EDO Edo Corp

EDO Corporation (NYSE: EDO) has received a contract from Lockheed Martin (NYSE: LMT) valued at $30 million for sonar equipment on the new Spanish S-80A submarine's combat management system. This initial award covers outboard sonar arrays on four conventionally-powered submarines. Lockheed Martin has been awarded a contract to work with Navantia and other Spanish industrial leaders to develop the advanced combat system for the Spanish Armada's S-80A submarines. The new combat management system is based on a Spanish industry design with Lockheed Martin collaborating on command-and-control equipment, weapons control and the sonar system. "We are extremely pleased to have been included on the Lockheed Martin team for this important competition," said EDO Chief Executive Officer James M. Smith. "This award puts the Lockheed Martin team in an excellent position to compete for other international submarine opportunities. We believe the new S-80A program will establish Spain as a world leader in modern diesel-electric submarine technology. "EDO has been a leading developer of advanced-technology sonar systems for more than 50 years. The S-80A program will enable EDO to continue to drive this technology for years to come." EDO Corporation designs and manufactures a diverse range of products for defense, intelligence, and commercial markets, and provides related engineering and professional services. Major product groups include: Defense Electronics, Communications, Aircraft Armament Systems, Undersea Warfare, and Integrated Composite Structures. EDO's advanced systems are at the core of the transformation to lighter, faster, and smarter defense capabilities. EDO (www.edocorp.com) was founded in 1925 and is headquartered in New York City. The company employs 3,000 people and had revenues of $536 million in 2004. Forward-Looking Statements Certain statements made in this release, including statements about future sales, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the company's products and services, product mix, the timing of customer orders and deliveries, the impact of competitive products and services and pricing, and other risks discussed from time to time in the company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.