Exhibit 99.1
LMI Aerospace, Inc.
Post Office Box 900
St. Charles, Missouri 63302
For more information,
Contact Ed Dickinson, 636/916-2150
LMI AEROSPACE, INC. ANNOUNCES FIVE-YEAR CONTRACT EXTENSION
WITH LOCKHEED MARTIN FOR MILITARY AIRCRAFT COMPONENTS
St. Louis, October 16, 2001
- LMI Aerospace, Inc. (NASDAQ/NMS:LMIA) has announced a five-year extension of
contracts under its existing long-term purchase agreement with Lockheed Martin
(LMT) Aeronautics Company, Fort Worth, Texas, through 2007. These contracts are
for products sold on F-16, F-22, F-2, and C-130 aircraft and represent an
estimated $34 million of revenue over the five-year period at current aircraft
production rates.
In addition, Lockheed
committed to extend LMIs participation on the T-50, a new fighter trainer
produced jointly by Lockheed Martin and Korea Aerospace. LMI will continue to
produce the Leading Edge Wing Seal for the T-50 through 2010. This represents
potential revenue of up to $20 million based on production of 1,000 aircraft.
Ronald S. Saks, president
and chief executive officer of LMI said, This extension of our existing
work and the addition of the T-50 program continues our solid presence in the
military aerospace market. We are working hard to grow our representation in the
military and regional/business jet segments of the aerospace industry as well as
non-aerospace markets. This extension of our long-term agreement and the T-50
award are positive steps in helping us achieve our goals.
LMI Aerospace, Inc. is a
leading supplier of quality components to the aerospace and technology
industries. The Company operates six manufacturing facilities that fabricate,
finish and integrate close tolerance aluminum and specialty alloy components for
commercial, corporate, regional and military aircraft, and for laser equipment
used in the semi conductor and medical industries. Its products include leading
edge wing components and lens assemblies; cockpit window frame assemblies;
fuselage skins and supports; passenger and cargo door frames and supports; and
excimer laser components. The Company celebrated its 50th anniversary
in 1998.
This press release includes
forward-looking statements related to LMI Aerospaces outlook for 2001 and
beyond, which are based on current management expectations. Such forward-looking
statements are subject to various risks and uncertainties, many of which are
beyond the control of LMI Aerospace, Inc. Actual results could differ materially
from the forward-looking statements as a result, among other things, of the
factors detailed from time to time in LMI Aerospaces filings with the
Securities and Exchange Commission.
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