TM Systems Awarded $2.1M Contract
Wednesday, March 12, 2003
TM Systems has been awarded a contract worth $2.1 million to supply two Stabilized Glide Slope Indicator (SGSI) systems to National Steel and Shipbuilding Company (NASSCO). The SGSI systems will be used by NASSCO on ships being constructed for the U.S. Naval Sea Systems Command (NAVSEA). These systems are becoming a critical component for the Navy as they allow helicopter pilots to land safely on ships at sea at a time when the Navy needs increased flexibility to engage in military maneuvers from international waters rather than continuing to depend on foreign states to provide landing permissions or allow U.S. military installations.
"This important order clearly illustrates TM Systems' superiority in supplying critical parts and systems for the defense sector," said Tom Mills, President and COO of API Electronics. "We believe this contract further validates our decision to acquire TM Systems as well as our belief that the company's product line will continue to be a major growth driver for API going forward."
TM Systems will supply the first SGSI system to NASSCO in December 2003. The second system (and spare parts) is scheduled for delivery in July 2004. TM Systems will begin recognizing revenue in March 2003, when progress payments are scheduled to begin. In addition, the contract gives NASSCO an option to purchase an additional $6-million in systems and parts.