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Sparton Awarded $12 Million ID/IQ Engineering Service Contract

^{Published on 2010-11-02 09:55:47 - Market Wire}
 

SCHAUMBURG, Ill.--([ BUSINESS WIRE ])--Sparton Corporation (NYSE: SPA) today announced the award of an Indefinite Delivery/Indefinite Quantity (ID/IQ) Engineering Services contract with the United States Navy. The five-year contract is valued at $12 million.

"We are proud to continue our partnership with the U.S. Navy in support of the sonobuoy program. At Sparton, we recognize the importance of developing leading edge technology and high caliber products that help to keep our borders secure"

Sparton will provide technical work related to continued sonobuoy development, improved performance and advanced capabilities. According to the contract, specific tasks will be identified and individual task orders will be issued for total cost plus fixed fee amounts as required throughout the contract period of performance. Delivery Order 0001 in the amount of $1 million has been released as of today. Technical work associated with the applicable task orders will be performed at Spartona™s DeLeon Springs, Florida facility.

aWe are proud to continue our partnership with the U.S. Navy in support of the sonobuoy program. At Sparton, we recognize the importance of developing leading edge technology and high caliber products that help to keep our borders secure,a said Cary Wood, president and CEO, Sparton Corporation.

Currently headquartered in Schaumburg, Sparton is the only U.S.-owned designer and manufacturer of sonobuoys for the U.S. Navy.

About Sparton Corporation

Sparton Corporation (NYSE:SPA), now in its 111th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, and field service to technology-driven companies in the medical device, defense & security systems, and electronic manufacturing services markets. Headquartered in Schaumburg, Ill., Sparton currently has four manufacturing locations worldwide. The Company's Web site may be accessed at [ http://www.sparton.com ].

Safe Harbor and Fair Disclosure Statement

Certain statements described in this press release are forward-looking statements within the scope of the Securities Act of 1933, as amended (the aSecurities Acta), and the Securities Exchange Act of 1934, as amended (the aExchange Acta). Forward-looking statements may be identified by the words abelieve,a aexpect,a aanticipate,a aproject,a aplan,a aestimate,a awilla or aintenda and similar words or expressions. These forward-looking statements reflect Spartona™s current views with respect to future events and are based on currently available financial, economic and competitive data and its current business plans. Actual results could vary materially depending on risks and uncertainties that may affect Spartona™s operations, markets, prices and other factors. Important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, Spartona™s financial performance and the implementations and results of its ongoing strategic initiatives. For a more detailed discussion of these and other risk factors, see PartI, Item1A, Risk Factors and PartII, Item7, Managementa™s Discussion and Analysis of Financial Condition and Results of Operations, in Spartona™s Form 10-K for the year ended June30, 2009, and its other filings with the Securities and Exchange Commission. Sparton undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.