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DRS

DRS Technologies to Record Charge in First Quarter for Weapon Sights Program

July 27, 2007: DRS Technologies, Inc. (NYSE: DRS) today announced that it would record a pretax operating charge of about $37 million, related to the Thermal Weapon Sights II (TWS II) program when it reports its fiscal 2008 first quarter results on August 9, 2007, due to recent design modifications and write-off of existing inventory that can no longer be utilized on the program. The company expects to resume shipments during the current quarter (ending September 30, 2007). DRS expects to report revenues above $725 million for the fiscal 2008 first quarter ended June 30, 2007, with organic growth exceeding 15%.

New orders for products and services of approximately $900 million also are expected. The company raised its estimates for the full fiscal year to between $3.05 billion and $3.10 billion for the fiscal year ending March 31, 2008 with expectations for earnings per diluted share ranging from $3.00 to $3.10.

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The TWS II program is providing a family of next-generation light, medium and heavy Thermal Weapon Sights mounted on U.S. Army and Marine Corps weapons. Utilizing thermal imaging technology, TWS II is optimized to detect threats at greater distances and provides a wider field of view, enhancing user survivability on the operational and urban battlefields. Raytheon, BAE Systems and DRS are the Pentagon's main suppliers for the program.


 


 

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