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Herley Subsidiary is Awarded a $6.5 Million Contract to Provide Electronics for U.S. Navy Electronic Attack Aircraft

Posted on: Thursday, 22 October 2009, 08:00 CDT

LANCASTER, Pa., Oct. 22 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) announced today that its Herley-CTI subsidiary located in Whippany, NJ has received an award valued at approximately $6.5 million from a major U.S. prime contractor to manufacture an integrated microwave assembly (IMA) and an oscillator for a U.S. Navy electronic attack aircraft.

Richard F. Poirier, CEO and President, commented, "Herley has been producing quality hardware for the U.S. government and its prime contractors for more than 40 years. We have recently received several significant production orders for this customer to support this aircraft and its critical mission. This award takes advantage of the heritage of Herley-CTI in manufacturing state-of-the-art frequency synthesis and frequency conversion products. Herley-CTI has recently expanded its manufacturing and test facilities in support of these products as this program has transitioned into full rate production. We expect Herley-CTI to continue to be a valued partner on this program for years to come and look forward to additional annual awards over the next five years."

Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide. Based in Lancaster, PA, Herley has seven manufacturing locations and approximately 1000 employees.

Additional information about the company can be found on the Internet at www.herley.com

For information at Herley contact: Peg Guzzetti Tel: (717) 735-8117 Investor Relations www.herley.com

Safe Harbor Statement - Except for the historical information contained herein, this release may contain forward-looking statements. Such statements are inherently subject to risks and uncertainties. Forward-looking statements involve various important assumptions, risks, uncertainties and other factors which could cause our actual results to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this discussion can be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "plan," "intend," "may," "should" or the negative of these terms or similar expressions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievement. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors including but not limited to, competitive factors and pricing pressures, changes in legal and regulatory requirements, cancellation or deferral of customer orders, technological change or difficulties, difficulties in the timely development of new products, difficulties in manufacturing, commercialization and trade difficulties and current economic conditions, including the potential for significant changes in US defense spending under the new Administration which could affect future funding of programs and allocations within the budget to various programs as well as the factors set forth in this report and in our public filings with the Securities and Exchange Commission.

SOURCE Herley Industries, Inc.

Source: PR Newswire

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