiatives. For a more detailed discussion of these and other risk factors, see Part I, Item 1A, Risk Factors and Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in Sparton’s Form 10-K for the year ended June 30, 2009, and its other filings with the Securities and Exchange Commission. Sparton undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
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