Sparton Awarded $10 Million ADAR Sonobuoy SubcontractDecember 3, 2010
For Immediate Release
SCHAUMBURG, Ill. – December 3, 2010 – Sparton Corporation (NYSE: SPA) is announcing an award of a $10 million subcontract to manufacture sonobuoys for the United States Navy as part of the ERAPSCO joint venture.
Under an ERAPSCO subcontract, Sparton will produce subassemblies for the AN/SSQ-101A (Q-101A) sonobuoys to support United States Naval Antisubmarine Forces. The AN/SSQ-101A Air Deployable Active Receiver (ADAR) sonobuoy is an A-size, expendable, acoustic signal receive array. With digital signal processing and a Sparton Digital Compass for bearing determination, target localization and tracking by Navy Maritime Patrol Aircraft is achieved.
“We value our continued partnership with the U.S. Navy and are proud to continue as a provider of leading edge technology and products that play an important part in protecting our borders,” Sparton President and CEO Cary Wood commented.
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 to technology-driven companies in the medical device, defense & security systems, and electronic manufacturing services markets. Headquartered in Schaumburg, Ill., Sparton currently has four manufacturing locations worldwide. The Company’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.
Analyst ContactDon Pearson
Office: (847) 762-5812
Media ContactMike Osborne
Office: (847) 762-5814
Investor ContactJohn Nesbett/Jennifer Belodeau
Institutional Marketing Services
Office: (203) 972-9200