Sparton Receives $830,000 SP3004D Digital Compass OrderApril 30, 2010
For Immediate Release
SCHAUMBURG, Ill. – April 30, 2010 – Sparton Corporation (NYSE: SPA) announced that it has received a $828,750 order for its SP3004D Digital Compass. Production will be performed at Sparton’s DeLeon Springs, Florida facility and will be delivered to an undisclosed defense contractor for use in military warfare equipment. The scheduled completion date is September 2010.
The Sparton SP3004D is a three-axis, digital compass that provides three-dimensional absolute magnetic field measurement and full 360° tilt compensated bearing, pitch, and roll outputs. Our proprietary adaptive algorithms provide continuous and exceptional accuracy in the presence of stray magnetic fields while automatically maintaining heading accuracy while in motion. Sparton digital compasses are used in unique and challenging applications including Precision Autonomous Vehicle Guidance, Weather Data and Ocean Surveillance, Enhanced GPS Navigation with Compass Integration, Vehicle Attitude Position and Orientation Sensing, and Magnetic Compass Navigation and Guidance. By Congressional Mandate, the Armed Forces have a goal of achieving the fielding of unmanned, remotely controlled technology such that by 2015, one-third of the operational ground combat vehicles of the Armed Forces are unmanned. To obtain additional information on Sparton Digital Compass products please visit http://www.thedigitalcompass.com.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 110th 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.
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