| Yup.
MW:
Kaman Corp.
(Nasdaq: KAMN) today issued a statement regarding its Australian SH-2G(A)
helicopter program.
Over the past several years, the company has reported extensively on
its SH-2G(A) helicopter program for the Royal Australian Navy (RAN), a USD
611 million fixed-price contract for 11 aircraft featuring a new
technology- advancing Integrated Tactical Avionics System (ITAS). While the
basic aircraft have been completed for several years and nine have been
provisionally accepted by the Commonwealth, they have lacked the full ITAS
system. The company has reported on the substantial charges it has taken to
provide the funding to complete the program, and has reported its progress
toward the ITAS completion in its quarterly releases and public filings.
Kaman has been working closely with the RAN and believes the program is
close to completion. In May 2006, the company finished the last of
approximately 400 pre-qualification software tests of the ITAS software,
and is in preparation for the final qualification testing to be witnessed
by the Commonwealth. This process is expected to be followed by acceptance
of the fully capable helicopters.
In its press release of May 2, 2006, the company reported that the
Royal Australian Navy had encountered an anomalous flight condition on one
of its training aircraft that was attributed to the aircraft's airspeed
sensor. This anomaly, involving a small component from a supplier, is not
impacting the development process for the ITAS. The company also reported
that the Australian Navy's Operations Airworthiness Authority had suspended
flying operations pending resolution and that final acceptance of the
aircraft would not occur until the issue had been resolved. The company
believes that it has determined the cause of the anomaly and has a plan for
resolution of the issue.
Paul Kuhn, Chairman, President and CEO said, "Early this week, articles
appeared in the Australian media that are critical of the program. At least
one article questioned the safety of the aircraft. In fact, there is a
significant history of safe operations for this aircraft type with the U.S.
Navy and currently with several other naval services including the Royal
New Zealand Navy. We are confident that the same will be the case for the
Australian aircraft, and believe that working through the remaining
technical issues is the most timely and cost-effective route to fulfilling
the RAN's mission requirements. We look forward to the introduction of the
fully- capable SH-2G(A) helicopters into service with the Royal Australian
Navy. | 
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