Thursday, April 8, 2010

BAE Systems to Host Media Briefing and Demonstration at Army Aviation Association Convention


Defense News:
Event:
BAE Systems will host a media briefing and product demonstration at the 2010 Army Aviation Association of America National Convention in Fort Worth, Texas, on April 15.
Media representatives are invited to learn more about several BAE Systems capabilities supporting the U.S. Army aviation community that reduce cost and enhance performance, safety, and mission success. Company executives will discuss and demonstrate the following programs and products:
Advanced Threat Infrared Countermeasures system
The ATIRCM system is a laser-based, directable countermeasures system that protects Army CH-47 Chinook helicopters against attack by infrared-guided missiles. The system provides passive warning of a missile approach using BAE Systems’ AN/AAR-57 Common Missile Warning System, which detects the missile, rejects false alarms, and cues the ATIRCM jam head to the missile's location. When the jam head locates the missile with its IR tracking system, it emits a high-energy beam to defeat the missile's infrared seeker.
Brownout Landing Aid System Technology
BLAST is an affordable, lightweight, active system that gives rotorcraft pilots improved situational awareness in degraded visual environments. It enables pilots to see through obscurants such as sand, snow, fog, rain, and smoke to detect obstacles such as wires, poles, terrain, and other hazards, providing a visual path they can safely navigate through.
Q-Sight™ helmet-mounted display
The lightweight Q-Sight helmet-mounted display provides day-or-night “head-up, eyes-out” capability for mission-critical situational awareness by projecting flight and mission information in front of the user’s eyes — technology that previously involved installing bulky and complex projectors and lenses in cockpits or ground vehicles. The compact Q-Sight display, which clips onto the user’s helmet, is compatible with other helmet displays, easily retrofitted or upgraded, and enables the addition of new capabilities at low cost.
Silver Fox unmanned aerial vehicle
The gas-electric-powered Silver Fox UAV provides autonomous aerial surveillance imaging, carrying miniaturized sensor payloads for day or night operations with a small operational footprint. It can integrate cameras and sensors for image or data collection and transmission after being launched from a portable, lightweight rail system mounted on its storage case. The vehicle can be launched from small boats, submarines, and ships.
Advanced Precision Kill Weapon System
BAE Systems will show never before released footage of APKWS in action. APKWS, developed by BAE Systems in partnership with the U.S. government, provides aviators with a highly precise weapon that is effective against soft and lightly armored targets while minimizing collateral damage — important in urban areas and other situations in which non-combatants or friendly forces are near hostile targets. The system transforms standard 2.75-inch unguided rockets to smart, highly precise laser-guided missiles and is a low-cost alternative to other air-launched munitions currently in inventory. The U.S. Marine Corps will initially deploy APKWS from AH-1W Cobra helicopters.
When:
Thursday, April 15
1 p.m. to 2 p.m.
Location:
Fort Worth Convention Center
1201 Houston St., Room 105
Fort Worth, Texas
Attendees are required to provide photo identification.
Contact:Bart Greer, BAE Systems
Tel: 703 387 2310, Mobile: 703 258 2483
RSVP by:
5 p.m. Tuesday, April 13

Contact:

BAE Systems
Bart Greer, 703-387-2310
Mobile: 703-258-2483
barton.greer@baesystems.com

CACI International to Release Third Quarter FY10 Earnings After Market Close on April 28, 2010


To Hold Conference Call and Webcast Before Market Open on April 29, 2010

Defense News: ARLINGTON, Va.--(BUSINESS WIRE)--CACI International Inc (NYSE: CACI - News) will announce its third quarter FY10 results at 4:05 p.m. Eastern Time on Wednesday, April 28, 2010. Following the release of this information, we have scheduled a conference call for Thursday, April 29, 2010 at 8:30 a.m. Eastern Time, during which members of our senior management team will be making a brief presentation focusing on third quarter results and operating trends. A question-and-answer session will follow to further discuss our results and our future performance expectations.

You can listen to the conference call and view accompanying exhibits over the Internet by logging on to CACI’s Internet site at www.caci.com at the scheduled time. You may also dial in to 1-877-303-9143, confirmation code 61017336. Slides of the presentation will be available on our website during the call. A replay of the call will also be available over the Internet, and can be accessed through CACI’s website (www.caci.com).

CACI provides professional services and IT solutions needed to prevail in the defense, intelligence, homeland security, and federal civilian government arenas. We deliver enterprise IT and network services; data, information, and knowledge management services; business system solutions; logistics and material readiness; C4ISR integration services; cyber solutions; integrated security and intelligence solutions; and program management and SETA support services. CACI services and solutions help our federal clients provide for national security, improve communications and collaboration, secure the integrity of information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness. CACI is a member of the Fortune 1000 Largest Companies and the Russell 2000 index. CACI provides dynamic careers for approximately 12,800 employees working in over 120 offices in the U.S. and Europe. Visit CACI on the web at www.caci.com and www.asymmetricthreat.net.

Contact:

CACI International Inc
Corporate Communications and Media:
Jody Brown, Executive Vice President, Public Relations
703-841-7801
jbrown@caci.com
or
Investor Relations:
David Dragics, Senior Vice President, Investor Relations
866-606-3471
ddragics@caci.com

Related Headlines

Harris Corporation Successfully Completes Final Test of First Navy Satellite Terminal with Simultaneous X- and Ka-band Capabilities


Terminal Provides Increased Bandwidth Onboard Guided Missile Destroyers

Defense News: MELBOURNE, Fla., April 7 /PRNewswire-FirstCall/ -- Harris Corporation (NYSE:HRS - News) has completed the operational test of the first U.S. Navy satellite communications terminal to simultaneously provide standard military X-band communications and higher-speed Ka-band communications through a single dual-band feed. The AN/WSC-6G(V)9 terminal is designed for use onboard the Navy's Arleigh Burke class of guided-missile
destroyers.


The addition of Ka-band capabilities to the terminals is important because it enables the Navy fleet to take advantage of the increased bandwidth and higher data rates available on the next-generation Wideband Global SATCOM (WGS) satellite constellation. WGS represents a major improvement in communications bandwidth and can supply more than 10 times the capacity of existing legacy systems.

Successful completion of the operational test, as well as environmental qualification and military satellite certification, enables the Navy to begin fielding systems. The milestone represents the last phase of a 10-year, $172 million contract awarded to Harris in 2000 by the U.S. Navy Space and Naval Warfare Systems Command (SPAWAR), San Diego.

The Harris AN/WSC-6E(V)9 "Ka-ready" terminals currently installed throughout the fleet can now be upgraded from C-/X-band to include the Ka-band communications capabilities through pier-side installation of a Ka-band electronics kit. Fielding of Ka-band kits is expected to begin in the U.S. Government's fiscal year 2011.

"Successful completion of this critical test is a defining milestone in this program, which is designed to provide the Navy with the best capabilities for its satellite communications network backbone," said Wes Covell, president, Harris Defense Programs. "This program is an excellent example of the long-term confidence the Navy has in Harris products and services, and of our commitment to being the leading supplier of advanced satellite communications technology to our naval forces."

Harris Defense Programs develops, supplies, and integrates communications and information processing products, systems, and networks for a diverse base of aerospace, terrestrial and maritime applications supporting U.S. Department of Defense missions. Harris is committed to delivering leading-edge technologies that support the military's ongoing transformation to network-centric communications.

A high-resolution photograph of the AN/WSC-6G(V)9 terminal is available at

http://www.harris.com/harris/whats_new/WSC6V9E.jpg

About Harris Corporation

Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. Headquartered in Melbourne, Florida, the company has approximately $5 billion of annual revenue and more than 15,000 employees — including nearly 7,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications® products, systems, and services. Additional information about Harris Corporation is available at www.harris.com.

Related Headlines


Firan Technology Group (FTG) Announces First Quarter 2010 Financial Results

FTG

Defense News: TORONTO, ONTARIO--(Marketwire - 04/07/10) - Firan Technology Group Corporation (TSX:FTG - News) today announced financial results for the first quarter 2010.

 

-- Achieved book-to-bill ratio above 1.15:1 in the quarter
-- Maintained R&D investments at 6.2% of sales to ensure continued growth
in technology and capabilities to support new customer demands
-- Captured qualification program for very high volume military ground
vehicle display product

"We were one of the last companies to suffer from the global economic slowdown and we appear to also be experiencing a delay in seeing increased activity. This combined with a 17% drop in the value of the United States dollars ("USD") since the first quarter last year made for a difficult quarter. However, activity late in the quarter and strong bookings suggest levels of demand are now increasing. During the slow period we continued to carefully manage our costs in line with our sales to minimize the impact on our financial health. Our continued investments in technologies and Operational Excellence provide us with the tools to grow market share and exceed customer expectations going forward", stated Brad Bourne, President and Chief Executive Officer.

First Quarter Results: (three months ended February 26, 2010 compared with three months ended February 27, 2009)

 

Q1 2010 Q1 2009
------------------------------

Sales $10,360,000 $14,694,000

------------------------------
Operating (Loss) / Earnings before (1): (124,000) 1,009,000
- Net R&D,
- Severance
- Tax
R&D Investment 643,000 1,124,000
R&D Recovery (317,000) (50)
Severance 144,000 -
Tax 2,000 2,000
------------------------------
Net (Loss) ($596,000) ($67,000)
------------------------------
(Loss) per share
- basic & diluted ($0.03) $0.00

(1) Operating Earnings (Loss) is not a measure recognized under Canadian
generally accepted accounting principles ("GAAP"). Management believes that
this measure is important to many of the Corporation's shareholders,
creditors and other stakeholders. The Corporation's method of calculating
Operating Earnings (Loss) may differ from other corporations and accordingly
may not be comparable to measures used by other corporations.

Business Highlights

FTG accomplished many goals in the first quarter of 2010 that continue to improve the Corporation and position it for the future, including:

 

-- Risk reduction investments in ground based military display technology
that led to capture of a first qualification program with a target
customer
-- The capture of 9 new customers in key aerospace and defence markets
-- Strong backlog of new part numbers in the Circuits business
-- Reduced operating costs through elimination of overtime, staff
reductions, and wage reductions for other staff
-- Continued strong inventory management and control across the Corporation
to improve the cash cycle

For FTG overall, sales decreased by 29%, from $14.7M in Q1 2009 to $10.4M in Q1 2010. Over this same period the decline in the value of the USD was 17%. Sales in Canada were down 46% while sales in the USD were down 26% including the exchange rate decrease or 13% in constant USD. The drop in sales in Canada impacted both Circuits and Aerospace businesses. This activity is expected to recover in Q2 and beyond as activity from existing customers recovers and new customer awards transition into full scale development and production.

The Circuits Segment sales were down $3.2M or 28% in Q1 2010 versus Q1 2009. The Chatsworth facility sales decreased 43% due to a temporary drop in activity from its largest customer. The Toronto facility sales decreased 19%, primarily due to the drop in the exchange rate.

For the Aerospace segment, sales in Q1 2010 were down $1.2M or 36% compared to Q1 2009. This business was particularly affected by a drop in activity in Canada. Near the end of the quarter and in early Q2, this business won two significant new programs in Canada that could add over $2M in sales in the remaining 9 months of 2010.

Net loss at FTG in Q1 2010 was $0.6M compared to $0.1M in Q1 2009. The drop in activity, the declining value of the USD and severance costs negatively impacted results. This was offset by aggressive cost cutting measures across the company and a recovery prior period of R&D expenditures in Canada. Overall R&D spending was maintained in key areas and remained over 6.2% of sales.

The Circuits segment net income before corporate and interest costs was $7,000 in Q1 2010 compared to $54,000 in Q1 2009. Lower volume negatively impacted results, offset by lower costs, improved yields, lower R&D spending and R&D cost recovery in Canada.

The Aerospace net income before corporate and interest costs was $17,000 in Q1 2010 versus $539,000 in Q1, 2009. The drop in income was primarily due to lower volume, lower USD exchange rate and increased warranty costs in the quarter, offset by lower operating costs.

As at February 26, 2010, the Corporation's primary source of liquidity included accounts receivable of $7.9M and inventory of $7.9M. Net working capital at February 26, 2010 was $8.0M.

As reported previously, FTG's largest shareholder, Glendale International Corp. filed bankruptcy on January 19, 2010 and the 8,541,987 shares of FTG are now controlled by the bankruptcy trustee. Management is not aware of any specific actions regarding the disposition of these shares.

The Corporation will host a live conference call on April 8, 2010 at 11:00am (EDT) to discuss the results of Q1 2010.

Anyone wishing to participate in the call should dial 416-695-7848 or 1-800-952-4972 and identify that you are calling to participate in the FTG conference call. The Chairperson is Mr. Brad Bourne. A replay of the call will be available until April 22, 2010 and will be available on the FTG website at www.ftgcorp.com. The number to call for a rebroadcast is 416-695-5800 or 1-800-408-3053, pass code 4378104.

ABOUT FIRAN TECHNOLOGY GROUP CORPORATION

FTG is an aerospace and defense electronics product and subsystem supplier to the North American marketplace. FTG has two operating units:

 

FTG Circuits is a manufacturer of high technology/high reliability
printed circuit boards. Our customers are leaders in the aviation,
defense, and high technology industries. FTG Circuits has operations
in Toronto, Ontario and Chatsworth, California.

FTG Aerospace manufactures illuminated cockpit panels, keyboards and
sub-assemblies for original equipment manufacturers of avionics
products as well as airframe manufacturers located in Toronto,
Ontario.

The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation's industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

Additional information can be found at the Corporation's website www.ftgcorp.com

 

FIRAN TECHNOLOGY GROUP CORPORATION
Interim Consolidated Balance Sheets

----------------------------------------------------------------------------
----------------------------------------------------------------------------
February 26, 2010 November 30, 2009
(in thousands of dollars) (unaudited) (audited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

ASSETS

CURRENT
Cash $ - $ 20
Accounts receivable 7,900 9,490
Taxes receivable 577 450
Inventories 7,926 7,618
Prepaid expenses 468 737
Future income taxes 231 232
----------------------------------------------------------------------------
17,102 18,547

CAPITAL ASSETS 5,666 6,099
GOODWILL 4,054 4,063
OTHER INTANGIBLE ASSETS 372 384
----------------------------------------------------------------------------
$ 27,194 $ 29,093
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES

CURRENT
Bank indebtedness $ 1,916 $ 157
Accounts payable and accrued
liabilities 5,437 6,727
Current portion of long-term debt 1,689 2,075
----------------------------------------------------------------------------
9,042 8,959
LONG-TERM DEBT 4,082 5,219
----------------------------------------------------------------------------
13,124 14,178
----------------------------------------------------------------------------


SHAREHOLDERS' EQUITY

Deficit (8,378) (7,782)
Accumulated other comprehensive loss (614) (351)
----------------------------------------------------------------------------
(8,992) (8,133)
Share capital
Common shares 12,681 12,681
Preferred shares 2,218 2,218
Contributed surplus 8,163 8,149
----------------------------------------------------------------------------
14,070 14,915
----------------------------------------------------------------------------
$ 27,194 $ 29,093
----------------------------------------------------------------------------


FIRAN TECHNOLOGY GROUP CORPORATION
Interim Consolidated Statements of Loss

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three Months Ended
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(in thousands of dollars except per February 26, 2010 February 27, 2009
share amounts) (unaudited) (unaudited)
----------------------------------------------------------------------------

SALES $ 10,360 $ 14,694
COST OF SALES 8,115 10,893
----------------------------------------------------------------------------
2,245 3,801
----------------------------------------------------------------------------

EXPENSES
Selling, general and administrative 1,609 1,760
Research and development costs 643 1,124
Recovery of research and development
costs (317) (50)
Amortization of capital assets 534 644
Amortization of intangible assets 12 12
Interest expense on long-term debt 103 122
Interest expense on short-term debt 14 25
Severance expenses 144 -
Foreign exchange loss 97 229
----------------------------------------------------------------------------
2,839 3,866
----------------------------------------------------------------------------

LOSS BEFORE INCOME TAXES (594) (65)

PROVISION FOR INCOME TAXES 2 2
----------------------------------------------------------------------------
----------------------------------------------------------------------------

NET LOSS $ (596) $ (67)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

NET LOSS PER SHARE
Basic $ (0.03) $ -
Diluted $ (0.03) $ -
----------------------------------------------------------------------------
----------------------------------------------------------------------------


FIRAN TECHNOLOGY GROUP CORPORATION
Interim Consolidated Statements of Shareholders' Equity
and Comprehensive Loss
(in thousands of dollars) (unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Accumula-
ted Other Total
Comprehe- Sharehol-
Common Preferred Contribut- nsive Loss ders'
Shares Shares ed Surplus Deficit ("AOCL") Equity
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance,
November 30,
2009 $12,681 $ 2,218 $ 8,149 (7,782) (351) $14,915
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net loss (596) (596)
Other
comprehensive
loss:
Foreign
currency
translation
adjustments (263) (263)
----------
Comprehensive
loss (859)
----------
----------
Stock based
compensation 14 14

----------------------------------------------------------------------------
Balance,
February 26,
2010 $12,681 $ 2,218 $ 8,163 $ (8,378) $ (614) $14,070
----------------------------------------------------------------------------
----------------------------------------------------------------------------




----------------------------------------------------------------------------
----------------------------------------------------------------------------



Accumula-
ted Other
Comprehe- Total
nsive Sharehol-
Common Preferred Contribut- Income ders'
Shares Shares ed Surplus Deficit ("AOCI") Equity
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Balance,
November 30,
2008 $ 12,681 $ 2,218 $ 8,071 (6,692) 324 $ 16,602
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net loss (67) (67)
Other
comprehensive
loss:
Foreign
currency
translation
adjustments 173 173
Net unrealized
gain on
derivative
financial
instruments
designated as
cash flow
hedges (235) (235)
----------
Comprehensive
loss (129)
----------
----------
Stock based
compensation 34 34

----------------------------------------------------------------------------
Balance,
February 27,
2009 $ 12,681 $ 2,218 $ 8,105 $ (6,759) $ 262 $ 16,507
----------------------------------------------------------------------------
----------------------------------------------------------------------------


FIRAN TECHNOLOGY GROUP CORPORATION
Interim Consolidated Statements of Cash Flows
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three Months Ended
----------------------------------------------------------------------------
February 26, February 27,
2010 2009
(in thousands of dollars) (unaudited) (unaudited)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
NET (OUTFLOW) INFLOW OF CASH RELATED TO THE
FOLLOWING ACTIVITIES:

OPERATING
Net loss $ (596) $ (67)
Items not affecting cash
Stock based compensation expense 14 34
Effect of exchange rates on U.S. dollar
Canadian debt (14) 120
Amortization of capital assets 534 644
Amortization of intangible assets 12 12
Changes in non-cash operating working
capital 115 906
----------------------------------------------------------------------------
65 1,649
----------------------------------------------------------------------------

INVESTING
Additions to capital assets (107) (916)
----------------------------------------------------------------------------
(107) (916)
----------------------------------------------------------------------------

FINANCING
Increase in bank indebtedness 1,760 91
Repayments of long-term debt (1,505) (466)
----------------------------------------------------------------------------
255 (375)
----------------------------------------------------------------------------

Effect of foreign exchange rate changes on
cash flow (233) (224)
----------------------------------------------------------------------------

NET CASH FLOW (20) 134

CASH, BEGINNING OF PERIOD 20 170
----------------------------------------------------------------------------

CASH, END OF PERIOD $ - $ 304
----------------------------------------------------------------------------

DISCLOSURE OF CASH PAYMENTS
Payments for interest $ 117 $ 147
Payments for income taxes $ 2 $ 2
Refund of income taxes $ - $ -
----------------------------------------------------------------------------

Contact:



Contacts:
Firan Technology Group Corporation
Bradley C. Bourne
President and CEO
(416) 299-4000 x314
bradbourne@ftgcorp.com
Firan Technology Group Corporation
Joseph R. Ricci
Vice President and CFO
(416) 299-4000 x309
joericci@ftgcorp.com