FLIR Systems Awarded Contracts Totaling $38 Million From a Key International Customer
WILSONVILLE, OR -- 03/21/16 -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has been awarded new contracts by a key international military customer totaling $38 million for FLIR man-portable multispectral targeting systems and integrated mobile long-range multispectral imaging and command and control systems. The systems will be used to combat terrorism, secure strategic military assets, and protect borders against incursions and other threats. FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has been awarded new contracts by a key international military customer totaling $38 million for FLIR man-portable multispectral targeting systems and integrated mobile long-range multispectral imaging and command and control systems. The systems will be used to combat terrorism, secure strategic military assets, and protect borders against incursions and other threats.
"These contract awards further demonstrate the strategic benefits of FLIR's commercially developed, military qualified (CDMQ) model that allows us to innovate and deploy advanced, cost-effective products in support of global military and border control operations," said Andy Teich, President and CEO of FLIR. "These contracts also underscore FLIR's ability to rapidly address urgent and emerging needs for state of the art intelligence, surveillance, reconnaissance and targeting equipment to our global base of customers."
Work under these contracts will be performed out of multiple FLIR facilities and is expected to be completed by the second quarter of 2017.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of sensor systems that enhance perception and awareness. FLIR's advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography, and security applications, including airborne and ground-based surveillance, condition monitoring, research and development, manufacturing process control, search and rescue, drug interdiction, navigation, transportation safety, border and maritime patrol, environmental monitoring, and chemical, biological, radiological, nuclear, and explosives (CBRNE) detection. For more information, visit www.FLIR.com.
The statements in this release by Andy Teich and the other statements in this release about the contracts described above are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates, and projections about FLIR's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties 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 the following: the ability to manufacture and deliver the systems referenced in this release, changes in pricing of FLIR's products, changing demand for FLIR's products, product mix, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity, the ability of FLIR to manufacture and ship products in a timely manner, FLIR'scontinuing compliance with U.S. export control laws and regulations, and other risks discussed from time to time in FLIR'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 FLIR does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or for changes made to this document by wire services or Internet service providers.