BLOOMFIELD, Conn.--()--(NASDAQ-GS:KAMN) Kaman Corporation announced today that its Aerospace segment has been awarded a purchase order from the United States Air Force (USAF) for Joint Programmable Fuzes (JPF). The award for Foreign Military Sales in the amount of $36.0 million is an addition to Option 7 of the company’s contract with the USAF bringing the total value of Option 7 to $81.5 million. The total value of JPF contracts awarded to the company by the USAF since program inception is $337.4 million. Delivery of these additional fuzes is anticipated to occur in 2012.
“We resumed production on the program in early August and during the quarter began deliveries under Option 6 of the contract. With a full quarter of more profitable Option 6 deliveries in the fourth quarter, we anticipate a sequential increase in JPF profit to end the year, as previously communicated.”
“The JPF has proven to provide the high reliability and operational flexibility that is critical to the U.S. and allied militaries around the world today. We believe this award demonstrates the importance of these capabilities and provides us with a strong backlog that we now expect to extend into 2012,” commented Gregory Steiner, President of the Kaman Aerospace Group.
“The JPF program is one of our largest programs and we are pleased that we met our plan for production and deliveries during the third quarter,” stated Senior Vice President and Chief Financial Officer, William Denninger. “We resumed production on the program in early August and during the quarter began deliveries under Option 6 of the contract. With a full quarter of more profitable Option 6 deliveries in the fourth quarter, we anticipate a sequential increase in JPF profit to end the year, as previously communicated.”
Kaman is the sole provider of the JPF, an electro-mechanical bomb safing and arming device, to the USAF and eighteen other nations. The JPF allows the settings of a weapon to be programmed 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’s regular production schedule is more than 2,000 JPFs per month from facilities in Orlando, Florida and Middletown, Connecticut.
About Kaman Corporation
Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut conducts business in the aerospace and industrial distribution markets. The company produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; and support for the company’s SH-2G Super Seasprite maritime helicopters and K-MAX medium-to-heavy lift helicopters. The company is a leading distributor of industrial parts, and operates more than 200 customer service centers and five distribution centers across North America. Kaman offers more than 3.5 million items including bearings, mechanical power transmission, electrical, material handling, motion control, fluid power, automation and MRO supplies to customers in virtually every industry. Additionally, Kaman provides engineering, design and support for automation, electrical, linear, hydraulic and pneumatic systems as well as belting and rubber fabrication, customized mechanical services, hose assemblies, repair, fluid analysis and motor management.