AAR Receives $74 Million Order for Specialized Shelters
WOOD DALE, Ill., /PRNewswire-FirstCall/ -- AAR (NYSE: AIR) announced today that it has received a $74 million order for shelters to be used by the U.S. Army. AAR has previously delivered more than 400 of these uniquely configured shelters as part of a 10-year ID/IQ contract.
AAR's 20-foot non-expandable ISO shelters will be outfitted by Kipper Tool to serve as mobile tool shops to support vehicle maintenance. The shelters will be manufactured over the next 12 months and the Army will begin taking delivery in December 2008.
"Today's high-mobility military units rely on equipment that can be deployed quickly and moved efficiently in theater," said Timothy J. Romenesko, President and Chief Operating Officer of AAR CORP. "We are proud that AAR shelters are part of several modernized combat support systems that are helping our Warfighters perform their duties more effectively under very demanding conditions."
The shelters are being manufactured by AAR Mobility Systems, which designs, builds, integrates, and supports rapid deployment equipment, expeditionary systems, and command and control systems for military customers and prime contractors. AAR's CSC-certified ISO shelters are rugged, versatile, shelters available in non-expandable and expandable variants that can be configured to house a wide range of applications and transported via air, land or sea.
During AAR's fiscal year 2008, 37 percent of AAR's business was in support of defense customers. AAR was also recently included among the Top 100 defense companies in the world according to an annual ranking published by DefenseNews in August 2008.
AAR is a leading provider of products and value-added services to the worldwide aerospace and defense industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems and Aircraft Sales and Leasing. More information can be found at http://www.aarcorp.com.
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 1A, entitled "Risk Factors", included in the Company's May 31, 2008 Form 10-K. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR's filings with the Securities and Exchange Commission.
Chris Mason, Director of Corporate Communications
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